Thai rice prices were slightly higher in the week to Monday, supported by a stronger baht and fresh demand. The Thailand Rice Convention held about a week ago witnessed negotiations of deals that will lead to export shipments over the next few months.
At the convention, Commerce Minister Krirkkrai Jirapaet said Thai traders are expected to sell 150,000 metric tons of rice to Iraq in the coming months. Of this, 32,000 MT are already on their way to Iraq and will arrive soon. Thai traders are also confident of closing a deal with the Philippines, which plans to buy 300,000 MT of rice at a tender June 6 for shipment between June and August.
Meanwhile, Iran is negotiating to buy up to 300,000 tons of Thai rice in a government-to-government deal, a Thai rice government official said, without providing further details. Two vessels at Bangkok Port are currently loading parboiled rice for shipments to Nigeria and Yemen, carrying 60,000 MT and 10,000-15,000 MT, respectively.
Thai 100% Grade B was offered slightly higher from a week ago at $327 PMT, FOB Bangkok; 5% broken was steady at $318 PMT; parboiled 100% sortexed was offered $2 higher at $322 PMT. Thailand, the world's largest rice exporter, aims to sell 8.5 million to 9 million MT of rice in 2007, up from 7.5 million MT sold in 2006.
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