Rice prices hit the lowest point due to supply surge

Prices of Indian rice export fell to their lowest in nearly three years this week as fresh supplies from the summer-sown crop loom large amid subdued global demand. India’s 5% broken parboiled variety fell from US$363-US$368 the previous week to around US$358-US$362 a tonne this week. “Export demand is negligible. New-season supplies have started in a few southern states and could rise next month,” stated an exporter. Although Cyclone Bulbul damaged paddy rice crop in Eastern India & Bangladesh, “T\this won’t have a big impact on overall rice output,” said Mizanur Rahman, Department of Agriculture Extension.