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Informist, Thursday, Mar. 20, 2025

By J. Navya Sruthi

MUMBAI – Prices of maize rose in Indore, Madhya Pradesh, on Thursday due to firm demand from ethanol plants, traders said. Prices of wheat were unchanged from Wednesday due to lack fresh trading cues, traders said. Prices of rice were also steady, traders said.

In Indore, prices of MAIZE jumped up by INR 40 from the previous day to INR 2,445 per 100 kg on high demand from ethanol plants despite rabi arrivals, local trader Gaurav Kochar said. However, maize prices in Davanagere, Karnataka, were largely unchanged from the previous day at INR 2,000-INR 2,400 per 100 kg, said local trader Shiva Kumar. Arrivals were at 2,000 bags, unchanged from Wednesday, Kumar said.

According to Kochar, maize prices may rise by INR 100-INR 200 per 100 kg over the next three months. The upward trend in prices is expected to begin once new arrivals in the market start decreasing, Kochar said. 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 added.

Prices of mill-quality WHEAT in Kota, Rajasthan, were unchanged at INR 2,350-INR 2,400 per 100 kg, local trader Aniket Mehta said. Arrivals were also steady from the previous day at 30,000 bags, he said. Currently, only ITC has started buying wheat in the market, other multi-national companies are likely to start from April, he added.

Prices of the same quality wheat in Indore were also steady at INR 2,690 per 100 kg, local trader Kochar said. Arrivals declined by 2,000 bags to 7,000 bags (1 bag = 100 kg) as the market was closed on Wednesday for Rangpanchami and will be shut on Saturday and Sunday, because of which farmers did not get the grain, he added.

Traders expect prices to remain at current levels till the peak arrival season ends, and see rates rising after arrivals reduce due to demand from millers, multi-national companies, and the government. Further, the bonus announced by Rajasthan and Madhya Pradesh over the minimum support price of wheat is likely to support prices.

The Madhya Pradesh government has announced a bonus of INR 175 per 100 kg over the minimum support price of INR 2,425 per 100 kg, and Rajasthan has announced a bonus of INR 150 per 100 kg for the rabi marketing season starting April. In 2024-25, both the states had announced a bonus of INR 125 per 100 kg each over the minimum support price of INR 2,275 per 100 kg.

Procurement has already begun in Rajasthan, with the government buying 24.9 tonnes of wheat as of Tuesday against the target of 2.0 million tonnes for 2025-26. The total wheat procurement target for 2025-26 is 31.0 million tonnes.

Prices of kolam RICE from Nagpur, Maharashtra, 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 in Navi Mumbai's Vashi market, Devendra Vora, a wholesale broker said. Prices are likely to hover on the lower side amid subdued demand and expectation of rising rabi rice arrivals, he said.  End

Edited by Ashish Shirke

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