Thai Prices Steady At High Levels On Strong Baht

Asian physical rice export prices were steady at high levels Wednesday from Friday, despite thin trade in Thailand, as a strong baht was working to support offers, exporters said.

"Buyers are running away to Vietnam. We haven't had any inquiries," one Bangkok-based exporter said.

At current prices, it's unlikely Thai exporters will be able to sell huge quantities of rice, exporters said.

"Our prices aren't competitive compared to Vietnam; how can we attract buyers back into the market?" a second exporter said.

While farmers have begun harvesting a major crop, which could put pressure on local prices, exporters aren't likely to offer any price discounts, exporters said.

"The exchange rate is the main problem," the first exporter said.

Thai 100% grade B was offered steady Wednesday at $340-$341/ton, FOB, Bangkok, the 5% broken at $332-$336/ton and parboiled 100% sortexed at $335-$341/ton. These prices are largely unchanged from those offered last Friday.

In Vietnam, prices were steady despite the ongoing harvest of a major crop on strong global demand, exporters said.

While current prices are also high, Vietnam prices are more attractive compared to Thai offers, one exporter said.