Asian Rice Export Prices Fall As Exporters Stock Up Crop

Asian physical rice export prices are falling on expectations that Thailand and Vietnam, world's two biggest exporters, may export more than the estimated values.

Industry officials in Thailand have said that the country's rice exports in 2008 could even exceed 10 million MT compared with 9.5 million MT estimated earlier.

Meanwhile rice prices in Vietnam are falling on ample supplies after the just-concluded harvest and a ban on shipments until July. Vietnam is also likely to lift its ban on new export contracts and the country may sign an agreement for sale of 1.6 million MT in
the July-September period.

In Vietnam 5% broken rice was quoted at $880 PMT Thursday, down from $1,050 PMT on Wednesday.
 
Thai 5% broken rice was offered at $820 PMT Thursday compared with $890 PMT Wednesday, while parboiled 100% sortexed rice was offered at $910 PMT compared with $920 PMT on Wednesday.