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Informist, Friday, Feb. 14, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady in key markets in India, traders said. Wheat prices are likely to rise in the near term before the new crop arrives due to weather risks and firm demand, traders said. 

Prices of WHEAT at Indore in Madhya Pradesh were steady at INR 3,220 per 100 kg, Gaurav Kochar, a local trader, said. Similarly, prices in Navi Mumbai's Vashi market were steady at INR 3,400 per 100 kg, said Devendra Vora, a wholesale dealer. However, in Delhi, prices rose INR 150 to INR 3,300 per 100 kg, a shade below the all-time high of INR 3,300 per 100 kg, according to traders.

Prices rose earlier this week due to supply tightness and firm demand. According to Vora, wheat prices are likely to rise INR 100-INR 200 per 100 kg before new arrivals begin on Mar. 5. "Pipelines are all dry and there is time for the new crop to start," Kochar said, adding that these factors are supporting prices. 

Further, the India Meteorological Department has predicted a warmer February, which supports prices. The weather during February plays an important role in determining wheat output as the crop in most of India would be in the harvesting stage. On Friday, the IMD said minimum and maximum temperatures in northwest and central India are likely to rise by 2-5 degrees Celsius from Saturday to Tuesday. Northwest and central India include key wheat-growing states like Uttar Pradesh, Punjab, Haryana, Maharashtra, Madhya Pradesh, and Gujarat. 

According to the IMD, rainfall over northwest India during Oct-Dec was 55% below normal at 23.4 mm and that over central India was 10% lower than normal at 68.5 mm. Similarly, in January rainfall in northwest India was 80.6% below normal at 6.3 mm and in central India was 96.1% below normal at at 0.3 mm. 

Prices of sonam RICE from Gujarat remained 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 those of new basmati rice were stable at INR 6,000-INR 6,400 per 100 kg, Vora said. Prices of sona masoori rice also remained unchanged from the previous day at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Andhra Pradesh, Ravi Shankar, a local trader, said.

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), Shiva Kumar, a local trader, said.  End

Edited by Saji George Titus

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