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Informist, Monday, Jan. 20, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady in key spot markets in the country on Monday, traders said. While wheat prices in most markets remained unchanged from Friday, they fell slightly in Indore in Madhya Pradesh. Wheat traders expect prices to be on a downtrend due to prospects of good production. Rice prices are also likely to see a downfall amid new crop arrivals, traders said.    

Prices of mill-quality WHEAT were steady in Rajasthan's Kota at INR 2,975-INR 3,000 per 100 kg, local trader Aniket Mehta said. Arrivals rose to 3,000 bags (1 bag = 50 kg) from 1,500 bags on the previous day. Arrivals increased on Monday as the market was shut during the weekend, traders said.

Prices of the same quality wheat in Navi Mumbai's Vashi market were also steady at INR 3,450 per 100 kg, local wholesale dealer Devendra Vora said. In Indore, Madhya Pradesh, prices were down INR 20 at INR 3,230 per 100 kg, local trader Gaurav Kochar said.  

"... (Wheat prices are anticipated to) gradually decrease as new inventory becomes available, exerting downward pressure on the market," Kochar said in a note. He said 10–20 bags of new wheat arrivals have started in Gujarat and Madhya Pradesh. However, significant arrivals are anticipated to commence from the first week of February.

Kochar said prices are likely to fall as low as INR 2,500 per 100 kg during March and April, which is nearly a 20% fall from the current price level. "This price correction (till INR 2,500 per 100 kg) is inevitable and imminent, driven by favourable crop conditions and an expanded sowing area this year," Kochar said.

Wheat traders said there is demand for the staple grain at the current price level. "Despite sustained demand, the impending arrival of new supplies is prompting millers to revise their price quotes downward," Kochar said. 

However, Vora said any sharp fall in wheat prices will be seen only at the time of peak arrivals season, which is during March and April.

Meanwhile, data from the Department of Agriculture and Farmers Welfare showed that wheat acreage was up 1.4% on year to 32.0 million hectares as of Monday. The current acreage is also higher than the normal area for the season, which is 31.2 million hectares. 

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 sona masoori RICE were unchanged at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Vijayawada in Andhra Pradesh, local trader Ravi Shankar said. Prices are likely to remain unchanged during the next 20 days, he said. Although there is demand for the grain, arrivals of the new crop are likely to keep prices steady, he said. 

Vora said rice prices are likely to fall in the short term due to excess stocks with the government and in the domestic markets. The commencement of rabi crop arrivals in the near term will also pull down prices, Vora said.  End

Edited by Saji George Titus

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