Informist, Friday, Oct 20, 2023
By Yukta Mudgal
MUMBAI – Prices of mill-quality wheat and maize were flat today in key wholesale markets of Rajasthan and Bihar, respectively. But traders are expecting the demand to pick up in the coming days.
"We are expecting the prices to hit an all-time high in the next two months," said Aniket Mehta, a local trader in Kota, Rajasthan.
WHEAT prices in Kota were flat at 2,475 rupees per 100 kg, and arrivals were steady at 7,000 bags (1 bag = 60 kgs), said Mehta.
In Indore, Madhya Pradesh, wheat prices were up 25 rupees at 2,575 rupees per 100 kg from the previous day, and arrivals remained steady at 2,000 bags, said a local trader Lavish Shah.
The current prices of wheat in Kota, and Indore are higher than the minimum support price of 2,275 rupees per 100 kg set by the government on Wednesday.
Amid concerns that wheat output estimates are below market expectations, the government pegged production of the staple at 110.6 mln tn in its final 2022-2023 (Jul-Jun) estimate against 107.7 mln tn in 2021-22, on Wednesday. The estimate for wheat has been cut from 112.7 mln projected in the third advance estimate released in May.
In the key wholesale market of Purnea, Bihar, MAIZE prices were flat at 2,040-2,100 rupees per 100 kg from the previous day, and the arrivals remained steady at 15,000 bags (1 bag = 60 kgs), said Kanhaiya Rastogi, a local trader.
"We are expecting the demand to pickup soon." The prices of maize in Purnea have risen slightly by around 100 rupees since Oct 13, and have remained steady since then.
Traders have been selling maize below the minimum support price of 2,090 rupees per 100 kg, set by the government of India for the 2023-2024 kharif marketing season. However, now, due to a modest hike in demand, prices have risen, giving them some relief.
The following table details grain prices in major markets, along with the change:
COMMODITY | MARKET | PRICE (rupees/100 kg) | CHANGE (rupees) |
|---|---|---|---|
Wheat | Indore | 2,575 | 25 |
Wheat | Kota | 2,475 | -- |
Maize | Davanagere | -- | -- |
Maize | Purnea | 2,040-2,100 | -- |
End
Edited by Deepshikha Bhardwaj
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