“We know that the rice market will remain tight in the near term, largely due to India’s export ban,” said Peter Clubb, commodity markets analyst at the International Grains Council in London. Degree”. “We also have Eid coming up in April and the period leading up to Eid tends to see good demand from markets with a strong Muslim presence.
The rice market is expected to remain tight at the start of the year due to export restrictions in India and an expected increase in demand during festivals, which will cause prices to rise further. These grains are essential to the diets of billions of people, and further price increases will strain household budgets. Thai 5% cracked white rice – the Asian standard – hit a new 15-year high late last year at $659/ton.
“We know that the rice market will remain tight in the near term, largely due to India’s export ban,” said Peter Clubb, commodity markets analyst at the International Grains Council in London. Degree”. “We also have Eid coming up in April and the period before Eid tends to see good demand from markets with large Muslim populations in Asia and Africa.
Top exporter India is expected to maintain export curbs at least until a general election in April or May, as Prime Minister Narendra Modi seeks to rein in domestic prices before voters go to the polls. vote. The onset of El Niño and its potential impact on key growing areas has added to supply concerns.
Countries in Asia and Africa are scrambling to ensure supplies since India stepped up restrictions in July. Rice inflation in the Philippines has spiked, while Indonesia has asked the military to support farmers. people increase production. The country is a major importer and is preparing for a presidential election next month. However, prices are unlikely to return to the 2008 record high above $1,000/ton, which coincided with broader export bans. Farmers in Vietnam’s Mekong Delta can start harvesting new crops this month, easing some supply problems. The winter-spring harvest often brings the largest harvest in the country.
The Thai Rice Exporters Association, which sets a 5% price reduction for Thai white rice, also predicts that the country’s rice exports will decline this year due to falling demand, especially from Indonesia after the crisis. his election. Thailand is the world’s second largest grain exporter, while Vietnam ranks third.
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