Rice prices spike due to rain deficit and panic buying

…from Rs 70 to Rs 85. .Rice millers claim that the paddy rate has jumped from Rs 3,600 to Rs 4,200 a quintal in the last few weeks since neighboring Andhra Pradesh and Telangana are also facing a stock shortage. .“ We are facing paddy shortage as farmers in the Tungabhadra command area skipped their second crop last year to allow the replacement of 33 crest gates of the Tungabhadra dam. Now, rainfall deficit in the kharif season has aggravated the situation. We used to procure paddy from Andhra Pradesh and Telangana, but farmers there have not produced the crop due to lack of adequate water in the dams. We will face hardship in the absence of paddy as it will cost us a minimum Rs 2 lakh a month even if we stop operating the mill ,” said Shivakumar S, secretary of the Karnataka Rice Mills’ Owners Association. .“The prices of all rice varieties have increased by at least Rs 15-20 per kg in the retail market and prices may increase further. We are…

…dams. We will face hardship in the absence of paddy as it will cost us a minimum Rs 2 lakh a month even if we stop operating the mill,” said Shivakumar S, secretary of the Karnataka Rice Mills’ Owners Association. .“ The prices of all rice varieties have increased by at least Rs 15-20 per kg in the retail market and prices may increase further. We are expecting some fresh paddy crop from the Tungabhadra command area by November and December if farmers get adequate water from the dam ,” said N L Ashwath Narayana Gupta, president of the Bangalore Grain Merchants’ Association. .Highlights - Wholesale rice prices Sona Masuri Earlier Rs 55 per kg Present 70 per kg RNR Earlier Rs 60 Present Rs 75 Kolam…