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Reading: Rice prices  may increase  as  the  market remains tight Rice
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Rice prices  may increase  as  the  market remains tight Rice

Team Happen Recently
Last updated: 2024/01/10 at 11:30 AM
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 “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.

  For more  information,  visit at https://happenrecently.com/zepto/?amp=1

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