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☆ Indian rice shipments of 500,000 tons postponed after new duty- exporters
▼ + stars: | 2023-08-29 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

India, which is scrambling to rein-in inflation ahead of state elections later this year, on Friday expanded curbs on rice exports with a 20% duty on parboiled rice that would be effective until Oct. 15. Shipments of around 500,000 tons have been put on hold, said B.V. Krishna Rao, president of the Rice Exporters Association (REA). India exported a record 22.2 million tons of rice in 2022, including 7.4 million tons of parboiled rice. Lower-income consumers in Asia and Africa previously preferred 100% broken rice, exporters said, which was available at $325 per ton, but India banned exports of broken rice last year. India, which accounts for 40% of world rice exports, in July ordered a halt to its largest rice export category, non-basmati white rice, which fuelled a rally in global rice prices.

Persons: Rajendra, Himanshu Agarwal, B.V, Krishna Rao, REA, Rao, Tony Munroe, Sharon Singleton Organizations: REUTERS, Rights, Reuters, Satyam Balajee, Rice, Association, Reuters Graphics, Thomson Locations: Kakinada Anchorage, Andhra Pradesh, India, Benin, Ghana, Côte d'Ivoire, Liberia, Thailand, Vietnam, Pakistan, New Delhi, Asia, Africa

☆ Domino effect: India rice export ban puts market on edge for copycat curbs
▼ + stars: | 2023-08-11 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +6 min

New Delhi had already restricted lower quality broken rice supplies in 2022. In 2008, rice prices reached a record high above $1,000 per ton after India, Vietnam, Bangladesh, Egypt, Brazil and other small producers restricted exports. CHAIN REACTIONGlobal prices have risen by around 20% since India's ban. This week, rice prices in Thailand and Vietnam soared to 15-year highs as buyers rushed to cover shipments to compensate for the decline in India's exports. Rao said only Indian supplies can restore equilibrium in the global rice market.

Persons: Nitin Gupta, Trade Nguyen Hong Dien, Rice, B.V, Krishna Rao, Rao, Peter Clubb, Rajendra Jadhav, Naveen Thukral, Khanh Vu, Panarat, Shri Navaratnam Organizations: REUTERS, Olam Agri, Reuters Graphics, Reuters, of Industry, Trade, Rice, Association of Pakistan, Association of India, International Grains Council, Thomson Locations: Kolkata, India, MUMBAI, New Delhi, Thailand, Vietnam, Delhi, Asia, Africa, Olam Agri India, Bangladesh, Egypt, Brazil, Pakistan, Philippines, China, Senegal, Nigeria, South Africa, Malaysia, Cote d'Ivoire, El, London, Singapore, Hanoi, Bangkok

Indian rice stocks, including unmilled husk varieties at state warehouses, totalled 37.6 million metric tons on Aug 1, the sources told Reuters. Stocks held as of Aug 1 include 24.6 million metric tons of rice and 13 million metric tons of the unmilled variety, the sources said. State-run warehouses must have 13.5 million metric tons of rice, including strategic reserves of 2 million metric tons for the quarter beginning July 1, according to local government rules. FCI bought 84.6 million metric tons of rice paddy from domestic farmers during the 2022-23 marketing year, yielding around 57 million metric tons of rice. Indian farmers harvested a record 135.5 million metric tons of rice in 2022-23, according to the Ministry of Agriculture & Farmers Welfare.

Persons: Rajendra, Stocks, Krishna Rao, Rao, Mayank Bhardwaj, Rajendra Jadhav, Alexander Smith Organizations: REUTERS, Reuters, Food Corporation of India, FCI, Ministry of Agriculture & Farmers Welfare, El, Rice, Association, Thomson Locations: Kakinada Anchorage, Andhra Pradesh, India, DELHI, MUMBAI, Delhi, B.V

Four dealers confirmed that export contracts of around 2 million metric tons of rice, worth $1 billion, are at the risk of being cancelled. Before the export ban, India used to sell around 500,000 tons of non-basmati white rice every month, Gupta said. Now, prices are likely to drop, and the traders are likely to suffer losses, said a New-Delhi-based dealer with a global trade house. Traders say while global prices will go up because of India's export ban, local rates are likely to drop. Top buyers of Indian non-basmati rice include Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh and Nepal.

