Weekly Review: Paddy & Rice

30-Nov-2024 07:41 PM

Weekly Review: Paddy & Rice Market (21-27 November)

1. Paddy Market:

   • Increased Arrivals & Price Softening: As the Kharif paddy harvest peaks, the market is seeing increased arrivals, particularly in Delhi's Narela Mandi, where daily arrivals ranged from 40,000 to 70,000 bags. This led to a price decline of Rs 50 per 100 kg. Similarly, in Rajim Mandi, Chhattisgarh, prices softened by Rs 50-60 due to the daily influx of 7,000-10,000 bags.
   • Regional Price Trends:
     • Punjab (Amritsar): In Amritsar, the price of 1121 paddy dropped by Rs 275 to Rs 3,600-4,150 per quintal, and the price of 1509 variety fell by Rs 111 to Rs 2,800-3,200 per quintal. Around 25,000-30,000 bags were arriving daily.
     • Tarn Taran (Punjab): On 27th November, 65,000 bags arrived in Tarn Taran, showing high regional supply pressure.
     • Other Areas: Uttar Pradesh, Madhya Pradesh, Rajasthan, and Haryana also witnessed increased paddy arrivals, with prices fluctuating slightly by Rs 500-700 per quintal, depending on the region.

2. Rice Market:

   • Price Improvements Due to Export Demand: Rice prices showed positive trends due to increased interest from traders and exporters.
     • Chhattisgarh (Bhatapara): The price of Vishnubhog rice increased by Rs 100 to Rs 7,300-7,400 per quintal.
     • Amritsar: Prices for 1718 steam rice rose by Rs 350 to Rs 7,150-7,200 per quintal.
     • Bundi (Rajasthan): The price of 1121 Basmati rice declined by Rs 300 to Rs 7,600 per quintal.
     • Karnal (Haryana): In Karnal, most rice varieties saw a price drop of Rs 100-300 per quintal, but Sharbati Sela rice jumped by Rs 500 to Rs 5,400 per quintal.
     • Delhi (Naya Bazar): The price of 1509 Sela rice fell by Rs 400 to Rs 5,500-5,600 per quintal.
   • Market Conditions: The market continues to see robust demand, especially for Indian rice on the global stage. Despite some price fluctuations, the outlook for rice remains positive due to sustained export demand.

In summary, while paddy prices are under pressure due to the rising supply, rice prices are benefiting from strong demand, particularly for export purposes. The future outlook suggests continued demand for Indian rice globally, which could support price stability or even growth.