India Grain
Unchanged on lack of new cues; wheat seen steady in near term
This story was originally published at 18:06 IST on 18 December 2024
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By J. Navya Sruthi
MUMBAI – Prices of wheat, rice, and maize were steady Wednesday due to lack of new cues, traders said. Despite a shortage of wheat in the domestic market, traders see wheat prices remaining steady in the near term as demand for the commodity is a bit low now.
Prices of mill-quality WHEAT were steady at INR 2,915-INR 3,040 per 100 kg in Indore, local trader Gaurav Kochar said. Prices of the same quality wheat were steady in Kota, Rajasthan, 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 6,000 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.
Market participants will watch out for the progress in sowing of wheat in the ongoing rabi season. The area under wheat was 3.1% higher on year at 29.31 million hectares as of Monday, according to data from the Department of Agriculture and Farmers Welfare.
Prices of MAIZE in Davanagere, Karnataka, were steady from the previous day at INR 2,000-INR 2,380 per 100 kg, 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. End
Edited by Avishek Dutta
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