The increasing rice export prices across the globe
Major rice exports markets see a bullish run on high demand.
Rice export prices for 5 percent broken parboiled rice varieties from India, increased to $371-$378 per MTS from the previous week's $370-$376 per MTS. One Indian rice trader said that rice buyers are aiming to stockpile due to the increase in wheat and corn prices and hence the demand is increasing for rice.
In Thailand, 5 percent broken rice export prices also increased to $415-$428 per MTS from the previous week’s $400-$403 per MTS. One rice exporter said that because corn and wheat prices soar, animal feed producers were considering using more broken rice, resulting in an increase in prices across the board. The rice exporter also added that rice demand from Hong Kong has also risen with worries over plans for a city-wide lockdown generating panic buying by citizens. As per the commerce ministry, Thailand exported 459,752 MTS of rice worth $234 million in January 2022, an increase of 8.92% from the same period last year.
Vietnam's 5 percent broken rice prices increase at $410-$415 per MTS from the previous week’s $400 per MTS, due to better demand. The Ukraine-Russia dispute urged importers to place more orders from rice exporting countries in Asia stated by one rice trader. One rice exporter said freight rates had risen since the Ukraine-Russia dispute started, with international freight rates increasing 50% and local freight costs rising 70%-80%.
As per Cambodia’s Ministry of Agriculture, Forestry and Fisheries there is a growth in rice exports for January 2022 and February 2022 compared to the same period in the previous year. As per the ministry, in the 1st 2 months of 2022, Cambodia exported 103,058 MTS of rice for all rice variants. This is an increase of 26,836 MTS compared to the previous year’s exports for 76,222 MTS. China is the major rice buyer for Cambodian rice export. In January and February 2022 Cambodia exported 56,385 MTS of rice in China, 20 EU countries with a total quantity of 26,507 MTS, and 3 ASEAN importing countries with a total of 9,370 MTS.
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