India Grain
Wheat prices fall as govt declares open market sales for 2024-25
This story was originally published at 18:05 IST on 29 November 2024
Register to read our real-time news.Informist, Friday, Nov. 29, 2024
By J. Navya Sruthi
MUMBAI – Prices of wheat in Rajasthan's Kota fell Friday following the government's decision on Thursday to sell the staple under the Open market Sales Scheme, 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 to INR 2,700-2,725 per 100 kg from INR 2,775 per 100 kg, said Aniket Mehta, a local trader. Arrivals were steady at 4,000 bags (1 bag = 50 kg), he said.
The government on Thursday allocated 2.5 million tonnes of wheat to the Food Corp. of India to offload in the open market under the open market sales scheme for the financial year 2024-25 (Apr-Mar) through e-auction to private parties. 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. The FCI is likely to start open market sales of wheat by next week, an official of the agency told Informist exclusively.
However, market participants see wheat prices rising after the correction as the quantity allocated--2.5 million tonnes--is unlikely to weigh on prices due to firm demand.
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 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 Akul Nishant Akhoury
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