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Informist, Friday, Jan. 17, 2025

By Shreya Shetty

MUMBAI – Prices of wheat fell in key spot markets across the country due to muted demand amid the government offloading its wheat stocks in the market, traders said. Prices of maize and rice were unchanged, they said.

Prices of mill-quality WHEAT in Kota in Rajasthan were down by INR 25 at INR 2,975 per 100 kg from the previous day, a local trader said. The market received 1,500 bags (1 bag = 50 kg) of the grain, he said. Prices are down as the government has begun selling its wheat stocks in the market at lower prices, he said. Prices were also weighed down by muted demand for wheat, he said.

Similarly, prices of mill-quality wheat in Delhi fell by INR 5 from Thursday to INR 3,225 per 100 kg, traders said. Prices had hit a new all-time high on Wednesday at INR 3,350 per 100 kg, breaching the peak of INR 3,300 per 100 kg on Tuesday. On Tuesday, prices had reached a peak for the second time in two weeks.

Prices of mill-quality wheat were steady at INR 3,450 per 100 kg in the Navi Mumbai market, wholesale dealer Devendra Vora said. Though the demand for wheat is sluggish, prices are steady as arrivals of the grain are low as well, he said. "The low demand is on a par with the low supply, keeping prices steady," 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. 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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