Rice ex­port prices re­cover

Financial Chronicle - - PLAN, POLICY - SUMITA LAYEK

BAN­GA­LORE: Rice ex­port prices in In­dia re­cov­ered this week from their low­est in 21-months on in­creased rates for lo­cal paddy, while trade was muted in Viet­nam and Thai­land as traders waited for fresh or­ders from the Philip­pines.

Top ex­porter In­dia’s 5 per cent bro­ken par­boiled va­ri­ety was quoted around $362-369 per tonne this week against $361-367 last week, the low­est since Jan­uary 2017.

Sup­plies from the new sea­son crop have started but are ex­pen­sive due to the hike in govern­ment-fixed buy­ing prices, said an ex­porter based at Kak­i­nada in the south­ern state of Andhra Pradesh. The govern­ment in July raised prices paid to lo­cal farm­ers for com­mon grade paddy rice by 13 per cent from a year ago to Rs 1,750 per 100 kg for the new sea­son crop.

The coun­try’s pro­duc­tion of sum­mer-sown rice is es­ti­mated to grow 1.8 per cent this year to 99.24 mil­lion tonnes. In Thai­land, 5 per cent bro­ken rice prices stood at $380-398 per tonne, free on board Bangkok, only a slight change from last week’s $380-400, as de­mand re­mained flat with no fresh over­seas or­ders. “The mar­ket still ex­pects or­ders from coun­tries like the Philip­pines be­fore the end of year but so far things are fairly quiet,” a trader said.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.