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FAO: International rice prices decline in January

Staff writer |
International rice prices declined in January 2014 mainly due to weak import demand, according to the UN’s Food and Agriculture Organization (FAO).

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The FAO Rice Price index in January 2014 declined 2 points or about 1.6% from previous month. The lower quality Indica sub-index declined by 3.9% and the aromatic sub-index declined by 2.7%. The benchmark Thai white rice 100% B declined by $4 or almost 1% to around $455 per ton in January 2014, reports

The FAO says that while the average rice export prices in Vietnam and India declined in January 2014, export prices in the U.S. and South America remained steady. Domestic rice prices in far eastern countries showed mixed trends in January 2014.

Domestic rice prices in some major rice exporting countries such as Cambodia and Vietnam declined due to weaker export demand and higher 2013 main season harvests. However, those in India, Bangladesh, China, Myanmar, the Philippines, Indonesia and Myanmar increased due to localized crop damage and unfavorable weather conditions, the FAO says.

Domestic rice prices in the urban areas of the Western Africa's Sahelian and coastal countries remained stable in January 2014 due to good harvest and declining international prices. Rice prices in Madagascar increased marginally month-on-month due to a weak harvest in 2013 as well as heavy rains, but import prices were stable due to declining international prices, reports

The domestic January 2014 rice prices in the Caribbean country Haiti increased to high imported rice prices and the depreciation of the local currency with respect to the dollar.

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