Grains
Rice
The December average price of Indian rice decreased by 1.3% m-o-m and by 0.6% y-o-y, to USD
356.7/MT. The price decrease was attributed to higher global production estimates for the 2021/22
MY, with Bangladesh, China, India, and Thailand showing the largest y-o-y production increases.
India's 2022 exports are projected to be the second-highest on record, at 19 million tonnes.
The December average price of Thai rice increased by 1.9% m-o-m to USD 387/MT due to a lower
production forecast for the 2021/22 MY, but decreased by 23.2% y-o-y. The lower production
forecast is based on a 100,000-hectare reduction in the harvested area estimate, to 10.4 million
hectares. The reduced harvested area estimate was due to floods across numerous provinces, during
September and October, that negatively affected crops just as they were reaching the harvest stage.
In addition, export prices of most grades of rice in Thailand increased by 1%, mainly due to the
strengthening of the Thai baht. Traders expect more demand for Thai rice during January 2022 as the
Lunar New Year approaches. Meanwhile, high freight costs and shipping delays caused by container
shortages are expected to continue throughout Q1 2022.
The December average price of Vietnamese rice decreased by 2.1% m-o-m and by 15.7% y-o-y, to
USD 403/MT. The price decline is due to the suspension of Sanitary and Phytosanitary Import
Clearance (SPSIC) permits by the Philippines, one of the world's biggest importers of rice. The
Philippines is Vietnam's largest rice export market, accounting for 40% of its total rice shipments.
320
340
360
380
400
420
440
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Rice India - USD/MT
Sep 20 Dec 20 Mar 21
RK47 - Rice white 5% bkn fob IN
350
400
450
500
550
600
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Rice Thailand - USD/MT
Sep 20 Dec 20 Mar 21
RJ04 - Rice white 5% bkn fob TH
550
500
450
400
350
300
Dec 19 Mar 20 Jun 20 Jun 21 Sep 21 Dec 21
Rice Vietnam - USD/MT
Sep 20 Dec 20 Mar 21
RC42 - Rice white 5% bkn Hanoi VN
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