Rice export prices from India rose to their highest level since April 2021 this week, aided by firm demand and tight supplies, while elevated rates in Thailand kept buyers at bay.
Top exporter India’s 5% broken parboiled variety was quoted at $393 to $398 per tonne this week, up from last week range of $387-$395.
“Government has made record purchases of unmilled rice from farmers this year. Limited amounts of supplies are available to private players for the exports,” a New-Delhi-based dealer with a global trade house said.
India’s rice exports in 2022 jumped to a record high despite the government’s curbs on overseas sale, as buyers continued to make purchases because of competitive prices, according to government and industry officials.
Thailand’s 5% broken rice prices eased slightly to $495 per tonnes, from $500 per tonne.
Traders attributed the small price drop to a slow down in demand but blamed the lack of supply and the strength of the local currency for keeping prices high which they say deter buyers.
A Bangkok-based trader said prices could change once new supplies enter the market at the beginning of March.
Asia rice: Competitive offers buoy demand for Indian variety
High cost of freighter also contributed to muted supply and the rise in rice prices, another trader said.
In Vietnam, 5% broken rice were offered at $445-$450 per tonne, free on board, unchanged from two weeks ago.
“Traders are resuming their rice purchases from farmers to prepare for new contracts, following the holiday,” a Ho Chi Minh City-based trader said.
Vietnam exported 400,000 tonnes of rice in January, down 20.9% from a year earlier, government data released on Sunday showed.
Bangladesh’s rice production in the marketing year to April has been revised upward to 35.8 million tonnes, the U. S. Department of Agriculture said in its latest update.
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