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Informist, Thursday, Jan. 23, 2025

By J. Navya Sruthi

MUMBAI – Prices of maize, wheat, and rice were steady in key markets across the country on Thursday, traders said. Maize traders expect prices to fall by at least INR 100 per 100 kg over the next week. Wheat and rice traders expect prices to continue in a downtrend in the short term, after having steadied in the last two days.

Prices of MAIZE in Davanagere, 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. Currently, arrivals and demand are at par, Kumar said. Despite low arrivals, prices are steady because of less demand, he said. 

Maize prices are likely to fall by at least INR 100 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.

Prices of mill-quality WHEAT were steady at INR 3,000 per 100 kg in Kota in Rajasthan, with arrivals also unchanged from the previous day at 2,000 bags (1 bag = 50 kg), according to local trader Aniket Mehta. Prices of the same quality wheat in Navi Mumbai's Vashi market were steady at INR 3,450 per 100 kg, local wholesale dealer Devendra Vora said.

Although prices are currently steady, wheat traders are bearish as new crop arrivals are round the corner. Currently, 20-30 bags of the new wheat crop have started arriving in a few markets in Gujarat and Madhya Pradesh. However, market participants say there would be a steep fall in prices from current levels during March and April as there would be a flush of arrivals. 

Gujarat, one of the top 10 wheat producers, estimated wheat output 11.3% higher from a year ago at 4.3 million tonnes in the current rabi season, the state government said in its first advance estimates of area, production, and yield. Despite a higher area under the largest rabi crop, larger output for the current rabi season will depend on the weather conditions hereon. 

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. Vora expects prices to fall in the near term due to low international demand and ample stock in the domestic market. 

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 20 days, he said.  End

Edited by Avishek Dutta

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