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India scrapped its export tax on parboiled rice by official order on Tuesday, after inventories surged and a bumper crop was expected following copious monsoon rains. The move follows a September cut in the duty from 20% to 10% and a floor price on non-basmati white rice exports.
Removing the duty lets India, the world's largest rice exporter, sell more parboiled rice abroad, adding supply to a market that is already soft and pressuring global rice prices lower.
reuters.comRajendra JadhavOct 22, 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.
