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Informist, Wednesday, Jan. 29, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat were down Wednesday on prospects of high supply, traders said. Prices of maize and rice were steady in key markets in India, traders said.

The price of mill-quality WHEAT in Indore in Madhya Pradesh was down by INR 30 at INR 3,190 per 100 kg as arrivals of the new crop are about to start, local trader Gaurav Kochar said. "The market continues to trend downward, as previously anticipated, with a potential floor at INR 2,500 (per 100 kg). The impending arrival of new supplies is expected to exert further downward pressure," he said.

In the current rabi season, most market participants expect wheat production to rise due to good rainfall last year and an increase in acreage. As of Monday, wheat acreage was 32.44 million hectares, up 2.8% on year. The acreage also exceeded the normal area of 31.23 million hectares, which is the 10-year average for the season.

Prices of the same quality wheat in Navi Mumbai's Vashi market were down by INR 50 at INR 3,400 per 100 kg, local wholesale dealer Devendra Vora said. The Food Corp. of India is likely to offer more wheat at the upcoming wheat auctions, which also weighed on prices, Vora said. However, he said wheat prices are likely to move with a change of INR 50-INR 100 per 100 kg in the near term.

Since December, FCI has been offering only 100,000 tonnes this year under the open market sales scheme. But in the wake of rising wheat prices, FCI for the first time increased the quantity above the 100,000-tonne level to 150,000 tonnes on Jan. 15. Informist earlier reported, quoting an FCI official, that the corporation would offer at least 200,000-400,000 tonnes at upcoming auctions in 2024-25 (Apr-Mar).

The price of MAIZE at Davanagere in Karnataka was 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. Traders are bearish on maize and expect a fall by at least INR 100 per 100 kg this week from the current price, as arrivals have started in Tamil Nadu. Usually, the demand for maize in Karnataka falls when arrivals start in Tamil Nadu.

The price of sonam RICE from Gujarat was INR 5,300 per 100 kg in the Vashi market, according to wholesale dealer Vora. The 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 was unchanged at INR 6,000-INR 6,400 per 100 kg, he said. The price of sona masoori rice was also unchanged at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Andhra Pradesh, local trader Ravi Shankar said.  End

Edited by Rajeev Pai

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