Thai rice export prices plunged to their lowest level in around 18 years this week, whereas Indian rice export prices were at their weakest level due to weak demand and strong supplies, as the volatile local currencies adding pressure.
furthermore, thailand’s 5% broken rice stood at $340 per metric tonne, decreased from last week’s $345. Notably, rice prices were at their lowest since November 2007.
One of the Traders said: “supply is strong this year, extending thanks to good rainfall across all producing countries, but prices will not increase since buyers will only purchase what they need”. Furthermore, he added that the strong baht is impacting exports, but if there is a chance of weakening, it would help. “
India’s 5% broken parboiled rice was at $340-$345 per ton, the lowest levels since mid-2016. Rice prices have dropped from last week’s $358-$365 range. Indian 5% broken white rice was priced at $360 to $370 per ton this week. In addition, rice prices are dropping as exporting countries compete for market share, giving buyers greater bargaining power. Moreover, the rupee is adding pressure.
According to Vietnam Food Association, on Thursday, Vietnam’s 5% broken rice was offered at $440-$465 ton. One of the traders said that Trade remains tepid due to thin demand as one of Vietnam’s biggest buyers, the Philippines, is still suspending imports. The Vietnamese government data showed that Vietnam exported 483,000 metric tons of rice in September, down 41.3% from the same month of last year. Further, the data stated that rice exports dropped 1.6% from a year earlier to 6.9 million tons, with a value of $3.5 billion for the January-September period.
