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Friday, April 19, 2024

Due to restricted supply, India’s rice export rates have reached all-time highs: Report

<p>The 5% broken parboiled variety was quoted at $533–$542 per ton, up from $525–$535 last week, as government paddy buying and ongoing rice milling for the new season reduced availability. India’s rice export rates reached a record high this week due to limited supplies and steady demand from Asian and African buyers, according to news agency Reuters.</p>
<p><img decoding=”async” class=”alignnone wp-image-375802″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-due-to-restricted-supply-indias-rice-export-rates-have-reached-all-time-highs-repo.jpg” alt=”theindiaprint.com due to restricted supply indias rice export rates have reached all time highs repo” width=”1074″ height=”604″ title=”Due to restricted supply, India's rice export rates have reached all-time highs: Report 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-due-to-restricted-supply-indias-rice-export-rates-have-reached-all-time-highs-repo.jpg 690w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-due-to-restricted-supply-indias-rice-export-rates-have-reached-all-time-highs-repo-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-due-to-restricted-supply-indias-rice-export-rates-have-reached-all-time-highs-repo-150×84.jpg 150w” sizes=”(max-width: 1074px) 100vw, 1074px” /></p>
<p>According to Olam Agri India senior vice president Nitin Gupta, “supplies in the market are limited since the government’s paddy buying is leaving little for private players.”</p>
<p>For the first time in eight years, rice production in India is predicted to decline this fiscal year, which raises questions about possible export limitations to keep food prices under control before elections.</p>
<p>However, since merchants expected better supply from the approaching winter-spring crop in the Mekong Delta, Vietnam’s 5% broken rice was offered at $630 per metric ton, down from $653 the previous week, according to the report.</p>
<p>A falling baht caused Thailand’s broken rice prices to slightly drop to $663–$665 per ton, but domestic activity and a new order for 0.5 million tonnes from Indonesia kept prices high, according to a trader headquartered in Bangkok.</p>
<p>Prime Minister Sheikh Hasina issued directives against rice hoarders as a result of Bangladesh’s high rice prices, which persisted despite strong production and record stockpiles.</p>

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