World agricultural market: Rice prices in rice granaries continue to decrease

A duty on parboiled rice hit exports in India this week, while prices in Vietnam and Thailand continued to fall from recent highs.

India’s 5% broken parboiled rice prices remained at $525-$535 a tonne, near a record $520-$540 a tonne hit on Aug. 31. Trading activity has slowed, said Himanshu Agarwal, chief executive officer of exporter Satyam Balajee.

Global rice prices have surged after India imposed a 20% duty on exports of parboiled rice from August 25, in addition to existing export restrictions on non-basmati white rice. “We are only giving a reference price to buyers. No one is buying at this price,” said an exporter.

Thailand’s benchmark 5% broken rice prices fell to $613-$615 a tonne from $620 last week. Prices fell due to a weaker baht but remained high, a trader said, adding that farmers were considering increasing output. The trader said deliveries were only made at previously agreed prices to Iraq, the Philippines and Malaysia.

Meanwhile, Vietnam’s 5% broken rice prices fell to $620-$630 a tonne from $630-$640 last week. A trader in Ho Chi Minh City said buyers from the Philippines remained quiet.

However, another trader in the Mekong Delta said tight supplies and growing demand from Africa and Indonesia would limit the decline in rice prices.

A senior official from the Bangladesh Food Ministry said the country has enough rice reserves, currently around 1.7 million tonnes, to supply its people amid rising global and domestic rice prices.

Farmers are also monitoring the El Nino weather phenomenon after an unusually dry August, with lower rainfall forecast in September posing a greater threat to supplies.

Prices of US agricultural products fluctuated during the session on September 15 on the Chicago Board of Trade (CBOT), in which corn and soybean prices decreased, while wheat prices increased.

Corn for December 2023 delivery fell 4.25 cents, or 0.88 percent, to $4.7625 a bushel. Soybeans for November 2023 delivery fell 20.25 cents, or 1.49 percent, to $13.4025 a bushel. Wheat for December 2023 delivery rose 10.5 cents, or 1.77 percent, to $6.0425 a bushel.

The European Union (EU) is expected to allow its ban on Ukrainian grain imports to expire, but this will not stop some countries from implementing their own bans.

Members of the National Oilseed Processors Association processed 167.8 million bushels of soybeans in August 2023, the lowest in the U.S. in 11 months. U.S. soybean stocks fell to 1.250 million pounds, the lowest monthly U.S. stockpile since October 2017 (1 pound/lb = 0.4535 kg).

Forecasters fear Australia's drought will worsen by November 2023 as the El Nino phenomenon in the equatorial Pacific rapidly strengthens.

Light rainfall is forecast across the Central US over the next six days, followed by a wetter weather pattern across the region with near-to-above-normal rainfall in early October 2023.

According to VNA/Vietnam+

Source: https://baophuyen.vn/82/308024/thi-truong-nong-san-the-gioi--gia-gao-o-cac-vua-lua-gao-tiep-tuc-giam.html