Domestic paddy prices hold firm over damage to crop last year

Iran is the largest buyer of Indian basmati and shipments had stood at nearly $1.5 billion in 2018-19

Amid the setback faced by the Indian basmati exporters over stalled shipments due to the ongoing US-Iran standoff, the prices of non-basmati paddy are holding firm and rising in some local markets after reports of crop damage following last year’s heavy rainfall and subsequent flooding in major growing areas have surfaced.

After the advisory by All India Rice Exporters Association (AIREA) to suspend basmati shipments to Iran for the time being, the prospects of basmati trade had come under the cloud which reflected in the fall in its prices on the Indian Commodity Exchange (ICEX).

Iran is the largest buyer