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Rice Prices Crash To Two-Year Low
21 July 2010
THAILAND – Prices of rice in Thailand, which sets the benchmark for all of Asia, have declined for a forth successive week, dragging them to their lowest level in more than two years, amid waning demand.
Bloomberg BusinessWeek reported that, according to the Thai Rice Exporters Association, the price of white rice had fallen to $458 (£300.38) a metric ton – its lowest value since January 2008.Price of the lower quality 25 per cent broken rice were also seen to drop to $397 a ton in Thailand – the world's biggest exporter of the grain - on July 14th.
Earlier this month, sugar production in the country was also reported to be in decline, as severe weather conditions were tightening supply.
Rangsit Hiangrat, director of the Office of Cane and Sugar Board, told Alibaba.com that all producers could "expect to have is 60 million tonnes of cane because of a very serious drought".
TheCropSite News Desk
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