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Informist, Thursday, Jan. 30, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat in Indore, Madhya Pradesh, fell for the third consecutive day on prospects of higher output, traders said. Wheat prices are expected to fall massively once arrivals start at the end of February, they said. Prices of maize and rice were steady in key markets across the country, traders said.

The price of mill-quality WHEAT in Indore was down by INR 20 at INR 3,170 per 100 kg due to prospects of higher output in the ongoing rabi season, 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. As of now, only 5–10 bags of new wheat crop arrivals have started in the market, 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 wheat in Delhi were also down INR 55 at INR 3,280 per 100 kg, traders said. From the historical high of INR 3,350 per 100 kg hit during the month, prices have fallen INR 125 per 100 kg as of Thursday. 

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 the same quality wheat in Navi Mumbai's Vashi market were steady at INR 3,400 per 100 kg, local wholesale dealer Devendra Vora said. Traders said weather at the time of harvest of the crop plays a very crucial role in deciding the production. 

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.

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.  End

Edited by Avishek Dutta

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