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Informist, Wednesday, Jan. 22, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat were marginally up in Rajasthan's Kota market Wednesday due to demand from millers, traders said. However, wheat prices were steady in Indore, Madhya Pradesh, and Navi Mumbai's Vashi market. Prices of rice and maize were steady as well. Traders expect maize prices to fall by INR 100-INR 200 per 100 kg next week.

Prices of mill-quality WHEAT were up by INR 10-INR 15 at INR 3,000 per 100 kg in Kota due to demand from millers, according to local trader Aniket Mehta. The fall in arrivals to 2,000 bags (1 bag = 50 kg) from 3,000 bags on the previous day also supported prices.

Prices of the same quality wheat in the Vashi market were steady at INR 3,450 per 100 kg, local wholesale dealer Devendra Vora said. In Indore, prices were INR 3,230 per 100 kg, local trader Gaurav Kochar said.

However, traders see wheat prices falling in the near-term as new crop arrivals are round the corner. Although 20–30 bags of wheat have arrived in a few markets in Gujarat and Madhya Pradesh, prices will remain steady till the end of January as the pipeline is dry, Mehta further said.

Traders also said weather conditions hereon will play an important role in deciding wheat production for the current year. Despite higher sowing area under wheat, moisture content of the soil is not enough, Vora said. This may weigh on output, but as of now there is no threat to the crop, he added.

Prices of sonam RICE from Gujarat were steady at INR 5,300 per 100 kg, according to Vora. Prices of kolam rice from Nagpur were also steady at INR 5,300-INR 5,400 per 100 kg and those of new basmati rice were unchanged at INR 6,000-INR 6,400 per 100 kg, he said.

Rice prices stabilised Wednesday after falling for two days. The fall can be attributed to the government's announcement of allowing ethanol distilleries to buy rice at a lower price and low international demand, Vora said.

The government Friday revised the open market sales scheme (domestic) policy for 2024-25, in which it allowed ethanol distilleries to buy rice at the reserve price of INR 2,250 per 100 kg. It has also allowed state governments, state government corporations, and community kitchens to buy rice without the requirement of participating in e-auctions, at INR 2,250 per 100 kg.

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.

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 fall by INR 100-INR 200 per 100 kg next week as arrivals have started in Tamil Nadu, he said. Usually, demand for maize in Karnataka falls when arrivals of the grain start in Tamil Nadu.  End

Edited by Nishant Maher

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