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Informist, Friday, Jan. 10, 2025

By Shreya Shetty

MUMBAI – Prices of wheat, rice, and maize were unchanged in key spot markets across the country Friday as there were no new cues, traders said. Wheat prices, which are currently at all-time high levels, are seen stable until the arrival of the new rabi crop. Rice prices are seen steady till the end of this month, they said.  

Prices of mill-quality WHEAT in Kota in Rajasthan were steady on Friday at INR 3,000-INR 3,250 per 100 kg, a local trader said. Arrivals were steady at 4,000 bags (1 bag = 100 kg), he said. Currently, prices are at their peak due to good demand, he said. Prices are expected to fall on arrivals of the rabi crop after Feb. 15, he said.

However, it is unlikely that prices will go below the minimum support price, which is INR 2,425 per 100 kg, he said. As of Jan. 3, wheat acreage in the current rabi season was up 1.7% on year at 32.0 million hectares, according to data from the Department of Agriculture and Farmers Welfare.

Prices of mill-quality wheat were steady at INR 3,450 per 100 kg in Navi Mumbai's Vashi market, wholesale dealer Devendra Vora said. 

On the other hand, prices of mill-quality wheat rose in Delhi by INR 25 from Thursday to INR 3,250 per 100 kg, traders said. Wheat prices in Delhi had touched a lifetime high of INR 3,300 per 100 kg 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 closed from Saturday till the next weekend, he said.

After the festival, new crop arrivals will begin, but they will not pull prices down as there would be sufficient demand, he added. Demand for the daily staple from most of the importing countries will also rise by the end of the month, supporting prices, Vora said.

As of Jan. 3, the acreage under paddy in the current rabi season was up nearly 1% on year at 1.69 million hectares, according to data from the department.

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 unchanged at 2,000 bags (1 bag = 60 kg), local trader Shiva Kumar said. As of Jan. 3, the acreage under maize in the current rabi season rose nearly 8.4% on year to 2.2 million hectares, according to data released by the department.  End

Edited by Rajeev Pai

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