Asia Rice: Rates Rise In Top Hubs, Bangladesh Hikes Local Purchase Prices

Asia Rice: Rates Rise In Top Hubs, Bangladesh Hikes Local Purchase Prices

Leading rice exporters saw rates for the staple grain rise this week as a result of rising orders. Also, Bangladesh increased the price it will pay farmers for the crop they will harvest in the coming season in an effort to maintain stability in domestic prices. 

Rice News From Bangladesh 

Bangladesh will increase procurement prices to 44 taka ($0.41) per kilogram from 40 taka ($0.38) a year ago in order to ensure a support price, build stocks for state welfare programs, and meet emergency needs, the food minister announced on Thursday. 

From May 7 through August 31, the government will purchase 1.2 million tonnes of rice from the country’s local farmers. 

Rice News From Other Major Asian Countries 

The 5% broken parboiled variety from top exporter India was quoted at $385–$392 per tonne this week, up from the previous week’s $383–389 range, helped by the strengthening of the rupee. 

A rice exporter from Kakinada which lies in the southern Indian state of Andhra Pradesh mentioned, “Demand is rising. Buyers are giving preference to India since prices are lower than Thailand and Vietnam.” 

The price for the 5% broken rice from Vietnam increased from $460 per tonne in the previous week to $465–470 per tonne. 

A trader based in Vietnam’s Ho Chi Minh City mentioned, “The demand for Vietnamese rice remains strong while the country’s exports in the first quarter rose strongly.” 

Vietnam exported 1.85 million tonnes of rice in the months of January through March, up 23.4% from a year earlier, according to government data released earlier in According to the data, China and the Philippines continued to be Vietnam’s top rice purchasing countries in the first quarter. 

Prices for Thailand’s 5% broken rice increased from $480-$482 per tonne to $485-$490 per tonne in the previous week.

A Bangkok-based trader stated, “Exporters are rushing to purchase rice to satisfy orders coming from places like Indonesia.” He further mentioned that the domestic supply is tightening due to the season end approaching and more supply would be available by June and July. 

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