Outlook of rice trade across the globe
Rice exporting & importing countries are facing a shipping crisis.
Thailand's 5 percent broken rice export prices decreased to $390-$400 per MTS from the previous week’s $390-$403 per MTS. One rice trader said that while low rice prices have favored business deals from long-time rice importers in the Middle East, a shortage of vessels arriving at Thai ports continues to be a challenge. The rice trader added that the rice export prices made rice importers interested to purchase Thai rice. However, there are no vessels. Thailand exported 2.59 MM MTS of rice between January and July 2021, down 22% from the same period in 2020.
The Vietnam Trade Office in Cambodia stated that Cambodia shipped higher quantities of agricultural products to Vietnam in the first eight months of 2021. Cambodia traded nearly 2.4 MM MTS of paddy rice to Vietnam from January to August 2021, a growth of more than 85.9% Y-O-Y.
Before Bangladesh was one of the major rice producers but due to repeated floods, the country became one of the highest rice importers and has permitted private rice traders to import 1.7 MM MTS of rice. One rice exporter said that most of the rice purchases will be imported from India due to the vicinity. However, Indian rice export prices might increase due to rice demand from Bangladesh. The shipping rate is also less compared to Thailand or Vietnam. Bangladesh rice traders can import rice from India via road route. Imported rice has already started arriving in Bangladesh through land ports.
Indian rice traders maintained a neutral tone for the near term as most rice trading countries are encountering a shipping crisis followed by law-and-order uncertainty at the destination. Rice buying demand is good from West Africa but shipment lead times and related delays on account of container/vessel volatility have depressed the market extensively over the last 3 weeks. East African rice traders continue to be neutral as purchasing positions are not firm for the near period.
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