Indian rice prices touch 4 month low

Despite a dip in prices to four-month lows this week, demand for rice from top exporter India was subdued. Prices for India’s 5% broken parboiled variety dropped to US$ 365 – US$ 370 per tonne from US$ 368 – US$ 372 a week ago. On the contrary, however, rates for the Vietnamese rice variety were at their highest in two months, despite their restricted supply.

“Asian and African buyers are not in a hurry. They are postponing buying anticipating a further fall in prices,” said an exporter from Andhra Pradesh. This statement comes on account of the fact that India’s rice exports in August fell 29% year-on-year to 644,249 tonnes due to weak demand from African countries for non-basmati rice, among other factors.