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India Grain:Tepid demand weighs on Kota wheat prices, Purnea maize dn

Informist, Wednesday, Jan 4, 2023

 

By Tanya Rana

 

NEW DELHI – Prices of wheat fell in key wholesale markets of Kota, Rajasthan, due to lukewarm demand from stockists and good production outlook, and those of maize also declined in Purnea, Bihar due to weak local demand, traders said.

 

* Prices of mill-quality WHEAT fell for the third straight day in Kota due to tepid demand from stockists, said Aniket Mehta, a local trader. Arrivals were unchanged at 5,000 bags (1 bag = 50 kg).

 

* Good production outlook and favourable weather conditions also weighed on prices. Wheat is a temperature-sensitive crop that requires cool temperatures and medium rainfall.

 

* The area under wheat has risen 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.

 

* Sentiments weakened as the government recently decided to discontinue its Pradhan Mantri Garib Kalyan Anna Yojana free food plan and provide free ration to 813.5 mln poor people under the National Food Security Act for one year.

 

* There are talks in trade circles about the government releasing 2 mln tn wheat in open markets to cool down rising prices.

 

* Wheat prices in north Indian markets are currently being quoted at 2,860-2,900 rupees per 100 kg. The market price is well above the government’s minimum support price of 2,015 rupees for the current season. Prices have surged owing to the absence of any open market sale by the government and unavailability of wheat stocks with flour millers.

 

* Meanwhile, prices of wheat were flat in Indore, Madhya Pradesh, and arrivals were pegged at 2,000 bags, down 1,000 bags from the previous trading day. 

 

* Prices of MAIZE fell in the key benchmark markets of Purnea due to fall in domestic demand amid increase in supply, said Kanhaiya Rastogi, a local dealer.  

 

* Arrivals were pegged at 6,000 bags (1 bag = 60 kg), compared with 4,500 bags on Tuesday.

 

* Supply of the food grain may fall in the coming days because of the lean season, and the fresh crop will hit the market in three-four months.

 

* Maize acreage is around 1.76 mln ha, 21.2% higher than a year ago, agriculture ministry data showed.

 

* However, prices of maize in the spot market of Davanagere, Karntaka, were steady and arrivals stayed at 1,500 bags, said Shiva Kumar, a local trader.

 

* Prices of BASMATI 1121 RICE fell today due to a decline in demand from bulk buyers, said Raman, a local dealer.

 

* Exports of basmati rice rose 39.3% to $2.87 bln, the Agricultural and Processed Food Export Development Authority said on Friday.

 

COMMODITY

    MARKET

     PRICE

  CHANGE

 (rupees/100 kg)

    (rupees)

Wheat

Indore

2,700

Wheat

Kota

2,490

(-) 10

Maize    

Davanagere

      2,080-2,230

Maize

Purnea

      2,300-2,400

(-) 50

Pusa 1121 basmati rice

Amritsar

   8,800

(-) 200

 

End

 

Edited by Vidhi Verma

 

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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