More Stories

Informist, Friday, Oct. 25, 2024

J. Navya Sruthi

MUMBAI – Prices of maize, rice, and wheat were steady in key markets across the country on Friday, traders said. Price of rice is expected to rise in the near-term as the government has removed curbs on exports, traders said.

Price of Kolam RICE was steady in Mumbai's Vashi market at INR 6,000-6,200 per 100 kg, Devendra Vora, a wholesale trader, said. Price of 1509 basmati rice variety was also steady at INR 7,300-7,800 per 100 kg, he said. Vora expects prices to rise in the near-term as the government removed curbs on exports earlier this week.

A day after removing the 10% export duty on parboiled rice, the government on Wednesday removed the minimum export price of $490 per tonne on non-basmati white rice. The minimum export price was imposed by the government in September and till then exports of non-basmati white rice were banned. The decision to allow non-basmati white rice exports has been taken keeping in mind the fact that domestic stocks were at an all-time high of over 31 million tonnes as of Oct. 1.

Vora sees India's rice exports at a record high in 2024-25 (Apr-Mar) following the removal of restrictions on most varieties. Currently, only non-basmati broken rice exports are banned. Last week, the International Grains Council raised its forecast for Indian rice exports to 20.8 million tonnes from 17.3 million tonnes a month ago following the removal of restrictions on exports.

Prices of mill-quality WHEAT in Mumbai's Vashi market were unchanged at INR 3,100 per 100 kg, Vora said. Wheat prices are likely to remain at the current levels till Diwali, traders said. However, a fall in arrivals in local markets and an increase in demand due to the marriage season after Diwali will likely boost prices, Vora said. He expects prices to stay high till the new crop starts arriving after March.

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-2,200 per 100 kg, local trader Shiva Kumar said. Arrivals were also steady at 3,000 bags (1 bag = 60 kg), he said. The moisture content in the grain is 24-32%, and it is likely to be the same till it stops raining in the state, Kumar said.

Kumar expects maize prices to remain range-bound with a downward bias as kharif production of the state is expected to double from last year's. "This year, yields have increased to 2.5-3.0 tonnes per hectare, from 1.0-1.5 tonne per hectare," he said.  End

Edited by Ashish Shirke

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.