After a 60 percent decline in the exports of rice, prices of same item continuously travelling in negative territory on the wholesale grain market on Monday, dealers said. Since, the current fiscal year started, rates of rice are on decline, so on the rice sector, Irri-9 Sindh low type was inert at Rs 4800 while the fine type was down by Rs 200 to Rs 5000, Irri-6 Sindh low type shed Rs 20 to Rs 3200 and best type also lost Rs 50 to Rs 3225, they said.

Commenting on the fresh decline in rice prices, an official of Rice Export Association of Pakistan (Reap) said that since India lifted ban on its rice export, the Pak rice is losing value in the international market, other brokers said. According to a report, India may leave major grower of long grain specifically rice, Thailand behind in exports of rice this year. The country's foreign exchange reserves are on downward, this factor may cause further erosion in downfall, they said.

On the grams side, yellow peas Canada shed Rs 50 to Rs 435-4550, yellow peas Dall Canada shed same amount to Rs 4850-5050, they said. On the seeds side, cottonseeds oilcake with bag Sindh (New) low type maintained overnight level at Rs 900 while the best type gained Rs 50 to Rs 1000, they said. On the cereals side, Barley Sindh and Mardan quoted at Rs 3650, other commodity items were unchanged in the process of trading, they said.

Copyright Business Recorder, 2012