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Informist, Thursday, Oct. 17, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady on Thursday across the key markets in the country due to lack of fresh cues, traders said. Prices of wheat are likely to remain unchanged till Diwali with a slight negative bias, they said. 

Prices of mill-quality WHEAT were unchanged from the previous day in Rajasthan's Kota at INR 2,700-2,715 per 100 kg, said Aniket Mehta, a local trader. Arrivals were also steady in Kota market at 14,000 bags (1 bag = 50 kg). Wheat prices in Mumbai's Vashi market were also unchanged at INR 3,100 per 100 kg, said Devendra Vora, a wholesale trader.

Vora expects wheat prices to remain steady till the end of this month as the market had already factored in the uncertainty of the government's weekly open market sales and low stocks at the centre's pool. As of Oct. 1, 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. However, this time, wheat stocks were slightly above the buffer norms for this quarter.  

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. The government sets the buffer requirement of food grains for every quarter, and the FCI has to maintain the mandated level.

On other hand, there are also traders who expect a slight correction in wheat prices as they think wheat is currently overpriced.

Prices of RICE were steady in Vashi market at INR 6,000-6,200 per 100 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.

MAIZE prices were unavailable as markets in Karnataka's Davanagere were closed on account of "Pargat Diwas" or "Valmiki Jayanti", said Shiva Kumar, a local maize trader. Prices of maize in Telangana's Nizambad were steady from the previous day at INR 1,850-2,335 per 100 kg with moisture content of 15-25%, Amrutlal Kataria, a local trader said.  End

Edited by Akul Nishant Akhoury

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