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Informist, Tuesday, Dec. 17, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat at Indore in Madhya Pradesh rose slightly Tuesday due to supply shortage, traders said. Prices of maize rose in Karnataka's Davanagere due to firm demand, market participants said. However, rice prices remained unchanged from the previous day, traders said. 

Prices of mill-quality WHEAT rose by INR 20 to INR 2,915-INR 3,040 per 100 kg in Indore due to supply shortage, local trader Gaurav Kochar said. However, prices of the same quality wheat were steady at Kota in Rajasthan from the previous day at INR 2,825-INR 2,850 per 100 kg, local trader Aniket Mehta said. Arrivals fell by 1,000 bags from the previous trading day to 7,000 bags (1 bag = 50 kg), he said.

In Navi Mumbai's Vashi market, prices of the same quality wheat were steady at INR 3,300 per 100 kg, said wholesale dealer Devendra Vora. Vora sees prices remaining steady till the end of December as wheat prices are already high and will start rising from January again. 

As of Dec. 1, wheat stocks with the Food Corp. of India were at 20.6 million tonnes, up 7.3% from a year ago, according to data from the nodal food procurement agency. This is the first consecutive year-on-year rise in wheat stocks in 12 months. In November, wheat stocks had risen 2% on year to 22.3 million tonnes. 

Though wheat stocks as of Dec 1 have fallen 7.6% on month from 22.3 million tonnes in November, it was well above the buffer norm of 13.8 million tonnes--operational stock of 10.8 million tonnes and the strategic reserve of 3 million tonnes. The government sets the buffer requirement for food grains, and the FCI has to maintain the mandated level.

Prices of MAIZE in Davanagere, Karnataka, were at INR 2,000-INR 2,380 per 100 kg, up INR 30 from the previous day due to firm demand, said local trader Shiva Kumar. Arrivals were up by 2,000 bags at 5,000 bags (1 bag = 60 kg), the trader 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 the Vashi market at INR 6,000-INR 6,400 per 100 kg, 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.

Rice stocks at the Centre's pool were up 52.3% on year at 28.03 million tonnes as of Dec. 1. The current rice stocks are far above the buffer norm of 7.6 million tonnes--operational stock of 5.6 million tonnes and strategic reserve of 2.0 million tonnes. End

Edited by Akul Nishant Akhoury

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