Polished rice traded in higher price range in Brazil

After a sharp price rally, followed by zero-tax import quotas released by the Brazilian government, polished rice prices stabilized at an upper level. Although the harvest phase is expected to start in just two weeks, the market has not yet seen a price reduction, being traded today at around US$ 700/ton FOB, 39% above the same period last year. For the local market, the million dollar question is whether and when prices will start to fall.