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India Grain: Wheat prices rise in key markets as demand increases

Informist, Monday, Jul 31, 2023

 

By Arunima Bharadwaj

 

NEW DELHI – Prices of wheat rose today in the key markets of Indore and Kota as demand increased, while prices of maize remained steady in Davanagere, traders said.

 

In Indore, Madhya Pradesh, WHEAT prices were up by 50 rupees at 2,450 rupees per 100 kg, said Lavish Shah, a local trader. Arrivals of the staple grain were steady at 1,000 bags (1 bag = 50 kg).

 

In Kota, Rajasthan, wheat was sold at 2,350 rupees per 100 kg, up 25 rupees from the previous trading day as demand improved, said Aniket Mehta, a local trader. Arrivals of the grin were pegged at 7,000 bags, Mehta said.

 

The government has approved export of 14,184 tn of wheat to Bhutan and invited applications for allocation of quotas, the Directorate General of Foreign Trade said in a notification.

 

In addition to wheat, the government has approved the export of 5,326 tn of wheat flour and 15,226 tn of semolina to Bhutan on humanitarian and food security grounds after requests were received from the Bhutan government, the notification said.

 

The US Department of Agriculture has raised the estimated global wheat consumption in 2023-24 by 3.3 mln tn to 799.5 mln tn this month, from 796.1 mln tn projected last month.

 

The agency has projected global production of wheat in 2023-24 at 796.67 mln tn, lower than 800.2 mln tn estimated in June. Global exports are seen falling to 211.6 mln tn from 212.6 mln tn projected last month.

 

In Davanagere, Karnataka, MAIZE was sold at 2,200-2,350 rupees per 100 kg, steady from the previous trading day, said Shiva Kumar, a local trader. Arrivals were also steady at 500 bags (1 bag = 60 kg), he said.

 

The government has prohibited the export of de-oiled rice bran with immediate effect, according to a notification by the Directorate General of Foreign Trade.

 

The decision to curb exports was taken after de-oiled rice bran prices rose sharply in the domestic market. De-oiled rice bran is an important ingredient for cattle, poultry and pig feeds.

 

The following table details grain prices in major markets, along with the change:

 

COMMODITY

MARKET

PRICE

(rupees/100 kg)

CHANGE

(rupees)

Wheat

Indore

2,45050

Wheat

Kota

2,35025

Maize    

Davanagere

2,200-2,350—

Maize

Purnea

 

End

 

Edited by Rajeev Pai

 

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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© Informist Media Pvt. Ltd. 2023. All rights reserved.

Source: Cogencis

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