Friday, 18 October 2019

India rice prices hit multi-month lows as buyers defer purchases

Demand for rice from top exporter India was subdued as buyers delayed purchases despite a dip in prices to four-month lows this week, while restricted supply kept rates for the Vietnamese variety at their highest in two months.

Prices for India's 5 percent broken parboiled variety fell to $365-$370 per tonne from $368-$372 a week ago.

"Asian and African buyers are not in a hurry. They are postponing buying anticipating a further fall in prices," said an exporter based at Kakinada in the southern state of Andhra Pradesh.

India's rice exports in August fell 29% year-on-year to 644,249 tonnes due to weak demand from African countries for non-basmati rice, among other factors. Its rice production from the summer-sown crop in 2019 is expected to drop 1.7% from a year ago to 100.35 million tonnes.

Meanwhile, rates for Vietnam's benchmark 5% broken rice were unchanged from last week's $350 a tonne, a two-month high. "Demand is weak, but low supplies have helped keep prices from falling.

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