Prices of rice dip in Asia as demand eases for India variety, Vietnam harvests peak

Rice export prices slipped this week across most Asian hubs, with easing demand weighing on rates in India, and a peaking harvest hurting Vietnamese rates, although inquiries from Bangladesh could trigger fresh activity. In India, rates of the 5 percent broken parboiled variety eased by $3 per ton to $419-$423 per ton, although lower supplies limited the downside. Demand from African and Asian buyers remained weak, even at the lower price, said an exporter based in Kakinada in the southern state of Andhra Pradesh. “Bangladesh buying has also been falling in the past few weeks.” However, a food ministry official in neighboring Bangladesh, which has emerged as a major rice importer since 2017 after floods damaged its crops, said traders in the country are looking to buy more rice from international markets, mostly from India, given the high rates prevailing in domestic markets. “Rice prices in Bangladesh are still higher compared to the neighboring countries. Even after hefty imports, traders are still looking to buy rice from international markets, mainly from India,” the official said. Prices edged lower in Vietnam as well, with the benchmark five-percent broken rice rates slipping to $405-$415 a ton from $410-$415 a week earlier, as… Read full this story

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