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Informist, Tuesday, Nov. 12, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice, maize, and wheat remained unchanged Tuesday in key markets due to lack of new cues, traders said. Wheat arrivals in Rajasthan's Kota market fell on account of "Dev Uthani Ekadashi", traders said. Wheat prices are likely to rise by INR 50 per 100 kg in the near term, they said. 

Prices of mill-quality WHEAT were steady in Rajasthan's Kota at INR 2,850 per 100 kg, said Aniket Mehta, a local trader. Arrivals were down from the previous day at 6,000-7,000 bags (1 bag = 50 kg) on account of 'Dev Uthani Ekadashi', he said. Prices of the same quality wheat were steady in Mumbai's Vashi market at INR 3,300 per 100 kg, Devendra Vora, a wholesale trader, said. 

Wheat prices are likely to continue in an uptrend as the government has not started open market sales for the grain so far this year, Mehta said. "There is also firm demand for wheat in the domestic markets," he added. Prices are likely to rise by INR 50 per 100 kg in the near term, Mehta said.   

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

Rice exports are stuck in domestic ports due to lack of new cues, as there are no buyers available in the international market, Vora said. However, he said prices are likely to remain steady as exports will pick up pace soon.  

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-INR 2,200 per 100 kg. Arrivals in the market rose to 20,000 bags (1 bag = 60 kg) from 15,000 bags the previous day, said Shiva Kumar, a local trader. End

Edited by Tanima Banerjee

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