Photo courtesy of Bangkok Post
Thai rice prices plunged to their lowest levels in over a year as Indonesian bidders were compelled to lower their high prices in a recent auction.
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Thai rice prices plunged to their lowest levels in over a year as Indonesian bidders were compelled to lower their high prices in a recent auction. Meanwhile, Indian rice export prices continued their downward trend, reaching an eight-month low.
Indian 5% broken parboiled rice was priced at US$534 (around 17,000 baht) per tonne this week, marking the lowest level since mid-January, down from US$540 a week earlier.
Krishna Rao, President of the Rice Exporters Association stated that demand has been very weak for the past few weeks. Buyers anticipate a reduction in India’s export duty structure and are postponing purchases.
Indian authorities are urged to swiftly cut or eliminate the floor price for basmati rice exports to assist farmers in boosting overseas sales of the premium grade and to prevent a surplus that would further diminish farm income,…