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India's government cut the export duty on parboiled rice to 10% from 20%, effective immediately, with similar cuts for husked rice and paddy. The move follows storage pressure from last year's stock as the new crop procurement starts on October 1.
The duty had been raised in August 2023 after a poor El Niño monsoon.
Lower export duties make Indian parboiled rice more competitive abroad and add supply to global markets. Clearing storage also means more rice available for export, which is bearish for rice prices.
livemint.comDhirendra Kumar27 Sep 2024
reuters.comRajendra Jadhav27 Sep 2024Setelah 100 peristiwa kebijakan bearish sebelumnya, Gabah bergerak median -0,1% selama 5 sesi (49% lebih tinggi; separuh tengah -1,7% sampai +1,6%), dan +0,1% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
The cut in export duty on parboiled rice to 10% on Sept 27 adds to the export supply outlook, reinforcing the bearish move, though it is a secondary factor.
