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Informist, Thursday, Jan. 16, 2025

By Shreya Shetty

MUMBAI – The movement in prices of wheat were mixed across key spot markets in the country, with prices rising in Madhya Pradesh due to tight supply, falling in Delhi, and staying steady in Navi Mumbai, traders said. Prices of maize and rice were unchanged, they said.

Prices of mill-quality WHEAT at Ashok Nagar in Madhya Pradesh were up by INR 30 from Wednesday at INR 3,150-INR 3,290 per 100 kg, said Gaurav Kochar, a local trader. Prices rose due to a slight rise in demand amid tighter supply, he said. 

Wheat prices in the domestic market are at an all-time high and are likely to increase further significantly as the government is stringent in releasing stocks at open market sales, traders and analysts said.

Prices of mill-quality wheat were steady 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 starts arriving. Prices in the domestic market have shot up over the last few weeks due to anticipation of lower production, lower release of stocks by the government and looming risks of rising temperatures during the next eight weeks which might affect crops, said G. Chandrashekhar, a commodity expert and policy commentator.

On other hand, prices of mill-quality wheat in Delhi fell by INR 70 from Wednesday to INR 3,230 per 100 kg, traders 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. Prices of maize are likely to be range-bound till the new rabi crop starts arriving in the first week of March, traders said.

Prices of sona masoori RICE were unavailable as markets at Bhavanipuram in Andhra Pradesh were shut for Pongal. 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. While prices were unchanged, demand for rice has dropped, and could continue to fall in the next few weeks, Vora said. As a result, there is a bearish outlook for rice in the short term, he said.  End

Edited by Akul Nishant Akhoury

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