Indian rice prices firm, Vietnam rates climb to near two-year highs

Rice prices in Vietnam surged to their highest level in nearly two years, driven by supply concerns and the impending autumn-winter harvest. New-season paddy arrivals have begun to rise in northern states, but output is expected to be only half of last year's summer-autumn harvest. The El Nino phenomenon could further impact rice production next year.

Indian exporters, particularly in markets like Africa, are opting for cheaper Indian varieties, while Thai traders in Bangladesh report elevated rice prices. Domestic rice prices in Bangladesh remain high due to ample stocks, rising oil prices, and increased production and transportation costs.

Bangladeshi traders noted that flooding in some regions has raised uncertainty over supply as harvesting is currently underway. Meanwhile, Indian 5 per cent broken parboiled rice and 5 per cent broken white rice prices remained steady at $387-$394 per ton this week.