India’s 5% broken parboiled variety was quoted at $499 to $506 per ton during the week from December 11 to December 17, 2023，from the last week’s $497 to $505.

The prices of paddy are rising because the Indian government has been purchasing it from farmers at an increased support price, ultimately lifting export prices, a Kolkata based exporter said.

Thailand’s 5% broken rice prices increased to their highest since August at $640 per ton from last week’s $620-$625.

Traders say the price increase is driven by demand from markets like Indonesia and the Philippines, which are anticipating shipments in Dec. 2023 or Jan. 2024.

The higher price will likely be maintained or get stronger towards the end of 2023 due to a small amount of supply entering the market, a trader said.

Vietnam’s 5% broken rice were offered at $655-$660 per metric ton on December 14, compared with $655-$665 a week ago, traders said.

“Trading activity remains quiet due to tight supplies, while buyers are hesitant to place new orders because prices are relatively high,” a trader based in Ho Chi Minh City said.

Traders said supplies won’t increase until March 2024 when farmers harvest the winter-spring crop.

Preliminary shipping data showed 132,450 tons of rice is to be loaded at Ho Chi Minh City port in the Dec. 1-Dec. 16, 2023 period, with most of the rice heading to the Philippines, Indonesia and Cuba.

In Bangladesh, officials said the Bangladesh government plans to procure 200,000 tons more rice from local farmers in the current harvesting season to boost reserves.

The Bangladesh government had a target to procure 700,000 tons of rice locally.