Asia rice: India rates fall on weak export demand, Thai rates rise
Indian exporters are reducing basmati rice prices to stay competitive, but demand remains weak, with millers urging the government to cut or remove the export floor price to prevent a glut and protect farmers’ incomes. Thailand’s 5% broken rice saw a slight price increase due to a stronger Baht, while Vietnam’s prices remain stable. In Bangladesh, domestic rice prices have risen despite adequate stock, with traders blaming market exploitation following recent floods.
“In the last few weeks, prices in competing countries have decreased. Indian exporters have been compelled to reduce prices to maintain competitiveness, yet demand remains weak,” said a Mumbai-based dealer with a global trade house. Indian authorities need to promptly cut or remove a floor price for basmati rice exports to help farmers to boost overseas sales of the premium grade and avoid a glut that would further erode farm income, millers said.
Thailand’s 5% broken rice was quoted at $585 per tonne, up slightly from $580 per tonne quoted last week.
Prices rose to the highest level in over 2 months because the Baht strengthened against the dollar, said a Bangkok-based trader. The African market has been quiet, the trader noted, adding that he expects the November supply to be good due to good water levels.
Meanwhile, domestic rice prices in Bangladesh have risen this week, with traders accusing some market players of exploiting the flood situation to justify the increase, despite ample stock and normal supply chains.
Vietnam’s 5% broken rice prices were offered at $575 per ton on Thursday, compared with $578 a week ago, according to Vietnam Food Association. “Price is quite stable.
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Source Link : https://www.brecorder.com/news/40321051/asia-rice-india-rates-fall-on-weak-export-demand-thai-rates-rise
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