Global market price of rice likely to remain high

21-Jun-2024 04:16 PM

Bangkok. The price of this important food grain is at a high level in the world's top rice exporting countries - India, Thailand and Vietnam and it is likely to fall further in the near future.

In India, the Rabi crop of paddy has almost been harvested and its government procurement is also going to end soon. On the other hand, the price is high in Thailand due to low production of paddy rice.

Prices have softened a bit due to the ongoing harvesting and preparation of the new crop of paddy in Vietnam's Mekong Delta, but it may rise again from July.

The Kharif paddy cultivation season has officially started in India, but the market is likely to remain bullish due to the increase in its minimum support price by the government. Limited exportable stock of rice is left in Pakistan and Myanmar as well as America.

In Thailand, the export offer price of 5 percent broken rice is running between $ 615-620 per ton, which had reached a high of $ 630 per ton last week.

The price of rice has come down due to the decrease in demand at very high prices, but in view of the limited stock, it seems difficult for it to fall further.

In comparison, the export offer price of 5 percent broken rice is around $ 570 per tonne in Vietnam and $ 544-552 per tonne in India (for sold rice).

There is a tough competition between Thailand and Vietnam for rice export to the countries of South-East Asia, while Indian rice is mainly exported to African countries.