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LATEST NEWS UPDATES | Rice market set for a bull run -Subramani RA Mancombu

Rice market set for a bull run -Subramani RA Mancombu

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published Published on Dec 15, 2022   modified Modified on Dec 16, 2022

-The Hindu Business Line

World over rice production is likely to fall due to a combination of drought and floods

Three developments over the past couple of months have put the global rice market in focus. First, the India curbed rice exports by banning shipments of fully broken rice and imposing a 20 per cent duty on white rice exports.

Second, Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar told the Rajya Sabha last week that due to deficient rainfall in some rice-growing States such as Uttar Pradesh, Bihar, Jharkhand and West Bengal, the cereal’s production may decline this season (July 2022-June 2023). In its first advance estimate, the Agriculture Ministry pegged kharif rice production at 104.99 million tonnes (mt) this season against 111.76 mt last season.

Third, Bangladesh has approached India for 0.5 mt of parboiled rice on a government-to-government basis to build stocks for its public distribution system. The move comes after Dhaka had scouted for supplies in Thailand, Vietnam and Cambodia. Another reason for the Sheikh Hasina Wajed government to turn to New Delhi is the price competitiveness of Indian rice.

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The Hindu Business Line, 15 December, 2022, https://www.thehindubusinessline.com/opinion/rice-market-set-for-a-bull-run/article66268074.ece


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