Asian physical rice export prices rose Thursday as surging demand amid tight supply boosted offers for Thai and Vietnam varieties, market participants said.
In Thailand, traders and importers continued to seek new deals amid tight supply in other exporting countries such as Vietnam and India. Most Thai suppliers are still busy buying rice in the local market to fulfill outstanding contracts and aren't keen on signing fresh contracts, exporters said. "Most exporters have stopped offering. Everyone is worried that if we sell something today, then we may have to worry about where to buy rice at the time of the shipment," an exporter said. Most inquiries in Thailand involve the parboiled varieties for shipment to West Africa, exporters said.
Thai 100% grade B was offered Thursday at $508-$510 a metric ton, FOB Bangkok; 5% broken was at $490-$495/ton, FOB; parboiled was at $540-$555/ton, FOB. These prices are higher by $15-$20/ton from offers Wednesday.
In Vietnam, prices were offered higher Thursday following a government decision to set a floor prices for its rice contracts, exporters said. The decision to set a floor prices was meant to ease the country's rice shipments and help keep local prices at levels affordable to local consumers,
an exporter said.
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