Thai rice prices up on RI, China demand<\/p>\n
BANGKOK (Reuters): Thai rice prices shrugged off the weaker
\nbaht to move higher this week, boosted by deliveries to China and
\nIndonesia, traders said yesterday.<\/p>\n
There were some new orders from the Asian region and Africa,
\nand the market was still eyeing a possible deal with Manila for
\nThailand to sell 100,000 tons of rice to the Philippines, traders
\nsaid.<\/p>\n
Talks between Thai commerce officials and their Philippine
\ncounterparts have yet to conclude.<\/p>\n
\"The main activity in the market this week was loading. A
\nnumber of vessels are taking rice for delivery to Indonesia,
\nMalaysia, China and Nigeria,\" said a dealer with a major trading
\nhouse.<\/p>\n
Sales volumes were high compared with the same period last
\nyear, dispelling initial concerns that Thai rice exports might
\nnot meet this year's target of 5.0 million tons, officials and
\ntraders said.<\/p>\n
\"There are lot of major deals coming in recently. Perhaps the
\nweaker baht helped cushion price rises and provided buying
\nincentives. And problems in Vietnam and Pakistan also shifted
\nbuyers' attention to Thailand,\" said one exporter.<\/p>\n
\"There is almost no price difference between Thai and Vietnam
\nrice now and that makes Thai rice attractive,\" he told Reuters.<\/p>\n
Thai benchmark 100 percent B grade was quoted at $280-285 per
\nton FOB Bangkok while the 100 percent fragrant was quoted at
\naround $700 per ton on the same basis. Last week the price of 100
\npercent B grade was quoted around $275-280 per ton while the
\nfragrant rice was quoted around $650-675.<\/p>\n
Thailand exported 363,641 tons of rice between Dec. 1-Dec. 17
\nagainst 250,623 tons during the corresponding period last year.<\/p>\n
Exports since the beginning of the year were recorded at 4.9
\nmillion tons compared with 5.02 million tons last year, according
\nto Commerce Ministry figures.<\/p>\n
\"It is catching up fast. During the first half of 1997 the
\nexports figure was discouraging, partly because the baht was
\novervalued...but not anymore,\" said a shipping source.<\/p>\n
The market took in its stride news that the second rice crop
\nwould be restricted along the Chao Phya River due to insufficient
\nwater caused by the El Nio weather phenomenon.<\/p>\n
The Agriculture Ministry forecast the second rice crop output
\n-- to be harvested around March-April 1998 -- at only 2.8 million
\ntons, compared with over four million tons during the previous
\nseason.<\/p>",
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