Global rice prices eased down in October as harvests set in

This, amid sufficient supplies and strong competition, according to the United Nations’ (UN) Food and Agriculture Organization (FAO).

The UN agency said in a report that the FAO All Rice Price Index averaged 98.4 points last month. This was a decrease of 2.5 percent from September and 21.7 percent lower than the same period last year. It has been declining since May.

Among varieties, quotations for glutinous rice posted the largest drop of 5.9 percent to 94 points in October.

Indica prices followed with 3 percent, ending at 99.7 points. This is the variant’s fifth consecutive price decrease and the lowest since June 2019.

Japonica and Aromatic prices went down by 0.5 percent each to average 90.1 points and 96.3 points, respectively.

“Asian prices of Indica rice remained on a downtrend in October, as main-crop harvests were launched or gained momentum, in a context already marked by ample exportable supplies and fierce competition for markets,” the FAO said.

“In Vietnam, the Philippines’ retreat from the market provided little room for quotations to regain ground…,” it added.