Asia rice: Thai rates surge on tight supply

BENGALURU /MUMBAI/BANGKOK/HANOI: Thailand’s rice export prices rose to a more than three-month peak this week, bolstered by thin supplies and strong demand, while top exporter India’s rates remained steady due to lacklustre demand. Thailand’s 5% broken rice prices continued to climb, reaching $632 to $640 per metric ton from last week’s price of $600.

The price increase is due to diminishing supplies, said a Bangkok-based trader, adding that there was strong demand from Indonesia and flood-hit Brazil.

The flooding of farmland and towns in southern Brazil has killed people, livestock, crippled infrastructure and is hampering shipping of grains to local processors and the Rio Grande port.