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India’s 5% damaged parboiled rice was bought at costs of $357 to $362 per tonne this week, in contrast with $355 to $360 within the earlier week.
“There’s large demand for 100% damaged rice, in addition to for the 5% damaged rice. Merchants are speculating India would possibly put restrictions on the exports,” mentioned an exporter based mostly at Kakinada within the southern state of Andhra Pradesh.
India’s shock ban on wheat exports has prompted rice merchants to extend purchases and place uncommon orders for longer-dated deliveries.
Nevertheless, commerce and authorities sources have mentioned the nation doesn’t plan to curb exports of the grain as there have been enough shares and native charges have been decrease than state-set assist costs.
Neighboring Bangladesh will, in the meantime, permit non-public merchants to import rice as home costs have jumped greater than 5% in per week regardless of good crops and reserves. The federal government can be cracking down on stockpiling.
Historically the world’s third-biggest rice producer, Bangladesh usually imports the grain to ease shortages after floods and droughts.
Thailand’s benchmark 5% damaged rice was quoted at $450 to $460 per tonne versus $455 to $460 final week, with the small change attributed to forex fluctuations.
“There’s some demand for exports however no main offers thus far,” a Bangkok-based dealer mentioned.
Provide stays ample with new crops anticipated round July-August, one other dealer mentioned.
Vietnam’s 5% damaged rice costs remained regular at $420-$425 per tonne.
“Home provides are constructing with output from the summer-autumn harvest,” a dealer in Ho Chi Minh Metropolis mentioned.
“However demand can be choosing up, particularly from Asian and African consumers.”
Vietnamese exports within the first 5 months this 12 months rose 6.5% from final 12 months.
“The Philippines’ transfer earlier this week to increase a lower in import tax on rice can be a optimistic sign for exporters,” one other dealer mentioned.
