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Informist, Friday, Oct. 4, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize, wheat, and rice were steady in key markets across the country Friday, traders said. They expect maize prices to fall after Dussehra as arrivals will increase at that time. Wheat traders expect prices to stay firm till the end of this month.

Prices of MAIZE in Telangana's Nizamabad were largely unchanged at INR 1,850-2,419 per 100 kg from Thursday but with a downward bias, Amrutlal Kataria, a local trader said. Moisture content in the grain was 16-27%, he said. Arrivals fell to 2,800 bags (1 bag = 60 kg) from 3,200 bags on Thursday, he said.

Maize prices in Karnataka's Davanagere were steady at INR 1,600-2,500 per 100 kg, traders said. Maize traders expect prices to fall after Dussehra as arrivals increase. Prices for higher quality grains are likely to fall to INR 2,000-2,200 per 100 kg, local trader Shiva Kumar said. Grain with higher moisture content is being sold at INR 1,600 per 100 kg, he said.

WHEAT prices were steady in Mumbai's Vashi market at INR 3,050 per 100 kg, Devendra Vora, a wholesale trader, said. Prices are likely to remain firm till the end of the month due to declining arrivals, lower government stocks, and lack of weekly open market sales by the government, Vora said.

Prices of RICE in Vashi were unchanged from Thursday at INR 5,800-6,200 per 100 kg, Vora said. Prices of basmati rice were also steady at INR 7,300-7,800 per 100 kg, he added. 

The global FAO All Rice Price Index averaged 133.1 points in September, down 0.7% from August and 6.1% from a year ago, the United Nations Food and Agriculture Organization said in its monthly report. The fall was mainly due to a drop in Indian basmati prices.

The price of Pusa basmati rice exported from India fell to $1,166.7 per tonne in September after remaining unchanged since January at $1,400.0 per tonne, the report said. On a yearly basis, prices fell nearly 25% in September, the report said.

Prices of Indian basmati plunged to a 35-month low "following the arrival of a bumper crop into the market and the Indian government's mid-month removal of the floor price used for basmati export registration", FAO said. On Sept. 13, the Indian government scrapped the minimum export price of $950 per tonne on basmati rice.  End

US$1 = INR 83.97

Edited by Ashish Shirke

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