Wheat slips on higher arrivals, maize steady

Wheat prices declined in Indore on Thursday as higher arrivals increased market supplies, while rice and maize prices remained largely steady across key agricultural markets, traders said.

In Indore, wheat prices fell by ₹10 to ₹2,580 per 100 kg as farmers continued selling their remaining stocks to fund purchases of seeds and fertilisers ahead of the kharif sowing season.  Traders expect arrivals to remain strong in the coming weeks, which could keep pressure on prices.

In Kota, Rajasthan, wheat prices remained stable at ₹2,375-2,400 per 100 kg despite arrivals falling to 15,000 bags from 22,000 bags earlier. Market participants said sentiment remains weak and prices are unlikely to rise solely because of a temporary decline in arrivals. With government procurement operations now completed in Rajasthan, traders expect wheat prices to face further downside pressure. Wheat prices in Vashi were also unchanged at ₹2,700 per 100 kg.  

Government procurement at the minimum support price has continued to provide support amid subdued market demand. Maize prices held steady in major markets. In Indore, prices remained at ₹2,175 per 100 kg despite higher arrivals. 

Traders said stable demand has prevented any decline in prices. Demand from the ethanol sector is expected to strengthen in the coming months as India continues to push for higher ethanol blending in fuel. In Davanagere, Karnataka, maize prices were unchanged at ₹1,800-2,050 per 100 kg, with arrivals remaining stable. —Informist