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Exclusive: India’s rice-export curbs put contracts for 2 million tons at risk, dealers say

Source Reuters

Posted on July 22, 2023

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MUMBAI, July 21 (Reuters) – India’s decision to ban non-basmati white rice exports will spur traders to cancel contracts to sell around 2 million metric tons of the grain, worth $1 billion, on the world market, dealers said on Friday.

India, which accounts for 40% of world rice exports, on Thursday ordered a halt to its largest rice export category to calm domestic prices, which climbed to multi-year highs in recent weeks as erratic weather threatens production.

Source Link: https://www.reuters.com/markets/commodities/indias-rice-export-curbs-puts-contracts-2-mln-tons-risk-trade-2023-07-21/