Persons: Nitin Gupta, Gupta, B.V, Krishna Rao, Rao, Rice, Rajendra Jadhav, Mayank Bhardwaj, Sharon Singleton Organizations: Traders, Olam Agri India Ltd, Reuters, Rice, Association, El, Thomson Locations: MUMBAI, India, Mumbai, Delhi, Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh, Nepal, Asia

The government said it was imposing the ban after retail rice prices climbed 3% in a month as late monsoon rains damaged crops. While a late monsoon caused a major shortfall of rain up to mid-June, heavy rains since have caused significant damage. India accounts for more than 40% of world rice exports but low inventories mean any cut in shipments will fuel food prices driven up by Russia's invasion of Ukraine last year and erratic weather. His administration has extended a ban on wheat exports after curbing rice shipments in September 2022. "India would disrupt the global rice market with far greater velocity than Ukraine did in the wheat market with Russia's invasion," B.V. Krishna Rao, president of the Rice Exporters Association told Reuters.

Persons: Rice, Narendra Modi, Krishna Rao, Rao, El, Michael Hogan, Jan Harvey, David Evans, Conor Humphries Organizations: Rice, Association, Reuters, El, Farmers, El Nino, Thomson Locations: India, Ukraine, DELHI, Asia, Thailand, Vietnam, New Delhi, Punjab, Haryana, Rice, West Bengal, Bihar, Chhattisgarh, Andhra Pradesh, Telangana, China, Philippines, Hamburg

☆ India triggers inflation fears after imposing major rice export ban
▼ + stars: | 2023-07-20 | by ( ) edition.cnn.com time to read: +4 min

The government said it was imposing a ban on non-basmati white rice after retail rice prices climbed 3% in a month after late but heavy monsoon rains caused significant damage to crops. The category impacted, non-basmati white and broken rice, accounted for around 10 million tons of a total of 22 million tons of Indian rice exports last year. His administration has extended a ban on wheat exports after curbing rice shipments in September 2022. Vietnam’s 5% broken rice was offered at $515 to $525 per metric ton, its highest since 2011. Buyers may move to Thailand and Vietnam, but their 5% broken rice could cost $600 per metric ton, said one European trader.

Persons: Narendra Modi, B.V, Krishna Rao, Rice, ” Rao, Rao, El Organizations: Delhi Reuters, Rice, Association, Reuters, El Nino Locations: Delhi, India, Ukraine, Asia, Thailand, Vietnam, New Delhi, Benin, Senegal, Ivory Coast, Togo, Guinea, Bangladesh, Nepal, Punjab, Haryana, Rice, China, Philippines

☆ Rice to get costlier as weather, India's farm perks threaten supply
▼ + stars: | 2023-07-06 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +5 min

"As Indian prices moved up because of the new minimum support price, other suppliers also started raising prices." Yet even before the weather phenomenon can disrupt production, the global rice price index of the Food and Agriculture Organization hovers above an 11-year high. The price of Indian rice exports has jumped 9% to a five-year high, following a hike of 7% last month in the price the government pays farmers for new-season common rice. "Rice prices have already been rising due to limited supplies," added Olam's Gupta. Last month Indonesia signed a rare pact with India to import 1 million tons if El Nino disrupts domestic supply.

Persons: El Nino, Krishna Rao, REA, Rice, El, Nitin Gupta, Gupta, Rosa Wang, Narendra Modi's, Modi, Himanshu Agarwal, Rajendra Jadhav, Qin Ningwei, Tony Munroe, Clarence Fernandez Organizations: Rice, Association, Reuters, El, Food and Agriculture Organization, U.S . Department of Agriculture, El Nino, Reuters Graphics, Shanghai JC Intelligence, Narendra Modi's Bharatiya Janata Party, BJP, Satyam Balajee, Vietnam, Thomson Locations: MUMBAI, India, Ukraine, Asia, Bangladesh, China, Indonesia, Thailand, Vietnam, New Delhi, Singapore, Myanmar, Pakistan, Indian, Philippines

Last month, the Food and Agriculture Organization's global rice price index rose 2.2% to hit an 18-month high. "The international market has gone up and it will go up further," said Nitin Gupta, vice president for Olam India's rice business. Reuters GraphicsVietnam's unmilled rice output is forecast to hold flat to last year's 43 million tonnes, according to government data. Neighbouring Thailand is aiming to export 7.5 million tonnes this year, up about 7% from its previous target of 7 million tonnes, said Anucha Burapachaisri, a government spokesman. Meanwhile, Pakistan cannot capitalise on India's export curbs after severe flooding ravaged its crop.

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