# Why Indian traders prefer to buy rice from open market rather from FCI - The HinduBusinessLine

> Ethanol makers are buying broken rice from the open market at ₹26-26.50 per kg, while the Food Corporation of India's open market sale scheme at ₹29/kg draws a poor response. Traders say the FCI must cut prices and adjust offerings to attract buyers.

- Date: 2024-01-24 · published 2024-01-24T12:00:00.000Z
- Category: policy · region India · magnitude low
- Page: https://feedsoft.ai/events/32204-why-indian-traders-prefer-to-buy-rice-from-open-market-rather-from-fci-the
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

Government stock sales priced above market levels are not clearing, so open-market rice remains the main supply channel and supports domestic prices for brokens.

## Read by commodity

- RICE: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2018-03-19 | [Rice exporters in fear as move to hike MSP will make it expensive in global markets - The HinduBusinessLine](https://feedsoft.ai/events/65962-rice-exporters-in-fear-as-move-to-hike-msp-will-make-it-expensive-in-global.md) | -0.8% | +4.8% |
| RICE | 2023-12-18 | [Rice export ban justified - The HinduBusinessLine](https://feedsoft.ai/events/32649-rice-export-ban-justified-the-hindubusinessline.md) | +1.6% | +3.1% |
| RICE | 2022-06-10 | [Explainer: Why India holds the key to global rice market outlook](https://feedsoft.ai/events/40902-explainer-why-india-holds-the-key-to-global-rice-market-outlook.md) | -1.7% | -2.0% |
| RICE | 2023-12-27 | [Global rice prices up 7% in a month on high demand, low supplies - The HinduBusinessLine](https://feedsoft.ai/events/32789-global-rice-prices-up-7-in-a-month-on-high-demand-low-supplies-the.md) | -2.4% | +3.7% |
| RICE | 2024-04-07 | [Govt rushes to keep food prices in check during elections - The HinduBusinessLine](https://feedsoft.ai/events/30687-govt-rushes-to-keep-food-prices-in-check-during-elections-the-hindubusinessline.md) | +6.6% | +16.0% |

## Sources

- thehindubusinessline.com: https://www.thehindubusinessline.com/economy/agri-business/why-indian-traders-prefer-to-buy-rice-from-open-market-rather-from-fci/article67772992.ece

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.