India Grain
Steady in key markets; rice prices seen falling in short-term
This story was originally published at 18:51 IST on 24 January 2025
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By J. Navya Sruthi
MUMBAI – Prices of rice, wheat, and maize were steady in key markets across India on Friday, traders said. Traders expect rice prices to fall due to low international demand and prices of maize to decline by at least INR 100 per 100 kg over the next one week because of rise in arrivals in Tamil Nadu.
Price of sonam RICE from Gujarat was steady in Navi Mumbai's Vashi market at INR 5,300 per 100 kg, according to wholesale dealer Devendra Vora. Price of kolam rice from Nagpur was also steady at INR 5,300-INR 5,400 per 100 kg and that of new basmati rice unchanged at INR 6,000-INR 6,400 per 100 kg, he said. According to Vora, prices may 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. Rice prices are likely to remain unchanged in the next 20 days, he said, adding that although there is demand for the grain, arrivals of the new crop are likely to keep prices steady.
Prices of mill-quality WHEAT in Vashi market were steady at INR 3,450 per 100 kg, local wholesale dealer Vora said. Although prices are currently steady, 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 in March-April due to a flush of arrivals.
In an interview with Informist, Rahul Chauhan, director of IGrain India, said wheat production in 2024-25 (Jul-Jun) is likely to be at a record 110 million tonnes. "On seeing the current market scenario and the sowing figures...I see record level production of wheat this year." For the previous year, Chauhan had estimated wheat production at 100-105 million tonnes.
Chauhan also said that wheat prices in key markets like Kota, Rajasthan, and Indore, Madhya Pradesh, may fall to INR 2,600 per 100 kg from the current level of INR 3,000 per 100 kg. In the benchmark market of Delhi, Chauhan sees wheat prices at INR 2,800-INR 2,900 per 100 kg once the arrivals start. On Friday, mill-quality wheat in Delhi was traded at INR 3,300 per 100 kg, steady from the previous day.
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. Currently, arrivals and demand are at par, Kumar said, adding that despite low arrivals, prices are steady because of less demand.
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. End
Edited by Subhojit Sarkar
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