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USDA GAIN: Oilseeds, Cotton, Sugar, Grain and Feed


26 March 2013

USDA GAIN: Thailand Weekly Rice Price Update - 25 March 2013USDA GAIN: Thailand Weekly Rice Price Update - 25 March 2013

TH3029 – Domestic and export prices declined again as millers continue to sell their old-crop rice stocks. The MY2012/13 Off-Season Paddy Pledging Program will likely begin on April 1, 2013 as the Thai Cabinet is expected to approve the program.
USDA GAIN Report - Oilseeds, Cotton, Sugar, Grain and Feed

Table 1: Export Prices (FOB) for Various Grades of Thai Rice (USD/MT),
Week Ending March 18, 2013

Exchange rate: 29.2 baht/U.S.$
Source: Average actual prices received from exporters

Domestic and export prices declined from the previous week as millers continue to sell their rice stocks from previous harvests. Trade sources report that foreign buyers are purchasing Vietnamese and Indian white rice, which are approximately $140 per metric ton (MT) below Thai rice prices.

The Thai Cabinet is likely to approve the MY2012/13 Off-Season Rice Paddy Pledging Program this week. The move comes on the heels of last week’s National Rice Policy Committee’s decision to keep intervention prices unchanged at 13,800 baht/MT to 15,000 baht/MT ($460/MT to $500/MT), which is 30 to 40 percent above current domestic farm gate prices. The program will cost approximately 100 billion ($3.3 billion) for the pledging target of 7 million metric tons of rice paddy. The state-run Bank for Agriculture and Agricultural Cooperatives (BAAC) expects the program to begin on April 1, 2013 provided that the government sells enough rice stocks to finance the program.

The current MY2012/13 Main-Crop Paddy Pledging Program has preliminarily received pledges of approximately 10.9 million metric tons (7.2 million metric tons milled equivalent, as of March 14, 2013), which increased 60 percent from the same period last year. The pledges consist of 6.6 million metric tons of white rice paddy, 3.7 million metric tons of fragrant rice paddy, and 0.6 million metric tons of glutinous rice paddy. The BAAC has already provided loans to farmers totaling an estimated 136 billion baht ($4.5 billion) and expects to dish out another 64 billion baht ($2.1 billion) in additional loans.

Rice Export Update

Unofficial rice exports (excluding fragrant rice) for March 11-17, 2013 totaled 67,626 metric tons, down 9,805 metric tons from the previous week, and down 15,527 metric tons from the four- week moving average of 83,153 metric tons. Exports of white and parboiled rice from January 1 through March 17, 2013 totaled 915,220 metric tons, down 6.6 percent (980,368 metric tons) from the same period last year.

Total rice exports (including fragrant rice) from January 1 through February 28, 2013 amounted to 1,050,573 metric tons, down 0.5 percent from the same period last year.

March 2013

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