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Informist, Thursday, Jan. 9, 2025

By Shreya Shetty

MUMBAI – Prices of wheat, rice and maize were steady in the key spot markets of the country on Thursday, traders said. Wheat prices, which are currently at all-time high levels, are expected to fall on arrival of the new crop in February, they said.

Prices of mill-quality WHEAT were steady at INR 3,120-INR 3,260 per 100 kg, local trader Gaurav Kochar said. However, prices are likely to correct from the current all-time high, he said.

Eventually, prices are expected to enter a downtrend, Kochar said. "Wheat prices are expected to decrease with new arrivals starting in February," he said.

Prices of the mill-quality wheat were up INR 100 from Wednesday at INR 3,450 per 100 kg in the Navi Mumbai market, wholesale dealer Devendra Vora said, adding that prices are likely to remain elevated till the new crop arrives.

Similarly, prices of mill-quality wheat rose in Delhi by INR 15 from Wednesday to INR 3,225 per 100 kg, traders said. Wheat prices in Delhi had touched a lifetime high of INR 3,300 per 100 kg on Saturday, up 6% on year. The previous highest price was INR 3,250 per 100 kg in January 2023.

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. Rice prices are likely to remain steady till the end of the month, Shankar said. Prices of rice will not change till Makar 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 daily staple from most of the importing countries will also rise by this month's end, supporting prices, Vora said.

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, he 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 Ashish Shirke

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