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Informist, Friday, Nov. 8, 2024

By J. Navya Sruthi

MUMBAI - Prices of wheat, rice, and maize were steady Friday across key markets in the country, traders said. Maize traders in Karnataka expect arrivals to rise to 30,000 bags or more next week.   

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-2,200 per 100 kg. Arrivals in the market were also steady at 20,000 bags (1 bag = 60 kg), Shiva Kumar, a local trader said. Arrivals are expected to increase to around 30,000 bags from next week, which will weigh on the grain's prices, Kumar said. However, the decreasing moisture content in the grain is likely to support prices, he said. 

Currently, the grain has 18-22% moisture, but next week moisture may fall to 16% as it has stopped raining in the region, Kumar said. The acceptable moisture content in the grain is 14%. 

Prices of mill quality WHEAT were steady in Rajasthan's Kota at INR 2,850 per 100 kg as firm demand for the staple offset high arrivals, Aniket Mehta, a local trader, said. Arrivals were also steady from the previous day at 8,000 bags (1 bag = 50 kg), he said. Prices of the same quality wheat were also steady in Mumbai's Vashi market at INR 3,300 per 100 kg, Devendra Vora, a wholesale trader said.  

Prices of new basmati RICE were steady in the Vashi market at INR 6,000-6,400 per 100 kg, Vora said. Prices of kolam rice were also steady at INR 6,200-6,300 per 100 kg, he said. Rice prices at Bhavanipuram in Vijayawada, Andhra Pradesh, were also steady at INR 5,500-6,400 per 100 kg, Ravi Shankar, a local rice trader said.

India's pusa basmati rice prices have fallen 10% on month and 32.3% on year to $1,050 per tonne in October as the Indian government had removed export curbs in September, the United Nations Food and Agriculture Organization said in its monthly report. On Sept. 13, the Indian government scrapped the minimum export price of $950 per tonne on basmati rice shipments.  

Also, quotations for Thailand, Pakistan, and Vietnam's rice prices fell in October following the Indian government's decree, according to the report. The price of Pakistani 5% rice fell to $477.3 per tonne in October from $540.0 per tonne in September, and the price of Thai A1 Super rice fell to $445.3 per tonne from $477.0 per tonne during the same period. Similarly, the price of Thailand's 25% broken rice fell to $501.0 per tonne in October from $556.0 per tonne in September. The price of the same variety of rice from Vietnam fell to $495.0 per tonne in October from $511.5 per tonne in September, according to the report. The Indian government removed export curbs on non-basmati white rice, brown rice, paddy, and parboiled rice in October.  End

Edited by Vandana Hingorani

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