Rice experts from Thailand are of the opinion that farmers and the government will soon enjoy better prices due to higher global demand and a shortage in India.
India has turned from a world supplier to a buyer of rice in order to maintain stocks of about 10 million MT. It will announce bidding for more batches in the near future to compensate for the loss of 10 million MT due to drought this year. Usually, India keeps 30 million MT of rice in storage to ensure food security.
Japan and the Philippines meanwhile have staged rice auctions and China plans to import more rice soon.
Chookiat Ophaswongse, president of the Thai Rice Exporters Association, said the price of jasmine rice had fallen due to supply increasing during the current harvest season by 15-20 % from last year.
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