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Informist, Tuesday, Jun. 17, 2025

By J. Navya Sruthi

MUMBAI – Prices of basmati rice fell in key markets of the country on Tuesday due to the ongoing conflict between Iran and Israel, traders said. They expect prices to fall further due to low export demand. However, prices of wheat and maize were largely unchanged from the previous day, according to traders.   

Prices of basmati sella RICE variety in Navi Mumbai's Vashi market were down at INR 6,000-INR 6,100 per 100 kg from INR 6,400-INR 6,500 per 100 kg Monday, wholesale dealer Devendra Vora said. Prices of the 1121 basmati rice variety were down at INR 7,800 per 100 kg from INR 8,000 per 100 kg the previous day. Similarly, prices of the 1509 basmati variety fell by INR 300 to INR 6,800-INR 6,900 per 100 kg. 

Iran is the third-largest buyer of Indian basmati rice, with a 14% share in India's total basmati exports. While shipments to Iran in 2024-25 (Apr-Mar) were at 2 million tonnes, actual exports to the country were lower at 855,133 tonnes as some of the shipments made their way to Dubai and Iraq, exporters said.

In FY25, India's total basmati exports were over 6 million tonnes. 

Share prices of major basmati rice exporting companies have fallen. On Tuesday, shares of KRBL Ltd. fell nearly 1% to INR 356.65 on the National Stock Exchange. Similarly, shares of LT Food Ltd. closed at INR 441.95, down over 2% on the NSE.      

Prices of broken rice remained steady at INR 2,700 per 100 kg, Vora said. The price of sona masoori rice was also steady at INR 5,200 per 100 kg at Bhavanipuram in Andhra Pradesh's Vijayawada, local trader Ravi Shankar said.

WHEAT prices in Navi Mumbai's Vashi market were steady from the previous day at INR 2,725 per 100 kg, Vora said. Prices of the staple grain in Delhi were also steady from the previous day at INR 2,750 per 100 kg, according to traders. 

Prices of MAIZE in Indore, Madhya Pradesh, were steady at INR 2,300 per 100 kg, according to traders. With the next crop due to arrive only after October, traders expect maize prices to rise by INR 100 in the near term if demand remains good.

According to data from the farm ministry, the area under maize was down nearly 16% on year at 360,000 hectares as of Tuesday. The area under paddy, one of the main kharif crops, was up over 13% on year at 453,000 hectares due to increased demand from the ethanol sector.  End

Edited by Avishek Dutta

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