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Informist, Friday, Feb. 7, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat rose in Indore in Madhya Pradesh and Delhi Friday due to low supply and high demand, traders said. Prices of rice and maize were steady in key markets, traders said.  

Prices of mill-quality WHEAT in Indore rose INR 20 to INR 3,120 per 100 kg, local trader Gaurav Kochar said. Prices were on the uptrend for two days due to lower supply and higher demand, Kochar said. Wheat prices in Delhi were also up by INR 35 at INR 3,100 per 100 kg, traders 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 export prices dropped very slightly with little movement during the month because of weak import demand, leading to slow export sales from several major exporters, the UN Food and Agriculture Organization said in a report. However, tighter supplies in Russia and mixed winter crop conditions in parts of the EU, Russia, and the US supported prices, it said.

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.

Although prices are steady currently, they have been on the downtrend for more than a month now due to sluggish export and domestic demand. In January, the global FAO All Rice Price Index was at a 26-month low of 113.6 points, according to data by the United Nations Food and Agriculture Organization. 

The average price of 25% broken non-basmati rice exported from India marginally fell to $411 per tonne in January from $427.30 per tonne in December, it said. Similarly, the average price of 5% broken non-basmati rice fell to $425.4 per tonne from $444.5 per tonne last month. The price of 5% parboiled rice from India was down at $437.4 per tonne from $439.8 a tonne in December. The price of pusa basmati was also down at $1,000 per tonne in January from $1,050 a tonne a month ago.

Meanwhile, the FCI started selling rice on Thursday and Friday through auction under the open market sales scheme instead of Wednesday and Thursday so that it does not clash with the weekly auction of wheat, an official in the food procurement agency told Informist. Since January, FCI has been offloading rice twice a week through e-auctions to clear its swelling stocks. However, traders say FCI will likely not clear its rice stocks substantially until the government reduces the reserve price of rice. Currently, the reserve price of rice is INR 2,800 per 100 kg.

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.  End

Edited by Akul Nishant Akhoury

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