Informist, Tuesday, Feb 6, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice were down today in key wholesale markets amid weak demand for the grain, traders said. Prices of wheat, however, were steady in key wholesale markets today. 

Prices of Sona Masoori RICE were down by 500 rupees at 6,000 per 100 kg in Bhavanipuram, Vijayawada, Ravi Shankar, a local rice trader, said. "There were few buyers in the market due to high rice prices," he said. 

According to the consumer affairs department, the all India average wholesale price of rice today was at 3,855.53 rupees per 100 kg, up 489.64 rupees from 3,365.89 rupees a year ago and 17.1 rupees higher from a month ago.

The government's rice stocks with the Food Corp of India were up 45% on year at 18.2 mln tn as of Jan 1, data from the statutory body showed. However, rice stocks with FCI as of Jan 1 were 1% lower on-month, the data showed. In January 2022, the rice stocks with the FCI were at 22.4 mln tn, 19% higher than the current stock level. 

Prices of mill-quality WHEAT in Kota, Rajasthan, were steady from the previous day at 2,350-2,350 rupees per 100 kg, said Aniket Mehta, a local trader. Arrivals in Kota were 2,000 bags lower than the previous day at 2,000 bags (1 bag = 60 kg), Mehta said. Arrivals were down because of rainfall in the area, Mehta said.

Meanwhile, the government's wheat stocks with the FCI were down 4.6% on year at 16.4 mln tn as of Jan 1, data from the statutory body showed. A year ago, wheat stocks held by FCI were at 17.2 mln tn. Compared to December, wheat stocks with the statutory body declined 15%, the data showed.

According to the consumer affairs department, the all India average wholesale price of wheat today was at 2,768.73 rupees per 100 kg, down 77.7 rupees from 2,846.45 rupees a year ago and 7 rupees lower from a month ago.

Maize prices were unavailable today. 

End

Edited by Tanima Banerjee

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