Indian Rice Rates Recover Slightly As Recent Dip Attracts Asian Buyers

1. Indian Rice Rates Recover Slightly As Recent Dip Attracts Asian Buyers Indian Rice Rates Recover Slightly As Recent Dip Attracts Asian Buyers A robust agricultural sector allows India, where rice is a staple food, to produce a significant amount of the grain for both domestic and international markets. Prices of rice exported from India's top hub increased this week from a nearly six-month low as weaker rates drew buyers from other Asian nations, while Vietnam's relatively higher rates posed short-term risks to demand. A Few Updates On The Rice Market A Few Updates On The Rice Market The price for India's 5% broken parboiled variety increased from last week's $374–378 to $375–380 per tonne. An exporter from Kakinada, southern state of Andhra Pradesh, “Buying rice from Asian countries has improved a bit because of lower prices, though a majority of buyers are still on the sidelines.” According to the country's food minister, Bangladesh, which frequently imports rice to make up for shortages brought on by natural disasters like floods, won't need to do so this year. Food Minister Sadhan Chandra Majumder reported, “There is a good harvest in the country and so there is no need to import rice.”

2. The price for Vietnam's 5% broken rice remained unchanged from a week ago at $490 to $495 per tonne, which was the highest level since late April. Ho Chi Minh City-based trader, “Trading activity is quiet as some buyers are delaying their purchases as a result of high prices.” According to government data released on Monday, Vietnam's rice exports in the first five months of this year increased by an estimated 3.9 million tonnes, or about 40.8%, from the same period last year. In May, it was estimated that 1 million tonnes of rice were exported from the nation. Thailand's 5% broken rice prices were $495 per tonne, barely changing from the $495-$500 quoted last week due to weaker baht and muted demand. A trader from Bangkok said, “We have to wait for additional supply to be released.” The prices of rice in Asian markets remain balanced amid global changes being witnessed. If you are a Rice Importer wishing to buy rice in bulk or a rice exporter willing to export bulk rice, then Tradologie.com is the right platform for you. Tradologie is a global digital trade hub that facilitates bulk agro-commodities trade in a transparent manner. Through Tradologie’s AI based platform, buyers and sellers can connect directly with each other in real-time, negotiate prices to get the best deals, without the involvement of any middlemen. Hence, ensuring best rates for both buyers and sellers on the platform, with an overall major reduction in the cost of trade by close to 10%. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.