Fall In Prices
FAO All Rice Price Index down 0.7% on month in Sept on weak basmati prices
This story was originally published at 19:37 IST on 4 October 2024
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MUMBAI – The global FAO All Rice Price Index averaged 133.1 points in September, down 0.7% from August and 6.1% from a year ago, the United Nations Food and Agriculture Organization said in its monthly report. The fall was mainly due to a fall in Indian basmati prices.
"They (prices of aromatic rice) weakened by 2.7%, but with falls limited to prices of Indian basmati," the report said. Prices of Indian Basmati plunged to a 35-month low "following the arrival of a bumper crop into the market and the Indian government's mid-month removal of the floor price used for basmati export registration", it said. On Sept. 13, the Indian government scrapped the minimum export price of $950 per tonne on basmati rice.
The price of Pusa basmati rice exported from India fell to $1,166.7 per tonne in September after remaining unchanged since January at $1,400.0 per tonne, the report said. On a yearly basis, prices fell nearly 25% in September, the report said. Prices of 5% and 25% broken non-basmati rice exported from India were unavailable as the country has prohibited exports of white rice to cool domestic prices.
India banned exports of broken non-basmati rice in September 2022 and non-basmati white rice in July 2023 to control domestic prices. However, last week the government allowed exports of non-basmati white rice with a minimum export price of $490 per tonne, while curbs on broken non-basmati rice will continue.
The price of 5% parboiled rice from India rose to $534.4 per tonne in September from $525.8 per tonne in August, the report said. The Indian government last week cut export duty on parboiled rice to 10% from 20%.
The Indica and Japonica indices also fell to 144.8 points and 97.8 points in September from 145.4 and 98.3 points in August, respectively, the report said. The glutinous index, however, rose to 111.2 points in September from 108.1 points in August.
The price of Pakistani 5% rice fell to $540.0 per tonne in September from $545.2 per tonne in August, but the price of Thai A1 Super rice rose to $477.0 per tonne from $458.8 per tonne during the same period. "Thai A1 Super, which rose in tandem with the baht’s appreciation," the report said.
The price of Thailand's 25% broken rice fell to $556.0 per tonne in September from $560.0 a tonne in August. The price of the same variety of rice from Vietnam fell to $511.5 per tonne in September from $516.8 per tonne in the previous month, according to the report. End
US$1 = INR 83.97
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Saji George Titus
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