Wheat rises, maize steady

Wheat prices in Indore gained ₹40 per 100 kg on Thursday as improving market sentiment and expectations of government stock sales supported the market, while maize and rice prices remained largely stable across major trading centres.

 According to local traders, wheat prices in Indore rose to ₹2,640 per 100 kg from ₹2,600 earlier. The increase was driven by market speculation that the FCI may soon begin open market sales of wheat at a base price of around ₹2,600 per 100 kg.

  Traders said there is no official announcement yet, but expectations of government intervention have improved sentiment and encouraged buying. Under the Open Market Sale Scheme, the government sells wheat and rice to bulk buyers such as state governments and private millers through e-auctions to help control retail prices.

  In contrast, wheat prices in Kota, Rajasthan, remained steady at ₹2,325-₹2,351 per 100 kg, supported by balanced demand and supply.  Wheat prices in Navi Mumbai's Vashi market were also stable at ₹2,700 per 100 kg due to steady arrivals and need-based demand.Maize prices in Indore were unchanged at ₹2,175 per 100 kg.  Traders said demand remained stable, while sowing activity in Madhya Pradesh is yet to pick up fully as the monsoon has not advanced across the state. Market participants believe maize prices will largely depend on monsoon progress and kharif sowing trends in the coming weeks. 

—Informist