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Informist, Tuesday, Oct. 1, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice in Mumbai's Vashi market rose today as the government allowed the export of non-basmati rice and relaxed export duty on parboiled rice, traders said. Prices of wheat and maize were steady today in key markets, they said. 

Prices of RICE were up by INR 500 per 100 kilograms to INR 5,800-6,200 today in Vashi market, Devendra Vora, a wholesale trader said. The prices rose following the government's move to relax restrictions on exports of non-basmati rice, Vora said. 

During the weekend, the government allowed exports of non-basmati white rice with a minimum export price of $490 per tonne. In July 2023, the government prohibited the export of non-basmati white rice due to concerns over lower paddy acreage and to control soaring prices. However, in December, it allowed exports of non-basmati white rice to some African countries.

The government also reduced the export duty on parboiled rice to 10% from 20%. The government imposed a 20% duty on parboiled rice exports in August 2023 to ensure adequate local stock and check domestic prices. The duty was to be levied till Mar. 31, but in February the government said the duty would continue until further notice.

Prices of MAIZE in Karnataka's Davanagere were unchanged Tuesday from a day ago at INR 1,600-2,500 per 100 kilograms, Shiva Kumar, a local trader said. Arrivals, however, fell by 2,000 bags to 4,000 bags (1 bag = 60 kilograms). Kumar said arrivals are usually higher on Mondays as the market would be shut on Saturday and Sunday. 

Kumar expects maize prices to fall after Dussehra as arrivals will increase after the festival. Kumar expects prices at the upper end to fall to INR 2,000-2,200 per 100 kilograms. The grain with 25%-30% moisture content is being sold at INR 1,600 per 100 kilograms, he said.

In Telangana's Nizamabad, maize prices were down at INR 2,000-2,511 per 100 kilograms from INR 2,529 per 100 kilograms a day ago, Amrutlal Kataria, a local trader said. Moisture content in the grain was 16%-27%, he said.

WHEAT prices were steady in Rajasthan's Kota at INR 2,700 per 100 kilograms on Tuesday, Aniket Mehta, a local trader said. The arrivals were unchanged from the previous day at 15,000 bags (1 bag = 50 kilograms). Prices were also unchanged in Mumbai's Vashi market at INR 3,050 per 100 kilograms, Vora said.  End

Edited by Saji George Titus

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