Rice export prices recover
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.