# Paddy: Within days of launch, Paddy 1121 contract hits lower circuit on ICEX - The Economic Times

> Paddy 1121 basmati-type contracts on the ICEX platform, launched July 11, 2019, hit the lower circuit limit in early trade on July 22, falling over 3% to Rs 3,865 per quintal. Rainfall improving sowing conditions in Haryana and Punjab, along with expectations of a large crop, drove the decline.

- Date: 2019-07-22 · published 2019-07-22T12:00:00.000Z
- Category: weather · region India · magnitude low
- Page: https://feedsoft.ai/events/58166-paddy-within-days-of-launch-paddy-1121-contract-hits-lower-circuit-on-icex-the
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

Expected larger Indian paddy supply from better monsoon rains points to softer domestic rice prices, which weighs on export-linked rice and rice by-product values.

## Read by commodity

- RICE: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2020-08-18 | [India's basmati rice production to be higher than last year's level due to monsoon boost - The Economic Times](https://feedsoft.ai/events/51562-india-s-basmati-rice-production-to-be-higher-than-last-year-s-level-due-to.md) | +2.4% | +1.5% |
| RICE | 2020-05-15 | [Rice prices ease on high production  \| The Business Standard](https://feedsoft.ai/events/7505-rice-prices-ease-on-high-production-the-business-standard.md) | -7.9% | -7.8% |
| RICE | 2020-03-19 | [El Nino may be 'neutral', raises hopes of normal rains this year \| Economy & Policy News - Business Standard](https://feedsoft.ai/events/54062-el-nino-may-be-neutral-raises-hopes-of-normal-rains-this-year-economy-and.md) | -4.7% | +0.2% |
| RICE | 2020-01-16 | [600,000 hectares of rice planted earlier in Vietnam to avoid risk of salinity intrusion from the 2019 El Niño](https://feedsoft.ai/events/54996-600-000-hectares-of-rice-planted-earlier-in-vietnam-to-avoid-risk-of-salinity.md) | +2.0% | -0.4% |
| RICE | 2017-08-22 | [Possibilities of Increase in Exports this year due to Good Monsoon - Mundus Agri](https://feedsoft.ai/events/69411-possibilities-of-increase-in-exports-this-year-due-to-good-monsoon-mundus-agri.md) | +1.2% | +4.9% |

## Sources

- economictimes.indiatimes.com: https://economictimes.indiatimes.com/markets/commodities/news/within-days-of-launch-paddy-1121-contract-hits-lower-circuit-on-icex/articleshow/70327843.cms

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