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Informist, Friday, Oct. 11, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat and rice were steady Friday in key markets across the country, traders said. Prices of maize from Karnataka's Davanagere were unavailable as the market was shut on account of the last day of Navaratri, traders said. Along with Davanagere and Indore, Madhya Pradesh, rest of the markets will also be shut on Saturday on account of Dussehra, they said. 

Prices of WHEAT were steady from the previous day in Rajasthan's Kota market Friday at INR 2,680-2,685 per 100 kilograms, Aniket Mehta, a local trader said. Arrivals were also steady at 8,000 bags (1 bag = 50 kg), he added. Traders expect wheat arrivals to remain in this range or fall further as arrivals of kharif crops such as soyabean, maize, and paddy have commenced. Prices of wheat in Mumbai's Vashi market were also unchanged from Thursday at INR 3,100 per 100 kg, said Devendra Vora, a wholesale trader.  

However, traders and other market participants expect wheat prices to rise till the next crop arrivals start in April due to low wheat stocks at the Centre's foodgrain pool. Traders also believe that there is not enough wheat to start the open market sales for the grain, which supports prices.  

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.  End

Edited by Manisha Baxla

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