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Asia Rice: Thailand eyes deals with Philippines, China; India direct tepid

BENGALURU (Reuters) – A weaker baht pushed rice trade prices in Thailand reduce this week, nonetheless there were expectations of new deals with a Philippines and China, while rates in India languished during a 21-month lows strike final week due to indolent demand.

In Thailand, benchmark 5 percent damaged rice prices were quoted during $380-$400 per tonne, giveaway on house (FOB) Bangkok, dropping from $400-$402 final week.

The weakening of a baht opposite a U.S. dollar was a categorical cause behind a dump in prices this week, Bangkok-based traders said, adding that abroad direct for Thai rice remained prosaic and a marketplace also approaching additional supply from a new crop.

“The finish of stormy deteriorate means rice from a new collect will enter a marketplace and this has led to a slight cost dump though it is seasonal,” a Bangkok-based rice merchant said.

However, Thai rice exporters are awaiting a understanding with a Philippines before a finish of a year and a probable government-to-government rice sale to China, another Bangkok-based merchant said.

The Rice Exporters Association of Thailand this week pronounced it expects Thailand to accommodate a 11 million tonne rice trade aim before a finish of a year.

In tip exporter India, a 5 percent damaged parboiled accumulation was quoted around $361-$367 per tonne this week, unvaried from final week, when it strike a lowest given Jan 2017. [RIC/AS]

Supplies from a new stand will arise in entrance weeks, though direct could also urge as Indian shipments are cheaper than other origins, pronounced one exporter formed during Kakinada in a southern state of Andhra Pradesh.

Government shopping of internal paddy rice could extent a downside to trade prices, a exporter said.

The supervision has lifted a prices paid to internal farmers for common class paddy rice by 13 percent from a year ago to 1,750 rupees per 100 kg for a new deteriorate crop.

Neighbouring Bangladesh, that became a vital importer in 2017 due to depleted bonds and record internal prices after informal flooding, will gain some-more rice locally after outlay revived.

“We are removing a good response in the internal buying expostulate and will continue it,” a food method central said.

The supervision has already procured around 1.4 million tonnes of rice locally.

In Vietnam, rates for 5 percent damaged rice were unvaried from a week progressing during $410-$415 a tonne.

“Exporters haven’t clinched any new deals recently as domestic reserve are so low now, notwithstanding prices remaining attractive,” a Ho Chi Minh City-based merchant said. 

Traders pronounced domestic stockpiles now sum around 300,000 metric tonnes. 

Vietnam’s rice exports in January-October were foresee to arise 3.4 percent from a year ago to 5.24 million tonnes, supervision information showed.

Reporting by Panu Wongcha-um in Bangkok, Khanh Vu in Hanoi and Rajendra Jadhav in Mumbai and Ruma Paul in Dhaka; Editing by Kirsten Donovan

Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/BSjn5G-LH4U/asia-rice-thailand-eyes-deals-with-philippines-china-india-demand-tepid-idINKCN1N652K

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