India’s rice prices extend gains; Thai demand firms
India rice export prices rose on stronger African demand and a firmer rupee, while Thailand prices gained due to buying from the Philippines and Africa. Vietnam prices eased amid concerns over Philippine imports, while Bangladesh faced elevated rice prices after rain-damaged crops.
Indian rice export prices extended gains this week on stronger demand and a rebound in the rupee from a record low, while Thai rice demand firmed as buying interest emerged from the Philippines and Africa.
India’s 5% broken parboiled variety was quoted this week at $337-$345 per ton, up from the last week’s $336-$343. Indian 5% broken white rice was priced at $338-$344 per ton.
“Demand from African buyers is improving as supplies from other origins are more expensive than those from India,” said a Kolkata-based trader.
Thailand’s 5% broken rice was quoted at $450-$460 per ton from a range of $440-$465 last week, traders in Bangkok said.
There was demand coming out of the Philippines, a Bangkok-based trader said, adding that higher cost such as pesticides, fertilizer and transportation may cause farmers to plant less rice.
Another trader said that strong demand from the Philippines and Africa pushed up domestic prices. The rainy season ended fast, but rice had already been harvested and was with millers, the trader said, adding that exporters were still buying rice at all levels and so prices are expected to remain strong for some time.
Vietnam’s 5% broken rice was offered at $405-$410 per metric ton on Thursday, compared with a range of $410-$415 a week ago.
“We are hearing that the Philippines might throttle the inflows of Vietnamese rice into its market in June and July,” a trader based in Ho Chi Minh City said.
Traders said they are not excited about the deal announced by the Philippines’ agriculture department early this month in which Vietnam would export 1.5 million tons of rice to the Philippines through April next year. They cited the Philippines’ ceiling price on imported rice and fluctuation in domestic prices in Vietnam as the concern. Meanwhile, rice prices in Bangladesh stayed elevated after heavy pre-monsoon rains damaged crops, heightening the risk of further increases in the staple grain’s cost.
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Source : The Economic Times
