Uncertainty in the rice market
As we told that the Basmati Rice market is declining. In the last ten days Basmati rice has broken up to Rs 1000 per quintal. The arrival of new paddy has started in some mandis of Uttar Pradesh and it will further increase in the first week of June. This is the reason why maximum decline is being seen in 1509 Sella. Experts say that at present there is no big order in exports. Some big farmers and stockists may have basmati paddy, who could not sell while waiting for higher prices. We believe that the arrival of paddy in the spot markets has ended. But the arrival of new paddy has started and it will increase further in the coming time. Hence, there is little hope of bullish sentiment from here. Major importing countries have bought a major portion of the import quota of basmati rice. So there is uncertainty about getting big orders for rice.