More Stories

Informist, Friday, Dec. 27, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat and rice were steady Friday in key markets in the country due to a lack of new cues, traders said. Wheat traders expect prices to continue to be firm in the near term. 

Prices of MAIZE from Davanagere in Karnataka were unavailable as the market was shut as the state government had declared a holiday on Friday following the passing away of former prime minister Manmohan Singh, traders said. Singh, the prime minister from 2004 to 2014, passed away in Delhi on Thursday at the age of 92.

Prices of mill-quality WHEAT were steady at Kota in Rajasthan at INR 2,875-2,900 per 100 kilograms, Aniket Mehta, a local trader, said. Wheat prices had risen INR 35 per 100 kg on Thursday, he said. Arrivals fell by 2,000 bags from the previous day to 4,000 bags (1 bag = 50 kg). 

Mehta expects wheat prices in Kota to reach INR 3,000 per 100 kg in 10–15 days amid rising demand and shortage of the grain. Mehta said there is an 'actual scarcity' of wheat in the market.

An industry official said, at this point when prices are high, anyone holding the commodity would sell. The fact that there is no wheat coming into the market shows that there is no wheat available, the official said. 

Meanwhile, prices of mill-quality wheat in Navi Mumbai's Vashi market were steady at INR 3,300 per 100 kg, Devendra Vora, a local wholesale dealer, said. 

Prices of Sona Masoori RICE were steady at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Andhra Pradesh, said Ravi Shankar, a local trader. 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. 

"Currently, rice mills have started to infuse the new crop of rice in the market, weighing on prices," he said. However, the prospect of higher exports is likely to offset any fall in rice prices, Vora said.  End

Edited by Saji George Titus

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000  

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.