Asia rice: India rates climb to 1-year highs on African demand, poor monsoon rains
Indian rice export prices rose to a one-year high, with 5% broken parboiled rice at $364–369/t, supported by African demand and concerns over the new crop amid 13% below-normal monsoon rainfall. Thai prices also strengthened, while Vietnam remained unchanged and Bangladesh retail prices stayed elevated.
MUMBAI, DHAKA, BANGKOK, HANOI AND BENGALURU: Indian rice export prices climbed further this week to their highest level in a year on improved demand from African buyers and concerns over the new-season harvest due to below-normal monsoon rainfall.
India’s 5percent broken parboiled variety was quoted at USD364-USD369 per ton this week, up from last week’s USD362-USD368.
Indian 5percent broken white rice was priced at USD360 to USD365 per ton.
“Concerns over production are rising as the rainfall deficit continues to widen. The crop now needs ample moisture, but rainfall remains inadequate in many states,” said a Kolkata-based exporter. India has received 13percent below-average rainfall since the start of the monsoon season on June 1.
Thailand’s 5percent broken rice was quoted at USD450-USD460 per ton, widening from USD450-USD455 last week, according to traders. The range widened as some demand emerged from the Philippines and Africa, although overall buying remained limited to immediate needs, traders said.
Philippine buyers continued to source much of their rice from cheaper suppliers in Vietnam, while African demand was focused partly on parboiled rice, a Bangkok-based trader said.
New-crop supplies were gradually entering the market, particularly from the Chao Phraya basin, with traders reporting no significant supply concerns. Rice prices in Bangladesh have remained high despite strong reserves and adequate supplies. Government stocks have risen to more than 2 million metric tonnes, while imports have also helped ensure sufficient availability in the market. However, consumers have not seen a drop in retail prices, with several varieties of rice continuing to sell at elevated prices. Meanwhile, Vietnam’s 5percent broken rice was offered at USD435-USD455 per metric ton on Thursday, unchanged from a week ago.
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Source : Business Recorder
