Asia rice: Indian prices hit more than one-year high; Vietnam rates rise

Business Recorder reported that Asian rice export prices stayed firm this week, with Indian quotes at their highest in over a year. The rise was linked to a stronger rupee and crop supply worries, while Vietnamese rates climbed to a level not seen since late August.

Parboiled 5% broken rice from India fetched $384 to $389 per ton this week, up from $378 to $384 last week, while Indian white grade sold for $385 to $390. A Mumbai-based exporter linked firm domestic prices to limited paddy supplies and lower output after below-normal rainfall. On Thursday, Vietnamese 5% broken quotes reached $440 to $450 per metric ton, against $420 to $430 a week before, and a Ho Chi Minh City trader said the Philippines was set to restart purchases from November.

A Vietnamese ministry official expects busy export activity for the rest of the year and said the 8 million ton target will be met. Thai 5% broken rice rose to $480 per ton, the strongest since September 10, as vessel arrivals and extra exporter purchases lifted prices from $465 to $468 last week. Flooding has held up loading, and the Thai Rice Exporters Association said exports could fall short of the 7 million ton target amid rivalry with India and Pakistan. In Bangladesh, fine rice climbed to 74 to 75 taka per kilogram from 72 taka, adding to consumer strain.