Thai Prices Steady As Market Waits For New Contracts

May 14,2007 00:00 by dailynews

Rice export prices were unchanged Friday as the market waited for Thailand to sign fresh contracts. Iran and Iraq are expected to close new rice contracts with Thai suppliers in the weeks ahead. Thai Commerce Minister Krirkkrai Jirapaet told a rice convention Friday that Thai suppliers are expected to sell 150,000 metric tons of rice to Iraq in the next two to three months.

Jirapaet said 32,000 MT will be shipped to Iraq this month, while the rest will be shipped over the next few months. Iranian traders are also in negotiations to buy 300,000 MT of rice from Thai traders. Exporters said the fresh demand in the market could further boost Thai export prices even though current prices are already at high levels.

Meanwhile, rice imports by Indonesia, a major buyer of rice in Asia, could rise to 2.2 million MT this year from 600,000 tons last year, an Indonesian government official said. Thai 100% grade B was offered unchanged at $325-$327 PMT, FOB, Bangkok; 5% broken was offered steady at $314-$316 PMT; parboiled 100% sortexed was offered flat at $320-$324 PMT.