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Informist, Friday, Feb. 28, 2025

By J. Navya Sruthi

MUMBAI – Wheat prices in key markets in the country fell significantly as arrivals of the new crop have started in domestic markets, traders said. Prices of wheat were down by INR 320 per 100 kg from the previous week in Indore, Madhya Pradesh. Compared to the all-time high of INR 3,300 per 100 kg, prices fell INR 400 per 100 kg in Indore. Similarly, prices in Delhi were down by INR 125 per 100 kg from the all-time high of INR 3,350 per 100 kg. 

Prices of mill-quality WHEAT were down by INR 70 at INR 2,900 per 100 kg in Indore as new crop arrivals have started, local trader Gaurav Kochar said. Arrivals doubled to 8,000 bags (1 bag = 100 kg) from the previous day, he said. Prices are likely to fall further next week.

Prices of the same quality wheat in Delhi were down by INR 25 at INR 3,225 per 100 kg, traders said. Prices of wheat in Navi Mumbai's Vashi market were down by INR 200 at INR 3,000 per 100 kg, wholesale trader Devendra Vora said. 

Traders expect wheat prices 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, arrivals of the new crop have started only in Madhya Pradesh, Rajasthan, and Gujarat. However, Rajasthan markets have been shut for the entire week as traders protest for the removal of the 'Krishi Kalyan Cess'. Aniket Mehta, a local trader, said markets in the state may resume operations on Monday. 

Prices of MAIZE were steady from the previous day at INR 2,370 per 100 kg at Ashoknagar in Madhya Pradesh, Kochar said. Taking cues from higher acreage, maize prices in local markets have corrected by INR 150 to INR 2,360 per 100 kg last week, traders said. With arrivals of rabi maize due to start in the next 15 days, prices might fall further by INR 100 but will remain above the minimum support price of INR 2,225 per 100 kg, according to Rahul Chauhan, director of IGrain. Market participants and experts said maize prices would rise after completion of the peak arrival season, which is in July. 

Prices of sonam RICE from Gujarat were steady at INR 5,300 per 100 kg in Navi Mumbai's 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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