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Informist, Tuesday, Dec. 24, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady across key markets in the country Tuesday, traders said. Maize prices are likely to fall in two to three days due to low buying activity, traders said. 

Prices of MAIZE at Davanagere in 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 in two to three days due to low buying activity as stockists and consumers have filled their stocks. He said that the moisture content in the grain remains at 16-18% is also weighing on prices.  

Prices of mill-quality WHEAT were unchanged from the previous day at INR 2,955-INR 3,080 per 100 kg in Indore in Madhya Pradesh in the absence of any new cues, a local trader, Gaurav Kochar, said. Prices of mill-quality wheat in Navi Mumbai's Vashi market were steady at INR 3,300 per 100 kg, local wholesale dealer Devendra Vora said. Traders expect prices to rise in the near term amid lower supply in the domestic market and increasing demand. 

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, Vora said. Prices of Sonam rice from Gujarat were also steady at INR 5,600-INR 5,700 per 100 kg, Vora said. 

Rice prices will remain influenced by international market trends, says Gaurav Kochar, a trader from Madhya Pradesh. "Currently, there is not much export demand due to the holiday season for most importers. Container prices are also high due to geopolitical tensions," said Devendra Vora, a trader at Vashi.  

India's rice exports are expected to reach 21-22 million tonnes this year, said Indrajit Paul, head of research at Agrocorp International. India exported 20.2 million tonnes of rice in 2022-23.  End

Edited by Saji George Titus

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