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Informist, Monday, Nov. 18, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice, wheat, and maize were steady Monday in key markets across the country, traders said. Wheat arrivals in Rajasthan's Kota fell and are expected to rise after the completion of rabi sowing, traders said.    

Prices of mill-quality WHEAT were largely unchanged at INR 2,825 per 100 kg in Kota, Aniket Mehta, a local trader, said. However, the arrivals fell to 3,000 bags (1 bag = 50 kg), from 7,000 bags on Thursday, as sowing of the rabi crop has started in the state and farmers are busy in the fields, Mehta 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 dealer, said.

According to Rajasthan's acreage report, wheat acreage so far rose to 705,602 hectares from 341,482 hectares a year ago. Traders also see a shift from chana to wheat in the state, due to higher returns on wheat. Traders told Informist that the government may start open market sales for wheat in January as the government will get an idea about the sowing of the staple grain. 

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

BMI, a unit of Fitch Solutions, has further lowered its forecast on the average price of second-month rough rice futures contracts on the Chicago Board of Trade in 2025 to $14.20 per 100 pounds from $14.85 per 100 pounds, due to the easing of export restrictions in India, a record harvest in the country, and expected positive effect of the anticipated La Nina event on rice production in Southeast Asia. However, the research firm has left the average price outlook for 2024 unchanged from its last forecast at $16.35 per 100 pounds.

Meanwhile, rice exports in October rose by almost 86% to $1.05 billion from $565.65 million a year ago, according to data released by the commerce ministry.

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-2,200 per 100 kg. Arrivals fell to 7,000 bags (1 bag = 60 kg) from 15,000-20,000 bags the previous day, said Shiva Kumar, a local trader. The fall in arrivals was because of recent rainfall in the region. That the mandi was shut Friday for "Karthika Purnima", followed by Saturday and Sunday, also resulted in the fall in arrivals, Kumar said.  End

Edited by Rajeev Pai

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