Monthly Report
FAO All Rice Price Index down 4% on month in November on weak Indica prices
This story was originally published at 17:26 IST on 6 December 2024
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NEW DELHI – The global FAO All Rice Price Index averaged 120.7 points in November, down 4% from October and 13% on year, the United Nations Food and Agriculture Organization said in its monthly report. This is the lowest since December 2022, it added. Prices fell majorly in November due to the 4.2% on-month decline in Indica prices.
Aromatic and Glutinous quotations also weakened by 3.3% and 7.4%, respectively, amid new crop arrivals in Thailand, the report said. "Asian prices of Indica rice continued to weaken in November, as sentiment remained weighed by prospects of increased competition for markets amongst exporters following India's repeal of restrictions on exports of non-fully broken rice," FAO said. On Oct. 23, India lifted the minimum export price of $490 per tonne on non-basmati white rice.
The arrival of freshly harvested crops exerted additional downward pressure in Thailand, Pakistan, and India, it added. The price of 5% parboiled rice from India fell to $445.8 per tonne in November from $474.0 per tonne in October, the report said. "In India, this was notwithstanding a notable acceleration in public domestic procurement, after it had gotten to a slow start the previous month," the report said.
The price of Pakistani 5% rice fell to $454.2 per tonne in November from $477.3 per tonne in October. The price of Thai A1 Super rice fell to $413.3 per tonne from $445.3 per tonne during the same period.
The price of Indian Pusa basmati rice exported from India was unchanged on month at $1,050 per tonne in November, the report said. The price of Thailand's 25% broken rice fell to $487.8 per tonne in November from $501.0 a tonne in October. The price of the same variety of rice from Vietnam fell to $474.0 per tonne from $495.0 per tonne in the same period, according to the report. End
Reported by Afra Abubacker
Edited by Akul Nishant Akhoury
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