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RICE NEWS YOU CAN USE Issue 42 - 15 Oct 2007
A hearty Eid Mubarak from all of us at Jagat Agro Commodities.
This month's eBook is Diabetes - Holistic Remedies. Gift it to your friends. Its simple - simply mail them this newsletter. They can download it just like you can.
Government bans exports of
non basmati rice - Rice exporters fear that the government’s decision
to ban exports of non-basmati rice, announced on Tuesday, Oct 9 may impact
domestic farmers adversely. This is because the rice varieties, that
earlier fetched a premium in the international markets will now have to be
sold in the local markets at low rates. The varieties include Pusa 1121
and Sharbati from North India, Narvare and Punni rice from South India and
Sona Masauri. The prices in the local markets have already come down on
Wednesday and in Amritsar the price of sharbati was down by Rs 100-200 per
quintal at Rs 1,151-Rs 1,261, price of Pusa was down by Rs 100 to Rs
1,811-Rs 1,821. Prices were down even in Karnal mandi in Haryana where
Pusa 1121 was down by Rs 200 at Rs 1,800 while sharbati was down by Rs 100
to Rs 1,300-Rs 1,350 per quintal.
Due to the ban on exports of non basmati rice, prices have already undergone a correction in most mandis. Prices (All prices in USD). Export Prices CNF Gulf Countries. In USD PMT, all prices tentative in 45/50 kg new jute bags (Sortexed)
Exports of Sharbati and PR 11 are unclear as they fall under non-Basmati Rice unless one blends it with Basmati. The nomenclature for 1121 clearance by the government as Basmati Rice is awaited, but may take a long time. Three Exporters have sold in advance about 65000 MT of Brown Basmati Rice to Europe at $750 to $ 850/- They will be running in heavy losses.
Those running out of stock have
no option but to buy at prevailing high prices.
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 month. Please enable HTML viewing & Display Attached Images with Message in your browser if you are not seeing this mail correctly. Please be assured that we
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