Asian rice prices set to fall as India enters market

Asian rice prices are expected to fall in the next week as India, faced with bulging grains stocks, sell rice to Africa and Indonesia below Asian offer levels. India's 25% broken grade was offered at around $130-135 per tonne free-on-board (FOB) cheaper than Vietnam's $155 for the same grade. India had a stockpile of 25.6m tonnes of rice as of January 1,'02, against the buffer requirement of 8.4m tonnes. India, helped by good rains, is likely to produce 89-90m tonnes of rice in the crop year to June, compared with 86.3 million a year earlier.


Market Update
(Food Grains)