Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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The future is rice, says Thailand
Business Report
Bangkok - Thailand on Thursday launched rice futures trading at its recently established Agricultural Futures Exchange of Thailand (AFET) in an effort to lessen the risk for rice producers and exporters.
"To succeed in this highly competitive free-trade environment, Thailand must improve its own competitiveness, especially in the agricultural sector, which has always faced price instability problems," said Deputy Prime Minister Suchart Jaovisidh.
Thailand has been the world's largest exporter of rice for decades, with exports reaching 7.34 million tons in 2003. The country is also the world's leading exporter of rubber and a major exporter of sugar, tapioca and other agricultural products.
Global fluctuations in commodity prices led to efforts to reduce the risks for Thai traders. While moves to set up a futures market in Thailand have been underway for decades, they were finally actualized last May with the launch of the AFET.
Initially the AFET started trading in rubber futures, but as of Thursday also took on rice futures.
Futures trading usually involves forward purchasing of commodities, such as oil or rubber, which are bought or sold at a certain price now, for delivery at some agreed time in the future.
"The AFET will serve to provide a reference future price for better planning of production and trade, and at the same time promote the effectiveness and transparency of the agricultural market system in general," said Suchart. - Sapa-dpa
MGR Archive 27.8.2004
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Russia Rapan $ 700
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USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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