Top rice exporter India's rates hit a five-year peak this week on thin supplies and the government's move to raise the mandatory paddy buying price.

India's 5% broken parboiled variety gained for a fifth straight week to a range of $409-$416 per tonne, its highest since early May 2018 and up from the last week's $397 to $405.

Prices are moving higher because of limited supplies of paddy for processing. At higher price levels, demand has been moderating from African buyers.

Earlier this month, India raised the price at which it will buy new-season common rice paddy from farmers by 7%.

Prices increased due to demand from Asia and Africa for Thai variety as prices in India rose, said one Bangkok-based trader.

Prices were also supported by limited supplies, said another trader, with shipments going to Indonesia and the Philippines.

Demand is strong as buying countries are consolidating their stocks to ensure food security

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