India’s 5% broken parboiled variety was quoted at $ 351 to $ 356 per tonne, down from last week’s $ 357- $ 361 range, as the rupee hit an all-time low of 77.79 against the dollar this week.
“The government is releasing more rice to feed the poor. Mukti is putting pressure on local prices,” said an exporter based in Kakinada, Andhra Pradesh.
A weaker rupee increases traders’ margins from overseas sales, reducing their export rates.
Neighboring Bangladesh, traditionally the world’s third-largest producer, often relying on imports to cope with deficits caused by natural disasters, has no plans to import rice this year, a food ministry official said, despite rising domestic prices again this week.
“We have good stocks and good crops and we hope that our local procurement targets will be met. There are no plans to import rice,” the official said.
The price of 5% broken Vietnam rice remained unchanged at $ 415- $ 420 per tonne.
“Internal supplies are running low while business activity is weak,” said Ho Chi Minh City-based trader.
The initial shipping data shows that from May 1 to May 24 at the port of Ho Chi Minh City will be loaded with 306.870 tons of rice, most of which the Philippines is going to Africa and Cuba.
Meanwhile, the price of 5% broken rice in Thailand dropped from $ 450 to $ 430- $ 445 per ton last week.
Bangkok-based traders said that the market in the last week has been largely muted and weak export prices Butt has been interesting.
According to data released by the Thai Ministry of Commerce earlier this week, the country exported 1.74 million tonnes between January and March, up 48.5% from the same period last year.