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Informist, Tuesday, Oct. 22, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady Tuesday in key markets across the country, traders said. Rice traders expect prices to remain steady due to no new export orders. They are hoping for the government to remove the 10% duty on parboiled rice shipments and $490 per tonne minimum export price on non-basmati rice exports. 

The government in September eased curbs on rice exports. It allowed the export of non-basmati white rice, which has been banned since July 2023, at a minimum export price of $490 per tonne. It also reduced the export duty on parboiled rice, imposed in August 2023, to 10% from 20%. The government had earlier restricted rice exports to ensure adequate local stock and keep domestic prices in check. In September, the government removed the $950-per-tonne minimum export price on basmati rice shipments.

Prices of RICE were steady in Mumbai's Vashi market at INR 6,000-6,200 per 100 kg, Devendra Vora, a wholesale broker, said. Basmati rice prices were also steady at INR 7,300-7,800 per 100 kg, he said. Prices of Sona Masoori rice, a non-basmati premium variety, were steady at INR 6,400 per 100 kg in Vijayawada's Bhavanipuram in Andhra Pradesh, said Ravi Shankar, a local trader. 

Shankar said that currently, there are few export orders for Indian rice due to uncertainty about the policy. "Customers (importers) do not trust India as we make multiple changes to policy," he said. Agreeing with Shankar, Vora said all the rice is stuck in shipments and exporters do not want any trade restrictions, as they will incur losses due to these restrictions.

Prices of WHEAT were steady from the previous day at INR 3,150 per 100 kg, Vora said. "Prices are likely to be range-bound till Diwali due to demand from flour mills," he said. End

Edited by Avishek Dutta

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