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Informist, Monday, Feb. 24, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat were down in most key benchmark markets as arrivals of the new crop commenced in a few states, traders said. Rice prices were steady Monday due to lack of new cues, traders said. 

Prices of mill-quality WHEAT were down INR 110 at INR 3,120 per 100 kg in Indore in Madhya Pradesh as the new crop arrivals started in the market, local trader Gaurav Kochar said. Arrivals in Indore were at 1,500 bags (1 bag = 100 kg), he said. Prices of the same quality wheat were down INR 40 at INR 3,210 per 100 kg in Delhi, traders said.

Wheat prices were steady in Navi Mumbai's Vashi market at INR 3,400 per 100 kg, wholesale dealer Devendra Vora said. Local markets in Rajasthan were shut because of a strike by the transport inspectors, local trader Aniket Mehta said. 

Wheat prices are likely to fall close to the minimum support price of INR 2,425 per 100 kg by April as arrivals of the new crop increase. "Wheat prices are expected to fall to INR 2,500 per 100 kg in local markets in April," Kochar said. 

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.

Rice prices are likely to fall by INR 100-INR 200 per 100 kg in the near-term, due to excess supply, Shankar said. "Demand for rice has fallen in both domestic and international markets," he added.  End

Edited by Saji George Titus

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