Rice importers have no choice but to pay higher rates as sellers will default on contracts, given the substantial increase in prices of the staple, traders said.
India late last month banned white rice exports amid uncertainty over domestic production, heightening food supply worries among importers of the staple in Asia and Africa.
Thailand and Vietnam, the world's No. 2 and 3 exporters respectively, are estimated to ship more than one million metric tons of rice in August. India is the world's biggest rice exporter accounting for around 40% of global supplies. Thailand's 5% broken rice prices climbed to $625 per metric ton, versus $545 around two weeks ago, while similar variety from Vietnam has risen to $590 a metric tone as compared with $515-$525.
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