Friday, 22 November 2013

Rice Millers Building Inventories On Expectation Of Prices Rise, 15 November 2013

The rice market witnessed a mixed trend on Thursday with prices of Sharbati and Pusa-1121 ( sela)rice varieties improving, while other aromatic & non-basmati varieties ruling unchanged.

Exporters are getting demand from Iran and Iraq. Rice millers are building up inventories, expecting prices to go up further in coming days. 

West Asian Demand May Boost Basmati Exports, 13 Nov 2013

The quantity of basmati rice that was exported in the 2010-11 fiscal has almost been shipped out in the first 6 months of the current financial year.
Due to Strong demand from the key traditional markets in West Asian countries like Iran, Saudi Arabiaand Iraq, Basmati shipments are likely to double to close to 4 million tonnes in past 3 years.
In the current fiscal, basmati exports have increased by 16 % in volumes to exceed 2 million tonnes against 1.7 mt during the same time a year ago.
“ If Demand continues to be good from the traditional buyers, at this speed we may end up exporting over 3.8 mt for the current fiscal,” said R. Sundaresan, Executive Director of the All-India Rice Exporters Association.

Only factor that could hurt exports is rising prices of the raw material, 1121 paddy variety. Prices of raw material have almost doubled in the past one year. 

Aromatic & Sharbat Rices varieties improved On Bulk Buying, 12 Nov 2013


Higher buying by bulk buyers pushed up aromatic and Sharbati rice price , while PR varieties ruled firm on moderate buying. 

Country Rice Exports Estimated At 11 mt. In 2012-13, 6 November 2013

New Delhi
Rice export of country estimated at a record 11 mt in 2012-13 marketing year ended September this year on bumper production and strong overseas demand, according to US Department of Agriculture (USDA).
Rice export of India, the world 2nd largest producer, stood at 10.38 mt in 2011-12 marketing year that runs from October to September.
“2012-13 export estimates is raised to a record 11 mt based on preliminary official statistics for October 2012 to August 2013, and shipping data compiled by a private source for September 2013,” USDA said in a report.

USDA has also revised the rice export estimates for 2013-14 to 10 mt from earlier projection of 9.3 mt.