Rice basmati slips on adequate stocks

Rice basmati prices dropped by up to Rs 300 per quintal at the wholesale grains market today owing to slackened demand against sufficient stocks.
Traders said muted demand against sufficient stocks on higher supplies from producing regions mainly pulled down rice basmati prices.
Meanwhile, the government's rice procurement has increased 25 per cent to 24.47 million tonnes in the 2015-16 marketing year so far despite prospects of lower production due to poor monsoon.
The Food Corporation of India (FCI) and state government owned agencies undertake the procurement operations. The centre has kept rice procurement target of 30 MT for the current marketing year, which started in October.

These agencies had procured 19.66 million tonnes in the year-ago period, while the total purchases had reached 32 MT.
In the national capital, rice basmati common and Pusa-1121 variety eased to Rs 4,900-5,000 and Rs 3,800-4,700 against last close of Rs 5,200-5,300 and Rs 4,000-4,900 per quintal, respectively.

Following are today's quotations (in Rs per quintal):
Wheat MP (desi) Rs 2,000-2,600, Wheat dara (for mills) Rs 1,700-1,705, Chakki atta (delivery) Rs 1,705-1,715, Atta Rajdhani (10 kg) Rs 230, Shakti Bhog (10 kg) Rs 230, Roller flour mill Rs 880-890 (50 kg), Maida Rs 940-945 (50 kg) and Sooji Rs 975-980 (50 kg).

Basmati rice (Lal Quila) Rs 10,700, Shri Lal Mahal Rs 11,300, Super Basmati Rice Rs 9,700, Basmati common new Rs 4,900-5,000, Rice Pusa (1121) Rs 3,800-4,700, Permal raw Rs 1,900-1.950, Permal wand Rs 2,125-2,175, Sela Rs 2,400-2,500 and Rice IR-8 Rs 1,700-1,720, Bajra Rs 1,425-1,430, Jowar yellow Rs 1,700-1,800, white Rs 3,200-3,300, Maize Rs 1,640-1,645, Barley Rs 1,430-1,440.