The six-month average price (July-December) of Indian rice is 2% lower compared to the previous six-month average, and 5% lower than the same period the previous year. Mintec Indian rice prices fell due to low demand and new supply entering the market in consequence of the harvesting season, which commenced in October.
The Asian rice market is experiencing a high wave of competition, as major exporters compete for market presence. Thai rice prices continue at a premium compared to other Asian exporters, supported by the appreciation of the Thai Baht against the US dollar. The widening gap between Thai rice and other suppliers has resulted in a lower export forecast for this marketing year due to low foreign demand. On the other hand, Vietnamese prices are trending at much lower levels than other major exporters, driven by higher production and tepid demand, which may increase its attractiveness in the global market.
From economical to political, all the factors impacting the rice market have been analysed to provide a market outlook for the next six months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions.