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Informist, Tuesday, Oct. 8, 2024

By Ashutosh Pati and J. Navya Sruthi

MUMBAI – Prices of wheat fell slightly in the key markets of Kota in Rajasthan, and maize prices fell in Davanagere, Karnataka, traders said. Prices of rice were steady in major markets Tuesday. 

Prices of MAIZE in Davanagere fell by INR 200 to INR 1,800-2,200 per 100 kg Tuesday due to higher arrivals, said Shiva Kumar, a local trader. Arrivals were at 10,000 bags (1 bag = 60 kg). Arrivals will rise to 15,000-20,000 bags in the next few days and prices are expected to fall by another INR 200. Some maize with higher moisture content is being sold at INR 1,600, Kumar added.

WHEAT prices fell a tad in Kota, said Aniket Mehta, a local trader. Prices were down by INR 5-10 at INR 2,700 per 100 kg. Arrivals were at 10,000 bags (1 bag = 50 kg). A slight change in prices is normal, Mehta said.

Prices of wheat in Mumbai's Vashi market were unchanged from Monday at INR 3,100 per 100 kg, said Devendra Vora, a wholesale trader. Vora expects prices to remain firm till the end of this month.

In August, some media reports had suggested that the government was likely to start open market sales of wheat from its buffer stock with the Food Corp. of India to bulk buyers such as flour millers in September. This month, however, Food Secretary Sanjeev Chopra said there was no immediate plan to sell wheat under the open market sales scheme because of stability in prices of wheat and wheat products. Following his comments, wheat prices rose slightly in key markets. However, uncertainty about open market wheat sales persists in the industry, as Chopra did not rule out such sales in the future.

As of Sept. 1, wheat stocks with the government were 3.3% below the buffer norm of 27.58 million tonnes. According to data from the FCI, there were only 25.1 million tonnes of wheat with the government, down 3.4% from 2023 and 6% lower than the previous month's stock.

Prices of RICE were steady in Mumbai's Vashi market at INR 6,000-6,200 per kg, Vora said. 

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.

Following the government's decision to relax export duty on parboiled rice and lift the ban on export of non-basmati white rice, domestic rice prices had surged by INR 100. Despite the impending arrival of the new crop in mid-October, paddy prices are expected to stay above the minimum support price. While traders anticipate a 3% rise above the minimum support price, agricultural experts and industry players predict a more significant rise of around 10%.  End

Edited by Avishek Dutta

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