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Informist, Monday, Oct. 14, 2024

By J. Navya Sruthi

MUMBAI - Prices of wheat rose in Kota, Rajasthan, while those in Mumbai were steady Monday, traders said. Prices of maize and rice were steady in key markets across the country, they said. 

Prices of MAIZE in Karnataka's Davanagere were steady compared with the previous day at INR 1,600-2,200 per 100 kg, Shiva Kumar, a local trader said. Maize with 18-30% of moisture content is being sold at INR 1,800-2,200 per 100 kg, while the grain with above 30% moisture is being sold at INR 1,600 per 100 kg, he said.

Arrivals were down by 5,000 bags from Thursday to 5,000 bags (1 bag = 60 kg), Kumar said. Arrivals fell due to continuous rainfall in the state, he said. "Prices are likely to stay steady till it doesn't stop raining. However, once the rains stop, arrivals are likely to increase and prices will fall," he said. Kumar said currently, there has been no damage to the crop or harvested produce, he said. 

Prices of WHEAT in Mumbai's Vashi market were unchanged since Wednesday at INR 3,100 per 100 kg, said Devendra Vora, a wholesale trader. Prices of wheat are likely to remain steady as there are no new cues, Vora said. Prices of atta, suji (semolina), besan, and other such finished products are seen rising due to demand ahead of Diwali, which falls at the end of this month, he said.  

However, prices of wheat rose Monday in Rajasthan's Kota by INR 10-15 per 100 kg to INR 2,700-2,715 per 100 kg due to firm demand, Aniket Mehta, a local trader said. Arrivals were, however, steady from the previous day at 8,000 bags (1 bag = 50 kg), Mehta said. 

Meanwhile, the US Department of Agriculture Friday cut its forecast for 2024-25 India wheat output to 113.29 million tonnes from an all-time high of 114.0 million tonnes. The estimates show India's wheat production in 2023-24 at 110.55 million tonnes, while the Indian government's output estimate was at 113.3 million tonnes.   

Global wheat consumption estimate has been reduced to 802.54 million tonnes in October from 804.90 million tonnes in September, the report said. This was attributed to lower food, seed, and industrial use in India and Afghanistan, according to the report. India's wheat consumption forecast has been revised to 112.29 million tonnes in October from 113.00 million tonnes in September.

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 in Andhra Pradesh, Ravi Shankar, a local trader said. 

According to the USDA's October report, India's rice production for 2024-25 is seen at 142 million tonnes, up from 139 million tonnes from a month ago. The agency also increased its forecast for India's rice exports to 21 million tonnes in October from 18 million tonnes a month ago as the government had eased export curbs in September. 

It had allowed exports of non-basmati white rice, banned in July 2023, at a minimum export price of $490 per tonne and reduced the export duty on parboiled rice to 10% from 20% earlier. The government in August 2023 had imposed a 20% duty on the export of parboiled rice to ensure adequate local stock and keep domestic prices in check. It had also removed the $950 per tonne minimum export price on basmati rice shipments.  End

Edited by Vandana Hingorani

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