India rice export rates extend declines

Parboiled rice export prices from India fell for a fourth straight week as a recent extension of a tax on shipments from the top hub crimped demand, while fresh interest from Indonesia perked up Vietnamese rates, reports Reuters.

India's 5 per cent broken-parboiled rice prices fell to $495-$505 per tonne last week from $510-$520 in the previous week.

India on October 13 extended a 20 per cent export duty on parboiled rice until March 2024.

Additionally, "paddy prices are declining as the new season supplies have commenced. This allows exporters to reduce export prices," said a New Delhi-based exporter.

New Delhi is expected to cut the floor price set for basmati rice exports after farmers and exporters complained it was damaging trade, government and industry sources said.

Vietnam's 5 per cent broken rice prices rose to $640-$645 per tonne from $625-$630 in the previous week.

"Prices rose on strong demand from Indonesia, while domestic supplies are flat," a Ho Chi Minh City-based trader said, adding Middle East tensions could encourage countries to boost food stockpiles.

Concerns about lower autumn-winter harvest output also supported prices, the trader added.

Preliminary data showed 331,750 tonnes to be loaded at Ho Chi Minh City port for Oct 1-27, most of it heading to the Philippines, Indonesia and Cuba.

Thailand's 5 per cent broken rice prices slipped to $568-$570 per tonne from $575-$580 in the previous week.