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Informist, Friday, Oct. 18, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat in Rajasthan's Kota rose Friday as arrivals fell from the previous day, traders said. Prices of rice and maize were unchanged in key markets across the country, traders said. 

Prices of WHEAT in Kota rose by INR 20 to INR 2,725-30 per 100 kg due to a fall in arrivals, Aniket Mehta, a local trader, said. Arrivals were down to 10,000 bags from 14,000 bags on the previous day (1 bag = 50 kg), he said. Arrivals will decrease as rabi sowing is likely to begin in a week in the region, traders said. 

However, prices in Mumbai's Vashi market were steady at INR 3,100 per 100 kg, Devendra Vora, a wholesale trader, said. Prices are expected to be steady till the end of this month, he said. Some traders, however, expect a slight correction in wheat prices as they think wheat is currently overpriced.

Prices of MAIZE were steady in Karnataka's Davanagere. Demand was weak due to higher moisture content that offset a fall in arrivals. Prices of maize were unchanged at INR 1,600-2,200 per 100 kg, while arrivals fell to 1,000 bags (1 bag = 60 kg) from 4,000 bags on the previous day, Shiva Kumar, a local trader, said. 

Arrivals fell due to continuous rain in the region, Kumar said, and added that there has been no damage to the crop so far. Grain with a moisture content of 18-20% is being sold at INR 2,200 per 100 kg, and that with a moisture content range of 22-32% is being sold at INR 1,600 per 100 kg, Kumar said. Most of the grains arriving in the markets have a very high moisture content, while there are only 200–250 bags of grain with lower moisture content, he added.    

Maize prices are likely to remain range-bound with a negative bias, as the arrivals of the grain are expected to increase when it stops raining in the region, Kumar said.  

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, he 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.

The International Grains Council has increased global trade estimates for rice during 2024-25 due to higher exports from India owing to easing of restrictions on non-basmati white rice exports. The global rice trade estimate has been increased to 56 million tonnes from 54 million tonnes a month ago. Indian rice exports are expected at 20.8 million tonnes from 17.3 million tonnes a month ago, the report said.

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

The grains council also cut its forecasts for countries that have been India's competitors in rice exports. Rice export estimates for Thailand and Vietnam, the two other largest rice exporters, were pegged lower in October, along with Pakistan, the report said.  End

Edited by Vandana Hingorani

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