asia

ASIA RICE-Thai prices climb to more than one-month high as orders grow | Successful Farming


* India rates steady at $354 to $360 a tonne

* Bangladesh domestic rice prices stay elevated

Nov 25 (Reuters) – Thai rice export prices hit their highest
over a month on Thursday following a rise in orders and a
stronger baht, while traders in Vietnam said low supplies could
offset the impact of fewer purchases from its top customer, the
Philippines.

Thailand’s 5% broken rice <RI-THBKN5-P1> prices rose to
$390-$403 per tonne, their highest since Oct. 14, from $385-$395
last week.

Higher prices have prompted many local exporters to buy and
hoard stocks to inflate the rates, a Bangkok-based trader said.

The strengthening of the local currency against the U.S.
dollar was also an important factor in the price increase,
according to traders.

In Vietnam, 5% broken rice <RI-VNBKN5-P1> prices were
unchanged at $425-$430 per tonne.

Traders and an agriculture official said on Wednesday that
the Philippines, Vietnam’s largest rice export market, was
taking steps to temporarily limit imports from Vietnam given a
big domestic harvest.

However, traders said they did not expect that to have a
major impact on rice exports from Vietnam, where supplies are
running low and the harvest is not expected until late February
or early March.

Top exporter India’s rice export prices steadied after two
consecutive weeks of decline.

Prices of India’s 5% broken parboiled variety <RI-INBKN5-P1>
were unchanged at $354 to $360 per tonne, following an increase
in supplies from the summer-sown crop.

“China, Bangladesh and Indonesia are consistently making
purchases. New season supplies have started rising in India,”
B.V. Krishna Rao, president of the Rice Exporters Association,
told Reuters on Monday.

In neighbouring Bangladesh, domestic rice prices stayed
elevated despite hefty imports and good crops, traders said.

Bangladesh has imported nearly 800,000 tonnes of rice since
July, mostly from India through land ports, officials said.
(Reporting by Arundhati Sarkar in Bengaluru, Panu Wongcha-um in
Bangkok, Khanh Vu in Hanoi, Rajendra Jadhav in Mumbai and Ruma
Paul in Bangladesh; editing by Arpan Varghese and Barbara Lewis)

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