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Thai Rice: Prices Unch-Up; Parb Rice In Demand From Benin
Bangkok, Export prices of Thai rice were quoted flat to higher Monday, with the price of parboiled rice soaring amid demand from the African country Benin, exporters and traders said.
Two vessels are loading a combined 50,000 metric tons of Thai parboiled rice at Sichang port, eastern Thailand, bound for Benin, said a trader in Bangkok.
"Benin is in the market to ask around for (more) parboiled rice," the trader said.
However, Benin seems to be a proxy importer for its neighbor, Nigeria, a major buyer of Thai parboiled rice, the traders and exporters said.
The Nigerian government's move to increase the import duty on Thai rice has apparently deterred "official" imports of Thai rice into the Nigerian market, market participants said. But Nigerian importers are expected to bring in imports via Benin, which shares borders with Nigeria, so that the imports won't face the high duty, they added.
Thai parboiled rice was offered Monday at $210 a ton, free on board, up by around $10 from last week.
Monday, Thai 100% B grade rice was offered steady from last week at $210/ton, FOB, while Thai 5% broken rice also offered stable at $205/ton, FOB.
The 25% broken rice grade was offered higher at $188/ton, FOB, from last week's range of around $180-$181/ton, due to a shortage of 100% broken rice supply, exporters said.
Exporters use 100% broken rice to mix with better grade rice to produce 25% broken rice.
Buying interest from Iran appeared to support prices of 100% B grade rice, exporters said.
Iran was said to have bought another 30,000-60,000 tons of Thai 100% B grade rice recently, in addition to the 60,000 tons it purchased earlier, industry sources said.
Export company Soon Hua Seng Co. is loading 30,000 tons of rice for Iran under that latest contract, said the Bangkok-based trader.
Exporters and traders said Iran may have to buy more Thai rice, as its purchases so far were still below the 400,000 tons estimated by traders and exporters.
Thailand exported 3.13 million tons of rice from Jan. 1 to June 24, compared with 3.12 million tons in the same period a year ago, according to the Department of Internal Trade.
MGR Archive 1.7.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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