rice export: India’s rice export costs dip on rupee dive, ample home provide

Rice costs from high exporter India prolonged losses this week, pressured by ample home provides and the rupee’s dive to report lows.

India’s 5% damaged parboiled selection was quoted at $351 to $356 per tonne, down from final week’s $357- $361 vary, because the rupee hit an all-time low at 77.79 versus the greenback this week.

“The federal government is releasing increasingly more rice to feed poor folks. The discharge has been placing strain on the native costs,” mentioned an exporter primarily based at Kakinada, Andhra Pradesh.

A weaker rupee will increase merchants’ margins from abroad gross sales, permitting them to chop export charges.

Neighboring Bangladesh, historically the world’s third largest producer, which regularly resorts to imports to deal with shortages brought on by pure disasters, has no plan to import rice this 12 months, a meals ministry official mentioned, regardless of an increase in home costs once more this week.

“We’ve got good shares and good crops this time and we count on that our native procurement goal can be fulfilled. There isn’t a plan to import rice,” the official mentioned.

Vietnam’s 5% damaged rice costs have been unchanged at $415-$420 per tonne.

“Home provides are operating low whereas buying and selling exercise stays weak,” a Ho Chi Minh Metropolis-based dealer mentioned.

Preliminary transport information confirmed 306,870 tonnes of rice is to be loaded at Ho Chi Minh Metropolis port from Might 1 to Might 24, with most of it heading to the Philippines, Africa and Cuba.

In the meantime, Thailand’s 5% damaged rice costs slipped to $430-$445 per tonne from $450 final week.

Bangkok-based merchants mentioned markets have largely been muted since final week and the weak baht has made export costs engaging.

The nation exported 1.74 million tonnes between January and March, up 48.5% from the identical interval final 12 months, in line with information from Thailand’s commerce ministry launched earlier this week.

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