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India Grain: Spot maize prices fall as demand weak; Indore wheat down

Informist, Thursday, Dec 29, 2022

 

By Tanya Rana

 

NEW DELHI – Prices of maize fell today in the key wholesale markets of Karnataka and Bihar because of low demand from stockists. Prices of wheat also declined in the key wholesale markets of Indore, Madhya Pradesh, traders said.

* Fall in demand from stockists and poultry feed manufacturers weighed on the prices of MAIZE in Davanagere, said local trader Shiva Kumar.

 

* Arrivals were steady at 4,500 bags (1 bag = 60 kg). Maize is expected to trade in a range of 2,000-2,100 rupees per 100 kg next month due to weak domestic demand, Kumar added.

 

* Prices of maize fell in the spot market of Purnea, Bihar, due to low demand and rise in acreage, said local dealer Kanhaiya Rastogi. 

 

* Maize acreage is around 1.5 mln ha, 22.6% higher from a year ago, agriculture ministry data shows.

 

* Arrivals were steady at 6,000 bags. New rabi maize arrivals are expected to hit the markets at March-end, traders said.

 

* Prices of mill quality WHEAT fell in Indore after Haryana State Cooperative Supply and Marketing Federation floated a tender to sell the grain in the open markets, local trader N.K. Agarwal said. Arrivals were steady at 2,000 bags (1 bag = 50 kg).

 

* 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.

 

* Amid reports of government stocks being at a multi-year low, prices of wheat had skyrocketed across the country in the past few months. In Indore, wheat is currently being sold at 2,800 rupees per 100 kg. In Kota, Rajasthan, the price is 2,535-2,540 rupees. The market price is well above the government’s minimum support price of 2,015 rupees for the current season.

 

* “If the government doesn’t step in to control the prices at this moment, prices will touch 3,000 rupees next week,” said Navneet Chitlangia, vice president of the All India Roller Flour Mills Association. “Availability of wheat is in the hands of sound stockists, and they are selling it at their own price.”

 

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

 

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

 

* The area under wheat is up 3.2% on year at 31.2 mln ha, government data shows.

 

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

 

COMMODITY

    MARKET

     PRICE

  CHANGE

 (rupees/100 kg)

    (rupees)

Wheat

Indore

2,800

(-) 50

Wheat

Kota

     2,535-2,540

Maize    

Davanagere

      2,100-2,210

(-) 70

Maize

Purnea

      2,300-2,400

(-) 50

Pusa 1121 basmati rice

Amritsar

      8,900-9,100

     —

 

End

 

Edited by Ashish Shirke

 

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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Source: Cogencis

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