Soft demand weighs on Thai rice rates, floods ravage crops in Bangladesh

Soft demand weighs on Thai rice rates, floods ravage crops in Bangladesh

 

 

Thai rice export prices fell this week on subdued demand and a slide in the domestic currency, while traders in Bangladesh awaited supply from neighboring India after heavy rains damaged crops.
 
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Thailand's 5 per cent broken rice prices fell to US$430 to US$440 per tonne from US$450 to US$460 last week.
 
"Prices dropped because the baht was weaker, and will fluctuate along with the exchange rate as demand dropped," a Bangkok-based trader said.
 
The baht hit a more than five-year trough this week, translating into weaker export prices in US dollar terms
 
Supply remains ample with new crops expected late next month, another trader said.
 
In Bangladesh, floods washed away crops that would have yielded nearly 300,000 tonnes of rice, according to estimates from the agriculture ministry. The country has traditionally been a major producer but has been resorting to imports to cope with frequent natural calamities in recent years.
 
Last week, the food minister said Bangladesh will allow private traders to import rice.
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