Thai rice prices hit seven-year high on anticipated sales as coronavirus troubles rivals - exporters

[snoop1130]

Thai rice prices hit seven-year high on anticipated sales as coronavirus troubles rivals - exporters

By Patpicha Tanakasempipat

 

 

BANGKOK (Reuters) - Thailand's rice prices have reached the highest in seven years due to Thai exporters anticipating more sales, as their main competitors battle domestic coronavirus outbreaks.

 

Thailand, the world's second-largest rice exporter after India, quoted its benchmark 5% broken white rice <RI-THBKN5-P1> at around $560-$570 per tonne on a free-on-board (FOB) Bangkok basis on Thursday, according to rice exporters Reuters spoke to.

 

The prices jumped from under $500 per tonne last week to the highest level since late April 2013, which saw an average quote of $570 per tonne, according to Reuters data.

 

Exporters said prices rose on a better export outlook after the coronavirus outbreak sent India into a three-week lockdown and main rival Vietnam banned new rice export contracts last week to ensure domestic supply.

 

More demand was also expected as the Philippines said on Tuesday it was seeking to import 300,000 tonnes.

 

An official quote from the Thai Rice Exporters Association for a 5% white rice grade <RI-THWHT5-A> also reached a seven-year high this week at $564 per tonne, up more than 12% from $502 last week.

 

-- © Copyright Reuters 2020-04-02

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[Surelynot]

Can we expect the man who exports flour and hoards masks to make a quick switch to hoarding and then selling rice I wonder?

[Grumpy John]

If the price goes up Substantially I  may get the wife to grow some down in the bottom 40.  

[ukrules]

There's apparently shortages of rice in some areas of China as people are hoarding many months worth of food, I read about this recently but didn't pay much attention to it  until I saw this article.

 

Remember what happened with the face masks where they went all around the world and bought them all?

 

I'm sure the Thai will sell every grain of rice they have to make a few extra Baht, they will keep buying no matter how much the price goes up because they're going to buy it all.

 

This is why the prices are rising so fast.

Edited April 2, 2020 by ukrules

[Borzandy]

Please Yingluck come back, you were the specialist

[Thailand]

Price gouging on rice quite acceptable then.

[TheFishman1]

 Sure this is Thailand

[30la]

As always in an emergency there is someone who takes advantage of it ...

[terryw]

Vietnam stopped exporting rice two weeks ago so countries are seeking Thai rice as a replacement.

[DrTuner]

Finally a chance to get rid of the rotten rice mountain from Yingluck. Sell it to China with a thank you three times note attached.

[KMartinHandyman]

Be right back, I need to convince mil it’s time to sell some rice therefore insulating my left pocket. 

[hotchilli]

16 hours ago, snoop1130 said:

Thailand's rice prices have reached the highest in seven years due to Thai exporters anticipating more sales, as their main competitors battle domestic coronavirus outbreaks

I buy Indian Basmati rice cheaper than Thai rice.... and it tastes better.

[David in the north]

Be interesting to see how much more the farmers get for their rice this coming harvest!

[marko kok prong]

1 hour ago, David in the north said:

Be interesting to see how much more the farmers get for their rice this coming harvest!

I would guess very little,the mills,middlemen and export companies will see most of the benefit's,also if we get a wet season like last year there won't be much of a harvest anyway.

[trainman34014]

This means price gouging of Thai people by the Supermarkets who will take the opportunity to put up prices like they have with just about everything else !

[snowgard]

5 hours ago, hotchilli said:

I buy Indian Basmati rice cheaper than Thai rice.... and it tastes better.

Where???

[andersonat]

11 hours ago, DrTuner said:

Finally a chance to get rid of the rotten rice mountain from Yingluck. Sell it to China with a thank you three times note attached.

 

Yingluck's Rice Scheme bought 17.8 million tonnes of rice from November 2011 to February 2014.

 

General Chan-o-cha's Government planned to sell 10 million tonnes from the stockpile in 2015 and the final 7,8 million tonnes in 2016. 

The stockpile was finally cleared/sold off in the first half of 2017.