Thai rice prices dip to one-year low

Thai 5% broken rice was priced at US$550-565 per ton this week, the lowest since July 20, 2023, down from $585 quoted last week.

The market still sees Thai prices as too high, said a Bangkok-based trader. But flash floods have been hurting short-term harvest yields, so prices might improve down the road.

Another trader said prices were weighed down by competitors and that Thai bidders lost out to other exporters in a recent auction held by Indonesia due to higher prices.

There will be demand from African and European customers before October because those orders would be delivered before late December, the trader said.

Meanwhile, Indian rice export prices extended losses this week to hit an eight-month low

Indian 5% broken parboiled rice was quoted at $534 per ton, the lowest since mid-January, and down from the $540 a week earlier.

Vietnamese 5% broken rice was offered at $567 per ton on Thursday, down from $575 a week ago, according to the Vietnam Food Association.

A trader based in Ho Chi Minh City said trading activity remains slow while demand is weak.

Traders said the ongoing floods in northern Vietnam might have an impact on rice production, though rice for export is mostly grown in the Mekong Delta in the south.