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Informist, Wednesday, Jan. 8, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady in key spot markets in the country on Wednesday due to a lack of new cues, traders said. Wheat prices, which are currently at all-time high levels, are likely to fall in the near term but are seen firm till the new crop arrivals, they said.  

Prices of mill-quality WHEAT were steady on Wednesday at INR 3,120-3,260 per 100 kg, local trader Gaurav Kochar said. Prices are likely to correct from the current all-time high, he said. Prices of the mill-quality wheat were at INR 3,350 per 100 kg in Navi Mumbai's Vashi market, wholesale dealer Devendra Vora said, adding that prices are likely to remain elevated till the new crop arrivals. 

However, prices of mill-quality wheat fell in Delhi for the second consecutive day by INR 40 to INR 3,210 per 100 kg, traders said. Wheat prices in Delhi had touched a lifetime high of INR 3,300 per 100 kg on Saturday. At INR 3,300 per 100 kg the price was 6% higher on year. The previous highest wheat price in Delhi was INR 3,250 per 100 kg in January 2023. 

Prices of Sona Masoori RICE were steady at INR 5,500-6,400 per 100 kg at Bhavanipuram in Andhra Pradesh, said Ravi Shankar, a local trader. Rice prices are likely to remain steady till the end of the month, Shankar said. Prices of rice will not change till Makara Sankranti as the market will be shut from Saturday till the next weekend, he said.

After the festival, new crop arrivals will start, but that will not pull down prices as there would be sufficient demand, he added. Further, demand for the grain from importing countries will also rise by this month's end, supporting rice prices, Vora said. 

Prices of new Basmati rice were steady in the Vashi market at INR 6,000-6,400 per 100 kg, Vora said. Prices of Sonam rice from Gujarat were also steady at INR 5,600-5,700 per 100 kg, he said.

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

Edited by Deepshikha Bhardwaj

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