Informist, Friday, Feb 2, 2024
By J Navya Sruthi
MUMBAI – Prices of rice, maize, and wheat were steady today in key wholesale markets, traders said. The launch of “Bharat Rice” by the government may have an effect on the prices of rice for a short period, they said. Wheat prices are going to see a downturn in a few days, traders said.
Prices of Sona Masoori RICE were steady at 6,500 per 100 kg in Bhavanipuram, Vijayawada, Ravi Shankar, a local rice trader said. “Stockholders have been buying lower volumes for 10 days and reducing their stocks ahead of the launch of Bharath Rice,” Shankar said.
The trader expects the prices of rice to fall for a month and pick up later as Bharat Rice may not be accepted by everyone. However, a fall in prices can be estimated only once the sales of subsidised rice start, Shankar added.
“If there is no varietal mixture, then consumers will accept it (Bharat Rice). If FCI (Food Corp of India) were to mix different varieties and prepare a mixed rice, then consumers might reject it,” said G. Chandrashekhar, commodity market expert and policy commentator.
The government will launch “Bharat Rice” scheme next week, under which it will sell rice at a subsidised price of 29 rupees a kg through retail outlets, to bring down the prices, Food Secretary Sanjeev Chopra said today. Rice will be sold in 5 kg and 10 kg bags, Chopra 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 were steady at 2,000 bags (1 bag = 60 kg) from the previous day, Kumar said.
Prices may remain in the same range for 10–15 days as arrivals started in Tamil Nadu and there is no demand in Karnataka, he said. However, there might be a 100 rupees change on either side, Kumar added.
Prices of mill-quality WHEAT in Kota, Rajasthan, were flat at 2,350-2,400 rupees per 100 kg, said Aniket Mehta, a local trader. Arrivals in Kota were also steady at 3,000 bags (1 bag = 60 kg), Mehta said.
“Tone in (the) market is down,” he said. Ahead of arrivals in mid-March and April, amid a normal wheat crop during the ongoing rabi season, wheat prices might see a downturn, the trader said.
The government aims to sell over 10 mln tn of wheat through the FCI’s open market scheme during 2023-24, Chopra said. So far in the fiscal, a total of 10.15 mln tn of wheat has been offered, out of which 7.5 mln tn has been sold.
End
Edited by Vidhi Verma
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