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Informist, Friday, Mar. 7, 2025

By J. Navya Sruthi

MUMBAI – Prices of maize, wheat, and rice were steady in key markets in the country Friday owing to the lack of fresh cues, traders said. Prices of maize are expected to remain range-bound in the near term as firm demand from poultry farms offset lower buying from ethanol plants.

MAIZE prices in Ashok Nagar, Madhya Pradesh, were steady from the previous day at INR 2,430 per 100 kg, Gaurav Kochar, a local trader, said. Prices were supported by firm demand for the coarse grain, he said. Prices of the grain were steady in Karnataka's Davanagere at INR 2,000-2,380 per 100 kg, Shiva Kumar, a local trader, said. Arrivals were also unchanged from the previous day at 2,000 bags (1 bag = 60 kg), he said.

"Currently, there is no maize with poultry farms, which is supporting prices," Kumar said. Earlier, traders were expecting maize prices to fall as the government has allowed ethanol plants to buy the Food Corp. of India's rice at INR 2,250 from INR 2,800 per 100 kg previously, he said. Starch companies and ethanol plants are not purchasing maize at the moment, he added.

Prices of mill-quality WHEAT in Indore, Madhya Pradesh, were steady at INR 2,800 per 100 kg, said Kochar. Arrivals were steady at 8,000 bags (1 bag = 100 kg), he said. Prices of mill-quality wheat in Vashi, Navi Mumbai, were also steady at INR 2,950 per 100 kg, wholesale trader Devendra Vora said. He said prices are likely to remain steady till Holi and fall thereafter. He sees a further downside of INR 100-INR 200 per 100 kg in wheat prices.

Wheat traders said demand for the commodity is currently sluggish and this may weigh on prices, but the high moisture content in the new crop arrivals in Madhya Pradesh, Gujarat, and Maharashtra are likely to support prices. Moisture content in the new arrivals is around 18-20%, while the acceptable level is 14%. 

Prices of kolam RICE from Nagpur were steady at INR 5,300-INR 5,400 per 100 kg, and 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.

Meanwhile, the average price of 25% broken non-basmati rice exported from India fell to $373.8 per tonne in February from $411.0 per tonne in January, according to data from the United Nations Food and Agriculture Organization. Similarly, the average price of 5% broken non-basmati rice fell to $395.5 per tonne in February from $425.4 per tonne the previous month. The price of 5% parboiled rice from India was down at $409.0 per tonne from $437.4 a tonne in January. The price of pusa basmati was also down at $893.8 per tonne in February from $1,000 a tonne a month ago. This was due to the weakness of the rupee against the dollar and also low demand for rice globally.  End

Edited by Rajeev Pai

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