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Informist, Tuesday, Nov. 26, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat in Rajasthan's Kota market rose slightly Wednesday due to a fall in arrivals, traders said. Prices of rice and maize were steady in key markets across the country.

Prices of mill-quality WHEAT were up by INR 25 at INR 2,775 per 100 kg, said Aniket Mehta, a local trader, adding that prices rose due to lower arrivals in the market. Arrivals were down by 1,000 bags at 4,000 bags (1 bag = 50 kg), due to lower prices till Tuesday, he said. 

However, in Navi Mumbai's Vashi market, prices of the mill-quality variety of wheat were unchanged from the previous day at INR 3,300, said Devendra Vora, a wholesale dealer. The upside in wheat prices is restricted as traders expect the government to start wheat sales under the open market 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. 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. 

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.

Prices of MAIZE in Karnataka's Davanagere were steady from the previous day at INR 2,000-2,350 per 100 kg, said Shiva Kumar, a local trader. The moisture content in maize has fallen from 18-20% last week to 16-18%, which supported prices, Kumar said. Arrivals remained steady from the previous day at 10,000 bags (1 bag = 60 kg), he said.

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 sonam rice from Gujarat were also steady at INR 5,600-5,700 per 100 kg, Vora 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 Akul Nishant Akhoury

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