Lower Supply of Wheat Helps Strengthen Rice Production

03/04/07 Wheat prices declined on the wholesale grains market on increased arrivals from producing areas against sluggish demand and closed in negative zone.

However, rice basmati strengthened on increased demand against restricted supply.

Traders said increased arrivals from Madhya Pradesh and reduced offtake mainly led to fall in wheat prices.

They said increased demand against restricted supplies helped rice to strengthen.

Wheat MP (deshi) remained under pressure and quoted lower at Rs.1375-1500 instead of Rs.1400-1500 while wheat dara (for mills) dipped to Rs.995-1000 fromto Rs.1015-1020 a quintal respectively.

Similarly, atta chakki (delivery) and roller flour mills eased to Rs.1000-1005 and Rs.1000-1010 against last closing of Rs.1020-1025 and Rs.1010-1020 a 90 kg respectively in line with wheat.

Maida followed suit and traded lower at Rs.1140-1150 a 90 kilo.

In the rice section, Rice basmati (lal quila) quoted higher at Rs.5000 a quintal increased exporters demand.

Basmati common remained in demand and gained another Rs.100 at Rs.3600-300 a quintal on fresh demand.

Permal raw, wand, sela and IR-8 were also traded up at Rs.1100-1120, Rs.1225-1280, Rs.1340-1400 and Rs.1040-1060 a quintal respectively.