Heated external demand continues to raise the price of Brazilian rice

Rice

Brazil

Published Jul 22, 2023

Tridge summary

The Brazilian rice market is experiencing a moderate pace of business, but prices are increasing in some regions due to strong external demand and new export cargoes. In Rio Grande do Sul, the average price of a 50-bag of paddy rice increased by 1.08% compared to the previous week and by 9.23% compared to the same period last year. The state of Santa Catarina saw record production in the 2022/23 crop, which is expected to change the trajectory of prices.

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Original content

Porto Alegre, July 21, 2023 – The Brazilian rice market ends the week with a moderate pace of business, however with a good increase in prices being observed in some regions. “External demand remains strong, and new export cargoes continue to be registered, with around 15,600 tons scheduled for shipment in July, bound for Venezuela”, highlights SAFRAS & Mercado analyst, Evandro Oliveira. The average of a 50-bag of paddy rice in Rio Grande do Sul, the main national reference, ended Thursday (20) quoted at R$ 83.70, presenting an increase of 1.08% in relation to the previous week. Compared to the same period last month, there was an increase of 2.39%, and an increase of 9.23% when compared to the same period in 2022. In the state of Santa Catarina, the 2022/23 crop ended with record production. "Prices, which were stable before or with slight falls due to supply pressure, should now change trajectory", bets the analyst. “This is due, in part, to the fact that a large part of the ...

Source: Safras