The Indian ban provides an opportunity for Thai rice producers, especially in Africa which consumes large volumes of rice from India, minister Jurin Laksanawisit told a press briefing
“With India’s export ban, global prices rise as volumes drop … farmers can sell paddy rice at higher prices,” he said.Thailand, the world’s second-largest rice exporter, is expected to export more than 8 million metric tons of rice this year, Charoen Laothamatas, president of the Thai Rice Exporters Association, told the briefing.
“The world market is very turbulent because of speculation in every market, affecting countries that do not have stocks in hand,” he said.Exporters were reluctant to quote prices while waiting for more clarity and were likely to halt shipments for a time, said Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association.
Two trade sources said last week that some rice exporters in Thailand and Vietnam were renegotiating sales contracts for around half a million metric tons for August shipment.
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