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Informist, Friday, Feb. 21, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat, maize, and rice were steady in key markets across the country on Friday due to lack of fresh cues, traders said. Wheat traders said the government's move to reduce the wheat holding limit of stockists and traders by 75% has not effected prices. 

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. He said the government's move on tightening wheat stock limit has not affected the prices as "stock is very less with stockists or traders, compared to stock limit."

On Thursday, the government further reduced the quantity of wheat that trade entities can stock, which will be applicable till Mar. 31. As per the revised stock holding norms, a wheat trader or wholesaler cannot stock more than 250 tonnes. Earlier, it had reduced the limit from 3,000 tonnes to 2,000 tonnes in September and then further lowered it to 1,000 tonnes in December. The revised stock limits are intended at managing overall food security, preventing hoarding and unscrupulous speculation, and manage prices. 

Meanwhile, wheat prices in Delhi corrected slightly after rising to INR 3,300 per 100 kg, which is just INR 50 lower from the record high of INR 3,350. Prices rose Thursday taking cues from firm demand in the government's weekly auction Wednesday. However, prices corrected by INR 100 to INR 3,200 per 100 kg, according to traders.

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. Although arrivals of maize with 13-14% moisture content have started in Tamil Nadu, prices in Karnataka are steady because of firm demand at lower prices, Kumar said. This is because demand shifted from Karnataka to Tamil Nadu, but this year prices in Karnataka have remained lower compared to those in Tamil Nadu, he added.

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.

The International Grains Council pegs global rice production in 2024-25 at 534 million tonnes, down 1 million tonnes from the estimate in January. However, the production is forecast to be 2% higher from 524 million tonnes last year. Inventories are predicted to accumulate, with closing stocks in the five majors exporting countries exceeding 50 million tonnes for the first time, the report said. Vietnam, India, the US, Thailand, and Pakistan are the five major exporters. 

For 2025-26, the council sees global rice acreage edging higher, mainly due to higher sowing in Asia, including India. However, a year-on-year drop in arcreage in other regions could cap the overall expansion, it said. IGC's price index for rice slumped to a more than two-year low in February.  End

Edited by Tanima Banerjee

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