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India Grain:Wheat, basmati up on firm demand; maize up on low supply

Thursday, Oct 31, 2019

 

By Sampad Nandy

 

NEW DELHI – Prices of maize rose today across key spot markets as demand for good quality crop remained strong, traders said, adding that higher arrivals of fresh but poor quality crop capped a sharp rise in prices.  

 

In Nizamabad, arrivals were pegged at 1,000 bags (1 bag = 100 kg), up from 500 bags from Wednesday. 

 

Demand for the new kharif maize crop is likely to remain weak in the coming days as fresh arrivals are of poor quality with moisture content of 25-30%, against the acceptable limit of 13-14%, traders said. 

 

Futures contracts of maize on the National Commodity and Derivatives Exchange were not traded today.

 

Prices of mill-quality wheat also rose today in spot markets due to low arrivals and firm demand from flour millers, traders said. 

 

In Indore, arrivals were pegged at 200 bags (1 bag = 100 kg), down from 300 bags on Wednesday, traders said. In Jaipur, arrivals were at 250 bags tn compared with 300 on Wednesday, they added. 

 

Prices of the grain are, however, seen falling in the coming days as the price has crossed the base price of the government's weekly auction scheme at most mandis, traders said.

 

For Oct-Dec, the government has set a base price at 2,190 rupees per 100 kg in non-wheat producing states under its open market sale scheme. The price will be hiked by 55 rupees every quarter in the current financial year.

 

Futures contracts of wheat on the NCDEX were also not traded today. 

 

Prices of Pusa 1121 basmati paddy rose due to a rise in demand from rice millers amid steady arrivals, traders said. The new crop has started arriving in some parts of Haryana and Punjab in full swing, Amritsar-based trader Ashok Sethi said. However, heavy rains during the harvest season has delayed arrivals in many places.

 

The November 1121 basmati paddy futures contract on the Indian Commodity Exchange fell 2.4% to 2,161 rupees per 100 kg as production is pegged 15% higher on year, traders said.

 

India's basmati rice production may also rise 15% on year to 5.7 mln tn in 2019-20, Agricultural and Processed Food Products Export Development Authority's Basmati Exports Development Foundation Director A.K. Gupta had told Cogencis earlier.

 

Following are today's prices of wheat, maize, and paddy, in rupees per 100 kg, in key wholesale markets, and the change from the previous day: 

 

Commodity

Market

Price

Change

Wheat

Indore

2,250

10-15
WheatJaipur2,200  15-20

Maize

Sangli

2,300

   10-15
MaizeNizamabad2,100   15-20
Pusa 1121 basmati paddyAmritsar2,900-2,930  50-70

 

End

 

Edited by Nidhi Chugh

 

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This copy was first published on the Cogencis WorkStation

© Cogencis Information Services Ltd. 2019. All rights reserved.

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