Thai rice prices have jumped to almost 4-month high this week after the flood disaster that struck Thailand, leading to widespread devastation across the nation. Further the rice trading news, which claimed of rice sales to China and a firmer baht (the basic monetary unit of Thailand), also led to significant increase in Thai rice prices. While rice prices in Thailand have surged, Indian rice prices have eased, weighed down by weak demand and the rupee hovering near record lows.
Floods Drive Thai Rice Prices to New Highs
Thailand’s 5% broken rice post the flood disaster was quoted at $370 per metric tonne, it’s highest since July 31, and up $30 from last week. However, despite the increase in prices demand for rice is still quiet reported several traders in Bangkok. Rice price hike is also linked with the news of sales to China and the appreciation of the baht, another trader added. However, despite flood traders speculate that the situation is positive for farmers.
Soft Rupee Impact on Indian Rice Market
While Thai rice prices have jumped to 4-month high, Indian rice prices are reportedly facing downward trends. India’s 5% broken parboiled variety was quoted at $348-$356 per ton, down from $352-$360 last week, whereas 5% broken white rice was priced at $345 to $350 per ton this week.
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