MUMBAI/HANOI /BANGKOK/DHAKA: Indian rice prices edged higher this week as uncertain weather encouraged Asian buyers to buy more to build stocks, while rates held steady in the regional hubs of Thailand and Vietnam.
Top exporter India’s 5% broken parboiled variety was quoted at $366 to $372 per tonne, up from last week’s $365-$371, as concerns over fresh supplies persisted because of low rainfall.
India’s farmers have planted paddy on 34.37 million hectares, down 8.3% from a year ago, farm ministry data showed last week. An exporter based in Kakinada in the southern state of Andhra Pradesh said demand had been good for all grades as “erratic” weather encouraged Asian buyers to build stocks.
Bangladesh is set to finalise a deal with India to import 100,000 tonnes of rice under a government-to-government contract, a food ministry official said, after its private import plan suffered a setback.