Parboiled rice prices in India soared to record highs due to constrained supplies and sustained demand from Asian and African markets. The 5% broken parboiled variety from India reached an unprecedented range of $533-$542 per ton. Limited market supplies stem from government paddy buying, leaving minimal stock for private players. Concurrently, rice milling activities for the new season crop are ongoing, further diminishing the availability of milled rice. India's rice output is anticipated to decline this fiscal year, marking the first drop in eight years, potentially leading to extended export curbs to manage food prices ahead of elections.
Meanwhile, Vietnam observed a decline in 5% broken rice prices, dropping to $630 per metric ton from the previous $653 per ton. Domestic supplies are accumulating in Vietnam, with the Mekong Delta region undergoing partial harvesting, expected to peak in March. Traders reported sluggish trading activity as buyers await further price reductions in anticipation of robust supplies from the upcoming winter-spring harvest.
In Thailand, 5% broken rice prices experienced a slight dip to $663-$665 per ton, attributed to a weakening baht. Despite this, domestic activity and a new order for 0.5 million tonnes from Indonesia helped bolster prices. Conversely, rice prices in Bangladesh remained elevated, sustaining a sharp increase from the previous week, despite ample yields and record reserves. Prime Minister Sheikh Hasina issued directives for immediate actions against rice hoarders in response to the persistent high prices in the country. The diverse trends in rice prices underscore varying market dynamics across key exporting nations.