MUMBAI, DHAKA, BANGKOK, HANOI AND BENGALURU: Indian rice export prices held near a more than one-year high this week as a weaker rupee offset rising paddy costs amid crop supply concerns, while Thai rates increased on flooding worries.
“Rupee depreciation is helping keep export prices steady. Demand softened slightly this week as buyers delayed purchases due to higher freight rates,” said a Kolkata-based trader.
India’s 5 percent broken parboiled variety was quoted at USD378 to USD384 per ton this week, unchanged from last week. Indian 5 percent broken white rice was priced at USD379 to USD384 per ton.
The country’s rice production is set to decline this year for the first time in a decade as below-normal rainfall threatens to cut yields. In Thailand, 5 percent broken rice was quoted at USD465 to USD468 per ton, up from USD460 last week.
Prices this week are slightly higher as vessels have arrived to collect cargo that was previously contracted, a trader said. “Supply remains good as we are in the late harvest period for the second rice crop,” the trader added.
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