Rice prices set to climb further after India export ban, trade at standstill
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Asian rice trade paused on Friday to digest the previous day’s ban by India, by far the world’s biggest supplier, of a major share of its exports of the staple, with prices expected to climb substantially in coming days, three traders said.
India, which accounts for 40% of world rice exports, on Thursday ordered a halt to its largest rice export category to reduce domestic prices, which have climbed to multi-year highs in recent weeks as erratic weather threatens production.
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