The rates for exported parboiled rice from India reached record-high rates due to limited supplies and steady demand from several countries in Asia and Africa.

India has clarified its stance on exports of parboiled rice variety. (Photo: Reuters)

India’s rice export rates reached a record high this week due to limited supplies and steady demand from Asian and African buyers, with the 5 per cent broken parboiled variety quoted at $533-$542 per ton, up from last week’s $525-$535, as government paddy buying and ongoing rice milling for the new season reduced availability, reported news agency Reuters.

Nitin Gupta, senior vice president of Olam Agri India, explained, “Supplies in the market are limited since the government’s paddy buying is leaving little for private players.”

India’s rice output is expected to drop this fiscal year for the first time in eight years, raising concerns about potential export restrictions to control food prices before elections.

In contrast, Vietnam’s 5 per cent broken rice was offered at $630 per metric ton, down from $653 the previous week, as traders anticipated stronger supplies from the upcoming winter-spring harvest in the Mekong Delta, added the report.

Thailand saw a slight decline in 5 per cent broken rice prices to $663-$665 per ton due to a weakening baht, but domestic activity and a fresh order for 0.5 million tonnes from Indonesia supported prices, according to a Bangkok-based trader.

Meanwhile, rice prices in Bangladesh remained high despite good yields and record reserves, prompting Prime Minister Sheikh Hasina to issue orders against rice hoarders.

Published Date: January 26, 2024