Domestic rice prices rose again in Bangladesh this week despite hefty imports and good crops, hitting consumers.
Traditionally the world’s third-biggest rice producer, Bangladesh has emerged as a major buyer of late to shore up domestic stocks hit by floods, importing mostly from India through land ports.
The country has brought in nearly 800,000 tonnes of rice since July.
Top exporter India’s 5 per cent broken parboiled variety was quoted at $353 to $358 per tonne, down from last week’s $354 to $360.
“Summer crop supplies were rising. But this week’s untimely rainfall might delay processing in some eastern states,” said an exporter based at Kakinada in the southern Indian state of Andhra Pradesh.
The Thai baht weakened 1.5 per cent against the US dollar from a week ago, translating into lower export rates, traders in Bangkok said.
Thailand is seeing an ample new harvest but logistical challenges remained due to high freight rates and scarcity of ships, they added.
Thailand has exported 4.59 million tonnes of rice between January and October this year, commerce ministry data showed.
Vietnam’s 5 per cent broken rice fell to $415-$420 per tonne from $425-$430 a week earlier.
“Prices edged lower following last week’s news that the Philippines was taking steps to temporarily limit imports of rice from Vietnam,” a Ho Chi Minh City-based trader said.
Vietnam’s rice exports in the first 11 months of this year were forecast to have risen from a year earlier.
This year’s total shipments could reach 6.2-6.5 million tonnes, as expected, state media cited the Vietnam Food Association as saying.
