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17th Mar 2021

Bangladesh Gov’t will procure 350K MTS of rice

Bangladesh to import rice from 3 major Asian rice exporting countries

 

swarna riceBangladesh, which has emerged as a major rice importing country due to flood-ravaged stocks, is also said to be in a position to procure 350K MTS of non-basmati rice from 3 major rice exporting countries under the direct procurement method (DPM). The Cabinet Committee on Economic Affairs has approved 3 separate proposals from India and Thailand 150K MTS each and 50K MTS from Vietnam. The Bangladesh government is trying to import rice from various rice exporting countries so that no problems will occur in the future as per Finance minister AHM Mustafa Kamal. He also added that 150K MTS of non-basmati rice from India will be procured from Punjab State Civil Supplies Corporation Ltd (PUNSUP), 150K MTS from the Sakonnakhon National Farmers Council, Office of the Prime Minister in Thailand, and 50K MTS of white rice from Southern Food Corporation (VINAFOOD) in Vietnam. FM Kamal also stated that the concerned Bangladesh ambassadors in India, Thailand, and Vietnam would cooperate with the concerned companies and organizations to fix the rice import price.

Indian parboiled rice markets remained flat with limited rice exports. This has added to the bearish outlook on rice prices for the near term. While Indian white rice markets remained firm with limited offerings. For Indian IR 64 white rice, fresh crop arrival remains limited. While Swarna white rice markets remain firm with stable deals. Rice purchasing is witnessed from rice importing countries from the Southeast Asian region. As per B.V. Krishna Rao, president of the Rice Exporters Association of India, Indian Railways has reduced freight for paddy rice transportation by almost 16 percent by modifying loading rules, which would help rice traders. He also added that rice exporters may possibly save USD $3 to $4 per MTS due to reduced freight costs.

Pakistan rice export markets see good demand for 100 percent broken rice in rice importing countries from Africa as well as in Asia. Rice exporters see a better potential for Far East markets in the near term. Overall Pakistan rice export market remains firm with a flat tone for deals on short positions.

Pakistan RiceThailand's rice export prices for 5 percent broken rice decreased to $505-$515 per MTS from the previous week’s $515-$560 per MTS. One rice trader said that the reason for the decrease in rice export prices is due to a near 1 percent decline in the baht since the start of Mar’21. Thailand's cabinet approved a draft agreement to recommence government-to-government deals of rice to Indonesia after a former contract expired last 2016.

Vietnam's rice export prices for 5 percent broken white rice reduced to $500-$510 per MTS from the previous week’s $505-$510 per MTS. One of the rice traders said that rice farmers in the Mekong regions are experiencing a plentiful rice harvest, and local rice supplies are becoming stronger.

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