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MUMBAI, May 09 (Commoditiescontrol):The surge in the price of raw white rice was caused by some countries stockpiling the grain in anticipation of potential problems resulting from the expected development of El Nino in the latter half of 2023. As a result, Indonesia, the Philippines, Vietnam, and Malaysia have reportedly increased their rice purchases, driving up the price of rice.
According to the International Grains Council, India's 25% broken white rice had reached $442 per tonne, while Thailand and Vietnam were at $490 and $480 per tonne, respectively.
However, the global market has eased from recent highs as markets have fallen for the past three weeks. Due to sluggish demand, India's rice prices fell for the third consecutive week. Buyers are delaying purchases, anticipating further price declines, according to exporters in Kakinada. India's 5% broken parboiled rice variety was quoted at $376-$380 per tonne on Thursday, compared to $378-$382 per tonne last week.
Vietnam's 5% broken rice prices also eased off two-year highs in quiet trading following a long holiday. The price of the grain was offered at $485-$495 per tonne, down from $495-$500 per tonne last week, which was last seen in April 2021.
On the other hand, Bangladesh's rice output from the summer crop was expected to exceed the target and reach 22 million tonnes, with farmers increasing acreage to take advantage of higher prices. Last week, retail prices for coarse rice ranged from 65 to 70 taka ($0.6107-$0.6576) per kilogram.
Thailand's 5% broken rice prices slipped to about $485 per tonne from a more than two-month high of $490-$495 per tonne last week, driven by demand from Indonesia and due to depleting local supplies with the harvest season coming to an end. Exporters were still fulfilling shipments to Indonesia after increased orders in the last few weeks.
(By Commoditiescontrol Bureau; +91-9820130172)
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