Informist, Friday, Feb 23, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat in Indore, Madhya Pradesh, fell slightly today on increased arrivals, traders said. Prices of rice were steady in key markets due to a lack of fresh cues, they said.   

Prices of mill-quality WHEAT were a tad down at 2,200-2,400 rupees per 100 kg in Indore, Madhya Pradesh, said Jitendra Panwar, a local wheat trader. Arrivals rose to 7,500 bags (1 bag = 60 kg) from 5,700 bags the previous day, Panwar said.

"The fall in prices is not major, but moisture content (in the grain) was more today" Panwar said. Most of the grain contained 20-22% moisture today, which is more than the permissible amount acceptable, he said. The acceptable level of moisture content is 14%. Also, increased arrivals of crop weighed on wheat prices, he said. 

According to the consumer affairs department, the all-India average wholesale price of wheat today was 2,748.9 rupees per 100 kg, down 24.45 rupees from 2,773.35 rupees a year ago and 12.71 rupees lower than last month.

The price of Sona Masoori RICE was steady at 5,700-5,800 rupees per 100 kg in Bhavanipuram, Vijayawada, Andhra Pradesh, said Ravi Shankar, a local trader. Prices are steady due to less buying by stockists. "After the government's move about disclosing rice stocks on every Friday, stockists are buying less," he said.

On Feb 2, the government directed traders, wholesalers, retailers, and millers to disclose the stock of rice held by them every Friday to check high prices and maintain adequate availability.

The trader expects rice prices to not fall further and remain at that level till the end of this month. He said prices may increase by March first week as demand increases at the beginning of a month.

According to the consumer affairs department, the all-India average wholesale price of rice today was 3,892.72 rupees per 100 kg, up 508.46 rupees from 3,384.26 rupees a year ago, and 28.37 rupees higher than last month's price. 

End

Edited by Deepshikha Bhardwaj

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