OfBusiness Rice Dailies

9^th June’23

Price

• Miniket Rice in Kolkata remained stable at Rs. 4050-4250/Qtl.
• Prices of rice exported from India reached their highest level since early March.
• India’s 5% broken parboiled rice variety was quoted at $388-$395 per tonne, up from the previous week’s range of $375-$380.
• Thailand’s 5% broken rice prices were quoted at $490-$495 per tonne, slightly down from the previous week’s range of $495.
• Vietnam’s 5% broken rice rates remained unchanged at $490-$495 per tonne.

Demand and Supply

• Tight supplies in India and anticipation of a hike in support prices have pushed up rice export prices.
• Demand for rice in Thailand was flat, and additional supply is expected next month during the harvest.
• African countries have shown quiet demand for Thai rice due to higher prices compared to India.
• Vietnamese rice prices are supported by concerns of droughts and exports to Indonesia.
• Bangladesh imported 634,000 tonnes of rice in the first 11 months of the current financial year.

News

• India raised the price at which it will buy new-season common rice paddy from farmers by 7% to 2,183 rupees per 100 kg.
• Bangladesh expects to have good domestic yield and may not need to import rice in the coming fiscal year.
• Traders in Vietnam are increasing rice purchases from farmers to fulfill export contracts.
• Due to delayed pre-monsoon rains, Odisha farmers are advised to sow medium-duration paddy seeds instead of long-duration ones.

OFB’s Opinion

• Rice farmers have a great opportunity to expand production and increase profitability due to the government’s support through MSP increases, export possibilities, and the rising demand both locally and globally.
• Given the lower demand from African countries due to higher prices compared to India, Thai rice exporters could consider exploring the option of offering more competitive prices. It would be beneficial for Indian rice exporters to monitor and maintain competitive pricing as well, in order to attract potential buyers.