In line with the international track, rice prices fell on wholesales grain market due to falling demand, dealers said. On the rice sector, Irri-6 Sindh dropped sharply by Rs 100 to Rs 2725-3800 owing decline in demand, they said and adding that prices may come down in the near future.
According to a report, a significant rice surplus is forecast to shrink by the end of the decade if more farmland in top exporting nations is put to industrial use and weather conditions worsen, keeping prices high as a growing world population boosts demand. Ample supply may insulate Asia's main staple for at least two more years from price surges that have hit other grains, but costlier rice would feed food inflation worries, stirring fears of a repeat of the 2007/08 global food crisis that led to riots in some developing nations.
An estimated excess of two million tonnes of rice over the next three years is seen diving 90 percent to 200,000 tonnes by the end of the decade, under normal weather patterns, the Food and Agriculture Organisation (FAO) says. On the cereals side, wheat old and new Bardana lost Rs 25 to Rs 2525-2540 in process of trading, dealers said.
In order to control prices of commodities, vegetable and fruits, the government taking measures ahead of Ramazan, they said. Another report is that sugar prices went up by Re.1 per kilogram, sugar is more important in some commodity items, for all seasons particularly during Ramazan, its really a relief package for Rozadars, they said.
Gur best type was also higher by Rs 300 to Rs 8500 while the low type was quoted at Rs 6800, they said. On the seeds side, sharp decline was witnessed as cottonseeds oilcake with bag Sindh low type fell steeply by Rs 100 to Rs 1250 while the best type was down by Rs 25 to Rs 1400, other items showed no change due to balance demand and supply, they said.
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