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
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