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India banned exports of non-basmati white rice with immediate effect, effective July 20, 2023. The government cited retail rice prices up 3% in a month and 11.5% over a year after late, heavy monsoon rains damaged crops.
Non-basmati white rice makes up about a quarter of India's rice exports.
India supplies more than 40% of world rice exports, so removing this volume tightens global supply and is likely to lift international rice prices. Low inventories amplify the effect.
reuters.comRajendra Jadhav, Mayank Bhardwaj, Shivam PatelJul 20, 2023After 168 past bullish policy events, RICE moved a median +0.8% over 5 sessions (57% higher; middle half -1.7% to +2.1%), and -0.4% 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.
