Rice prices in India slide to multi-year lows as supply mounts.
Prices of rice in top exporter India slid to a three-year low this week as demand waned on ample supply from the recent summer harvest, while demand from the Philippines picked up for the Vietnamese variety. The rate for India's 5 percent broken parboiled variety was quoted around $356-$361 per tonne this week, the lowest since January 2017 and down from last week's $358-$362.
The supplies from new crop are rising, but demand is not picking up," said an exporter based at Kakinada in the Indian state of Andhra Pradesh. India's rice exports in October fell 42% year-on-year (YoY) to 485,898 tonnes, government data showed on December 5, due to weak demand from African countries for non-basmati varieties. In Vietnam, rates for 5 percent broken rice were quoted at $345 a tonne on Thursday, compared with a range of $345-$350 a week earlier.
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