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Informist, Monday, Nov. 11, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice, maize, and wheat remained unchanged Monday in key markets due to lack of cues, traders said. Maize arrivals fell in Karanataka's Davanagere as farmers started sowing rabi crops, traders said. 

Prices of RICE were steady at INR 5,500-6,400 per 100 kg in Bhavanipuram, Vijayawada in Andhra Pradesh, due to lack of cues, local trader Ravi Shankar said. When asked about the export demand for Indian rice, Shankar said all the rice sent to the Kakinada port for exports has been stuck at the port due to lack of new orders.

"This is mainly because India has stopped exporting, and now our customers have shifted to rice varieties from Pakistan, China, and Thailand," he said. The trader also said that there was a shift in consumers' food habits as consumers have shifted to breads or chapatis from rice.

Prices of new basmati rice were steady in Mumbai's Vashi market at INR 6,000-INR 6,400 per 100 kg, wholesale dealer Devendra Vora said. Prices of kolam rice were also steady at INR 6,200-INR 6,300 per 100 kg, he said.   

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-INR 2,200 per 100 kg. Arrivals in the market fell to 15,000 bags (1 bag = 60 kg) from 20,000 bags the previous day, said Shiva Kumar, a local trader. Arrivals usually fall after Diwali as farmers are occupied with rabi sowing, he said.

Prices were steady as lower arrivals were offset by high moisture content, traders said. Currently, the moisture content in the grain is around 18-22%, Kumar said. 

Prices of mill-quality WHEAT were steady in Mumbai's Vashi market at INR 3,300 per 100 kg, Devendra Vora, a wholesale trader, said. 

Prices of the same quality wheat were steady in Rajasthan's Kota at INR 2,850 per 100 kg, said Aniket Mehta, a local trader. Arrivals were also steady from the previous day at 8,000 bags (1 bag = 50 kg), he said. 
 

Meanwhile, Rahul Chauhan, director of IGrain India, posted on LinkedIn that wheat stocks with Food Corp of India as of Nov. 1 were estimated at 22.2 million tonnes, down from 23.8 million tonnes as of Oct. 1. However, the stocks are likely to be higher than 21.9 million tonnes in November 2023 and 21.0 million tonnes in November 2022. The official data from FCI is yet to be released.  End

Edited by Avishek Dutta

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