More Stories

Informist, Thursday, Oct. 10, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat fell in Rajasthan's Kota market due to low demand, traders said. However, wheat prices in Mumbai's Vashi market were steady with an upward bias, they said. Prices of maize and rice were steady in key markets of India, traders said. 

Prices of mill-quality WHEAT fell slightly in Kota on Thursday by INR 15-20 to INR 2,680-2,685 per 100 kilograms due to low demand, Aniket Mehta, a local trader said. "There is an assumption in the market that high maize arrivals have weighed on wheat demand, but there is no such relation between wheat and maize," he said. Although prices fell slightly, Mehta sees it as a correction and expects prices to rise in the near-term.

Arrivals of wheat in Kota were also down from Wednesday by 2,000 bags to 8,000 bags (1 bag = 50 kg), Mehta said. "Farmers are bringing other kharif crops like soyabean and maize, because of which wheat arrivals fell," he said. Prices of wheat in Mumbai's Vashi market were unchanged from Wednesday at INR 3,100 per 100 kg, said Devendra Vora, a wholesale trader.

Meanwhile, wheat stocks with the Food Corporation of India were down as of Oct. 1 but above the buffer norm. The government's wheat stocks fell 5.4% on month and nearly 1% from the previous year to 23.8 million tonnes, the data showed. According to buffer norms, the minimum wheat stocks for Oct-Dec should be 20.52 million tonnes – operational stock of 17.52 million tonnes and strategic reserve of 3 million tonnes. 

Prices of RICE were steady in Mumbai's Vashi market at INR 6,000-6,200 per kg, Vora said. Basmati rice prices were also steady at INR 7,300-7,800 per 100 kg, Vora said. Similarly, prices of Sona Masoori rice, a non-basmati premium variety, were steady at INR 6,400 per 100 kg in Vijayawada's Bhavanipuram, Andhra Pradesh, Ravi Shankar, a local trader said. 

Although rice prices remained unchanged for a week, Shankar sees prices rising as the government relaxed curbs on exports of non-basmati white rice with a minimum export duty of $490 per tonne. "Prices are likely to rise by 10-15%, or INR 400 (per 100 kg)," Shankar said. 

In September, the government also reduced the 20% export duty on parboiled rice to 10% and removed the $950 per tonne minimum export price on basmati rice shipments. These decisions were taken by the government due to a 20-year-high rice stock with it and expectations of better paddy output this year. 

However, Shankar said the arrival of a new paddy crop next month will push down prices slightly but export demand will restrict the downside. The overall sentiment for rice is seen positive till the year-end, he added. 

Prices of MAIZE in Karnataka's Davanagere were steady compared with the previous day at INR 1,800-2,200 per 100 kg, Shiva Kumar, a local trader said. Arrivals were also the same as Wednesday at 10,000 bags (1 bag = 60 kg), he said.  End

Edited by Deepshikha Bhardwaj

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000  

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.