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Informist, Friday, Dec. 6, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady Friday owing to the lack of fresh cues, traders said. Prices of wheat are expected to rise next week on firm demand coupled with lower availability of the grain in the domestic markets, they said.

Prices of mill-quality WHEAT were steady from the previous day in Kota, Rajasthan, at INR 2,825 per 100 kg, local trader Aniket Mehta said. Arrivals rose to 7,000 bags (1 bag = 50 kg) from 6,000 bags the previous day, he said. Arrivals were up slightly as prices rose by INR 25 per 100 kg Thursday to INR 2,825 per 100 kg. "Higher prices attract farmers to sell stock in the market," he said.

Prices of the same variety of wheat were steady at INR 3,300 per 100 kg in Navi Mumbai's Vashi market, said Devendra Vora, a wholesale dealer. Traders expect wheat prices 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 will only be after March.

Wheat prices are expected to remain in an uptrend owing to lower supply despite weekly sales by the government, which began Wednesday. This is because the amount of wheat allocated to the Food Corp. of India to sell under the open market sales scheme every week till Mar. 31 is only 2.5 million tonnes. Market participants say the quantity allocated will be sufficient only till January.

In its first weekly e-auction of the rabi marketing season 2024-25 (Apr-Mar), the FCI sold 98.8% of the 100,000 tonnes of wheat on offer, Informist exclusively reported, quoting an FCI official. The total quantity sold was 98,820 tonnes.

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 the Vashi market at INR 6,000-INR 6,400 per 100 kg, local wholesale dealer Vora said. Prices of sonam rice from Gujarat were also steady at INR 5,600-INR 5,700 per 100 kg, Vora said.

It is unlikely that rice prices will rise anytime soon, given excess supply in the domestic markets and tepid export demand, with few deals in the holiday season, Vora said. Any change in rice prices can be expected only from January, he said. 

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.  End

Edited by Rajeev Pai

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