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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 2024Na 100 eerdere neerwaarts beleid-gebeurtenissen bewoog Padierijst zich mediaan -0,1% over 5 sessies (49% hoger; middelste helft -1,7% tot +1,6%), en +0,1% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
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.
