World Grain - November 2022 - 14

GRAINMARKET REVIEW
Rice monthly prices
(in 1,000 tonnes)
RICE
New crop, strong dollar cut prices
by Chris Lyddon
The arrival of the new crop in some major exporters as well as
the rise in the US dollar against most currencies internationally
has triggered an easing in prices in many sectors of the
rice market.
The International Grains Council (IGC) in its Oct. 20 Grain
Market Report described rice prices over the preceding month
as " slightly weaker amid currency movements and the impending
arrival of new crop supplies in several exporters. "
" In Thailand, 5% broken offers were modestly softer m/m,
at US$411 fob Bangkok, on slow demand and as a weaker local
currency weighed, while quotations in Pakistan retreated
by US$11, to US$394 (fob Karachi), as new crop harvesting
got underway, " the IGC said. " Indian values also fell in subdued
activity ahead of kharif arrivals, but tighter supplies underpinned
gains in Vietnam. "
A weekly report, dated Oct. 21, from the USDA in Bangkok
on the rice market in Thailand noted that " export prices
decreased 2% to 8% as new-crop rice supplies began entering
the market. " A monthly USDA report from Burma, dated Oct.
19, reported prices down " as supplies from the new rice crop
enter the market and the Myanmar kyat appreciated against
the US dollar. "
The US Rice Producers in their Oct. 21 Rice Advocate publication
said harvesting was almost complete.
" Paddy prices remain firm, but the spot market is not as active
as most producers expected it to be post-harvest, " it said.
It noted that " the largest milled market for US rice is getting
worse with each passing day, as it's nearly impossible to
unload a vessel in Haiti right now, even for NGOs trying to
help the people in crisis. "
Looking at paddy exports, US Rice Producers said the
United States is losing market share in Mexico to Brazil and
reported that milling was winding down after the fulfilment of
80,000 tonnes of Iraq business.
" The domestic market has been the steady savior, but with
both Haiti and Iraq in the wings and prices that are significantly
higher than the competition, it will be an interesting
year marketing this crop, " the US Rice Producers said.
The United Nations Food and Agriculture Organization
(FAO), in its Rice Price Index, which was published on Oct.
14
100
200
300
400
500
Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22
Rice (Thailand), 5% broken, white rice (WR), milled, indicative
price based on weekly surveys of export transactions,
government standard, f.o.b. Bangkok.
7, said prices overall rose by 2.2% in September to reach an
18-month high.
" Indica prices spearheaded this increase, rising 3.4% above
August levels and reversing all losses registered since June, "
the FAO said. " Nevertheless, Japonica prices also moved up
by 4.4% to hit an all-time nominal high, as a revival in shipments
lifted values in Vietnam, adding to firmness in droughtstruck
California. "
Conversely, efforts to attract sales eased Glutinous prices by
0.9%, the FAO said.
" Aromatica quotations also declined by 2.5%, mostly reflecting
bearishness in Pakistan ahead of the 2022 basmati
harvest, which was largely spared by the severe floods affecting
the country, " the FAO said.
" Asian Indica markets were dominated by supply-side developments
last month, " the FAO reported, noting in particular
the imposition by India on Sept. 9 of " an export ban on fully
broken rice, alongside a 20% export duty on non-parboiled
paddy, husked and semi/wholly milled Indica. "
While the export ban on Indian brokens received mixed
responses in competing origins, buoying values in Myanmar
and Pakistan, while those of Thailand continued to ease, Indian
quotations of 5% and 25% white rice reacted to the export
tax by rising 10% month-on-month, the FAO said.
Another point made by the Rome, Italy-based organization
was that " across-the-board currency depreciations against the
US dollar in the major origins, limited price gains, especially
in Thailand and Vietnam. "
Chris Lyddon is World Grain's European correspondent.
He may be contacted at: cajlyddon@gmail.com
We want to hear from you - Send comments and inquiries to
worldgrain@sosland.com. For reprints of WG articles, email reprints@sosland.com.
November 2022 / World Grain / World-Grain.com
Source: USDA; World Bank
http://www.World-Grain.com

World Grain - November 2022

Table of Contents for the Digital Edition of World Grain - November 2022

World Grain - November 2022 - Intro
World Grain - November 2022 - 1
World Grain - November 2022 - 2
World Grain - November 2022 - 3
World Grain - November 2022 - 4
World Grain - November 2022 - 5
World Grain - November 2022 - 6
World Grain - November 2022 - 7
World Grain - November 2022 - 8
World Grain - November 2022 - 9
World Grain - November 2022 - 10
World Grain - November 2022 - 11
World Grain - November 2022 - 12
World Grain - November 2022 - 13
World Grain - November 2022 - 14
World Grain - November 2022 - 15
World Grain - November 2022 - 16
World Grain - November 2022 - 17
World Grain - November 2022 - 18
World Grain - November 2022 - 19
World Grain - November 2022 - 20
World Grain - November 2022 - 21
World Grain - November 2022 - 22
World Grain - November 2022 - 23
World Grain - November 2022 - 24
World Grain - November 2022 - 25
World Grain - November 2022 - 26
World Grain - November 2022 - 27
World Grain - November 2022 - 28
World Grain - November 2022 - 29
World Grain - November 2022 - 30
World Grain - November 2022 - 31
World Grain - November 2022 - 32
World Grain - November 2022 - 33
World Grain - November 2022 - 34
World Grain - November 2022 - 35
World Grain - November 2022 - 36
World Grain - November 2022 - 37
World Grain - November 2022 - 38
World Grain - November 2022 - 39
World Grain - November 2022 - 40
World Grain - November 2022 - 41
World Grain - November 2022 - 42
World Grain - November 2022 - 43
World Grain - November 2022 - 44
World Grain - November 2022 - 45
World Grain - November 2022 - 46
World Grain - November 2022 - 47
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World Grain - November 2022 - 49
World Grain - November 2022 - 50
World Grain - November 2022 - 51
World Grain - November 2022 - 52
World Grain - November 2022 - 53
World Grain - November 2022 - 54
World Grain - November 2022 - 55
World Grain - November 2022 - 56
World Grain - November 2022 - 57
World Grain - November 2022 - 58
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World Grain - November 2022 - 60
World Grain - November 2022 - 61
World Grain - November 2022 - 62
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World Grain - November 2022 - 65
World Grain - November 2022 - 66
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World Grain - November 2022 - 75
World Grain - November 2022 - 76
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