Global rice price hit 15-yr high last month

Global rice price maintained a 15-year high also in September though average price showed an insignificant plunge, according to United Nations Food and Agriculture Organization (FAO).

But Indica species, the key staple for most of the south Asians, continued to surge amid Indian ban and restriction on export of all kinds of rice.

The FAO All Rice Price Index averaged 141.7 points in September 2023, though down 0.5% month-on-month, but still 27.8% above its year-earlier level.

The marginal September decline of the Index was the result of easing Japonica and Aromatic prices--11.0% and 1.6% below their respective August levels, weighed by harvest progress and poor demand.

But Indica prices remained broadly steady at the 15-year highs they reached in August.

The rise in export prices of Indica rice were confined to India in September, where parboiled quotations rose by 12.5% month-on-month in response to the Indian government's late August imposition of a 20% export duty on such quality, said FAO.

Most of the South Asians, especially 300 million Bengali ethnicities, consume parboiled rice.

Indica quotations were also up on the month in the USA, influenced by the upward price streak in its South American competitors, as well as apprehensions about the milling yields of the ongoing 2023/24 harvest.

However, the glutinous variety price also rose by 4.5 per cent in September, sustained by robust sales in Vietnam and concern over the impact of irregular rains in Thailand, said FAO report.

However, Bangladeshi rice prices remained almost static at their previous highs.

Wholesale market witnessed a marginal surge of Tk10-15 per sack (50 kg) in a week which did not affect the retail market, said traders.

Coarse rice was sold at Tk48-54 per kg, medium varieties at Tk60-65 a kg and finer varieties at Tk 70-98 a kg on Friday, according to groceries.