India's export rice prices hit 7-month high due to lack of shipping vessels

The price of Indian rice exports to the highest level in more than 7 years According to Reuters, the price of Indian 5% broken parboiled rice was reported at $375-382/ton last week, the highest level since June 2021, up from $367-$375. An exporter based in Kakinada, in the state of Andhra Pradesh, said that train carriages were not available and that moving rice by truck meant that transportation costs nearly doubled. Nearly a third of India's rice exports this month have been stranded due to a lack of freight trains. According to industry officials, most traders stopped signing export contracts in February to avoid fees for storing containers at yards. According to Indian officials, the South Asian nation's rice exports are likely to touch $9.5 billion in value in fiscal 2022, accounting for about half of the global rice export market, with exports of young rice -basmati is likely to reach $5.8 billion. Thai rice prices also peaked for many months In Thailand, the price of 5% ...