Asian Rice Export Prices Fall

Asian rice export prices dipped on Wednesday as the world’s big producing countries started harvesting, stoking concerns of oversupply as buyers stayed on the sidelines expecting prices to drop further.

Farmers in some well-irrigated areas in central Thailand, the world’s biggest rice exporter, have started harvesting with the new supply expected to add to downward pressure on prices.

Benchmark Thai 100 percent B grade white rice dropped to $580 PMT from last week’s $585 PMT. Prices have stayed in a $580 to $615 PMT range this year on easing fears of world food scarcity.