Now Reading: Rice prices near 10-month high, domestic rates up 10%
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Rice prices near 10-month high, domestic rates up 10%
Indian rice export prices held near a 10-month high this week, with the 5% broken parboiled variety quoted at $358-364 per tonne, as rising domestic paddy prices and El Niño fears tightened…
The Story in Brief
Indian rice export prices held near a 10-month high this week, with the 5% broken parboiled variety quoted at $358-364 per tonne, as rising domestic paddy prices and El Niño fears tightened supply. Domestically, non-basmati rice prices surged over 10% in the past few weeks on a demand-supply gap and a monsoon deficit of 11% as of August 7. The government raised the MSP for paddy to ₹2,441 a quintal for 2026-27, adding to the uptrend, said exporters. Millers report a slight shortage despite the agriculture ministry’s record production estimate of 154.02 million tonnes. Vietnam’s Food Association has proposed a floor export price of $500 per tonne for fragrant rice to protect producers.
The Indian Opinion
The government claims a record rice crop, yet millers report shortages and prices are rising. The RBI warns of headline inflation, but the real worry is whether official production and stock data are reliable. The monsoon is 11% deficient and the MSP hike has added to costs. The test will be whether the open market sale scheme actually draws buyers or if the committee on consumer-preferred varieties ever reports. Until then, talk of a 'record harvest' sounds hollow.
Sources (2): thehindubusinessline.com, thehindubusinessline.com (2)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
