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Informist, Tuesday, Dec. 31, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat rose Monday in key markets due to low stock in the market, traders said. Prices of rice and maize were steady in key markets in the country due to a lack of new cues, traders said.

Prices of mill-quality WHEAT were up by INR 50 per 100 kg at INR 3,350 per 100 kg in Navi Mumbai's Vashi mandi, said Devendra Vora, a local wholesale dealer, said. Prices rose due to low stock of the grain in the market, he said. Wheat prices are unlikely to fall to the minimum support price level, which is INR 2,425 per 100 kg, till the second or the third week of April, Vora said, adding that there is an actual shortage of the grain in the country and the pipeline is completely 'dry'.   

The Rajasthan government has written to the Centre seeking permission to allow Food Corp. of India to procure wheat in the state at a bonus of INR 125 per 100 kg in addition to the declared minimum support price of INR 2,425 per 100 kg for the rabi marketing season of 2025-26 under the Rajasthan Krishak Samman Yojana, according to a letter seen by Informist.

During the 2024-25 (Apr-Mar) wheat procurement season, which started a month early in March and ended on Jun. 30, Madhya Pradesh and Rajasthan announced a bonus of INR 125 per 100 kg over the minimum support price of wheat. With the Centre fixing the minimum support price for wheat at INR 2,275 per 100 kg for the 2024-25 season, the overall procurement price was INR 2,400 per 100 kg, including the bonus in these states.

Meanwhile, prices of the same quality wheat were steady at INR 3,030-3,170 per 100 kg at Indore in Madhya Pradesh, local trader Gaurav Kochar said. The trader expects wheat prices to move up by INR 100 per 100 kg in January.

Prices of MAIZE at Davanagere in Karnataka were steady at INR 2,000-INR 2,380 per 100 kg and arrivals were also steady at 2,000 bags (1 bag = 60 kg), local trader Shiva Kumar said. The trader expects maize prices to fall by INR 100 per 100 kg next week as arrivals have started in Tamil Nadu, Kumar said. Currently, moisture content in the grain in Tamil Nadu is very high and is likely to decrease next week, which will attract consumers, he 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.  End

Edited by Akul Nishant Akhoury

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