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Prices of parboiled rice exported from top hub India extended their rally this week as buyers preferred cheaper Indian varieties as prices rose in other major hubs, with Vietnamese traders worried about the short supply of the crop.
Top exporter India's 5% broken parboiled variety was quoted at Dollar 500 to 507 a tonne this week, up from Dollar 503 last week, even as supplies from the new season crop picked up. "Due to rising prices in Thailand and Vietnam, buyers are returning to India and willingly paying export duty. They are finding Indian supplies more affordable than other sources," said an exporter based in Kakinada in the southern state of Andhra Pradesh. India last month raised the duty on parboiled rice exports to 20% till March 2024.
Despite good yields and stocks, rice prices in neighboring Bangladesh are on the upswing, traders said. The government is selling rice at subsidized prices to help the poor.
In Vietnam, 5% broken rice prices were offered at $650-655 per metric ton on Thursday (Nov 23, 2023), unchanged from a week ago, traders said.
Source: Online/GFMM
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