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India lifted its ban on non-basmati white rice exports on September 28, 2024, and imposed a minimum export price of $490 per tonne. The change follows a 20% export duty cut the previous day.
Indian officials cited higher sowing, a normal crop and well-stocked central pool.
Ending the export ban returns a large volume of white rice to global trade, adding supply to a market that had been tight. The $490 floor limits how far prices can fall, but the added supply is bearish.
indianexpress.comHarikishan SharmaSep 29, 2024After 100 past bearish policy events, RICE moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.6%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Explains the Sept 28 lifting of the export ban on non-basmati white rice and the duty cut, which signals a significant increase in global export supply and bearish pressure on prices.
