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Rice market witnessed a downtrend on Monday as aromatic rice and non-basmati varieties dropped by Rs 15-70 a quintal on low buying.
Mr Amit Chandna, Proprietor of Hanuman Rice Trading Company, told Business Line that demand of full grain rice is not picking up while the brokens have maintained their momentum. The arrivals of new paddy will start in September and it has also created some pressure on market, he added.
Pusa-1121(steam) eased further by Rs 50 and settled at Rs 4,900-5,000 a quintal, Pusa-1121(sela) decreased by Rs 30 and was around Rs 3,830-3,870, while Pusa-1121(raw) was quoted at Rs 4,275 a quintal, Rs 25 down from previous level.
Pure Basmati (Raw) continued to tumble, dropped by Rs 70 and was ruling at Rs 5,750 a quintal while Basmati Sela quoted around Rs 3,950-4,000 a quintal.
With equal demand and supply in the market, brokens of both aromatic and non-basmati varieties remained unchanged. For the brokens of Pusa1121, Tibar was at Rs 3,100-3,400, Dubar at Rs 2,600-2,690 while Mongra was trading at Rs 1,900-2,210 a quintal.
Sharbati (steam) dropped by Rs 15 and ruled at Rs 2,800-2,815 while the Sharbati (Sela) was at Rs 2,700 a quintal.
Among the brokens of Sharbati variety, Tibar quoted at Rs 2,350-2,550, Dubar sold at Rs 2,100-2,270 while Mongra was trading around Rs 1,700-1,740 a quintal.
PR11 (Sela) decreased by Rs 25 and sold at Rs 2,100-2,280 a quintal, while PR-11 (raw) quoted at Rs 1,925-2,135 a quintal. Permal (sela) sold at Rs 1,800-1,930 a quintal while Permal (Raw) sold at Rs 1,900-2,025 a quintal.
International production
According to the reports, the International Grains Council raised its forecast for global rice inventories to a nine-year high, due to likely higher output in India, China and major exporting countries.
The new forecast for the end of 2011-12 is 99.3 million tonnes (109.5 million short tonnes), 1 per cent higher than the previous estimate.
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