Rice Prices Surge in Asia’s Key Hubs, Thai Rates Reach Highest in Nearly 2 Months
Published on: May 10, 2024.
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Top rice exporters are experiencing an increase in rates this week due to a rise in demand. Thai prices have reached a near two-month high due to a stronger baht.
Prices for Thailand’s 5% broken rice rose slightly to $600 per ton, up from the previous week’s range of $588-$595. Traders attribute this increase to fluctuations in the exchange rate. The main markets for Thai rice are Indonesia and the Philippines, and demand is not an issue this year.
India, a leading exporter, saw its 5% broken parboiled rice variety quoted at $531-$539 per ton, up from the previous week’s $528-$536. While demand from African countries has slightly improved, it is still lower than normal. India has a surplus supply of rice at the moment.
In Vietnam, the price of 5% broken rice was offered at $585 per metric ton, up from $577-$580 a week ago. This increase is due to tight domestic supplies as a major harvest in the Mekong Delta has recently ended. However, trading activity is weak due to high shipping costs and export prices.
Bangladesh, on the other hand, has stated that it does not need to import rice this year, similar to the previous year. Despite good yields and stocks, the government has been struggling to control domestic prices of rice.
It is important to note that the rice market is anticipating more supply from off-season crops in Thailand and Vietnam around June and July.
Overall, the top rice exporters are seeing an increase in rates due to demand, but each country has its own unique factors affecting their pricing and trading activity.
Source: [Source](https://www.brecorder.com)
