Asian rice exporting hubs saw tepid activity this week, with prices for the staple from top exporter India dipping on lower demand, while Bangladesh mulled a review of its ban on exports of the grain. India's 5 percent broken parboiled variety was quoted around $377-$380 per tonne, down from last week's $387-$390. Demand from African buyers was weak as they have ample inventories, said Nitin Gupta, vice president, rice business at Olam India.Click here for more information.
The Delhi High Court has struck down the decision of the Central government restricting the famously aromatic basmati rice production to only seven States in the Indo-Gangetic plains. The High Court’s verdict came on the Madhya Pradesh government's plea to include 13 districts in the State under the Geographical Indications (GI) category for basmati rice.Click here for more information.
Rice export prices in top exporter India fell for a fifth consecutive week on low demand and domestic currency weakness, while traders in Vietnam looked for prospective deals from China and Egypt. India's 5 percent broken parboiled variety was quoted around $371-$374 per tonne this week, down from last week's $373-$376. "As prices are falling every week, buyers are delaying purchases expecting further drops," said an exporter based at Kakinada in the southern state of Andhra Pradesh. The aggressive selling of old inventories by China to African buyers was also weighing on prices, exporters said.Click here for more information.