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India losing Saudi Arabian rice market to US on high basmati prices - India is losing its single biggest rice market to the Americans as expensive basmati forces Saudi Arabian consumers to shift to cheaper alternatives. For Indian exporters, this could spell trouble as most have already bought expensive basmati paddy that may find few takers in other markets at current prices. Bank finance worth a couple of thousand crores is riding on India’s basmati exports. Import of US long grain into Saudi Arabia have shot up this season while basmati contracts are still scarce. “We have not bought any basmati yet as the prices are too high. Our consumers are not accepting the prices at which India wants to sell,” said Omar Saleh Babakar, general manager at the Dammam-based Saleh Abdullaziz Babakar Sons Co, the top importer of basmati from India. 

Thai rice sales surging as India, Vietnam struggle - Thai exporters will be making aggressive offers to sell their rice over the next few months on tightening world supplies, and a strengthening local currency is unlikely to discourage overseas sales. Thai suppliers are seeing a flood of inquiries for its rice cargoes as a ban on exports by India and limited availability from Vietnam have added to the strained supply chain.

Scientists claim new GM rice variety requires 20% less water - Rice, which is staple food for nearly half the world’s population, is also a major water-guzzler. It typically uses two-three times more water than, say, an equivalent quantity of wheat or maize. Now, according to a group of scientists, inserting a particular gene may improve rice’s water-use efficiency by at least 20%. The “hrd-D”, a mutant gene, that’s been identified in a tropical weed called Arabidopsis, has been known to strengthen root systems, help plants better tolerate drought- and excess salt-conditions—typical traits of plants that grow in arid climate. 

2007-08 Crop paddy prices still ruling high in the Mandi. After the strike by the exporters against ban on non basmati rice there was a downward trend. But the news favorable to the exporters again saw the price upwards. Any rice can now be exported provided FOB price is above $425/- . 

Prices (All prices in USD). 

Export Prices CNF Gulf Countries. In USD PMT, all prices tentative in 45/50 kg new jute bags (Sortexed)(+-) Diff in Sea Freight     

About 5000 MT 1121 Steam sold to Dubai at about $1100/-. Omar Saleh Babaker from Saudi Arabia one of the largest importer of Rice visited India but did not buy. He gave a statement saying that our Consumers are not accepting the prices at which India wants to sell.

Wait and watch.

Though analysis & recommendations contained herein are unbiased & sincere views expressed by Jagat News Team, buyers are advised to use their personal experience, wisdom and discretion for making purchase decisions.

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