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Informist, Tuesday, Jan. 21, 2025

By J. Navya Sruthi

MUMBAI – Prices of non-basmati rice fell Tuesday in Navi Mumbai's Vashi market due to low export demand, traders said. Prices of rice in Andhra Pradesh were steady from the previous day. Traders see prices falling over a short-term period. Prices of wheat and maize were steady due to lack of fresh cues, the traders said.

Prices of sonam RICE from Gujarat dipped slightly from INR 5,600-INR 5,700 per 100 kg to INR 5,300 per 100 kg, according to wholesale dealer Devendra Vora. Prices of kolam rice from Nagpur also fell to INR 5,300-INR 5,400 per 100 kg from INR 6,200-INR 6,300 per 100 kg. Prices of new basmati rice were steady in Vashi market at INR 6,000-INR 6,400 per 100 kg, Vora said.

Demand for rice has also dropped in the domestic market and could continue to fall in the next few weeks, Vora said. As a result, outlook for rice is bearish in the short term, he said. 

Meanwhile, rice stocks with Food Corp. of India as of Jan. 1 were up 60.1% on year at 29.1 million tonnes. Along with ample rice stocks, substantial production during the kharif season and higher than normal acreage of paddy crop in rabi season are also weighing on current rice prices.

According to the government's first advance estimate, rice output in 2024-25 (Jul-Jun) is seen at 119.9 million tonnes, higher than 113.3 million tonnes in the same period a year ago. The first advance estimate includes the production estimate only of the kharif season.

Prices of sona masoori rice were unchanged at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Vijayawada, Andhra Pradesh, local trader Ravi Shankar said. Prices are likely to remain unchanged during the next 10-20 days, he said. Although there is demand for the grain, arrivals of the new crop are likely to keep prices steady, he added.

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 were also steady from the previous day at 3,000 bags (1 bag = 50 kg). Prices of the same quality wheat in Navi Mumbai's Vashi market were also steady at INR 3,450 per 100 kg, Vora added. In Indore, Madhya Pradesh, wheat prices were steady at INR 3,230 per 100 kg, Gaurav Kochar, a local trader, 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. Maize prices are likely to be range-bound till the new rabi crop starts arriving in the first week of March, traders said.  End

Edited by Subhojit Sarkar

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