Thai Rice Prices Jump on Flood Worries and China Demand, While India and Vietnam Hold Steady
Thai rice prices rose to their highest in more than six months after once-in-300-years’storm worries and expectations of stronger China demand of Thai rice. However, Indian rice prices and Vietnam rice prices remain unchanged. Notably, Thailand’s 5% broken rice was quoted at $400 per tonne, up from $375 last week. Thailand grain market is at its highest level since May 29.
Rice Prices Jump After Expectations of Strong Demand from China
Thai rice prices jump to their highest level after expectations of strong demand from China as China moves to finalize a rice trade deal later this month, following its pledge to buy 500,000 tonnes of rice from Thailand.
In this context, a rice trader from Bangkok stated that the rice trade deal with China and prospective of more purchase of Thai rice from the Philippines makes the market livelier for traders. While Thailand rice prices reached to their record high in six months, Indian rice export prices remain unchanged followed by Vietnam rice prices. After the rupee's slide toward a record low helped traders offset rising paddy prices in the local market.
Indian Parboiled Rice Prices Remain Unchanged
India's 5% broken parboiled rice variety was quoted this week at $347-$354 per metric ton, unchanged from last week, whereas Indian 5% broken white rice was priced at $340 to $345 per metric ton this week.
However, Paddy Prices in India is staying high because the government is buying at the increased minimum support price, which is also pushing traders to offer higher rates, said a Kolkata-based exporter.
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