Home Commodity Market News India Grain: Indore wheat prices extend losses on rise in supply

India Grain: Indore wheat prices extend losses on rise in supply

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Informist, Friday, Dec 30, 2022

 

By Tanya Rana

 

NEW DELHI – Prices of wheat fell for a second straight day in the key wholesale markets of Indore, Madhya Pradesh, due to a rise in supply, while those of maize rose in benchmark markets of Karnataka because of strong demand from stockists, traders said.

 

* Prices of mill-quality WHEAT fell in Indore for a second consecutive day as supply rose in the markets after Haryana State Cooperative Supply and Marketing Federation floated a tender to sell the grain in the open markets, N.K. Agarwal, a local trader, said.

 

* Arrivals were pegged at 3,000 bags (1 bag = 50 kg), up 1,000 bags from the previous trading day. 

 

* On Tuesday, the Federation floated a tender to sell 67,363.62 tn of wheat procured by it from Haryana and Madhya Pradesh during 2022-23 (Apr-Mar) rabi marketing season.

 

* However, prices of mill-quality wheat were flat in Kota, and arrivals stayed at 6,000 bags, Aniket Mehta, a local dealer, said.

 

* Amid reports of government stocks being at a multi-year low, prices of wheat had skyrocketed across the country in the past few months. Wheat is currently sold at 2,895 rupees per 100 kg in north Indian markets. The market price is well above the government’s minimum support price of 2,015 rupees for the current season.

 

* Market participants expect the government to restart open market sales of wheat to increase supply and cool down prices that are at record highs.

 

* The area under wheat rose to 32.5 mln ha, up 3.6% from a year ago. Farmers have increased sowing of the crop due to high prices in the spot market.

 

* An increase in demand from stockists amid a fall in supply supported prices of MAIZE in Davanagere, said Shiva Kumar, a local trader.

 

* Arrivals were pegged at 3,000 bags (1 bag = 60 kg), down 1,500 bags from Thursday. 

 

* Prices of maize were flat in the spot market of Purnea, Bihar, and arrivals were steady at 6,000 bags, said Kanhaiya Rastogi, a local dealer. 

 

* Maize acreage is around 1.7 mln ha, 21.2% higher from a year ago, agriculture ministry data shows.

 

* New rabi maize arrivals are expected to hit the markets at March-end, traders said.

 

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

 

COMMODITY

    MARKET

     PRICE

  CHANGE

 (rupees/100 kg)

    (rupees)

Wheat

Indore

2,750-2,800

(-) 50

Wheat

Kota

     2,535-2,540

Maize    

Davanagere

      2,100-2,230

20

Maize

Purnea

      2,300-2,400

Pusa 1121 basmati rice

Amritsar

    8,750-8,800

     —

 

End

 

Edited by Tanima Banerjee

 

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Source: Cogencis

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