ASIA RICE-India rice hits three-year low on weak rupee, supply glut
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Indian rice prices have dropped to a three-year low due to a weak rupee and oversupply, with 5% broken parboiled rice priced at $369-$374 per ton. The rupee's decline is enabling competitive pricing against other countries. Additionally, the Philippines has suspended rice imports, impacting demand for Vietnamese rice, which is now priced at $391 per ton. The U.S. has announced a doubling of import taxes on Indian goods, further affecting demand. Thailand's rice prices remain stable at $370 per ton, while Bangladesh's rice reserves are stable.
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