Informist, Monday, Jul 17, 2023
By Sayantan Sarkar
MUMBAI – Prices of mill-quality wheat remained steady in Kota, Rajasthan, today as the market is waiting for fresh cues. Maize prices were unavailable for the fourth successive trading day.
Wheat prices have been flat since the middle of last week on account of a lack of triggers, according to local traders. Aniket Mehta, a trader in Kota, said prices may fall slightly in the coming days due to poor demand as the market is waiting for the government’s next move.
Today, in Kota, wheat was sold at 2,150-2,200 rupees per 100 kg, steady from the previous trading day, said Mehta. Arrivals were pegged at 10,000 bags (1 bag = 50 kg), also steady from the previous day.
On the international front, the market will focus on the Black Sea Grain Initiative, which is set to expire today, and has still not been extended, TASS reported citing sources from United Nations.
The initiative on the safe transportation of grain and foodstuffs from Ukrainian ports, also called the Black Sea Grain Initiative, is an agreement among Russia, Ukraine, Turkey and the United Nations during the 2022 Russian invasion of Ukraine.
“Ukraine has shipped about 33 mln tn of grains since July 2022 under the deal. Failing to extend the deal would lead to a tightening in grain markets, which would propel prices higher,” ING Economics said in a note.
The latest Commodity Futures Trading Commission data shows that speculators cut their short positions by 1,878 lots to 52,128 lots on CBOT wheat.
The following table details grain prices in major markets, along with the change:
End
Edited by Vidhi Verma
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