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Informist, Tuesday, Dec. 10, 2024

By J. Navya Sruthi

MUMBAI – Wheat prices rose Tuesday in Indore on lower supply, traders said. Prices of rice and maize were steady in key markets, they added. 

Prices of mill-quality WHEAT were up INR 20 at INR 2,875-3,000 per 100 kg in Indore, Madhya Pradesh, owing to shortage of supply, local trader Gaurav Kochar said. However, in Navi Mumbai's Vashi market, prices of the same quality of wheat were steady at INR 3,300 per 100 kg, said Devendra Vora, a wholesale dealer. Prices were also steady in Kota in Rajasthan at INR 2,800 per 100 kg, local trader Aniket Mehta said. 

A few traders insist that the government should import wheat to control soaring prices. They say there is a shortage of wheat supply in the domestic market despite the government's weekly sales. However, there are traders who say that wheat prices are not very high and with new crop arrivals due to start from February-end in Gujarat, there is no need to import wheat.   

Meanwhile, farmers in India have sowed wheat, the main rabi crop, over 23.9 million hectares, which is 2.3% higher from a year ago. Prospects of good rabi sowing of the commodity are also likely to restrict upside in wheat prices.  

Prices of sona masoori RICE were steady at INR 5,500-6,400 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 6,000-6,400 per 100 kg, wholesale dealer Vora said. Prices of sonam rice from Gujarat were also steady at INR 5,600-5,700 per 100 kg, Vora said. As of Monday, the area under rabi paddy was up 2.4% on year at 1.1 million hectares.

Prices of MAIZE in Davanagere, Karnataka, were steady at INR 2,000-2,350 per 100 kg from the previous day, said local trader Shiva Kumar. Arrivals were also steady at 3,000 bags (1 bag = 60 kg), the trader said.  End

Edited by Rajeev Pai

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