Asian Export Prices Higher On Strong Demand

Asian rice export prices are likely to keep rising during the rest of this week on global shortage of exportable rice surplus and continued strong demand.

Rice traders are eagerly awaiting the results of the Philippines tender on April 17 for the purchase of 500,000 MT to see the kind of price offers made, which could then set the tenor for near-term price direction.

Experts feel that an unprecedented $1,000 PMT level for Thai white rice exports seems imminent.

Meanwhile officials of the International Rice Research Institute are hoping that supply pressure would ease in the near term as rice harvest is in progress in several Asian countries.