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Informist, Tuesday, Nov. 19, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize, wheat, and rice were steady Tuesday due to a lack of new cues, traders said. Maize prices are likely to rise next week once the moisture content in the grain comes down, they said.

Prices of MAIZE were steady in Karnataka's Davanagere at INR 1,600-2,200 per 100 kg, said Shiva Kumar, a local trader. Kumar expects maize prices to rise next week as there is firm demand from stockists. Stockists are currently not buying the grain as the moisture content in the grain is 16% or above, he said. Kumar expects the moisture content to fall to 14%, which is the acceptable level, by next week.   

Arrivals rose to 10,000 bags (1 bag = 60 kg) from 7,000 bags the previous day, Kumar said. Arrivals fell on Monday as the market was shut on Friday for "Karthika Purnima", followed by Saturday and Sunday, Kumar said.

Normal arrivals for this period of the year are about 10,000-20,000 bags, Kumar said, adding that he expects the arrivals to rise to 15,000-17,000 bags from Wednesday.

Prices of the mill quality WHEAT were steady in Mumbai's Vashi market at INR 3,300 per 100 kg, Devendra Vora, a wholesale dealer, said. Vora expects prices to remain steady with an upward bias as there is a shortage of wheat in domestic markets and the government has not started open market sales so far. 

A trader from north India said he expects wheat open market sales to start in January as the government will have an idea about the rabi crop by then. 

Prices of RICE were steady at INR 5,500-6,400 per 100 kg in Bhavanipuram in Andhra Pradesh, 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. 

Vora expects record-high rice exports during 2024-25 (Apr-Mar) as the Indian government has removed export curbs. Rice exports in October rose almost 86% on year to $1.05 billion, according to data released by the commerce ministry. End

Edited by Saji George Titus

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