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Thai rice dealers anticipate change in Nigeria’s policy
Speculation over plan by the Federal Government to change its policy on rice importation excited Thailand dealers on Thursday as hope of increase export of the commodity to Nigeria rises.

Although, Thai rice export prices for most grades dropped and dealers said they are likely to fall further in the next few days as domestic supply increases, hope of increase demand from Nigeria buoyed confidence among dealers. Thai 100 percent grade B was at $197 per ton FOB, down from last week’s $201.

Demand for Thai rice from Nigeria’s buyers is expected to come in before the celebration of Yuletide and New Year festival, dealers said. Nigeria is the largest importers of Thai rice in 2001 and 2002.

The Nigerian government has set a fixed price for Thai parboiled rice imports at $230/tonne C&F.

In addition, it has imposed a 118 percent import duty, so importers have to pay around $510 to bring one ton of Thai rice into the country.

Nigeria was Thailand’s largest rice buyer in 2001 and 2002, importing 1.7 million tons and 1.1 million tons of parboiled rice respectively. No forecasts are available for this year.

Buyers from China, the United States and Canada had been seeking to buy Thai fragrant rice for November and December shipment, traders said.

Thai fragrant rice was offered at $430 per tonne FOB for December shipment, versus last week’s $410. It was at $480/tonne FOB for prompt shipment.

MGR Archive 11.11.2003
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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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