Rice exporting countries maintain a high price variance
Demand for rice in the international market continues to rise.
Vietnamese rice traders reduced rice export prices to keep up with competitive rice offers from the top rice exporting country India. Vietnam's rice export prices for 5 percent broken white rice decreased to $505-$510 per MTS from the previous week’s $515-$520 per MTS. One rice trader said that rice exporters need to reduce their offered rice export prices after the decrease in Thai and Indian rice export rates. The rice trader also added that rice importing countries are shifting to buy 5 percent broken white rice from India, although they are still purchasing fragrant rice from Vietnam.
Thailand's parboiled rice export prices for 5 percent broken rice decreased to $488-$500 per MTS from the previous week’s $500-$518 per MTS. One rice exporter said that the price decline was mainly due to a decrease in local rice prices and the foreign exchange rate, as the Thai baht has declined 3.5% against the U.S. dollar ever since the beginning of March 2021.
In Pakistan, the Rice Exporters Association of Pakistan (REAP) has indicated a major concern on the adverse foreign exchange rates and surge in shipping rates by freight groups. As per REAP, the rice export has been affected negatively by these two issues. One of the major problems is the significant rise in shipping rates for rice importing countries in Europe and China. Whilst rice traders are also encountering numerous problems due to unexpected inflation of the US Dollar versus the Pakistan Rupee. Moreover, adverse foreign exchange rates have turned up as well to be one of the major problems that Pakistan rice exporters face.
Indian parboiled rice export saw a decline in movement over the week as major freight companies revoked services in the meantime for the West African region. As per freight forwarding companies, this shift was expected due to the Suez Canal blockage which would have required the operators to directly re-route some shipments and strategize the movement accordingly. Indian white rice exports continue to stay flat. Rice exporters are still considering the strain of container availability for major rice importing countries. IR 64 white rice fresh arrivals are seen on the west coast, India. While Swarna white rice availability in the market continues to be good. Rice export outlook stays bearish for the near term. And 100 percent broken white rice requirement remains unchanged.
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