Thai rice export prices dip to 14-month low
Thai rice export prices fell to a 14-month low this week due to pressure from weak demand and competition from other rice exporting countries, while Indian price rose slightly on a stronger rupee, despite sluggish demand from Asia and African buyers.
Rice is sold at a store in Narathiwat, southern Thailand. Photo courtesy of AFP.
Thai 5% broken rice was priced at $560 per tonne, the lowest level since July 20, 2023 and down from $565 last week.
A Bangkok-based trader said on Thursday that the depreciation in the Thai baht will be one of the factors that will help rice prices continue to fall.
The impact of the THB’s rally on exports will be felt in the next three months, according to Thai Commerce Minister Pichai Naripthaphan.
Another trader said the market was waiting to see changes in Indian rice policy in the coming months and that supply was in the harvesting stages.
Meanwhile, Vietnamese 5% broken rice was offered at $565 per tonne on Thursday September 26, according to the Vietnam Food Association, also down from around 580 USD last week.
“Prices fell on competition from other suppliers such as Thailand, Cambodia and Myanmar,” a trader based in Ho Chi Minh City said.
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