Cepea, 21/11/2024 – A Cepea survey shows that paddy rice prices posted their steepest weekly drop since mid-June, returning to nominal levels last seen in May of this year. The Cepea team observed buyers pulling back from the spot market, with the few active buyers offering much lower prices than in previous weeks. Sellers tried to hold firm, but buying pressure prevailed, in a market marked by more of a “tug of war”. According to Cepea researchers, the decline in prices was also influenced by the good pace of new-crop planting and the government's announcement of put-option auctions involving new-season product at prices well below those currently recorded. Source: Cepea (www.cepea.esalq.usp.br)