West African rice market adjusts to price declines after India lifts barriers

West African rice buyers are adapting to the effects of India's removal of a 10% export tax on parboiled rice, which has led to falling prices in the region. The removal of the tax has resulted in the lowest level of 5% STX CFR Cotonou parboiled rice in 11 months at $535/t. The decrease in prices is expected to continue, and buyers are cautiously selling their current inventory. The region's demand for parboiled rice remains stable, despite the availability of white rice from other suppliers like Thailand, Pakistan, and Vietnam. The Nigerian government has suspended duties, tariffs, and taxes on certain food imports for 150 days to address the country's food inflation rate of 37%.