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Informist, Monday, Dec. 2, 2024

By J. Navya Sruthi

MUMBAI – Prices of mill-quality wheat continued to fall in Indore, Madhya Pradesh, on Monday after the government announced the sale of 2.5 million tonnes of the staple under the open market sales scheme, traders said. Prices of rice and maize were steady across key markets of the country, traders said.

Prices of mill-quality WHEAT fell INR 100-150 to INR 2,800-INR 2,900 per 100 kg due to the government's announcement and low demand at higher prices, said local trader Gaurav Kochar. However, in Navi Mumbai's Vashi market, prices of mill-quality variety were steady at INR 3,300 per 100 kg, Devendra Vora, a wholesale dealer, said.

The government on Thursday allocated 2.5 million tonnes of wheat to Food Corp. of India for open market sales scheme in 2024-25 (Apr-Mar). 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. FCI is likely to start open market sales through e-auctions this week, an official of the agency told Informist exclusively.

However, market participants do not see the allocated quantum of 2.5 million tonnes weighing on the prices as demand remains firm, and expect wheat prices to rise after the downward correction.

Prices of sona masoori RICE were steady at INR 5,500-INR 6,400 per 100 kg in Bhavanipuram in Andhra Pradesh, said local trader Ravi Shankar. Prices may fall slightly once the new rice crop arrives into the market, he said. The new crop should have arrived in the markets by now, but delay in harvesting has put off the arrivals, he added.

Prices of new basmati rice crop 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, Vora said.

Prices of MAIZE in Bihar's Purnea were steady at INR 2,700 per 100 kg, Kanhaiya Rastogi, a local trader, said. End

Edited by Ashish Shirke

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