Step 1: Analyze Inference I:
- The statement mentions that heavy rain reduced production and caused prices to rise.
- This suggests that price depends on production levels.
Conclusion: Inference I is valid.
Step 2: Analyze Inference II:
- The statement does not mention the effects of "least rain", only heavy rain.
- Less rain does not necessarily mean higher production, as crops also need adequate water.
Conclusion: Inference II is not necessarily true.
Final Conclusion: Only inference I follows.