Rice traders in India see growth in global market
India’s rice production for Mktg. yr. ’21- ‘22 is estimated to be 120 MM MTS.
Indian parboiled rice trade continued to have a flat to a bearish outlook for the previous week. Rice exporters are seen to reveal a decline in rice price as the new paddy arrival is anticipated to start this week. Rice exporters also believe that to maintain a stable rice price, food safety measures will be implemented by some of the states which will keep the prices in check. Restricted activities and regulated consumption may affect the rice demand in the local market. White rice trade continues to stay firm on domestic offers as arrivals are slow in the local market. One of the rice traders said that rice demand for export is good, but rice shipments may possibly get disturbed in the upcoming week if coronavirus cases continue to increase at the present pace. India witnessed the highest surge of 273,802 COVID-19 new cases until April 18, 2021.
Vietnam's 5 percent broken white rice export decreased to $485-$495 per MTS, from the previous week’s $495-$500 per MTS. One rice exporter said that rice prices have decreased as the quality of winter-spring rice crop decreases towards the end of the rice harvest. International rice traders said they are concentrating on completing deals signed previously and are uncertain to sign new deals due to soaring freight rates.
Pakistan IRRI-6 rice export market remained to see subdued movements in terms of trade. The International Grains Council has projected production to be 7.6 MM MTS from Nov 2020 to Oct 2021 period. A forecasted export statistic is witnessed to be at 4.3 MM MTS for this period. Limited rice demand is expected in the international market because of rice price discrepancy.
In Bangladesh, local rice prices increased after it began a week-long lockdown as COVID-19 cases reached around 3,698 per day as of April 18, 2021, from below 300 in February 2021.
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