Asia rice: Indian prices hit more than one-year high; Vietnam rates rise

Rice export prices remained stable in key Asian markets this week, with India's rates reaching a one-year peak due to stronger rupee and worries about crop supply. Indian 5% broken parboiled rice hit $384-$389 per ton, up from $378-$384 the previous week. Indian 5% broken white rice was quoted at $385-$390 per ton.

In Vietnam, 5% broken rice prices rose to a level not seen in two months, between $440-$450 per metric ton, up from $420-$430 a week earlier. This increase was fueled by expectations of rising demand. A Vietnamese trader mentioned that the Philippines planned to resume rice purchases from Vietnam starting in November.

Thailand's 5% broken rice prices reached a two-month high of $480 per ton, the highest since September 10, after climbing from $465-$468 the week before. The surge in prices was mainly due to vessels arriving to collect rice shipments and additional purchases from some exporters. However, flooding delayed loading, and exporters had to buy more rice as the off-season harvest came to an end, pushing prices up further.

Thailand's rice exports may not reach the 7-million-ton target for the year, mainly because of competition from India and Pakistan and weaker demand from major buyers, according to the Thai Rice Exporters Association. In Bangladesh, rice prices increased over the past week due to higher fuel costs and rising paddy prices, with fine rice reaching 74-75 taka per kilogram, up from 72 taka a week prior, adding to the financial burden on consumers already struggling with persistently high living costs.