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. |
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