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Indian basmati exporters fear lower shipment volumes after the Iranian rial fell sharply against the dollar and Iran imposed its seasonal rice import ban from late July. Iran and Saudi Arabia together account for close to half of India's basmati shipments, and Dubai pesticide norms are also a concern.
Weaker Iranian purchasing power and import bans reduce demand for Indian basmati, which is bearish for rice export prices while Iranian demand remains constrained.
thehindubusinessline.comVishwanath KulkarniAug 1, 2018After 141 past bearish trade events, Rough Rice moved a median +0.6% over 5 sessions (57% higher; middle half -2.3% to +2.4%), and -0.6% 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.
