Thai rice prices at 3-month peak
Export prices for Thai rice surged to a three-month high this week, driven by scant supplies and robust demand. Prices for Thailand’s 5% broken rice climbed to $632-$640 per tonne, up from $600 a week prior, attributed to diminishing stockpiles. Strong demand from Indonesia and flood-ravaged Brazil further fueled the price hike. Meanwhile, India’s rates remained steady at $531-$539 per tonne amid lackluster demand. Vietnam saw a slight increase to $585-$590 per tonne for its 5% broken rice due to low domestic supplies. Despite the tight market, traders anticipate improved supply with the onset of the summer-autumn harvest in June.
Export prices for Thai rice rose to a more than three-month peak this week, bolstered by thin supplies and strong demand, while rates for top exporter India remained steady due to lacklustre demand.
Thailand’s 5% broken rice prices continued to climb, reaching $632 to $640 per tonne, compared with $600 a week earlier.
The increase is due to diminishing supplies, said a Bangkok-based trader, adding that there was strong demand from Indonesia and flood-hit Brazil.
The flooding of farmland and towns in southern Brazil has killed people, livestock, crippled infrastructure and is hampering shipping of grains to local processors and the Rio Grande port.
Domestic demand and activity were also bustling and new supply would come in July, said another Bangkok-based trader.
India’s 5% broken parboiled variety was quoted at $531-$539 per tonne this week, unchanged from the last week.
‘Indian prices are (more) competitive than other destinations but still demand is not picking up,’ said an exporter based in the southern state of Andhra Pradesh.
Meanwhile, 5% broken rice from Vietnam was offered at $585 to $590 per tonne on Thursday, up from $585 a week ago, traders said.
‘Demand remains strong while domestic supplies are running low,’ a trader based in Ho Chi Minh City said, adding that the Indonesian state food procurement agency Bulog was seeking to buy more rice.
Traders said supplies would improve from June when the summer-autumn harvest begins.
Source Link : https://www.msn.com/en-xl/news/other/thai-rice-prices-at-3-month-peak/ar-BB1mxQ4B
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