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Informist, Thursday, Nov. 21, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat slid a bit in key markets in the country as the chatter grew among participants that the government had imported wheat from Russia to start open market sales in the domestic market, traders said. Prices of rice and maize were steady in key markets across the country, traders said.

Prices of mill-quality WHEAT in Rajasthan's Kota market fell slightly by INR 10-20 to INR 2,800 per 100 kg as "there is a panic in the market about wheat OMSS (open market sales scheme) as November has come to an end," Aniket Mehta, a local trader, said.  

Usually, the government starts wheat sales in July or August, but this year, owing to lower procurement and falling stocks, it has delayed open market sales. Under the open market sales scheme, the government fixes the price of rice and wheat and sells them to bulk buyers such as states and private millers through electronic auctions.

The government's weekly e-auctions of rice and wheat are meant to cool retail prices across the country. With only four months left for the new wheat arrivals to begin, market participants expect that the government may start with the e-auctions anytime soon.

However, the downside was restricted as there was demand for wheat in the market and arrivals have also been falling, Mehta said. Arrivals in the Kota market were 3,000 bags (1 bag = 50 kg), down from 7,000 bags last week. 

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. Currently, ethanol plants are buying maize at a fixed rate of INR 2,300 per 100 kg, including transportation costs, Kumar said.

The moisture content in the grain is expected to fall to 16% or below from the current level of 18% or above, Kumar said. The acceptable moisture level in the grain is 14%. Arrivals fell to 5,000 bags (1 bag = 60 kg), from 10,000 bags on Tuesday, Kumar said.   

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.  End

Edited by Rajeev Pai

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