Muted demand drags down rice basmati prices

Rice basmati prices fell by up to Rs 250 per quintal at the wholesale grains market today owing to slackened demand.

Barley also eased on reduced offtake by consuming industries.

Traders said easing demand against adequate stocks position, mainly pulled down rice basmati prices.

Meanwhile, the Centre yesterday fixed higher rice procurement target at 37.5 million tonnes for the 2017-18 marketing season beginning October on hopes of good production.

The government's rice procurement has touched 34.35 million tonnes (MT) in the ongoing 2016-17 marketing season (October-September). The procurement has already crossed the target of 33 million tonnes set for this year.
 

In the national capital, rice basmati Pusa-1121 and common slipped to Rs 5,000-5,050 and Rs 6,300-6,500 from previous levels of Rs 5,250-5,300 and Rs 6,500-6,700 per quintal, respectively.

Non-basmati rice permal raw, wand,sela and IR-8 also settled lower at Rs 2150-2175, Rs 2,200-2,225, 2,300-2,400 and Rs 1,825-1,850 from previous levels of Rs 2,200-2,225, Rs 2,250-2275,Rs 2,400-2,500 and Rs 1,850-1,900 per quintal respectively in line with basmati trend.

Barley too shed Rs 10 to Rs 1,465-1,475 per quintal.

Following are today's quotations (in Rs per quintal):

Wheat MP (desi) Rs 2,100-2,350, Wheat dara (for mills) Rs 1,765-1,770, Chakki atta (delivery) Rs 1,770-1,775, Atta Rajdhani (10 kg) Rs 260-300, Shakti Bhog (10 kg) Rs 255-290, Roller flour mill Rs 970-980 (50 kg), Maida Rs 1,010-1,020 (50 kg)and Sooji Rs 1,035-1,040 (50 kg).

Basmati rice (Lal Quila) Rs 10,700, Shri Lal Mahal Rs 11,300, Super Basmati Rice Rs 9,800, Basmati common new Rs 6,300-6,500, Rice Pusa (1121) Rs 5,000-5,050, Permal raw Rs 2,150-2,175, Permal wand Rs 2,200-2,225, Sela Rs 2,300-2,400 and Rice IR-8 Rs 1,825-1,850, Bajra Rs 1,180-1,190, Jowar yellow Rs 1,450-1,500, white Rs 2,900-3,100, Maize Rs 1,300-1,305, Barley Rs 1,465-1,475.