Thailand rice update

Despite a strengthening Thai baht to 32.4 baht/$, export prices declined further by $10-15/MT due to quiet foreign demand. Foreign buyers stayed away from Thai rice as Vietnamese rice supplies are available at $120/MT cheaper than Thai rice. In addition, some exporters are facing difficulties as buyers are trying to renegotiate lower prices for previous contracts. Other exporters are cautious in lowering their quotations as concerns loom over a strengthening Thai baht to 32.0 baht/$, which would result in unanticipated higher domestic costs.