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Informist, Tuesday, Feb. 25, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat declined in key markets in the country Tuesday, while those of rice and maize were steady, traders said. Maize prices are expected to fall in the near term with the arrival of the rabi crop around the corner, traders said.

Prices of mill-quality WHEAT were down INR 100 at INR 3,020 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 increased to 4,500-5,000 bags (1 bag = 100 kg) from 1,500 bags Monday, he said. Prices of the same quality wheat in Delhi were down by INR 80 at INR 3,200 per 100 kg, traders said. Wheat prices in Navi Mumbai's Vashi market were also down INR 100 at INR 3,300 per 100 kg, wholesale dealer Devendra Vora said.

In the near-term prices are expected to fall close to the minimum support price of INR 2,425 per 100 kg as arrivals would start in major producing states like Punjab, Haryana, and Uttar Pradesh, traders said. So far, new crop arrivals have started only in Rajasthan, Madhya Pradesh, and Gujarat, Vora said. 

Prices of MAIZE were steady at INR 2,370 per 100 kg from the previous day at Ashoknagar in Madhya Pradesh, Kochar said. With arrivals of the rabi maize due to start in the next 15 days, prices might fall further by INR 100 but would remain above the minimum support price of INR 2,225 per 100 kg, Rahul Chauhan, director of IGrain, said.

Rabi maize was sown over 2.37 million hectares, up 8.8% on year and higher than the normal area for the season of 2.21 million hectares. The area under summer maize was up at 6,900 hectares as of Feb. 14, from 4,000 hectares a year ago.     

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 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. However, low demand for rice in both domestic and global markets along with excess supply, are likely to pull down prices in the near term by INR 100-INR 200 per 100 kg, traders said.

The Food Corp. of India sold 121,000 tonnes or 48.4% of the 250,000 tonnes of rice offered last week. Since August, the government agency has sold only 1.53 million tonnes out of the 4.08 million tonnes of rice offered under the open market sales scheme. The government's nodal agency has been selling rice twice a week, on Thursday and Friday, to clear its swelling stocks.  End

Edited by Saji George Titus

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