India Grain: Maize up on lean supply, wheat rises on firm demand

• 14 Feb, 2019
• India

NEW DELHI – Prices of maize across key spot markets rose today, as arrivals fell due to a sharp decline in prices over the last few days, traders said. 

Prices had been on a decline for the last few days after the Telangana government decided to sell 400,000 tn of maize at 1,850 rupees per 100 kg to poultry units in the state.

"Arrivals fell as traders are holding back stocks on hopes of prices rising in coming days due to extreme tight supply," Nizamabad-based trader Amrutlal Kataria said.

In Nizamabad, arrivals fell to 600-700 bags (1 bag = 100 kg) today from 800-900 bags on Monday, while in Davangere, they were at 700-800 bags, down 100-200 bags. 

"Prices are likely to edge higher as stockists are likely to hold back stocks until prices rise," Davangere-based trader Shiv Kumar said.

Wheat prices also edged higher due to higher demand from wholesalers for the new crop, traders said. A marginal decline in arrivals also supported prices, they said.

"As the government will not procure the new crop before April, mills will turn to spot for the good-quality new crop. Hence, prices are edging up due to better demand," Indore-based trader N.K. Agarwal said. 

Arrivals in Indore were estimated at 1,500-1,600 bags (1 bag = 100 kg) today, about 200 bags lower than on Monday. In Jaipur, arrivals were pegged at 1,400-1,500 bags, down 200-250 bags.

Prices of Basmati paddy also inched up today due to firm demand from mills, traders said. However, paddy prices are likely to remain at these levels as most mills have enough stocks with them, an Amritsar-based trader said. 

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

 

Commodity	Market	Price (in rupees)	Change (in rupees)
Wheat	Kota	1,980-2,120	10-20
Wheat	Indore	2,050-2,090	10-20
Maize	Davangere	1,930-1,950	5-10
Maize	Nizamabad	1,910-1,930	10
Basmati 1121 Paddy	Amritsar	3,790-3,810	10-20

 

This copy was first published on the Cogencis WorkStation

Source:http://www.cogencis.com/newssection/india-grain-maize-up-on-lean-supply-wheat-rises-on-firm-demand/