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Informist, Thursday, Nov. 28, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady in key markets across the country Thursday, traders said. Prices of wheat are likely to fall as the government declares open market sales of the grain for 2024-25 (Apr-Mar), market participants said.

Prices of mill-quality WHEAT were steady in Rajasthan's Kota market at INR 2,775 per 100 kg and arrivals were also steady at 4,000 bags (1 bag = 50 kg), Aniket Mehta, a local trader, said. Prices of the mill-quality variety were also steady in Navi Mumbai's Vashi market from the previous day at INR 3,300 per 100 kg.

Traders expect prices to fall by INR 50-100 per 100 kg from the current level as the government declared wheat sales under the open market sales scheme Thursday. The Food Corp. of India will offload 2.5 million tonnes of wheat in the open market under the open market sales scheme for the financial year 2024-25 (Apr-Mar) through e-auction to private parties, the Ministry of Consumer Affairs, Food, and Public Distribution said in a release.

The FCI is likely to start open market sales of wheat by next week, an official of the agency told Informist exclusively. This year, the government has set the reserve price of fair and average quality wheat at 2,325 rupees per 100 kg, and the price of wheat under reduced specifications at 2,300 rupees per 100 kg, according to the release.    

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. 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, local wholesale dealer Devendra Vora said. Prices of sonam rice from Gujarat were also steady at INR 5,600-5,700 per 100 kg, Vora said. Prices of sona masoori rice were steady at INR 5,500-6,400 per 100 kg in Bhavanipuram in Andhra Pradesh, said local trader Ravi Shankar.  End

Edited by Rajeev Pai

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