India Raises Minimum Export Price

India's agricultural ministry has raised the minimum export price of rice to $500 PMT, FOB in order to reduce exports and make more rice available for government-run procurement programs.

The Indian government had banned exports of all non-basmati rice to shore up procurement from farmers, which is used to run its subsidized sale programs.

According to latest government figures, India's state-run agencies have so far managed to procure around 11.92 million MT of rice, down 2.13% on the year.