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Informist, Monday, Oct. 28, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat in Rajasthan's Kota were slightly up on Monday due to firm demand, while prices in Mumbai's Vashi market were steady, traders said. Prices of rice and maize were steady in key markets of the country, they said.

Prices of mill-quality WHEAT in Kota rose slightly by INR 10 to INR 2,750 per 100 kg on firm demand, a local trader Aniket Mehta said. Arrivals were steady from the previous day at 9,000 bags (1 bag = 50 kg), he said. "Wheat markets are on fire. Wheat prices in Delhi have risen to INR 3,100 (per 100 kg)," Mehta said. On a weekly basis, wheat prices in Kota were up by INR 30-40 per 100 kg, Mehta said.

Kota market will remain shut till Sunday on account of Diwali, Mehta said. In Mumbai's Vashi market, wheat prices were unchanged at INR 3,150 per 100 kg, said wholesale trader Devendra Vora.

Traders see prices rising till the next crop starts arriving, which is only in April, and a few expect prices to correct as they are very high. Wheat prices are expected to rise as the Centre's buffer stock is depleting. Meanwhile, the government has increased the minimum support price of wheat for 2025-26 (Apr-Mar) to INR 2,425 per 100 kg from INR 2,275 per 100 kg in 2024-25, which is also supporting wheat prices, traders said.

Price of Kolam RICE was steady in Mumbai's Vashi market at INR 6,000-6,200 per 100 kg, Vora 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 be steady till next week as there is no trade in the mandi with Diwali round the corner. "Labourers and workers are not available as they have left for their home town for Diwali," Vora said. 

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-2,200 per 100 kg, local trader Shiva Kumar said. Arrivals doubled to 6,000 bags (1 bag = 60 kg), he said. Arrivals rose as the market was shut on Saturday and Sunday, Kumar 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. Also, the recent rains have led to fungus in 5-10% of grain that has arrived in the market, he 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.

Prices of maize in Kota were steady at INR 2,000-2,400 per 100 kg, Mehta said. He expects prices to fall slightly by INR 5-10 per 100 kg.  End

Edited by Ashish Shirke

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