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Informist, Monday, Nov. 25, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat in Rajasthan's Kota market fell Monday due to a rise in arrivals and the growing chatter among participants that the government is likely to start wheat sales, traders said. Prices of rice and maize were steady in key markets in the country, traders said.

Prices of mill-quality WHEAT were down by INR 20-INR 25 at INR 2,775-INR 2,800 per 100 kg as arrivals rose by 1,000 bags from the previous day to 5,000 bags (1 bag = 50 kg), said Aniket Mehta, a local trader. However, prices of the same variety of wheat were unchanged from the previous day at INR 3,300 in Navi Mumbai's Vashi market, said Devendra Vora, a wholesale dealer. 

Traders also said that there is panic in the market about the government's wheat sales under the open market sales scheme. On Friday, IGrain India reported quoting unnamed sources, that the government was likely to start wheat sales under the open market sales scheme in the first or second week of December. 

Usually, the government starts wheat sales in July or August, but this year, owing to lower procurement and falling stocks, it delayed open market sales. As of Nov. 1, wheat stocks with the Food Corp. of India were at 22.3 million tonnes, nearly 2% higher from a year ago but down 6.4% from a month ago, according to data from the nodal food procurement agency. The on-year rise was the first in 11 months.

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 down retail prices across the country. 

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 sonam rice from Gujarat were also steady at INR 5,600-INR 5,700 per 100 kg as the supply of the new rice crop increased, Vora said. Prices of rice were steady at INR 5,500-INR 6,400 per 100 kg in Bhavanipuram in Andhra Pradesh, said Ravi Shankar, a local trader.

Prices of MAIZE in Karnataka's Davanagere were steady from the previous day at INR 1,800-INR 2,300 per 100 kg, traders said.  End

Edited by Akul Nishant Akhoury

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