Thai rice prices were lower in the week to Monday amid lackluster trade on a weakening baht and soft local market. However, prices are still high, keeping buyers away from the market,
exporters said.
"The exchange rate is getting better this week. Any change in prices will depend on the currency," said a Bangkok-based exporter. The Thai baht is likely to continue softening in the near term as the market awaits full details of new measures by the Cabinet tomorrow to curb the baht's recent strength. "The baht has gone very strong and the government needs to consider measures to protect us," another exporter said. The move comes after the baht hit a 10-year high against the U.S. dollar earlier this month.
In the local market, paddy prices were lower as fresh supply started to pour in, with no new orders for Thai rice partly because of the lack of confidence in the baht, exporters said.
However, local price discounts weren't enough to substantially reduce export prices due to the strong currency, they said.
Only regular buyers such as China and Iran have remained in the market. China
is a regular buyer of high-quality jasmine rice from Thailand.
Monday, Thai 100% grade B was offered at $340-$343 a metric ton, FOB Bangkok, compared with $347-$351 last week. 5% broken rice was offered at $336/ton, versus $337-$340/ton last week. Parboiled 100% sortexed was offered at $338-$339/ton, compared with around
$342 much of last week.
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