09/10/2014
Indian rice export news
Rice News
India:
Indian Millers prepare for New Crop Arrivals for the Milling season of 2014-15. This year Indian Govt. estimates the total Rice production in India to be around 103 Million Tons whereas US Department of Agriculture estimates Indian Production to be around 100 Million Ton down by 6% from last year. The Indian govt. asked moisture content limit from 15% to 14% Moisture and the millers are not happy with this. Further the govt. has also advanced the govt. supply of milled rice from 30 June 2015 to April 15 2015. Food Corporation of India has started Procurement of Rice from Millers from June 1.
India Rice exported upto August from January around 6.7-6.8 Million Tons down fro 7.1 Million Ton last year. Low prices of Thailand Rice and subsidy / incentive given by the Thailand govt. and increased local prices in India lowered the export estimates. Moreover, Indian govt. discontinued the Interest incentive given to exporters which has also impacted hugely the rice export levels.
New Crop Non Basmati Rice from Uttar Pradesh, Haryana has started hitting the market but traders are conscious to built inventories due to high moisture levels in Paddy and milled rice. Most Millers expect to start milling post Diwali Vacation.
The recent depreciation of Re. from 60 to 61.50 levels has brought some cheers for the exporters as they have reduced the prices to match with Thailand / Pakistan Rice prices, however, due to Eid Holidays the impact of such reduction is yet to be seen in the market.
Looking at the current sluggish demand in the export market and Festive season in India, the Forecast for Indian Rice Prices upto Dec 2014 is stable with a small incline on the bullish side.
Sri Lanka
Sri Lanka continues to buy rice from India and Pakistan after dry weather forced the govt. to withdraw the import duty on rice to compensate the 30% fall in domestic Rice Production.
Thailand
It is all set to become the largest exporter of Rice and take away the crown from India. Thanks to the subsidy and incentive scheme by the govt. The subsidy offered farmers 50% above market price, which saved the former prime minister Yingluk Shinwatra win the rural votes. However, after the corruption charges the state was left with 18 Million Ton of over priced rice due to which the Thai prices came down.
Vietnam
Currently the highest priced amongst Asian Exporters, Vietnamese govt. is devising plans to once again capture the lost market for rice.
Lot of expectations on the outcome of SIAL Fair in Paris where rice exporters / buyers from around the world are expected to meet.
Type of Rice
FOB Port Prices
India
Pakistan
Thailand
Vietnam
5% Broken White Rice
$415-$425
$405-$415
$415-$425
$440-$450
25% Broken Single Polish Rice
$380-$390
$355-$365
$350-360
$400-$410
5% Broken Parboiled Rice
$410-$420
NA
$415-$420
NA
100% Broken White Rice
$320-$330
$315-$325
$310-$320
$335-$345
Our Quotation for Indian White Rice and Parboiled Rice are as follows:
Sr. No.
Type of Rice
Quality
Broken
Price FOB India
Packaging
1
IR 64 Long Grain Rice
Silky Sortex Polished
5% (2/3 Basis)
US$422 /MT
50 KG PP
2
Swarna Medium Grain
Silky Sortex Polished
5% (2/3 Basis)
US$440 /MT
50 KG PP
3
Medium Grain Mix Rice
Silky Sortex Polished
5% (2/3 Basis)
US$430 /MT
50 KG PP
4
IR 8 (New Crop) Oct Delivery
Silky Sortex Polished
5% (3/4 Basis)
US$425 /MT
50 KG PP
5
1509 Basmati Golden Sella Pure
Silky Sortex Polished
1% Max
US$960 /MT
50 KG PP
6
1121 Basmati Golden Sella Pure 8.35 MM
Silky Sortex Polished
1% Max
US$1,430 /MT
50 KG PP
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