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Informist, Thursday, Feb. 6, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat rose slightly in Indore in Madhya Pradesh due to low supply, traders said. However, prices of wheat in Delhi fell as the Food Corp. of India offered 250,000 tonnes in the weekly auction on Wednesday.  

Prices of mill-quality WHEAT in Indore rose INR 10 to INR 3,100 per 100 kg, local trader Gaurav Kochar said. Prices were steady for three days and rose Thursday due to lower supply and higher demand, Kochar said. However, wheat prices were steady in Navi Mumbai's Vashi market at INR 3,300 per 100 kg, wholesale dealer Devendra Vora said.

Wheat prices in Delhi declined by INR 60 at INR 3,065 per 100 in Delhi as FCI offered 250,000 tonnes in Wednesday's weekly auction, according to traders. The nodal procurement agency sold nearly 99% of the wheat on offer, an FCI official told Informist.

The average selling price fell to the lowest since auctions started in December, the official said. On Wednesday, the average selling price of FCI's wheat at the auction fell to INR 2,646.4 per 100 kg, as the agency increased the offered quantity.

The FCI last week said it is likely to sell around 200,000 tonnes of wheat starting from the current week. Earlier, only 100,000-150,000 tonnes of wheat were offloaded in the weekly e-auctions.

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.   

Prices of MAIZE at Davanagere in Karnataka were steady at INR 2,000-INR 2,380 per 100 kg. Arrivals were also flat 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 available with the farmers has almost been exhausted, 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 was stable at INR 6,000-INR 6,400 per 100 kg, Vora said.  End

Edited by Saji George Titus

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