Rice basmati recovers on pick up in demand

Grains: Rice basmati prices recovered at the wholesale grains market during the week backed up by demand from retailers amid a pause in supplies from producing belts.

However, wheat and jowar eased on reduced offtake against adequate stocks position.

Traders said scattered demand from retailers against restricted arrivals from growing regions mainly led to a recovery in rice basmati prices.

They said, however, fall in demand from flour mills weighed on wheat prices.

Reduced offtake by consuming industries against sufficient stocks on increased supplies from producing regions kept pressure jowar prices, they added.

In the national capital, rice basmati common and Pusa-1121 variety rebounded by Rs 100 each to Rs 7,800-7,900 and Rs 6,750-6,850 per quintal, respectively.

On the other hand, wheat dara (for mills) declined by Rs 15 to Rs 2,015-2,020 per quintal. Atta chakki delivery followed suit and traded lower by Rs 20 to Rs 2,020-2,025 per 90 kg.

Other bold grains jowar yellow and white shed Rs 50 each to Rs 1,600-1,650 and Rs 2,800-2,850 per quintal respectively.

However, barely found fresh buying support from consuming industries and ended higher by Rs 50 to Rs 1,660-1,670 per quintal.