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Informist, Wednesday, Oct. 23, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat and rice were steady Wednesday in key markets across the country, traders said. Wheat traders expect prices to stay stable till Diwali and rise thereafter due to marriage season demand.  

Prices of WHEAT in Mumbai's Vashi market were unchanged at INR 3,100 per 100 kilograms, said Devendra Vora, a wholesale trader. Prices of wheat in Indore in Madhya Pradesh were also steady at INR 2,850-2,900 per 100 kg, Lavish Shah, a local trader said. Arrivals were also steady at 1,600-1,700 bags (1 bag = 100 kg), he said. 

Wheat prices are likely to remain at the current levels till Diwali, traders said. However, a fall in arrivals at local markets and an increase in demand due to the marriage season after Diwali will likely boost prices, Vora said.

Vora expects prices to stay high till the new crop arrivals start after March. With the current weather unfavourable for harvesting of kharif crops, the sowing of rabi crops has been delayed. However, traders expect a higher wheat output this year due to the above-normal rainfall during the southwest monsoon season.  

Prices of RICE were steady in Vashi at INR 6,000-INR 6,200 per kg, Vora said. Basmati rice prices were also steady at INR 7,300-INR 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 at Bhavanipuram in Andhra Pradesh, Ravi Shankar, a local trader, said.

The government late Tuesday removed the 10% export duty on parboiled rice, paddy, and brown rice with immediate effect. The government had last month cut the export duty on parboiled rice to 10% from 20%. The government imposed a 20% duty on the export of parboiled rice in August 2023 to ensure adequate local stocks and to keep domestic prices in check. 

Rice traders expect the government will also remove the $490 per tonne minimum export price on non-basmati white rice exports, which was imposed in September. The government, which banned the export of non-basmati white rice in July 2023, lifted the ban in September but imposed a minimum export price of $490 per tonne. End

Edited by Saji George Titus

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