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Informist, Friday, May 16, 2025

By J. Navya Sruthi

MUMBAI – Wheat prices were mixed across key markets in the country Friday, traders said. Prices of rice and maize, however, remained steady due to the lack of fresh cues.

Prices of WHEAT in Kota, Rajasthan, were up by INR 10-INR 15 at INR 2,430-INR 2,450 per 100 kg as arrivals fell slightly from the previous day, local trader Aniket Mehta said. Arrivals were down by 10,000 bags from Thursday at 90,000 bags, Mehta said. Prices in Delhi were down by INR 5 at INR 2,685 per 100 kg, according to traders.  

Prices are likely to remain steady in the near term with a slight downward bias, traders said. Though arrivals fell in Kota, they were higher in other markets, which is curbing a further rise in prices. The government's move to distribute three months' ration--covering June, July, and August--in a single phase starting May 21 in an effort to reduce stocks will also weigh on wheat prices.

Prices of mill-quality wheat at Indore in Madhya Pradesh were steady at INR 2,720 per 100 kg, local trader Gaurav Kochar said. Arrivals in the market were also steady at 1,300 bags (1 bag = 100 kg). Wheat prices in the Vashi market in Navi Mumbai were steady at INR 2,775 per 100 kg, wholesale dealer Devendra Vora said.

With higher wheat production in the rabi season and robust procurement by the government, stocks of the staple grain with the Food Corp. of India were at a four-year high. Wheat stocks were at 35.7 million tonnes as of May 1, 37% higher than 26.0 million tonnes a year ago, data from the nodal procurement agency showed. On a monthly basis, wheat stocks with the FCI were a whooping 202% higher.

Wheat stocks as of May 1 were 28.2 million tonnes above the buffer norm for the quarter. According to the norm, the wheat stock for Apr-Jun should be nearly 7.5 million tonnes--an operational stock of 4.46 million tonnes and a strategic reserve of 3.00 million tonnes.

Prices of MAIZE in Indore were unchanged from the previous day at INR 2,255 per 100 kg, Kochar said. Prices of maize at Davanagere in Karnataka were steady at INR 2,000-INR 2,200 per 100 kg. Arrivals were largely steady at 500 bags (1 bag = 60 kg), local trader Shiva Kumar said.

Maize prices in Karnataka have remained at the current level for more than two months despite lower arrivals as there is pressure from rabi arrivals in Andhra Pradesh, Madhya Pradesh, and Bihar, Kumar said. Currently, there is also no demand from ethanol plants and poultry farms as they have sufficient stocks, he said. This, too, is preventing prices rebounding.

Prices of the 1401 basmati RICE variety were steady at INR 6,800 per 100 kg in the Vashi market, Vora said. Prices of broken rice also held steady at INR 2,700 per 100 kg, he added. Prices of sona masoori rice, a premium variety of non-basmati rice, were steady at Bhavanipuram in Andhra Pradesh at INR 5,000 per 100 kg, local trader Ravi Shankar said.

Rice stocks with the FCI as of May 1 were at a 21-year high. Rice stocks in the central pool were marginally lower from 38.2 million tonnes as of Apr. 1, but up 20% on year at 38.1 million tonnes as of May 1. The current rice stocks are far above the buffer norm of about 13.6 million tonnes--an operational stock of 11.58 million tonnes and a strategic reserve of 2.00 million tonnes.  End

Edited by Rajeev Pai

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