Indian rice export prices near one-month high

Indian rice export prices rose to a near one-month high this week, supported by a modest uptick in demand and a rebound in the rupee from record low levels, while rates in other major hubs like Thailand and Vietnam remained unchanged, reports Reuters.
India's 5% broken parboiled variety was quoted this week at $353-$359 per ton, its highest since January 8, and up from $351-$356 last week. Indian 5% broken white rice was priced at $351 to $356 per ton this week.
The rupee has sharply appreciated over the past week, forcing exporters to revise the dollar prices they quote, said a Mumbai-based trader.
The Indian rupee appreciated more than 1% this week, reducing traders' returns from overseas sales.
Vietnam's 5% broken rice was offered at $360-$367 per metric ton on Thursday, unchanged from a week ago, according to traders.
"Though the Philippines has resumed its rice purchases, we don't expect it will buy at levels seen at the same time last year," a trader based in Ho Chi Minh City said.
Preliminary shipping data showed 259,000 tons of rice were loaded at ports in southern Vietnam in January, with most of the rice heading to the Philippines and Malaysia.
Thailand's 5% broken rice remained at $390 to $400 per tonne, the same level as last week.
Demand was similar to the previous week, but supply remained strong, said a Bangkok-based trader.