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Jagat Agro

Commodities Pvt Ltd

5586, II Floor,
Lahori Gate

Naya Bazar
Delhi-110006

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91-11-23941832
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RICE NEWS YOU CAN USE

(Issue 2 - 16 Sep 2004)

From this issue onwards, besides giving you useful rice news, we will take you on a virtual tour of India through the medium of pictorial Ebooks on famous monuments, forts, palaces & great places to visit in India, which can be read on any computer and are being specially compiled for you. These eBooks will be emailed with our complimentry fortnightly newsletter. 

Ebook of the Fortnight.

Qutub Minar Delhi (Qutub.zip 580 kb)

Monsoons Fail To Cheer. 

Monsoons got delayed in one third of the country, picked momentum in early August and bid goodbye to the North & Northwest India in the fourth  week of August. The country has received approximately 11 percent less rainfall than normal average. 

Farmers have had to incur high additional costs in watering their paddy fields. 

In India, in the year 2003 paddy was sown on about 32 million hectares till end of Aug. This year it was sown on about 30 million hectares - an overall shortfall of about 2 million hectares.
The overall rice output is likely to be about 82.5 million tonnes compared to last year's output of 87 million tonnes.

Because of the overall shortfall in production, availability of rice for exports is likely to be restricted.

Analysis

Because of lack of rains since the third week of Aug resulting in  dry patches in some areas, Basmati Pusa crop seems to have been affected, however there is no report of Basmati crop being spoiled. The quality of the late sown crop may not be good.

Basmati Prices.

Price of Basmati Paddy is stable at USD 330 PMT Ex Mandi (Trading Centers) in Gunny bags.

Basmati rice prices are ruling at USD 610 PMT for raw and USD 550 PMT non - sortexed for Sela(Parboiled) ex factory in Gunny Bags.

New Basmati crop prices are expected to be USD 305 PMT for paddy resulting in 570 PMT for Raw and USD 500 for Sela.

Trade reporting.

2000 MT of Sortexed Parboiled Basmati Rice reportedly being sold in the local market at USD 570 PMT in Gunny Bags.

Expectations.

Old crop prices will remain stable till November as demand from Foreign Buyers are not forthcoming. 

Recomendations.

Buyers short of Old crop should cover up now as the prediction of high price of USD 300 PMT for new crop paddy becomes a reality will definitely push up the prices of old crop paddy.

Disclaimer.

Though analysis & recommendations contained herein are unbiased & sincere views expressed by Jagat News Team, buyers are advised to use their personal experience, wisdom and discretion for making purchase decisions.

Please lookout for the next issue of Rice News You Can Use after a fortnight. 

We will be happy to supply you rice as per your requirement. Ask us for a quote when you want to buy next. 

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With regards from Jagat Agro Commodities Pvt Ltd 

Jagat "Rice News You Can Use" Team)

Jagat Agro Commodities Pvt Limited

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