Thai rice costs fell to their lowest in over a 12 months as bidders have been pressured to scale back their costs in a current public sale held by Indonesia.
Thai 5% damaged rice was priced at US$550-565 per ton this week, the bottom since July 20, 2023, down from $585 quoted final week.
A Bangkok-based dealer mentioned the market nonetheless considers Thai costs too excessive. Nonetheless, flash floods have been hurting short-term harvest yields, so costs would possibly enhance down the street.
One other dealer mentioned opponents weighed costs down and that Thai bidders misplaced out to different exporters in a current public sale held by Indonesia resulting from larger costs.
There will probably be demand from African and European clients earlier than October as a result of these orders could be delivered earlier than late December, the dealer mentioned.
In the meantime, Indian rice export costs prolonged losses this week to hit an eight-month low.
Indian 5% damaged parboiled rice was quoted at $534 per ton, the bottom since mid-January, and down from the $540 every week earlier.
In response to the Vietnam Meals Affiliation, Vietnamese 5% damaged rice was supplied at $567 per ton on Thursday, down from $575 every week in the past.
A dealer based mostly in Ho Chi Minh Metropolis mentioned buying and selling exercise stays sluggish whereas demand is weak.
Merchants mentioned the continued floods in northern Vietnam would possibly have an effect on rice manufacturing, although rice for export is generally grown within the Mekong Delta within the south.
