Philippines opens door to import rice from India
Indian Government estimates paddy production to be 121 MM MTS for M.Y ‘20-’21.
Indian rice traders are preparing to export rice to the Philippines starting from June 2021 as the Philippines has lowered the rice import duty from India from 50% to 35%. The Philippines is the 2nd major rice importing country in the world. As per the president of the Rice Exporters Association, BV Krishna Rao, Indian rice traders will be exporting non-basmati rice to the Philippines and they are now looking into the modes of rice export to Philippines.
Indian parboiled rice exporters retain a bearish outlook for a short period. Rice traders have indicated a delay of bulk cargoes at Kakinada port which has restrained volume-based procurement. Most volumes have shifted to containers thereby creating a bubble leading to a price increase in freights. IR-64 5 percent broken white rice indicates a stronger tone as rice demand is great and readiness continues to be normal for the short period. Swarna white rice varieties continue to be bullish for additional covering of short positions.
Bangladesh government worries that standing rice crops may possibly be damaged as larger areas of fertile land in the densely populated nation are flooded with high tide saltwater. Mizanur Rahman Khan, a senior officer in the Bangladesh agriculture ministry said that they are gathering details from cyclone-affected areas. Fortunately, harvesting of the summer rice produce is nearly completed. There is still a possibility for the crops to get damaged.
Thailand's 5 percent broken rice export prices increased to $457-$485 per MTS from the previous week's $454-$475 per MTS pushed by higher container freight costs, while international rice demand continued to be muted. Though, several rice exporters stated that an anticipated arrival of additional rice supply could help alleviate rice export prices.
Vietnam’s 5 percent broken white rice remained unchanged for the 3rd week at $490-$495 per MTS. One rice exporter said that rice supplies are less, while some rice traders are uncertain to sign new deals due to the challenges of container shortage, particularly for the exports to Europe and the Middle East. Vietnam was, however, witnessing an increase in rice demand particularly from rice importers from China and Philippines as they cut down import duty.
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