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RPT-Asia Rice-India prices rise as exporters grapple with floods, coronavirus – Reuters India

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* Floods in Bangladesh damage $four.29 bln worthy of of crops- minister

* Vietnamese prices to stay elevated right up until Oct harvest- trader

* Desire for Indian rice nonetheless superior- analyst

BENGALURU, Aug twenty (Reuters) – Rice export rates in leading-hub India edged greater this week as floods and surging coronavirus cases hammered provide and export logistics.

India’s five% damaged parboiled varietyRI-INBKN5-P1rose to $383-$389 per tonne from final week’s $382-$387, with exporters having difficulties to fulfil orders due to confined availability of containers and employees at the country’s biggest rice handling port, Kakinada, in the point out of Andhra Pradesh.

“Demand is big for Indian rice because of to decreased selling prices, but exports are getting affected by floods and the coronavirus outbreak in Andhra Pradesh,” mentioned Nitin Gupta, vice president for Olam India’s rice organization.

With two.eighty four million complete COVID-19 cases, India is the worst-strike place in Asia and 3rd only powering the U.S. and Brazil in phrases of the selection of circumstances.

Floods in neighbouring Bangladesh broken rice crops really worth 363.34 billion taka ($4.29 billion) on about a hundred,000 hectares, Agriculture Minister Abdur Razzaque mentioned.

Bangladesh, the world’s third most important rice producer, usually depends on imports to cope with shortages triggered by floods and droughts.

In the meantime, Vietnam’s 5% damaged riceRI-VNBKN5-P1charges were being unchanged at $480-$490 a tonne on Thursday, its best considering the fact that late 2011.

“Supplies are slim as area traders have enhanced their purchases recently and the summer-autumn harvest has finished,” a trader based in Ho Chi Minh metropolis mentioned.

The return of the novel coronavirus to Vietnam late previous month has also prompted the hoarding of rice domestically, the trader noted.

Traders hope costs to remain elevated for the next handful of months until eventually a new harvest in October.

Offer considerations also pushed Thailand’s benchmark 5% damaged riceRI-THBKN5-P1price ranges up to $480-five hundred, its maximum since July two, from $465-$five hundred previous 7 days,

“It seems like the rice harvest in the provinces will not be so excellent,” a Bangkok-dependent trader mentioned.

Demand for Thai rice has remained flat this 7 days as rates have been high, traders explained. (Reporting by Rajendra Jadhav in Mumbai, Ruma Paul in Dhaka, Khanh Vu in Hanoi and Patpicha Tanakasempipat in Bangkok enhancing by Arpan Varghese and Amy Caren Daniel)

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