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Informist, Wednesday, Nov. 13, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice, maize, and wheat remained unchanged Wednesday in key markets due to lack of new cues, traders said. Rice traders see prices steady as they expect exports to pick up pace, which will offset the record supply of the grain in domestic markets.

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. 

Exports are stuck at domestic ports 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, which will offset the increase in supply in domestic markets. Commenting about the new paddy crop, Vora said rice mills have started to mill the paddy and arrivals of the new crop has already started.     

According to the government's first advance estimate for 2024-25 (Jul-Jun) released on Nov. 5, rice production is estimated at a record 119.9 million tonnes during the kharif season, up 5.8% from 113.3 million tonnes in the same period last year.

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-INR 2,200 per 100 kg. Arrivals were steady from the previous day at 15,000-20,000 bags (1 bag = 60 kg), said Shiva Kumar, a local trader. Arrivals are likely to stay in the same range from now and the moisture content in the grain is 18-22%, the trader 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.

Wheat stocks with Food Corp of India were at 22.3 million tonnes as of Nov. 1, nearly 2% higher from a year ago, according to data from the government's nodal food procurement agency. The on-year rise was the first in 11 months. In October, the stocks were down 6.4% from 23.8 million tonnes, the data showed.

Wheat stocks were also above the buffer norms for this quarter. According to buffer norms, the minimum wheat stocks for Oct-Dec should be 20.52 million tonnes – operational stock of 17.52 million tonnes and strategic reserve of 3 million tonnes. The government sets the buffer requirement of food grains for every quarter, and the FCI has to maintain the mandated level. End

Edited by Ashish Shirke

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