Informist, Wednesday, Feb 28, 2024
By J. Navya Sruthi
MUMBAI – Wheat prices rose marginally in key markets today because of high demand from traders, market participants said. Maize prices were steady on muted demand.
In Indore, Madhya Pradesh, prices of WHEAT were 2,200-2,450 rupees per 100 kg, up 50 rupees from 2,200-2,400 rupees on the previous day, said Jitendra Panwar, a local trader. Wheat arrivals in Indore were up by 500 bags to 8,500 bags (1 bag = 60 kg) from the previous day, Panwar said.
The arrivals have low moisture content and are ready for processing, which is supporting prices, Panwar said. Traders from other markets are also buying from Indore due to the availability of better-quality wheat, the trader said. Panwar said wheat prices are likely to ease once arrivals increase from mid-March.
According to the Department of Consumer Affairs, the all-India average wholesale price of wheat today was 2,734.63 rupees per 100 kg, down 3.27 rupees from a year ago and 65.96 rupees from a month ago.
MAIZE prices were steady at 2,000-2,200 rupees per 100 kg in Davanagere, Karnataka, Shiva Kumar, a local trader, said. Arrivals in Davanagere were steady at 1,000 bags (1 bag = 60 kg) from the previous day.
Kumar said increased arrivals in neighbouring Tamil Nadu have weighed on maize prices in Karnataka. Some traders are stocking maize, anticipating a rise in prices and demand from the ethanol industry, he said. The kharif maize crop was damaged due to lower rainfall, the trader said. Karnataka received 25% deficit rainfall during the southwest monsoon season, according to the state’s kharif acreage report. Kharif accounts for about 65-70% of the annual maize production in the country.
The all-India average wholesale price of RICE today was 3,898.36 rupees per 100 kg, up 506.99 rupees from a year ago and 2.2 rupees from a month ago, according to data from the Department of Consumers’ Affairs.
End
Edited by Saji George Titus
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