Rice prices depicted soft trend on the grain market on Wednesday amid subdued trading, dealers said. The rice prices fell modestly in the wholesale markets, which will help in lowering the rates at retails level as well, analysts said.
They attributed the slide in the rice prices to reports that said that Russia has banned rice import. This factor may improve supply position, they said. In the local market Irri-white, low type shed Rs 75 to Rs 1350 and better type lost Rs 65 to Rs 1375 as supply position eased in low activity. Irri-6 Sindh followed suit as low type shed Rs 20 to Rs 1640 and better type was down by Rs 30 to Rs 1670, they said.
On the cereal side makai lost Rs 50 to Rs 1150-1200 in process low business. Juwar in sympathy dropped Rs 25 to Rs 1150-1175, they said. On the seed side cottonseed oilcake better type shed Rs 10 to Rs 540, while the inferior type did not move from Rs 380, dealers said.
Sugar lost Rs 50 to Rs 2550-2675 in process of trading, they said. Other commodity items maintained the overnight levels due to balanced demand and supply position, they added.