India, the world’s biggest exporter of rice, removed the floor price for basmati shipments to boost the premium variety’s competitiveness in the global market.
The current minimum export price of $950 a ton for issuing registration-cum-allocation certificates for the grain has been scrapped, the country’s Commerce Minister Piyush Goyal said in a post on X on Friday. The decision will help increase basmati rice exports and farmers’ income, he said.
India started prohibiting or adding taxes on key rice varieties in 2022 in an effort to shore up supplies and quell food inflation ahead of national elections. The moves sent the Asian benchmark price to the highest since 2008 last year and prompted panicked consumers to seek supplies from other nations.
The government also reduced wheat stockpile limits to prevent hoarding and lower prices of the food grain in the local market, according to a statement from the food ministry.Wheat futures traded in Chicago were set for a third week of gains as India’s decision to limit stockpiles underscored the tightness in global wheat supplies.
“That is an indication that supplies are tight and that they want to try to bring domestic prices down by making more supplies available,” said Angie Setzer, cofounder of farm advisory Consus Ag Consulting LLC.
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