Asia Rice-Indian Rice Falls On Weak Demand; Cyclone Damages Fields In Bangladesh Nov 14, 2019

(Source Reuters)

* Cyclone Bulbul damages 23,000 hectares of paddy in Bangladesh

* Thailand braces for dry spell amid low water levels

* Vietnam October rice exports down 5.9% from September

By Karthika Suresh Namboothiri

BENGALURU, Nov 14 (Reuters) – Indian rice export prices extended losses for a second week as the rupee weakened and demand from Africa remained low, while a cyclone damaged paddy fields in neighbouring Bangladesh.

Top exporter India’s 5% broken parboiled variety <RI-INBKN5-P1> was quoted around $363-$368 per tonne, down from $365-$370 last week.

“In dollar terms, export prices are down due to the weak rupee. Local paddy rice prices are firm,” an exporter based at Kakinada in the southern state of Andhra Pradesh said.

The Indian rupee fell to a two-month low on Wednesday, increasing exporters’ margins.

Tepid demand from African countries for non-basmati rice has also played a role in dampening exports, which were down 29% year-on-year in August at 644,249 tonnes.

Many rice-growing states received rainfall earlier this month, which delayed harvesting and damaged paddy crops ready for harvesting, exporters said.

Last week, cyclone Bulbul ripped through coastal areas of Bangladesh and eastern India, damaging 23,000 hectares (56,834.24 acres) of paddy fields, as per a preliminary assessment by Dhaka’s agriculture ministry.

“We will get a clear picture of the extent of the damage by next week,” said Mizanur Rahman, a senior official of Department of Agriculture Extension.

This could be a major blow to the country at a time when farmers have been unable to secure benchmark prices for produce, with no fresh overseas deals in sight.

Elsewhere, Thailand’s benchmark 5% broken rice <RI-THBKN5-P1> edged up to $395-$409 a tonne from last week’s $390-$408.

Demand for Thai rice has remained relatively flat despite some optimism over a recent rice deal with Iraq, traders said

However strength in the baht – Asia’s best-performing currency this year – continued to dent demand for Thai rice, making it more expensive than grain from competitors such as Vietnam and India.

“Right now, domestic prices are too low for farmers,” a Bangkok-based trader said. “Prices could go up as supply may shrink, or the government could step in to buy rice at a high price.”

“But the current prices are already higher than our overseas competitors, so it is tough to export.”

The Thai government has asked farmers in 22 rice-growing provinces not to grow off-season crops as the country braces for a dry spell amid low water levels in main reservoirs.

In Vietnam, rates for 5% broken rice <RI-VNBKN5-P1> stayed flat at $345-$350 a tonne. The market was dull, with trading done only on previously signed contracts, a trader said. “I think the market will stay this quiet until the end of next year.”

In October, Vietnam exported around 450,000 tonnes of rice, down 5.9% against September, customs data showed. (Reporting by Phuong Nguyen in Hanoi, Patpicha Tanakasempipat in Bangkok, Ruma Paul in Dhaka and Rajendra Jadhav in Mumbai; Editing by Arpan Varghese and Jan Harvey)

The 1st Best Vietnam Rice Contest
The 1st Best Vietnam Rice Contest
The 1st Best Vietnam Rice Contest
Vietnam - Hongkong B2B Rice Trade Networking 2019
Vietnam - Hongkong B2B Rice Trade Networking 2019
Vietnam - Hongkong B2B Rice Trade Networking 2019
5% Broken
418 0 444 2 338 0 368 20
25% Broken
398 0 433 3 323 0 356 23
100% Broken
370 5 412 7 323 0 358 15

From 05/05/2022-12/05/2022

Max Price
+/- Weekly
Paddy in the field
      5.700        5.518  +43 
Paddy at the warehouse       7.150        6.667  +71 
Brown rice grade 1       9.300        9.038  +208 
Milled rice grade 1      10.200        9.833  +250 
5% broken
      9.550        9.243  +71 
15% broken
      9.350        9.025  +67 
25% broken
      9.150        8.783  +67 
Broken 1/2       8.450        8.271  +57 
      8.850        8.471  +146 

Exchange Rate

Currency Code Currency Name Units per USD
CNY Chinese Yuan Renminbi 6,74
EUR Euro 1,05
IDR Indonesian Rupiah 14650,84
INR Indian Rupee 77,49
MMK Burmese Kyat 1850,77
MYR Malaysian Ringgit 4,39
PHP Philippine Peso 52,39
PKR Pakistani Rupee 193,93
THB Thai Baht 34,55
VND Vietnamese Dong 23141,70