Shippers trying to renegotiate contracts as prices surge after Indian export banA farmer winnows rice next to a paddy field outside Hanoi. Exporters are rushing to cover supplies from farmers who have raised prices following a surge in the world market, putting millions of dollars worth of deals at risk. Thailand and Vietnam, the world’s second- and third-largest exporters respectively, are expected to ship more than one million tonnes of rice in August. India is the world’s biggest rice exporter, accounting for around 40% of global supplies. “The current prices are way higher than the contracted prices,” said one trader in Ho Chi Minh City.
