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Informist, Wednesday, Feb. 12, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat and rice were steady in key markets in the country due to lack of fresh cues. Both wheat and rice traders expect prices to stay rangebound with downward bias in February. Weather during February will play an important role in determining wheat production for 2024-25 (Jul-Jun).  

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. Prices of wheat in Delhi were also steady at 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. 

Wheat stocks with Food Corp. of India as of Feb. 1 were 22% higher from a year ago at 16.2 million tonnes, data from the nodal procurement agency showed. However, on a monthly basis, stocks of the staple grain were down 12% from 18.4 million tonnes as of Jan. 1, as the government offered more of the commodity at weekly auctions.  

On Feb. 5, the FCI increased the quantity to be sold under the open market sales scheme to cool wheat prices, offering 250,000 tonnes against the 150,000 tonnes offered earlier. The average selling price of FCI's wheat at the auction fell to INR 2,646.4 per 100 kg, the lowest since December.

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.

The US Department of Agriculture has lowered its estimate for global rice supply by 200,000 tonnes to 712.2 million tonnes amid a lower output estimate for Sri Lanka, the department said in its World Agricultural Supply and Demand Estimates report for February. The estimate for global trade has been raised by 400,000 tonnes to a record 58.3 million tonnes, mostly due to higher exports by India, at a near-record 22.0 million tonnes. In January, the US Department of Agriculture predicted India's rice exports for the current year at 21.5 million tonnes. 

Prices of MAIZE in Davanagere, Karnataka, were unavailable Wednesday as the market was shut on account of full moon day, Shiva Kumar, a local trader, said.  End

Edited by Deepshikha Bhardwaj

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