Informist, Wednesday, Jan 31, 2024
By J Navya Sruthi
MUMBAI – Prices of mill-quality wheat, rice, and maize are steady in the key wholesale markets, market participants said. “There was no movement in (the) market today,” traders said. Maize traders await the government’s call on import duty on the cereal, while rice traders in southern India said the launch of “Bharat Rice” by the government may not have the desired impact on prices.
Prices of mill-quality WHEAT in Kota were steady at 2,425 rupees per 100 kg, while arrivals were steady at 3,000 bags (1 bag = 60 kg), said Aniket Gupta, a local trader. “Prices are steady, no movement seen in (the) market,” Mehta said. The government’s stand to cool down wheat prices by introducing “Bharat Atta” has resulted in this situation, he added.
Under its open market sales scheme, the government sells subsidised wheat to central agencies at 21.50 rupees per kg or 2,150 rupees per 100 kg under the brand “Bharat Atta” scheme, launched on Nov 6. These central agencies convert wheat into flour and sell it at a price of 27.50 rupees per kg, below the market price.
In Indore, Madhya Pradesh, the price of wheat was steady at 2,300-2,600 rupees per 100 kg and arrivals were also steady at 1,000 bags (1 bag = 60 kg), Jitendra Panwar said. Additionally, the arrivals and prices of the new wheat crop were steady today, at 300 bags and 2,500-2,887 rupees per 100 kg, the Indore-based trader said.
MAIZE prices were flat today in Davanagere, Karnataka, at 2,000-2,220 rupees per 100 kg, said Shiva Kumar, a local maize trader. Arrivals fell by 1,500 bags to 1,500 bags (1 bag = 60 kg) from the previous day, Kumar said. A 20–50 rupee change in prices is negligible, he added.
“There is nothing happening in the market, and we are waiting for the government’s decision on maize import duty,” Kumar said.
The All India Poultry Breeders Association has urged the government to waiver the import duty on maize by the industry to meet its future requirements, it said in a release. The poultry industry consumes 60% of the total maize produced in India. Currently, there is a basic import duty of 50% on maize.
Prices of Sona Masoori variety of RICE were flat at 6,500 rupees per 100 kg in Bhavanipuram, Vijayawada, Ravi Shankar, a local rice trader, said. The trader said that the government’s move to sell Bharat rice at a subsidised price will not affect the prices of the staple grain in southern India. “We do not know which variety of rice would be sold by the government, and there is a difference of taste between the varieties,” he said. So, this move by the government may not affect rice prices in southern India, he added.
The government has decided to sell rice at 29 rupees per kg via retail outlets under the Bharat rice initiative from Feb 6 and a formal announcement can be expected in a couple of days, The Financial Express reported today. The decision was reached to sell subsidised grain to put a cap on the surge in prices, the newspaper said.
End
Edited by Vidhi Verma
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