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Prices of parboiled rice exported from top hub India extended their rally this week, rising to a record high for the fourth straight week due to tight supplies.
Top exporter Indiaโs 5% broken parboiled variety was quoted at a record $542-$550 per ton this week, up from last weekโs $537-$546. โThe milling of new seasonโs paddy is going on, but supplies are limited due to government purchases, which are keeping local prices firm,โ said a Kolkata-based exporter.
Pakistanโs rice exports are likely to jump to a record high in the year ending June as rival Indiaโs decision to curb shipments forces buyers to turn to Islamabad, which is selling the grain at nearly 16-year high prices.
Thailandโs 5% broken rice prices were quoted at $630 per ton, down from last weekโs $640 per tonne as market activity slowed. No large orders were coming in, said a Bangkok-based trader, adding shipments were fulfilling previous orders.
Another trader attributed the price decline to a recent auction by Indonesian buyers that fetched low prices. Vietnamโs 5% broken rice was offered at $635-$640 per metric ton on Wednesday, unchanged from a week ago.
โTrading activity is slow ahead of the week-long Lunar New Year holiday,โ a trader based in Ho Chi Minh City said.
โMany rice processing plants have closed for the holiday and stopped buying paddy rice from farmers,โ the trader added. Vietnamese markets close on Thursday (Feb 8, 2024) on the occasion of the Lunar New Year and will reopen next week on Thursday.
Source: Online/GFMM
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