Indian Rice Quotes Lowest in 18 Months:USDA

Export quotes from the Western Hemisphere remain elevated compared to those from Asian suppliers. U.S. quotes, while lower from earlier in the year, remain the highest although stable at $550/ton as harvest pressure from new crop supplies is offset by recent sales to Iraq. Meanwhile, Uruguay quotes are steady at $520/ton. Over the past month, Thai quotes slid lower to $392/ton as it vies for business with the recent Philippines tenders. In contrast, Vietnamese quotes have risen to $415/ton. Indian and Pakistani quotes have declined further to $365/ton and $360/ton, respectively, as the recent kharif crop is met with muted off-shore demand. This is the lowest Indian quote in more than a year and a half, and the lowest Pakistani quote in almost 2 years.