Indian rice at year high from African buyers, monsoon concerns
Indian rice prices just hit their highest point in a year, thanks to improved demand from African buyers and worries about weak monsoon rains.
Right now, 5% broken parboiled rice is selling for $364 to $369 per ton, and white rice is at $360 to $365 per ton, with the parboiled variety up from last week.
Indian monsoon 13% below, rice rising
India's monsoon season has been running 13% below normal since June, making farmers nervous about crop yields.
As one exporter put it, "Concerns over production are rising as the rainfall deficit continues to widen. The crop now needs ample moisture, but rainfall remains inadequate in many states," said a Kolkata-based exporter.
Meanwhile, rice prices in India and Thailand are also climbing, and retail prices in Bangladesh remain high despite solid reserves.