Thailand To Sell 850,000 MT To Iran, Nigeria

The Thailand government is reportedly in talks to sell at least 850,000 MT of rice to Iran and Nigeria after government stocks swelled this summer, helping dispel any lingering concern over world supplies.

Nigeria is looking to buy 250,000 MT and Iran 600,000 MT, the same quantity it has bought from Thailand in previous years.

Benchmark Thai rice prices have already fallen by about a third after surging nearly three-fold to a record high in April, and news of Bangkok stepping into the market to meet demand from two of the world's top importers is likely to knock them further.