Preference for Indian rice continues
Indian Non-basmati rice export volume is estimated to be 13.09 MM MTS for F.Y Apr'20-Mar'21.
In the middle of the gloom surrounding the Indian nation due to the 2nd wave of COVID-19, one segment that has done admirably well in the agricultural segment is the export of non-basmati rice. Though basmati rice exports have traditionally been India’s strength, the export of non-basmati rice varieties has also gained momentum in F.Y. ‘20- ‘21 which has been a stellar performance for Indian non-basmati rice export. India responded promptly to opportunities arising due to the COVID-19 pandemic and the setbacks encountered by other rice exporting countries, thereby making India’s non-basmati rice export a preferred choice. Indian rice export prices decreased for a 7th consecutive week as rice supplies have been increased by the central government's release of reserves to support the poor in the country facing the 2nd COVID-19 wave. India's government has been supporting free rice to almost 800 MM population.
Indian parboiled rice exports remained to see a bearish start as new rice crop arrivals continued strong for most of the Central Indian state. Rice exporters remain to sustain a bearish position for the near term and anticipate a major rice price export adjustment on FOB terms. White rice export continues to be firm as purchasing queries from rice importing countries are limited.
Thailand’s 5 percent broken rice export prices decreased to $465-$473 per MTS from the previous week’s $475-$485 per MTS. Rice traders quoted an absence of international requirement, although there were no problems with the rice supply.
Vietnam’s 5 percent broken white rice was unchanged from the previous week at $490-$495 per MTS due to low rice supplies. One rice trader stated that rice exporters are anticipating a new rice crop from the upcoming summer-autumn rice harvest. Thailand rice exports in the first 4 months of 2021 decreased 6.9 percent Y-O-Y to 1.97 MM MTS but increased 45.1 percent in Apr’21 compared to Mar’21.
Bangladesh is anticipated to see an increase in summer rice production or 'Boro' crop to 20.5 MM MTS in 2021 from 19.6 MM MTS last 2020. As per the Bangladesh agriculture ministry, this year 2021 there is a bigger land to harvest rice. The 'Boro' variety, which provides more than half of Bangladesh's standard annual rice production, may reduce rice imports for Bangladesh that has emerged as one of the top rice importing countries after repeated floods last 2020 which resulted in damaged rice harvests.
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