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Weak Rice Demand Hits Top Export Hubs; India Prices Unchanged amid Softer Demand

17 Sep 2020 7:12 pm
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Mumbai (Commodities Control) – Demand for rice from Asian export hubs waned this week, with Bangladesh holding off with imports even as its drive to shore up supplies fell short of targets after floods destroyed crops.

Prices for top exporter India's 5% broken parboiled variety were unchanged at $387-$394 per tonne.

Demand has been softening as key buyers already stocked up significant volumes in the past few weeks, said an exporter based at Kakinada in the southern state of Andhra Pradesh.

Indian farmers planted rice on 40.2 million hectares (99.3 million acres) until last week, up 7.6% from a year ago.

In neighboring Bangladesh, which has been grappling with dwindling supplies and a spike in domestic prices in the wake of the floods and amid the coronavirus pandemic, a local rice procurement drive fell nearly 1 million tonnes short of the 1.95 million tonne target.

The world's third biggest rice producer often relies on imports to cope with shortages caused by floods and droughts, and such procurement drives are crucial for the scope of those imports. A decision on imports was still pending.

Prices for benchmark 5% broken rice from Thailand fell for a third straight week, to $480-$504 per tonne from $487-510 last week.

In Vietnam, rates for 5% broken rice eased to $485-$490 a tonne from $490-$495.

(Commodities Control Bureau)

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