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Informist, Thursday, Dec. 19, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat rose in Indore in Madhya Pradesh due to a supply shortage in domestic markets, traders said. Prices of maize were steady, but traders expect prices to fall next week due to low demand for the commodity. Meanwhile, prices of rice were steady, they said. 

Prices of mill-quality WHEAT were up INR 20 from the previous day at INR 2,935-INR 3,060 per 100 kg in Indore due to low supply in the market, local trader Gaurav Kochar said. Prices of wheat are likely to stay range-bound with a slight positive bias, as traders said there is scarcity of the grain. 

A top executive at a fast-moving consumer goods company said the government should announce imports of at least 3 million-4 million tonnes of wheat in some ports across South India. "That will be only a buffer against anything going wrong to the wheat rabi crop, which has been planted early summer...(in view of) thunderstorms or hailstorms during the harvest period," the executive said.

Attributing the current rise in wheat prices to scarcity of the commodity, the executive said had anyone hoarded, "the person would have been releasing that hoarded wheat right now at these high prices".

Meanwhile, 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 were also steady from the previous day at 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. 

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 also steady at 5,000 bags (1 bag = 60 kg), the trader said. 

Kumar expects prices to fall next week due to low demand as stockists and consumers have filled their stocks. He said that the moisture content in the grain remains at 16-18%, which is also weighing on prices.   

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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