Informist, Monday, Feb 5, 2024
By J. Navya Sruthi
MUMBAI – Prices of rice were flat in key markets as the mills and traders await the launch of the government’s “Bharat Rice” scheme, which is due later this week. Prices of wheat were a tad down, ahead of new arrivals of the crop, market participants said.
Prices of Sona Masoori RICE were steady at 6,500 per 100 kg in Bhavanipuram, Vijayawada, Ravi Shankar, a local rice trader said. “There were no arrivals today,” he said. The trader said that the market is curious to know about the variety of rice which the government will be selling under the Bharat Rice brand. “Because of this, millers and traders are not buying rice,” Shankar said.
The government announced that it will launch “Bharat Rice” scheme this week, under which rice will be sold at a subsidised price of 29 rupees a kg through retail outlets, to bring down high prices. The government also directed traders, wholesalers, retailers, and millers to disclose rice stocks held by them every Friday, starting from this week.
According to the consumer affairs department, the all India average wholesale price of rice today was at 3,848.76 rupees per 100 kg, up 518.4 rupees from 3,330.36 rupees a year ago and 24.6 rupees higher from a month ago.
Prices of mill-quality WHEAT in Kota, Rajasthan, were down 50 rupees at 2,350-2,350 rupees per 100 kg, said Aniket Mehta, a local trader. “Market is down,” he said. Traders await the new crop arrivals, he added. According to the final rabi acreage report, the acreage of wheat was 0.7% higher on year at 34.2 mln ha.
Arrivals in Kota were 1,000 bags higher than the previous day at 4,000 bags (1 bag = 60 kg), Mehta said. Arrivals were up because of the weekend holiday. Usually arrivals are higher on Monday, Mehta said.
Prices of mill-quality wheat in Indore, Madhya Pradesh, were steady at 2,400-2,600 rupees per 100 kg, said Jitendra Panwar, a local trader. Arrivals in Kota were 1,000 bags (1 bag = 60 kg), Panwar said.
According to the consumer affairs department, the all India average wholesale price of wheat today was at 2,766.9 rupees per 100 kg, up 9.3 rupees from 2,757.55 rupees a month ago, but down from 2,858.84 rupees a year ago.
Maize prices were unavailable today.
End
Edited by Manisha Baxla
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