Indian rice export prices hit over 1 year high on stronger rupee, crop supply concerns
Asian rice export prices have risen as Indian rates reach a one-year high amid supply concerns. Vietnamese prices are also increasing, expected to meet strong demand from the Philippines in November. Thailand's rice prices are climbing due to flooding delays and heightened purchasing activities before the season ends. In Bangladesh, rising paddy prices have led to increased costs for consumers…
Indian rice export prices soared to a more than one-year high this week, driven by a stronger rupee and concerns over crop supply. The 5% broken parboiled variety reached $384-$389 per ton, a jump from last week's $378-$384. Indian 5% broken white rice also saw a rise, trading at $385 to $390 per ton. Domestic market prices remained firm due to limited supplies, with production declining in several states due to below-normal rainfall, according to a Mumbai-based exporter.
In contrast, Vietnamese 5% broken rice prices hit a near two-month high of $440-$450 per metric ton, its highest level since August 21. This surge was fueled by expectations of stronger demand. Meanwhile, Thailand's 5% broken rice was quoted at $480 per ton, the highest since September 10, driven by the arrival of vessels to collect rice shipments and additional purchases by some exporters.
However, Thailand's rice exports might fall short of the year's 7-million-ton target due to competition from India and Pakistan and weaker demand from major buyers, as reported by the Thai Rice Exporters Association.
Bangladesh also saw a rise in rice prices over the past week, with the cost of fine rice reaching 74-75 taka per kilogram from 72 taka a week earlier. This increase was attributed to higher fuel costs and rising paddy prices, exacerbating the financial strain on consumers grappling with persistently high living costs. The US dollar was exchanged at 122.4000 taka.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
