Thai rice prices stable as demand remains strong in Asia; Indian prices steady
Published on: November 10, 2023.
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Prices of exported rice from Thailand have increased this week due to improved demand, while rates in India have remained steady with low activity and increased supplies from the new crop. Thailand’s 5% broken rice prices have risen to $562-$570 per metric ton, driven by strong demand from Asian countries as the year-end approaches. Orders from Indonesia and the Philippines have contributed to the increase, although demand from Africa remains limited due to high prices. New supplies are expected in mid-November due to favorable weather conditions.
India, the top rice exporter, has seen prices for 5% broken-parboiled rice remain unchanged at $490-$500 per ton. Demand has been subdued, and buyers are cautious about future price directions. The extension of a 20% export duty on parboiled rice until March 2024 has also contributed to the slow demand. Additionally, India’s rice output is expected to decrease for the first time in eight years, potentially leading to further export restrictions to control food prices ahead of elections.
In Vietnam, prices for 5% broken rice have remained stable at $650-$655 per metric ton. Supplies are expected to remain flat until the harvest, and farmers in the Mekong Delta have begun planting for the winter-spring crop, with the peak harvest anticipated in February. Preliminary shipping data indicates that a significant amount of rice will be loaded at Ho Chi Minh City port from November 1-10, primarily destined for Africa, Cuba, Indonesia, and the Philippines. Vietnam has seen a nearly 16% increase in rice shipments in the first ten months of 2023 compared to the previous year, according to customs data.
Overall, the rice market in Asia is experiencing a mix of increasing prices, steady rates, and subdued demand. Various factors such as weather conditions, export duties, and crop output are influencing the market dynamics. However, with favorable conditions expected in the coming months, new supplies and improved demand may contribute to further changes in prices.
Source: [BRecorder](https://www.brecorder.com)
