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Informist, Thursday, Feb. 20, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat in spot markets rose to record highs Thursday due to high prices and firm demand at the government's weekly auction on Wednesday, traders said. They expect prices to move by INR 100-INR 200 for the next 10-20 days. Prices of rice and maize were steady in key markets across the country, traders said.

Amid high wheat prices, the Rajasthan state government has announced a bonus of INR 150 per 100 kg over the minimum support price of INR 32,425 per 100 kg, while presenting the state budget for 2025-26 (Apr-Mar). In 2024-25, the state government had issued a bonus of INR 125 per 100 kg over the minimum support price. However, the bonus over the minimum support price in Madhya Pradesh is unchanged from last year at INR 125 per 100 kg, traders said. 

The price of WHEAT in Kota, Rajasthan, rose to a record high of INR 3,480 per 100 kg, up INR 100 from the previous close, due to high prices at weekly government sales, local trader Aniket Mehta said. Prices of mill-quality wheat were up by INR 100 at INR 3,100 per 100 kg in Kota, he added. In Navi Mumbai's Vashi market, the price rose by INR 50 to INR 3,450 per 100 kg, wholesale dealer Devendra Voa said.

Prices surged as millers made aggressive bids at the government's weekly auction Wednesday amid a shortage in the open market. Millers mostly quoted wheat at above INR 3,000 per 100 kg levels, and the average selling price at the auction rose to INR 3,011 from INR 2,667 per 100 kg last week, an FCI official said. This was despite the FCI offering 400,000 tonnes of wheat, the highest in 2024-25 (Apr-Mar). The FCI sold 99.9% or 399,940 tonnes to millers and processors. 

According to Vora, prices are likely to move in a range of INR 100-INR 200 per 100 kg on either side in the next 10-20 days. Wheat arrivals have already started in Indore and a few parts of Gujarat, he added. "Taking cues from high prices, farmers will bring new arrivals in the coming days and then prices will fall again due to a rse in supply," Vora said.  

However, prices of mill-quality wheat in Indore, Madhya Pradesh, were unchanged from Wednesday at INR 3,220 per 100 kg, Gaurav Kochar, a local trader, 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), said Shiva Kumar, a local trader.

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 remained unchanged from the previous day at INR 5,500-INR 6,400 per 100 kg at Bhavanipuram in Andhra Pradesh, said Ravi Shankar, a local trader.  End

Edited by Avishek Dutta

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