In November, world rice prices decreased by 4%, but they started to stabilize mid-month. By the end of November, world prices even showed some firmness due to strong demand stimulated by India’s return to the export market. With a more abundant supply and prices at their lowest level since June 2023, importers are returning to the market, particularly countries in West Africa and the Middle East. Additionally, world rice trade was significantly revised upward and is expected to reach 55.6 Mt in 2025, either a 3.6% increase over 2024. This growth will be mainly driven by India’s return, as the market leader, while the export prospects for Thailand and Vietnam have been revised downward. The depreciation of the Indian rupee against the dollar also helps improve the competitiveness of Indian rice, with prices between $ 45 and $ 75/t lower than those of Thai and Vietnamese competitors. Nonetheless, the latter greatly benefited from India’s withdrawal during the first ten months of the year and are expected to achieve record export figures in 2024. In the Western Hemisphere, prices also contracted in an active export market, especially in the United States. In Mercosur, the depreciation of national currencies against the dollar is stimulating demand for South American rice. In early December, world prices remained relatively stable, and with the approach of year-end festivities, global demand remains active.
In November, the OSIRIZ/InfoArroz Index (IPO) fell by 10.5 points to 238.1 points (base 100 = January 2000) from 248.6 points in October. By early December, the IPO index remained stable at around 239 points.