Thai rice export prices fell to a 14-month low this week pressured by quiet demand and competition from cheaper rivals, while Indian prices edged higher on a stronger rupee, despite sluggish demand from Asian and African buyers.
Benchmark 5% broken rice from Thailand was quoted at $560 per tonne, the lowest level since July 20, 2023 and down from $565 last week.
There was demand coming from Indonesia, but competitors were buying rice from other exporters at lower prices, said a Bangkok-based trader, adding that depreciation in the Thai baht would help soften prices.
5% broken parboiled rice from India, the world’s top exporter, was quoted at $536 per tonne this week, up from the $534, the lowest since mid-January, the week before.
“The strong rupee is driving up prices, but demand is still sluggish. Buyers are holding off on purchases, hoping India will cut export duties,” said a Mumbai-based trader.
Vietnamese 5% broken rice was offered at $565 per tonne on Thursday, according to the Vietnam Food Association. Traders said prices were around $580 last week.
“Prices fell on competition from other suppliers such as Thailand, Cambodia and Myanmar,” a trader based in Ho Chi Minh City said.
Traders said a Vietnamese exporter secured contracts to export 59,000 tonnes of rice, part of an Indonesian government tender to buy 450,000 tonnes of rice, after the exporter accepted a lower price.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
