Rice prices skid in wholesale market as output surges
27 Dec 2019 10:48:49
Business Bureau :
The prices of rice in the market have skidded by 10 to 15 per cent as compared to the year ago period (YoY). Sources attributes the drop in the prices to the rise in 25 per cent production as compared to last year. The prices at the rice millers have descended by Rs 300 to Rs 400 per quintal. The new rice have just arrived in the market. Last year, the prices of rice at the mill were quoted at Rs 4500 per quintal which this year have tumbled to Rs 4100 per quintal.
Sources said that in the market there was rumour that State Government will give a subsidy of Rs 500 per quintal to the farmer. However, traders in the market are wondering how it would be possible for the State Government to give the subsidy when there is paucity of funds. There is cloudy weather. Taking cue of both these factors, farmers have increased the prices by Rs 100 to Rs 150 per quintal. Rice in grown in places like Mul, Gadchiroli, Gondia, Sakoli, Tiroda, Chimur, Chandrapur, Bramhapuri etc. Mills operating in this area are directly selling to places like Mumbai, Pune, Aurangabad, Solapur, Satara and Sangli. When contacted, Pratap Motwani, Secretary of The Wholesale Grain and Seeds Merchants Association said, in 2018, rice was cultivated on 10.01 lakh hectares of land. In 2019, the area covering rice cultivation was 12.55 lakh hectares.
The production this year will increase by 20 to 25 per cent as compared to last year. He said, “The month of January is good for stocking rice in households as the prices will inflate after Mahashivratri when the marriage season will commence.” In the local wholesale market, the prices of rice per kg quoted as against the year-ago period were Chinnor- Rs 55 to Rs 56 per kg (Rs 60 to Rs 65 per kg), Jaishriram- Rs 26 to Rs 46/kg (Rs 45 to Rs 50/kg), Jaishriram old- Rs 50 to Rs 55/kg (Rs 55 to Rs 60), Basmati- Rs 50 to Rs 90/kg (Rs 60 to Rs 110), Basmati branded- Rs 70 to Rs 110/kg (Rs 90 to Rs 130), Suvarna - Rs 23 to Rs 25/kg (Rs 28), Suvarna old- Rs 27 to Rs 28/kg (Rs 29 to Rs 31).