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Informist, Wednesday, Feb. 5, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady Wednesday in key markets in the country, traders said. Market participants await the Food Corp. of India's weekly auction result details for more cues.  

Prices of mill-quality WHEAT in Navi Mumbai's Vashi market were steady at INR 3,300 per 100 kg, wholesale dealer Devendra Vora said. Prices of the same quality wheat remained steady at INR 3,090 per 100 kg in Indore, Madhya Pradesh, from the previous day, local trader Gaurav Kochar said. However, wheat prices rose by INR 25 for the second day in Delhi to INR 3,120 per 100 kg, traders said. 

Wheat prices were off from the all-time high of INR 3,350 per 100 kg in Delhi as the Food Corp. of India earlier said that it is likely to dispose of around 200,000 tonnes of the staple grain starting from the current week. Earlier, only 100,000-150,000 tonnes of wheat were offloaded in the weekly e-auctions every Wednesday starting from December. Market participants now await Wednesday's auction results for more cues on prices. 

The government on Nov. 28 allowed FCI to sell 2.5 million tonnes of wheat in 2024-25 (Apr-Mar) to millers and processors under the open market sales scheme. However, the market wants FCI to sell 4.5-5.0 million tonnes. Last year, FCI sold a record 9.4 million tonnes of wheat under the open market scheme.   

However, the recent rebound in Delhi prices is due to fears about loss of crop yields as the India Meteorological Department predicted a warmer February, which may affect wheat yields. This has also left the price of wheat unchanged for two days in other markets like Indore and Vashi. 

Prices of MAIZE at Davanagere in Karnataka were steady at INR 2,000-INR 2,380 per 100 kg. Arrivals also remained steady at 2,000 bags (1 bag = 60 kg), local trader Shiva Kumar said. Arrivals are likely to decline in the near term as the crop with farmers has been almost sold out, Kumar said, adding that prices are likely to be steady this week as demand has also fallen slightly.

Prices of sonam RICE from Gujarat remained steady at INR 5,300 per 100 kg in Vashi market, according to wholesale dealer Vora. Prices of kolam rice from Nagpur were also steady at INR 5,300-INR 5,400 per 100 kg while the price of new basmati rice remained stable at INR 6,000-INR 6,400 per 100 kg, Vora said. Prices of sona masoori rice also remained steady at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Vijayawada, Andhra Pradesh, local trader Ravi Shankar said.  End

Edited by Deepshikha Bhardwaj

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