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India banned broken rice exports and imposed a 20% duty on most rice grades, excluding parboiled and basmati. The measures follow below-average monsoon rainfall that cut planting and caused an estimated 5.6% year-on-year fall in production.
Nomura's estimate was cited as the basis for the production decline.
As the largest rice exporter, India's restrictions reduce global supply and make the new duty likely to shift demand toward Thailand and Vietnam. This should lift international rice prices.
cnbc.comReutersSep 9, 2022After 168 past bullish policy events, Rough 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.
