ASIA RICE-PRICES INCREASE ON WEATHER WOES, SPECULATION

Rice export costs rose to close three-month highs in Vietnam in the week on speculation by native traders amid considerations concerning dry weather, whereas a strengthening Thai monetary unit pushed up costs in Thailand, traders same.

Basmati Rice
Basmati Rice

A drought in Thailand and a weak monsoon in Asian country, the world’s largest rice businessperson, thanks to the El Nino development square measure expected to hit output in 2015/16, BMI analysis same in the week.

Salination caused by dry weather has additionally broken ten % of Vietnam’s rice growing space.

The 3 nations account for thirty % of world rice output. Vietnam’s 5-percent broken rice stood at $370-$375 a weight unit, free-on-board city Port on Wednesday, from $355-$367 every week agone, with $375/tonne being the best worth since Dec. 16.

Thai five % broken rice stood at $360-$371 a weight unit, FOB port, below Vietnamese rice costs, traders same.

“Some speculators have engineered stocks, citing salination downside within the Mekong Delta,” a merchant at a Vietnamese firm in holmium Chi Minh town same. ocean water intrusive so much into the Delta has broken a hundred and sixty,000 hectares (395,000 acres) of winter-spring rice, or ten % of the Delta’s biggest crop, supported Vietnam government reports.

Global rice production in 2016 can dip zero.6 % from last year to 475 million tonnes, the primary drop since 2009/2010, thanks to El Nino-related adverse weather, less government support and low costs limiting planting, musteline mammal Group’s BMI analysis same in a very report dated March eight.

The price rise in Vietnam has currently been capped once Indonesian state firm Bulog halted all rice import talks. Bulog has stopped rice talks with Asian country, Pakistan, Thailand and Vietnam, chief military officer Djarot Kusumayakti told Reuters on weekday.

He failed to say once the talks may resume.

Thailand’s market has been quiet within the past week, whereas a stronger currency, the baht, has widened the worth vary, traders same. The Thai monetary unit edged up zero.23 % at thirty five.34 per dollar on Wednesday.

“The Thai monetary unit has reinforced, however there square measure still only a few patrons and no huge ones,” the merchant same, adding that patrons may arrive in coming back weeks, once Vietnamese costs have up on top of Thai quotations.

Another merchant same the low provide of Thai rice thanks to drought was discouraging traders from exportation the grain. He same the country’s annual cargo may fall to eight million tonnes in 2016, a drop of eleven %.

Last year Thailand exported nine million tonnes.

 

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ASIA RICE-PRICES INCREASE ON WEATHER WOES, SPECULATION