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Thailand rice export prices slipped to a more than two-month low this week due to a weaker baht and softer demand, while rates in Vietnam held steady near multi-month highs on supply concerns.

Thailand’s 5% broken rice prices were quoted at $410 to $420 per tonne on Thursday, down from $415 to $425 per tonne a week ago, with traders attributing the drop to muted demand in overseas and domestic markets.

The Thai baht was trading near its lowest since 2006 against the dollar, bogged down by persistent concerns over global growth and fears of a recession.

Vietnam’s 5% broken rice was unchanged at $425 to $430 per tonne - the highest since Nov. 2021.

“Domestic supplies are running low, and we expect prices may edge slightly higher over the next weeks,” a trader based in the Mekong Delta province of An Giang said.

Traders said a mini harvest is beginning in the Mekong Delta, but it is being hampered by persistent rain, adding that the autumn-winter harvest won’t pick up until the end of this month.

Preliminary shipping data showed 265,250 tonnes of rice is to be loaded at Ho Chi Minh City port in the Oct. 1-22 period, with most of the rice heading to the Philippines, Africa and Bangladesh.

Top exporter India’s 5% broken parboiled variety was quoted at $374 to $382 per tonne, unchanged from last week amid concerns over production due to heavy rainfall.

“Production number is likely to be revised down further. The rainfall has badly affected crop in northern and southern states,” said an exporter based at Kakinada in the southern state of Andhra Pradesh.

Heavy rainfall in India has damaged rice just before harvesting in key producing states such as Uttar Pradesh, West Bengal and Andhra Pradesh.

India will allow overseas broken rice shipments of 397,267 tonnes backed by letters of credit (LCs) issued before Sept. 8.

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