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Informist, Monday, Jan. 6, 2025

By J. Navya Sruthi

MUMBAI – Wheat prices hit an all-time high Monday due to tightening demand-supply fundamentals, traders said, adding that prices are likely to remain in an uptrend till the new crop arrives in March. Prices of rice and maize were steady across key markets in the country. 

Prices of mill-quality WHEAT rose to a record high of INR 3,050 per 100 kg in Rajasthan's Kota market, Aniket Mehta, a local trader, said. On Friday, prices were at INR 2,975 per 100 kg in Kota. Tracking the rise in prices, arrivals were also higher at 6,000 bags (1 bag = 50 kg) from 5,000 bags the previous day, Mehta said. Arrivals were also up as it is Monday, and the market was shut over the weekend, he added. 

According to the data assessed by Informist, prices of the same quality wheat in Delhi rose to a lifetime high of INR 3,300 per 100 kg on Saturday, up INR 150 per 100 kg from the previous day. Prices remained steady on Monday at INR 3,300 per 100 kg, but up 6% on year. Wheat prices in Delhi last hit a record high in January 2023, at INR 3,250 per 100 kg.          

Market participants and experts said the supply of wheat is very low in domestic markets, which is leading to a continuous rise in prices. The uptrend in prices comes despite the government's efforts to increase the supply through the open market sales scheme. 

A few market sources suggest that the government should increase the amount of wheat allocated under the open market sales scheme to control prices, while others believe the government should import at least 5 million tonnes of wheat before the new crop arrivals start. 

The government on Saturday permitted the export of 200,000 tonnes of wheat to Nepal through National Cooperative Exports Ltd. The government banned the export of wheat in May 2022 to control inflation and meet domestic demand. However, the country has been exporting wheat to help them meet their food security needs based on requests from their governments.  

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

Prices of MAIZE at Davanagere in Karnataka were steady at INR 2,000-INR 2,380 per 100 kg. Arrivals were also steady at 2,000 bags (1 bag = 60 kg), local trader Shiva Kumar said.  End

Edited by Tanima Banerjee

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