Thai rice prices fall to the lowest level in more than 4 years

In Thailand, the price of 5% broken rice fell to $377-383/ton, levels not seen since October 2017 and down from $382-384/ton last week. Some traders in Bangkok said that low export volumes for most of 2021 have left a surplus of domestic supply, with new harvests coming later in the year. Meanwhile, rice prices in top exporter India fell for the first time in five weeks. This week, the price of Indian 5% broken parboiled rice traded at $359-364/ton, the lowest level since September 30 and down from $364-369/ton in the previous week. Olam Group Vice President India Nitin Gupta said demand is falling as everyone is expecting a new crop in December. In neighboring Bangladesh, farmers say the cost of rice production could increase by as much as 30% due to higher diesel prices. Last week, the country raised diesel and kerosene prices by 23%, resulting in a 27% increase in transportation costs. The price of Vietnam's 5% broken rice was unchanged from last week, trading at 430 - 435 ...