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May 2024

Asia rice: Rates rise in top hubs, Thai prices hit near 2-month peak

Top rice exporters saw rates climb this week due to an uptick in demand, while a stronger baht lifted Thai prices to a near two-month high.

Thailand’s 5% broken rice prices rose slightly to $600 per ton from last week’s price range of $588 – $595, with traders attributing the increase to fluctuations in the exchange rate.

“Demand is not a problem this year and we just need enough supply,” a Bangkok-based rice trader said, adding that main markets for Thai rice include Indonesia and the Philippines.

Another trader said that the market is anticipating more rice supply from off-season crops around June and July.

Top exporter India’s 5% broken parboiled variety was quoted at $531-$539 per ton this week, up from the last week’s $528-$536.

“Demand improved slightly from African countries, but still it is lower than normal,” said an exporter based in the southern Indian state of Andhra Pradesh.

Vietnam’s 5% broken rice was offered at $585 per metric ton on Thursday, up from $577-$580 a week ago, traders said.

“Prices edged up on tight domestic supplies as a major harvest in the Mekong Delta has ended,” a trader based in Ho Chi Minh City said.

Trading activity, however, is weak due to high shipping costs and high export prices, the trader added.

State media cited the agriculture ministry as saying Vietnam’s rice output is estimated at 20 million tons, of which 7.3 million tons will be exported.

Meanwhile, Bangladesh’s food minister said on Thursday that the country did not need to import rice this year, similar to the previous year.

However, the government has been struggling to control domestic prices of the staple grain for the nation, despite good yields and stocks. QR Code

Published Date: May 10, 2024

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