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Informist, Thursday, Feb. 27, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat fell in the key markets across the country for the third day as new crop arrivals have begun in Madhya Pradesh, Rajasthan, and Gujarat, traders said. Prices of rice and maize were steady in key markets, traders said.  

Prices of mill-quality WHEAT were down by INR 50 at INR 2,970 per 100 kg in Madhya Pradesh as the new crop arrivals started in the market, local trader Gaurav Kochar said. However, there were no arrivals in the market as it was shut on account of New Moon day, he said, adding that all the markets in Malwa region in Madhya Pradesh were shut Thursday.

Wheat prices in Navi Mumbai's Vashi market were down by INR 100 at INR 3,200 per 100 kg, wholesale dealer Devendra Vora said. However, prices of the same quality wheat in Delhi were up by INR 50 at INR 3,250 per 100 kg, traders said.

In the near term, prices are expected to fall closer 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. However, market participants and experts say wheat prices are likely to rise to the all-time high of INR 3,350 per 100 kg in the long term as the largest rabi crop is set for another deficit year in 2024-25 because of a fall in yields due to above-normal temperatures in winter and low rainfall during the northeast monsoon. 

Prices of MAIZE were steady from the previous day at INR 2,370 per 100 kg at Ashoknagar in Madhya Pradesh, Kochar said. He said maize prices are likely to rise by INR 100-INR 150 per 100 kg as the government restricted ethanol distilleries from buying rice from the Food Corp. of India. 

"This is to inform all concerned parties that, effective immediately, no indents for rice or advance payments under the Ethanol Blending Program for ethanol production will be accepted from distilleries. Furthermore, no rice will be issued to distilleries until further clarification is received from the Department of Food and Public Distribution," Kochar said citing his sources.

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.  End

Edited by Akul Nishant Akhoury

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