Myanmar 5% broken rice price falls to lowest in 21 months

The Myanmar 5% broken white rice price fell to a 21-month low Nov. 14, making it more competitive against the same variety from Thailand and Vietnam.

Platts, part of S&P Global Commodity Insights, assessed Myanmar 5% broken white rice at $479/mt FOB FCL on Nov. 14, dropping $87/mt year on year, $21/mt month on month and $15/mt week on week, highlighting a downtrend in the country's rice market. The price was last lower Feb. 3, 2023, at $450/mt.

The Myanmar 5% broken white rice price was at a $10/mt discount to Thai 5% broken white rice and a $20/mt discount to Vietnam 5% broken white rice on Nov. 20, Commodity Insights data showed.

Platts assessed Myanmar 25% broken white rice at $433/mt FOB on Nov. 14, down $80/mt year on year, down $20/mt month on month, and unchanged on the week.

Platts assessed Myanmar B1 & B2 broken rice at $330/mt FOB on Nov. 14, down $100/mt year on year, down $10/mt month on month, and unchanged on the week.

Exporters in Myanmar attributed this decline to India's policy change of removal of MEP on non-basmati white rice as well as to the depreciation of Myanmar's kyat against the dollar.

"Currently, we are not offering Myanmar rice as the prices are not workable, and the entry of India has disrupted the whole trade pattern," a Singapore-based trader said.

A Myanmar-based seller said: "The decline in prices is due to the fall in exchange rate against USD as well as due to drop in prices of raw rice as new crop has started to enter the market."

The seller added that India's policy change has affected Myanmar rice as buyers from Africa are shifting focus to India.

Myanmar's harvest season is expected to finish by mid-December, sources said.

When asked about the future price outlook, another seller said: "In the near future, Myanmar FOB price may be higher than other [origin] markets due to less productivity in the current monsoon crop."