By Nakul Iyer
(Reuters) – Rice prices in top exporter India hit a more than one-year peak this week bolstered by robust demand from African and Asian countries, while a cyclone damaged some crops in Bangladesh.
Cyclone Amphan, which pounded eastern India and Bangladesh on Wednesday, damaged crops on 176,000 hectares in Bangladesh, Agriculture Minister Abdur Razzaque said.
But as harvesting of the summer crop is almost complete in the coastal districts, he said the impact would be limited.
India’s 5 percent broken parboiled variety rose to $385-$389 per tonne, the highest since April 2019, from last week’s $380-$385.
“Buyers prefer Indian rice due to lower prices,” a Mumbai-based exporter with a global trading firm said.
Malaysia has contracted to import a record 100,000 tonnes of rice