Informist, Friday, Feb 3, 2023

By Tanya Rana

NEW DELHI – Prices of mill-quality wheat slumped in the spot markets of Madhya Pradesh and Rajasthan after Food Corp of India sold wheat in e-auction under the open market sales, traders said. 

* Prices of mill-quality WHEAT dropped in the key markets of Indore as Food Corp of India is offloading 3 mln tn wheat under the open market sale scheme, said N.K. Agarwal, a local trader. Arrivals were pegged flat at 1,000 bags (1 kg = 50 kg). 

* Price of mill-quality wheat also fell in Kota, Rajasthan, and arrivals were pegged at 1,200 bags, up 200 bags from Thursday, said Aniket Mehta, a local trader.

* Food Corp of India sold a total of 920,000 tn wheat in two days of e-auction under the open market sales, the Ministry of Consumer Affairs, Food and Public Distribution said in a release today. FCI had put on offer 2.2 mln tn wheat for the sale on Wednesday and Thursday, out of 2.5 mln tn wheat stock earmarked for the scheme. The government is offloading the stock to cool off the prices of wheat across the country.

* "More than 1,150 bidders came forward for participation in the first week of the e-auction and a quantity of 920,000 tn was sold across the country," the release said. FCI will float e-auction tender for wheat every Wednesday and will continue the sale across India till the second week of March.

* The e-auction has already impacted market prices of wheat, which have fallen by more than 10% in the past one week, the release said. "Prices are set to fall further after the wheat sold in the e-auction is lifted and atta is made available in the market."

* Prices of wheat fell by 400-500 rupees per 100 kg in Delhi's Lawrence Road market in the past one week after the government's decision to offload 3 mln tn of the grain under the open market sale scheme, market participants said. Wheat is currently fetching 2,750-2,850 rupees per 100 kg in Delhi.

* Prices of MAIZE fell in Purnea, Bihar, because of poor demand from the poultry sector, and arrivals were unchanged at 4,000 bags (1 bag = 60 kg), said Kanhaiya Rastogi, a local dealer.

* The fresh maize crop will hit markets in Bihar in the first week of April.

* Similarly, prices of maize remained steady in Davanagere, Karnataka, and arrivals were unchanged at 500 bags, said Shiva Kumar, a local trader.

* Prices of BASMATI 1121 RICE were stable today, said Raman, a local dealer.

End

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

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Informist, Friday, Feb 3, 2023

By Tanya Rana

NEW DELHI – Prices of mill-quality wheat slumped in the spot markets of Madhya Pradesh and Rajasthan after Food Corp of India sold wheat in e-auction under the open market sales, traders said. 

* Prices of mill-quality WHEAT dropped in the key markets of Indore as Food Corp of India is offloading 3 mln tn wheat under the open market sale scheme, said N.K. Agarwal, a local trader. Arrivals were pegged flat at 1,000 bags (1 kg = 50 kg). 

* Price of mill-quality wheat also fell in Kota, Rajasthan, and arrivals were pegged at 1,200 bags, up 200 bags from Thursday, said Aniket Mehta, a local trader.

* Food Corp of India sold a total of 920,000 tn wheat in two days of e-auction under the open market sales, the Ministry of Consumer Affairs, Food and Public Distribution said in a release today. FCI had put on offer 2.2 mln tn wheat for the sale on Wednesday and Thursday, out of 2.5 mln tn wheat stock earmarked for the scheme. The government is offloading the stock to cool off the prices of wheat across the country.

* "More than 1,150 bidders came forward for participation in the first week of the e-auction and a quantity of 920,000 tn was sold across the country," the release said. FCI will float e-auction tender for wheat every Wednesday and will continue the sale across India till the second week of March.

* The e-auction has already impacted market prices of wheat, which have fallen by more than 10% in the past one week, the release said. "Prices are set to fall further after the wheat sold in the e-auction is lifted and atta is made available in the market."

* Prices of wheat fell by 400-500 rupees per 100 kg in Delhi's Lawrence Road market in the past one week after the government's decision to offload 3 mln tn of the grain under the open market sale scheme, market participants said. Wheat is currently fetching 2,750-2,850 rupees per 100 kg in Delhi.

* Prices of MAIZE fell in Purnea, Bihar, because of poor demand from the poultry sector, and arrivals were unchanged at 4,000 bags (1 bag = 60 kg), said Kanhaiya Rastogi, a local dealer.

* The fresh maize crop will hit markets in Bihar in the first week of April.

* Similarly, prices of maize remained steady in Davanagere, Karnataka, and arrivals were unchanged at 500 bags, said Shiva Kumar, a local trader.

* Prices of BASMATI 1121 RICE were stable today, said Raman, a local dealer.

End

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 /+91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.