Asia rice: Indian rice rates edge up on production concerns
- India’s 5% broken parboiled variety was quoted at $340-$345 per ton this week
Indian rice export prices edged higher this week as below-normal rainfall delayed planting of the new-season crop, sparking concerns over production.
India’s 5% broken parboiled variety was quoted at $340-$345 per ton this week, up from last week’s $337-$342.
Indian 5% broken white rice was priced at $347-$352.
“Paddy transplanting has been slower than usual due to a large rainfall deficit in June. Hopefully, the pace will pick up this month, now that the rains have revived,” said a New Delhi-based dealer.
Farmers planted summer-sown rice on 2.58 million hectares, as of June 25, down from last year’s 3.44 million hectares.
Vietnam’s 5% broken rice was offered at $445-$450 per metric ton, up from last week’s $410-$415.
“Domestic supplies are thin, and we are hearing that the Philippines is likely increasing its rice purchases ahead of the stormy season,” a trader based in Ho Chi Minh City said.
Traders said demand for Vietnamese rice has strengthened as its prices remain more competitive than Thailand’s.
The government said rice shipments from Vietnam in the first half of this year rose 9.9% from a year earlier to 5.2 million tons, slightly higher than an estimate of 5 million tons by the agriculture ministry last week.
Thailand’s 5% broken rice was quoted at $465 per ton, dropping from $480-$500 quoted last week.
The decline was driven by weaker demand after the Philippines scaled back purchases while assessing domestic rice production, a Bangkok-based trader said, adding that the market was relatively quiet.
Rice supplies remain adequate, but El Nino could impact the next harvest and tighten supplies later this year, the trader said.
Elsewhere, Bangladesh has allowed private traders to export nearly 37,000 metric tons of aromatic rice until December 31. The country produces 1-2 million tons of aromatic rice annually, according to data from its Ministry of Agriculture.