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Panicked traders boost forward buys of Indian rice fearing a ban

In the last two weeks, traders have signed contracts to export 1 million tonnes of rice for shipments from June through September

Indian exports of the planet’s most consumed staple may climb to an all-time high of 16.2 million tons this year
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Normally traders sign deals for the current and next month.

Reuters
India's surprise ban on wheat exports has prompted rice traders to increase purchases and place unusual orders for longer-dated deliveries, fearing the world's top rice exporter may restrict those shipments as well, four exporters told Reuters.

In the last two weeks, traders have signed contracts to export 1 million tonnes of rice for shipments from June through September and are opening letters of credit (LCs) quickly after signing deals to ensure the contracted quantity will be sent even if India restricts exports, the people said.

Those forward purchases come on top of roughly 9.6 million tonnes of rice already shipped out of

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