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Rivalry among shippers caps price of Indian rice exports
Small exporters undercut rates, high freight charges also keep them on leash
Indian rice exporters have not been able to cash in on the demand for rice in the global market due to intense rivalry among themselves.The rivalry is the main reasons why the increase in (non-Basmati) rice prices in the global market has been limited compared with other agricultural commodities such as wheat, corn and sugar.
Corn prices have increased the most amongst agricultural commodities, rising by 58 per cent since the beginning of the year. Wheat prices have increased nearly 20 per cent, sugar 17 per cent, soyabean 27.5 per cent, while rice rates are up 13 per cent.