India rice export rates at three-month high

India rice export prices rose to a near three-month high this week to reflect higher local paddy costs, even as traders in Thailand and Vietnam worried about persistent lackluster global demand, reports Reuters.
India's 5 per cent broken parboiled variety was quoted at $355-$360 per ton, the highest since October 2. Last week, the quote was $350-$357 per ton.
"African buyers are not active in the market and are delaying purchases, hoping prices will fall," said Umesh Jain, director of Sponge Enterprises, an exporter.
Thailand's 5 per cent broken rice was quoted at $410 per ton, same as last week.
On the demand side, traders said buyers stopped purchasing rice since Christmas week, with some deliveries taking place over this period.
"This year, both exporters and traders have had a very tough time as prices have fallen," said a Bangkok-based trader.
The supply situation remains unchanged, with the market anticipating more output from the harvest early next year.
Vietnam's 5% broken rice was offered at $360-$365 per metric ton, unchanged from a week ago.
"Trading activity is subdued as a mini-harvest in the Mekong Delta is ending, while external demand remains weak," a trader based in Ho Chi Minh City said.
Traders said they are concerned rice exports from Vietnam next year will face more difficulties.