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India's finance ministry removed the export duty on parboiled rice, and the DGFT removed the $490 per tonne minimum export price on non-basmati white rice with immediate effect. Government granaries are full and record foodgrain production of 332.29 million tonnes is expected.
With stocks high and exports freed, India is likely to ship more rice into international markets, which weighs on global rice prices.
livemint.comDhirendra KumarOct 23, 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.
Full Indian granaries and record foodgrain output alongside the duty removal signal ample supply that weighs on prices.
