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Informist, Thursday, Dec. 5, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat rose at Kota in Rajasthan Thursday due to low arrivals and strong demand, traders said. Prices of rice and maize were steady across the country, they said. 

Prices of mill-quality WHEAT rose by INR 25 to INR 2,825 per 100 kilograms in Kota due to low arrivals, local trader Aniket Mehta said. Arrivals fell by 2,000 bags from the previous day to 6,000 bags (1 bag = 50 kilograms), Mehta said.

Prices of the same variety of wheat were steady at INR 3,300 per 100 kilograms in Navi Mumbai's Vashi market, said Devendra Vora, a wholesale dealer said. "Prices were steady as there were not many sales in the market because of yesterday's (Wednesday) e-auction," Vora said. Prices of the same quality wheat in Indore in Madhya Pradesh were also steady at INR 2,825-INR 2,950 per 100 kg, Gaurav Kochar, a local trader said. 

In its first auction of the year on Wednesday, the Food Corp. of India ended up selling 98.8% of the 100,000 tonnes of wheat on offer under the open market sales scheme, Informist exclusively reported, quoting an official from FCI. The total quantity of wheat sold was 98,820 tonnes, against 100,000 tonnes, the total quantity allocated for the first weekly e-auction. 

The weighted average selling price of wheat at Wednesday's auction was INR 2,885 per 100 kg against the reserve price of INR 2,325 per 100 kg, the official told Informist. Following the auction result, traders in domestic markets expect prices of wheat to rise by INR 50-INR 75 per 100 kg next week and Vora sees prices at INR 200-INR 300 per 100 kg higher than the current price till the arrival of the next crop, which is only after March. 

Prices of MAIZE in Davanagere, Karnataka, were steady at INR 2,000-INR 2,350 per 100 kg from the previous day, said local trader Shiva Kumar. However, arrivals fell by 1,500 bags to 1,500 bags (1 bag = 60 kg) due to cloudy weather in the region, Kumar said. The moisture content in the grain was at 18-20%, he said.

Prices of sona masoori RICE were steady at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Andhra Pradesh, said local trader Ravi Shankar. Prices of new basmati rice were steady in Mumbai's Vashi market at INR 6,000-6,400 per 100 kg, local wholesale dealer Vora said. Prices of sonam rice from Gujarat were also steady at INR 5,600-5,700 per 100 kg, Vora said.

The offtake of rice at Wednesday's auction remained poor as new paddy crop arrivals are in full swing across the country. FCI sold 40,535 tonne of rice on Wednesday, out of the 61,120 tonnes offered, the FCI official told Informist.  End

Edited by Akul Nishant Akhoury

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