Maize climbs as monsoon lags, rice prices steady

Grain prices showed mixed trends across key spot markets on Tuesday, with maize and wheat prices rising in select markets, while rice prices remained steady amid stable demand.

Maize prices in Indore rose sharply due to concerns over delayed kharif sowing caused by a weak monsoon. Prices gained ₹125 per 100 kg to ₹2,300 per 100 kg, supported by worries over lower near-term supplies.

Traders said delayed rainfall has slowed maize sowing despite official data showing acreage higher year-on-year. Market participants noted last year’s lower sowing base due to excess rainfall has distorted comparisons, making current acreage appear stronger than actual ground conditions.

Wheat prices also strengthened in parts of central and western India. In Indore, wheat prices rose ₹20 to ₹2,660 per 100 kg, while prices in Kota increased by ₹100 to ₹2,425–₹2,475 per 100 kg. 

Traders attributed the rise to concerns over potential El Niño conditions, which could impact rainfall, snowfall and winter temperatures, posing risks to the upcoming rabi crop. Lower arrivals and the government’s cancellation of wheat stock offloading tenders also supported sentiment. 

Meanwhile, rice prices remained steady in Navi Mumbai. Traders expect basmati rice prices to rise in the coming weeks, supported by hopes of stronger demand from West Asia following the reopening of the Strait of Hormuz, a key trade route for Indian exports.