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Informist, Tuesday, Feb. 11, 2025

By Shreya Shetty

MUMBAI – Prices of wheat, rice, and maize were unchanged in key markets across the country on Tuesday, traders said. Prices of wheat are expected to remain steady for the rest of the month, they said.

Prices of WHEAT in Indore, Madhya Pradesh, were steady at INR 3,120 per 100 kg, Gaurav Kochar, a local trader said. Similarly, prices in Vashi, Navi Mumbai, were steady at INR 3,300 per 100 kg, Devendra Vora, a wholesale dealer, said. On the other hand, prices of wheat in Delhi rose by INR 25 from Monday to INR 3,100 per 100 kg, traders said.

Prices are likely to remain range-bound with movement of INR 50-INR 100 per 100 kg on either side, Vora said. However, beginning March, prices are likely to fall close to the minimum support price of INR 2,425 per 100 kg as arrivals of the new crop start. "Wheat prices are expected to fall to INR 2,500 per 100 kg in local markets in April," Kochar said. 

Although the market expects higher output this year, weather during February plays an important role in determining production. Irrespective of the crop output, the market sees prices nearing the minimum support price in the medium term. So far there are no issues with the crop, traders said.

Wheat production in the ongoing rabi season is pegged at 105-110 million tonnes, according to Rahul Chauhan, founder of IGrain, and traders. G. Chandrashekhar, commodity expert and policy commentator, estimates wheat production at 102-104 million tonnes, while Deepak Pareek, founder of Global Grains and Pulses Council, pegs output at 100 million tonnes. Wheat production in 2023-24 (Jul-Jun) stood at 100-105 million tonnes, while the government had estimated 113.3 million tonnes of output.

Prices of sonam RICE from Gujarat were steady at INR 5,300 per 100 kg in the Vashi market, Vora said. 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. 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.

Prices are likely to continue at the same level till August with a movement of INR 100-INR 200 per 100 kg on either side, Shankar said. "Though new crop arrivals have started, prices remained steady as the millers are selling the new crop after drying and giving steam to the grain, because of which prices remained steady," he said.

Prices will rise only if the government allows exports of non-basmati broken rice, Shankar said. "The government will not allow broken rice exports as it needs to meet the requirement and demand for all the welfare schemes," he said.

Prices of MAIZE in Davanagere, 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), Shiva Kumar, a local trader said.  End

With inputs from J. Navy Sruthi

Edited by Ashish Shirke

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