Indian, Thai rice prices ease on weaker currencies, higher supplies

BANGKOK: Rice export prices in India and Thailand dipped this past week, as domestic currencies weakened and local supplies increased, while nearby Vietnam also saw a drop in rates.

Top exporter India’s 5% broken parboiled variety was quoted at $353 to $358 per tonne, down from last week’s $354 to $360.

“Summer crop supplies were rising. But this week’s untimely rainfall might delay processing in some eastern states,” said an exporter based at Kakinada in the southern Indian state of Andhra Pradesh.

In Bangladesh, rice prices rose again this week despite hefty imports and good crops, hitting consumers.

Traditionally the world’s third-biggest rice producer, Bangladesh has emerged as a major buyer of late to shore up domestic stocks hit by floods, importing mostly from India through land ports. The country has brought in nearly 800,000 tonnes of rice since July.

Thailand’s 5% broken rice prices fell to $380-$397 per tonne on Thursday, from $390-$403 last week.

The Thai baht weakened 1.5% against the U.S. dollar from a week ago, translating into lower export rates, traders in Bangkok said.

Thailand is seeing an ample new harvest but logistical challenges remained due to high freight rates and scarcity of ships, they added.

Thailand has exported 4.59 million tonnes of rice between January and October this year, commerce ministry data showed.