The negative market dynamics are resulting in a downward basmati price trend on the bourses
India's 5 percent broken parboiled variety was quoted around $370-$375 per tonne this week, the highest since the last week of September
Export of rice especially basmati, to Iran, valued at $1.5 billion in 2018-19 financial year, continue to weather uncertainty following US sanctions on its crude oil last year
Smaller shipments from India could help rivals such as Thailand, Vietnam and Myanmar to increase their exports, according to Indian exporters
The Thai government has asked farmers in 22 rice-growing provinces not to grow off-season crops
India, the world's top rice exporter, exports about 3 lakh tonnes of basmati rice to the EU.
Basmati exports to Saudi Arabia have declined to below 20 per cent in the financial year 2018-19 from over 26 per cent 2014-15.
Lack of long term export policy, high costs making Indian rice uncompetitive
Government's decision to increase MSP consistently had raised cost of procuring
The country's rice exports for April-February dropped 9.4 percent from a year earlier to 10.57 million tonnes, as leading buyer Bangladesh trimmed its purchases due to a bumper local harvest