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Informist, Monday, Nov. 4, 2024

By J. Navya Sruthi

MUMBAI – Wheat prices across the country rose on Monday due to low stocks and lack of open market sales of government stocks, traders said. Prices of maize and rice were steady in key markets across the country, traders said. 

Prices of mill-quality WHEAT in Rajasthan's Kota rose to INR 2,800 per 100 kilograms on Monday from INR 2,725-30 before Diwali, Aniket Mehta, a local trader, said. Kota market was shut since Tuesday for Diwali. Arrivals were down to 6,000 bags (1 kg = 50 kg) from 10,000 bags on the previous day, he said. Arrivals will decrease as rabi sowing is likely to begin in a week in the region, traders said.

Wheat prices rose due to lower arrivals and a lack of cues from the government on starting open market sales or reducing the 40% import duty, traders said. "There are no wheat stocks in (the) domestic market," Mehta said.  

Prices in Mumbai's Vashi market shot up to INR 3,300 per 100 kg from INR 3,150 a week ago, Devendra Vora, a wholesale trader, said. Mumbai wheat prices are likely to rise to INR 3,500 if the government does not start open market sales before the new crop arrivals, which is only after March, Vora said.

"There is no wheat in south India, which led to higher demand for the staple," Vora said. At these price levels, traders expect farmers and stockists to sell wheat stocks held by them.

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-2,200 per 100 kg while arrivals were also steady at 20,000 bags (1 bag = 60 kg), Shiva Kumar, a local trader, said. Arrivals are likely to increase from Tuesday and prices will fall by at least INR 100 per 100 kg, Kumar said. 

At the beginning of October, maize arrivals were around 10,000 bags, but later it fell to as low as 1,000 bags due to heavy rainfall. However, with the rains in the region stopping, Kumar expects arrivals to increase. Also, the moisture content in the grain has fallen from 30% to 18-22%, he said.  

Prices of RICE were steady in the 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. Rice prices are likely to remain range-bound with a downward bias this month as there will be new crop arrivals in the market and also because rice millers will start milling paddy, Vora said. End

Edited by Saji George Titus

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