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Informist, Tuesday, Mar. 4, 2025

By J. Navya Sruthi

MUMBAI – Prices of wheat, maize, and rice were steady in key markets across the country owing to a lack of fresh cues, traders said. Prices of wheat are likely to remain steady till Holi, which falls on Mar. 14, traders said. They expect prices to fall later as wheat arrivals start in major producing states like Punjab, Haryana, and Uttar Pradesh.

Prices of mill-quality WHEAT were steady at INR 2,800 per 100 kg in Indore, Madhya Pradesh, local trader Gaurav Kochar said. Arrivals were also steady at 10,000 bags (1 bag = 100 kg), he said. Prices of mill-quality wheat in Navi Mumbai's Vashi market were steady at INR 2,950 per 100 kg, wholesale trader Devendra Vora said.

Similarly, wheat prices in Rajasthan's Kota market were steady at INR 2,700-INR 2,750 per 100 kg, while arrivals rose by 1,000 bags to 5,000 bags (1 bag = 50 kg). However, prices of the same quality wheat in Delhi were down by INR 30 at INR 3,070 per 100 kg, traders said. Vora said prices are likely to remain steady till Holi and may fall thereafter. He expects a further downside of INR 100-INR 200 per 100 kg in wheat prices.

Prices of MAIZE were steady at INR 2,370 per 100 kg at Ashoknagar in Madhya Pradesh, Kochar said. Prices are expected to fall in the near term as arrivals of the rabi crop have begun. However, demand from ethanol plants is likely to restrict the fall below the minimum support price of INR 2,225 per 100 kg, traders said.

Rabi maize was sown across 2.37 million hectares, up 8.8% on year and higher than the normal area for the season at 2.21 million hectares. The area under summer maize was up 18.5% on year at 136,300 hectares as of Thursday.

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 were 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.

Vora said rice prices would rise only if the government allows the exports of non-basmati broken rice, as there is demand for India's non-basmati broken rice in China and African countries. In September 2022, India prohibited exports of broken rice, citing the need to cool down domestic prices and meet local requirements. However, it permitted exports to some countries, based on requests from their governments, to meet their food security needs.  End

Edited by Rajeev Pai

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