India: Prices Of Pusa-1121 Variety Higher On Strong Demand

Rising exports to Iran and Middle East have lifted the price of India's premium rice grade, Pusa-1121, by almost 11 % in the past week while farmers are also holding back stocks expecting a further rise in the prices in the near future.

India had banned the export of all non-basmati grades of rice in April, when prices had soared on fears of scarcity, but surging stocks encouraged the government last month to allow exports of the Pusa-1121, which is an aromatic, long-grained variety like basmati.