Asian Export Prices Drop In Thin Demand

Rice export prices in Asia have fallen in the past week amid thin demand from traditional importers, but could pick up next month as Vietnam and the Philippines are due to finalize a big contracts.

Last week a Vietnamese rice industry official said Vietnam may have struck an initial deal to sell 400,000 MT to the Philippines.

Exporters said rice demand in African countries was constant and some buyers were in the market looking for small volumes but limited bank credit had restricted purchases.

Meanwhile in Thailand, prices have dropped between $10-$20 PMT this week in big exporting countries. Thailand's benchmark 100 percent B grade white rice fell to $540 PMT from $550 last week.