Poster in Feb 18, 2024 12:55:47

India's rates steady at record highs even as Vietnam's rice activity and exports pick up

India's rates steady at record highs even as Vietnam's rice activity and exports pick up

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India's rice exports hit a record high despite falling demand from African buyers, while trading activity picked up after the Vietnam holiday period. India's 5% broken parboiled variety was quoted this week at a record US$542 to US$550 a tonne, unchanged from last week when limited supply pushed prices to record highs.

“African buyers are having a tough time swallowing these higher prices. They’re hitting the pause button for now,” said a Mumbai-based exporter.

Pakistan’s rice exports are likely to jump to a record high in the year ending in June as rival India’s decision to curb its own shipments forces buyers to purchase more from Islamabad, which is offering the grain at nearly 16-year-high prices.

In Vietnam, 5% broken rice was offered at US$637-$640 per metric ton, compared with the US$635-$640 range before the holiday, traders said. Trading activities became more robust after a week-long Lunar New Year or Tet break.

“Supplies are stronger after Tet, both buying and selling activities picked up,” said a trader based in the rice bowl of the Mekong Delta.

Thailand’s 5% broken rice prices were quoted at $610 per ton, sliding down from last week’s prices of $630, tracking a weaker baht. There is a downward pressure on prices, said a Bangkok-based trader, adding Thailand did not participate in the Indonesian auction and that new supply would gradually come out next month.

Demand was very thin and internal prices have also fallen, another trader said.

Traders expect Thai prices to continue following a downward trend. 

Source: Online/GFMM

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