Price of wheat rises; that of rice goes down

6 Oct 2022 , 09:01 AM

During this festive season, the prices of two important staples–rice and wheat–are shifting in opposite directions. During the current holiday season, wheat prices have increased by 4%, whereas rice prices have decreased. Prices for non-basmati rice have dropped by up to 5% while basmati prices have dropped by 12%.

Anjani Aggarwal, president of the Roller Flour Millers Federation of India (RFMFI), stated to ET that basmati rice prices have decreased due to the massive influx of basmati rice into the market, while wheat prices will remain stable till the next crop is harvested.

A month ago, wheat prices were about Rs2,400 per quintal, but right now in Delhi, they are trading in the Rs2,525 to Rs2,550 per quintal price range.

After the government levied a 20% export levy on specific types of rice beginning September 9, the cost of non-basmati rice decreased.

The initial advance estimates of output of the main kharif crops for 2022—2023, according to the ministry of agriculture, put kharif rice production at 104.99 million tonnes (mt) during the current season, which is 6% less than the production of 111.76 mt in the previous season.

Estimates of Kharif rice production are below the 105.21 mt figure for 2020—21 and the 112 mt targets established for the current season. Given the need for rice for distribution under the National Food Security Act of 2013, the decrease in kharif rice production is substantial.

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