India’s Rice Prices Reach All-Time Highs
Published on: January 27, 2024.
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Record High Prices for Parboiled Rice Exports from India; Prices Ease in Vietnam and Thailand
The rates of parboiled rice exports from India, one of the top exporters, have reached record highs due to limited supplies and steady demand from Asian and African buyers. On the other hand, prices have eased in Vietnam and Thailand.
India’s 5% broken parboiled rice variety is now being quoted at a record $533-$542 per ton, up from last week’s $525-$535. This increase can be attributed to the limited supplies in the market. The government’s paddy buying is leaving little for private players, and the ongoing rice milling of the new season crop is further reducing the availability of milled rice, according to Nitin Gupta, Senior Vice President of Olam Agri India.
Interestingly, this year is expected to see a drop in India’s rice output, which would be the first in eight years. As a result, there is a possibility that New Delhi might extend curbs on rice exports to control food prices leading up to the elections.
In Vietnam, the 5% broken rice is being offered at $630 per metric ton, down from $653 per ton last week. Traders note that domestic supplies of rice are accumulating, and the harvest has partially begun in the Mekong Delta, with expectations of it peaking in March.
Similarly, Thailand’s 5% broken rice prices have slightly decreased to $663-$665 per ton, compared to $665 per ton last week. The decline can be attributed to a weakening baht. However, domestic activity and a new order for 0.5 million tonnes from Indonesia have helped buoy prices.
Meanwhile, in Bangladesh, rice prices remain high despite good yields and record reserves. The Prime Minister, Sheikh Hasina, has issued orders for immediate action against rice hoarders to address this issue.
Source: [ARY News](https://arynews.tv/)
