Thailand Weekly Rice Price Update
31 March 2010
THAILAND - Thai export prices increased by one to three per cent due to the strengthening Thai baht to 32.15 baht/$, according to teh nUSDA Foreign Agricultural Services.
Some exporters expect a continued strengthening of the Thai baht to 32.0 baht/$ which will put further upward pressure on export prices.
In addition, domestic prices will likely bottom out as the Government is aggressively implementing the direct purchase program to shore up domestic prices.
The Ministry of Commerce (MOC) is modifying the programme in an effort to create more incentives for rice millers who have been unwilling to participate in the program, stating that under the current structure they don’t perceive economic rent.
Foreign buyers are waiting to see the outcome of the program modification before closing further deals, in the meantime they continue to buy cheaper Vietnamese rice.
The weekly benchmark prices for March 22-28 were 1 percent higher than the previous week, as such farmers will receive less compensation. However, the compensation will fall short in attaining the insurance price levels, as the benchmark prices remain higher than market prices.
Rice Export Update Unofficial rice exports (excluding fragrant rice) for 15-21 March 2010 totaled 119,203 up 5,374 tons from the previous week, and down 12,340 tons from the four-week moving average of 131,543 tons. Exports of white rice and parboiled rice during 1 January – 21 March 2010 totaled 1,411,328 tons, up 21.1 per cent from 1,165,823 tons in the previous year.
According to the Department of Foreign trade, Ministry of Commerce, total rice exports (including fragrant rice) during1 January – 12 March 2010 amounted to 1,691,425 tons, up 4.1 per cent from 1,624,150 tons in the previous year.
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