Global rice prices may gain in Q3 after clear picture on weather, production emerges

Rice prices in the global market have currently dropped to levels of $600/tonne and below but they will likely gain around June-July when a clear picture emerges on production and monsoon behaviour in Asia.

The period will coincide with results for the Lok Sabha elections in India, which may ease the current curbs on exports if its buffer stocks are good, traders and analysts said. “India’s parboiled prices are currently quoted at $515-520 a tonne free-on-board. Prices have declined on slack demand and the Food Corporation of India finishing its purchases,” said a New Delhi-based exporter.

A trade analyst said prices have come down as shipments of other varieties of rice such as steamed and white have come to a halt after Indian Customs officials tightened the scrutiny of consignments. 

Down to near $600/tonne

According to the Thai Rice Exporters Association, India’s parboiled…