Informist, Thursday, Jan 5, 2023

By Tanya Rana

NEW DELHI – Prices of wheat rose in key benchmark markets of Indore, Madhya Pradesh, due to higher demand from millers, while prices of maize were steady in Bihar and Karnataka, traders said.

* Prices of mill-quality WHEAT rose today in Indore due to an increase in demand from flour millers, said N.K. Agarwal, a local trader. Arrivals were steady at 2,000 bags (1 bag = 50 kg).

* In a meeting with the food secretary in late November, the Roller Flour Millers' Federation of India had urged the government to sell wheat under the Open Market Sale Scheme in December and January. The industry body voiced concerns regarding the unavailability of wheat and the gradual rise in prices.

* Prices have surged owing to the absence of any open market sale by the government and the unavailability of wheat stocks with flour millers.

* The government is considering selling 2 mln tn of wheat in open markets to cool down rising prices. The final decision on the matter is expected next week, a senior government official told Informist.

* Wheat prices in markets in north India are currently at 2,860-2,900 rupees per 100 kg, well above the government's minimum support price of 2,015 rupees for the current season. 

* Meanwhile, prices of wheat were flat in Kota, Rajasthan, and arrivals were pegged at 3,000 bags, down 2,000 bags from the previous trading day. 

* Prices of MAIZE were flat in Purnea, Bihar, and arrivals were unchanged at 6,000 bags (1 bag = 60 kg), said Kanhaiya Rastogi, a local dealer. 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.

* The area under maize is around 1.76 mln ha, 21.2% higher than a year ago, agriculture ministry data showed.

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

* Prices of BASMATI 1121 RICE rose today due to a surge in demand from rice millers, said Raman, a local dealer.

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

End

US$1 = 82.56 rupees

Edited by Avishek Dutta

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.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

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

Informist, Thursday, Jan 5, 2023

By Tanya Rana

NEW DELHI – Prices of wheat rose in key benchmark markets of Indore, Madhya Pradesh, due to higher demand from millers, while prices of maize were steady in Bihar and Karnataka, traders said.

* Prices of mill-quality WHEAT rose today in Indore due to an increase in demand from flour millers, said N.K. Agarwal, a local trader. Arrivals were steady at 2,000 bags (1 bag = 50 kg).

* In a meeting with the food secretary in late November, the Roller Flour Millers' Federation of India had urged the government to sell wheat under the Open Market Sale Scheme in December and January. The industry body voiced concerns regarding the unavailability of wheat and the gradual rise in prices.

* Prices have surged owing to the absence of any open market sale by the government and the unavailability of wheat stocks with flour millers.

* The government is considering selling 2 mln tn of wheat in open markets to cool down rising prices. The final decision on the matter is expected next week, a senior government official told Informist.

* Wheat prices in markets in north India are currently at 2,860-2,900 rupees per 100 kg, well above the government's minimum support price of 2,015 rupees for the current season. 

* Meanwhile, prices of wheat were flat in Kota, Rajasthan, and arrivals were pegged at 3,000 bags, down 2,000 bags from the previous trading day. 

* Prices of MAIZE were flat in Purnea, Bihar, and arrivals were unchanged at 6,000 bags (1 bag = 60 kg), said Kanhaiya Rastogi, a local dealer. 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.

* The area under maize is around 1.76 mln ha, 21.2% higher than a year ago, agriculture ministry data showed.

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

* Prices of BASMATI 1121 RICE rose today due to a surge in demand from rice millers, said Raman, a local dealer.

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

End

US$1 = 82.56 rupees

Edited by Avishek Dutta

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.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

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