Thai Prices Up On Strong Baht, Most Buyers Absent Wednesday

Thai prices were boosted by a strong baht even as most buyers were away from the market on Wednesday.
In addition to high commodity costs, stronger freight rates have caused buyers, particularly those from Africa, to defer making deals. Freight rates for vessels going to Africa have increased by $10-$15 PMT from previous months. Some buyers aren't ready yet to pay this price.

Still, some traders have been showing buying interest ahead of an industry conference later this week in Bangkok. Prices will likely rise, albeit slightly, in the coming days due to a strong currency. Without new demand coming into the market, prices won't likely increase sharply. Also, exporters would want to attract buyers back into the market.

Thai 100% grade B was offered Wednesday at $325-$327 PMT, FOB, Bangkok, the 5% broken at $313-$316 PMT while parboiled 100% sortexed was offered at $320 PMT. These prices are $2-$3 PMT higher than prices offered last Friday.