* Indian export prices hit lowest in nearly three years
* New-season supplies emerging in southern states
* Philippines announces stringent food safety measures
* Strong baht continues to push up Thai prices, denting
demand
By Asha Sistla
BENGALURU, Nov 21 (Reuters) - Indian rice export prices fell
to their lowest in nearly three years this week as fresh
supplies from the summer-sown crop loom large, with subdued
global demand also crimping exports from other major centres.
Top exporter India's 5% broken parboiled variety
RI-INBKN5-P1 was quoted around $358-$362 a tonne this week,
the lowest since January 2017 and down from $363-$368 the
previous week.
"Export demand is negligible. New-season supplies have
started in a few southern states and could rise next month,"
said an exporter based at Kakinada in the southern state of
Andhra Pradesh.
Paddy rice prices have been trading below the government-set
purchase price of 1,835 rupees per 100kg in many spot markets
because of weak export demand, he said.
Cyclone Bulbul soaked the eastern Indian states and major
coastal areas of neighbouring Bangladesh this month, damaging
paddy rice crop and delaying supplies. "This won't have a big impact on overall rice output," said
Mizanur Rahman, a senior official at the Department of
Agriculture Extension.
Over the past few weeks domestic rice prices have risen in
Bangladesh despite good crops and sufficient stocks. The
country's Food Minister attributed the price increase to
unscrupulous traders and said that stern measures would be taken
against those found to be manipulating prices.
In Vietnam, meanwhile, rates for 5% broken rice
RI-VNBKN5-P1 were steady at $345-$350 a tonne.
"Demand remained very weak," said a trader in Ho Chi Minh
City. "No fresh deals have been clinched so far."
PHILIPPINES FEARS
While the Philippines has decided not suspend rice imports,
it will instead tighten food safety measures to control the
entry of cheap grain that the government says is hurting incomes
of local farmers. "We are still very concerned about the Philippines' move
given Philippines is the largest export market of Vietnam,"
another Ho Chi Minh trader said.
Traders said that preliminary data showed that about 181,000
tonnes of rice was scheduled to be loaded at Ho Chi Minh City
ports over Nov. 1-15, with most of the shipments bound for West
Africa.
Thailand's benchmark 5% broken rice RI-THBKN5-P1 prices
were around $394-$410 a tonne on Thursday, versus $395-$409 last
week, amid muted demand as a strong baht continues to push up
export prices.
The Thai government has stepped up efforts to open new
markets for Thai rice, seeking deals with Iraq and Turkey, but
traders say the prospect of sales remains slim because of the
high prices and tougher competition.
"Overall export quantity has been reduced this year due to
lack of global demand and high prices," a Bangkok-based trader
said.
"There is also more competition from the likes of Myanmar as
their export capability has increased this year."