Due to the ongoing rice harvest season, some traders reported that rice prices have impressively steadied since the beginning of this month at their prior levels, particularly in the price of barley rice in local markets.
According to a well-known source in the Federation of Chambers of Commerce’s Rice Division, the price of barley rice today has not changed much, with speculators paying roughly 9000 pounds per tonne for the broad-grain kind, which is less expensive than the high-grain variety.
rice price for barley
In addition, the sources noted that with the supply of rice remaining at the same levels, the price of a tonne of fine-grain barley rice at speculators was likewise at 8400–8500 pounds per tonne.
price of white rice
In light of the government’s decision to set a mandatory price for selling rice in the markets, with a maximum of 12 pounds for the bulk kilo and 15 pounds for the packed one, he claimed that the price of white rice ranges between 13 and 16 pounds per kilo in the markets of some merchants and supermarkets.
Rice is a commodity to which the laws of supply and demand apply, so if the supply increases, the price will decrease. She explained that it is difficult to predict the price of rice in the local market and that there are government efforts primarily to maintain the supply of rice during the upcoming period to prevent an increase in prices.
Agency for Consumer Protection
In order to implement Prime Minister Mustafa Madbouly’s decision, which stipulated setting the price of a kilo of white rice, the Consumer Protection Agency works with the Supply Investigations to fight against traders and speculators. The decision included that a kilo of packaged white rice cannot cost more than 15 pounds, and a kilo of white rice is not allowed to cost more than No more than 12 pounds of packaging “bulk” are present.
According to the sources, the market is now seeing stability in the supply of rice, following a minor reduction in demand and the recent start of the rice harvest season.
Egypt’s production of rice
Egypt grows 3 million and 200 thousand tonnes of rice on 1 million and 750 thousand feddans, and it is well known that rice is one of the crops that uses a lot of water.
According to the Grain Production Chamber, Egypt’s production of rice reaches about 6 million tons during the year 2020/2021.
The Chamber of Grain Industry in the Federation of Egyptian Industries expected to obtain quantities of rice ranging from 7 to 8 million tons of rice barley, equivalent to 4 million to 4. 5 million tons of white rice. .
Sources urgently reveal to “Al-Fajr” what would happen to rice prices in the upcoming time frame.
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