Thailand, the world’s biggest rice exporter, will open bids Jan. 21 to sell grains from stockpiles to benefit from prices that have surged on growing demand from countries like the Philippines.
The country plans to sell 300,000 tons of white rice and 75,000 tons of glutinous rice, Vichak Visetnoi, director general of the Department of Foreign Trade, told reporters. Reserves will fall to 5.125 million tons after the sales, he added.
Rough rice has risen 22 percent on the Chicago Board of Trade from last year’s low as the Philippines advanced imports after storms wiped out 1.3 million tons of the nation’s crops and on concern India may become a net importer after a drought pared harvests last year.
“The timing is right at the moment, with increased demand from many countries,” Vichak said in Bangkok. “Prices are also attractive.”
Thai rice prices, used as a benchmark across Asia, climbed 16 percent to $609 a metric ton in the week of Jan. 13 from last year’s low. The price is set weekly. Rice futures for delivery in March fell 0.2 percent to $13.99 per 100 pounds in Chicago on Jan. 15. The U.S. is closed today for a holiday.
Rice exports from Thailand this year may be as much as 9.5 million tons, compared with 8.57 million tons last year, Vichak said Jan. 4. Output in the crop year started Oct. 1 may fall by as much as 15 percent from the previous year to 27 million tons, because of dry weather, Apichart Jongskul, secretary general for the Office of Agricultural Economics, said Jan. 13.
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