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Informist, Tuesday, Dec. 3, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat rose slightly Tuesday due to lower availability of the staple grain in domestic market and inadequate quantity allocated for the weekly sales 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 rose INR 25-INR 50 to INR 2,825-INR 2,950 per 100 kg due to supply shortage in the market, said local trader Gaurav Kochar. Also, the government has allocated only 4,000 tonnes of wheat for Madhya Pradesh for the weekly auction, which pushed wheat prices higher, he added. 

The Food Corp. of India's weekly wheat auction is due Wednesday and the nodal agency allocated only 100,000 tonnes for the entire country in its first auction. Traders said wheat allocated was very less to meet the current firm demand and the only option was to reduce the hefty 40% import duty on wheat to control the soaring prices. 

Typically, FCI starts wheat auctions in July or August. However, this year the government delayed open market sales of wheat owing to reduced procurement in Apr-Jun and the resultant lower stocks at the Centre's pool.

The government on Thursday allocated 2.5 million tonnes of wheat to FCI for the 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. 

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 new rice crop arrives into the market, he said. The new crop should have arrived in the markets by now, but a delay in harvesting has put off the arrivals, he added.

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

Edited by Akul Nishant Akhoury

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