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Informist, Monday, Mar. 17, 2025

By J. Navya Sruthi

MUMBAI - Prices of wheat and maize were down in Indore in Madhya Pradesh Monday due to rising rabi crop arrivals, traders said. However, in other key markets, the prices were steady, they added. Prices of rice were also steady from Thursday due to lack of new cues, traders said.

Prices of mill quality WHEAT in Indore were down by INR 25 at INR 2,690 per 100 kg, local trader Gaurav Kochar said. Arrivals doubled from Thursday to 10,000 bags (1 bag = 100 kg), he said. Arrivals usually rise after Holi, which was on Friday. Arrivals also rose as the market was shut during the weekend. 

The price of mill-quality wheat at Kota in Rajasthan was unchanged at INR 2,400–INR 2,700 per 100 kg on Monday, said Aniket Mehta, a local trader. Arrivals also rose to 15,000 bags (1 bag = 50 kg) from around 5,000 bags last week, Mehta said. The price of same quality wheat at Vashi in Navi Mumbai was unchanged at INR 2,800 per 100 kg, wholesale trader Devendra Vora said.

"Wheat in the local mandi (market) is currently trading in the (INR) 2,400 range. According to market trends, no further downtrend is expected as government procurement has commenced, and MNCs (multi-national companies) have also started purchasing wheat," Kochar said. The government's procurement and buying by multi national companies are likely to support prices, he added.

Kochar said the heatwave has not had a significant impact on the wheat crop in any state so far. "With favourable yield and area trends, a notable increase in wheat production is expected this season. The focus now shifts to the Haryana, Punjab, and Rajasthan belt, where a favourable yield can potentially lead to an upside in production. If the crop performs well in this region, it could further boost the overall wheat production in the country, exceeding initial estimates." Kochar had earlier estimated wheat output at 105 million tonnes. However, now he pegs wheat output at around 110 million tonnes.  

The government last week pegged wheat output at a record high of 115.4 million tonnes in 2024-25 (Jul-Jun), as per the second advance estimates. Last year, wheat output was at 113.2 million tonnes. 

Mehta from Kota said the market also awaits the government's call on wheat stock limits for market participants that are set to expire on Mar. 31.

The government had on Feb. 20 reduced the wheat stock limit for a trader or wholesaler from 1,000 tonnes to 250 tonnes. For retailers, wheat stock limit has been reduced to 4 tonnes per retail outlet from 5 tonnes earlier. Big chain retailers can hold only 4 tonnes in each outlet, and in depots stock 4 tonnes multiplied by the total number of outlets. Previously, big chain retailers could stock 5 tonnes per outlet. 

The price of MAIZE in Indore fell by INR 5 from Thursday to INR 2,390 per 100 kg, Kochar said. Prices of maize in Karnataka's Davanagere were largely unchanged from the previous day at INR 2,000-INR 2,400 per 100 kg, Shiva Kumar, a local trader said. Arrivals were also unchanged at 2,000 bags, Kumar said. 

Kochar expects maize prices to rise by INR 100-INR 200 per 100 kg over the next three months. "This upward trend is expected to begin once new arrivals in the market start decreasing." In Karnataka poultry farms are waiting for maize prices to fall amid rabi arrivals to stock up the grain, Kumar said. Pressure from high rabi arrivals in Bihar, Andhra Pradesh, Maharashtra, and Madhya Pradesh are likely to pull down prices but in July prices are expected to rise, Kumar said.  

Prices of kolam RICE from Nagpur were steady at INR 5,200–INR 5,400 per 100 kg, and those of new basmati rice were unchanged at INR 6,000-INR 6,400 per 100 kg, Vora said. Prices are likely to be on the lower side amid subdued demand and expectation of rising rabi rice arrivals, he added.

According to the second advance estimate, the government has pegged kharif rice output at a record high of 120.7 million tonnes in 2024-25, while that from the rabi season is estimated at 15.8 million tonnes.  End

Edited by Vandana Hingorani

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