Asian Rice: Prices Unch-Up On Steady Demand Amid Tight Supply

Indicative prices of Asian rice were steady to higherThursday on steady demand from consumers amid tight export inventories inThailand and Vietnam. In Thailand, buyers and traders were making inquiries, but most suppliersweren't providing price indications as local prices have been steadily on therise, exporters said. "Domestic prices are increasing not just on a daily basis but on hourlybasis. Morning prices are different from afternoon prices," one exporter said. Most suppliers are reluctant to sign new contracts as they could lose moneydue to unpredictable local prices, exporters said. At the same time, most suppliers are busy securing supplies to fulfilloutstanding contracts, they added. "We haven't been responding to inquiries because we have been busy withpending shipments. People are now lining up for supply," another exporter said. Most exporters won't be able to make offers until next month when the bulk ofa new crop will have been harvested, exporters said. The new crop, which farmers have started to harvest, is expected to yieldaround 3.3 million metric tons of rice, they said. Thai 100% grade B was indicated at $570 per ton, free-on-board Bangkok; 5%broken at $560/ton, FOB and parboiled at $620/ton, FOB. These prices are$10-$20 higher than prices indicated Wednesday.