Thai rice prices were expected to fall this week in reaction to the Philippines scrapping its tender for 675,000 tonnes on Monday, Thai exporters said. "Prices should face a short corrective phase this week," Chookiat Ophaswongse, president of Thai Rice Exporters Association, told Reuters.
"But I don't expect a sharp fall in Thai rice prices because demand from other countries should remain strong," he said, adding that traditional buyers such as Nigeria and Hong Kong had made enquiries. The price of 5 percent broken grade white rice, which is usually purchased by the Philippines, could slip to around $900 per tonne this week, down from $950 quoted last week, Chookiat said. Thai benchmark 100 percent B grade white rice could ease to around $940 a tonne, down from last week's $990 a tonne.
Thailand, the world's biggest rice exporter, did not join Monday's tender because it was restricted to government agencies or exporters endorsed by their governments. Vietnam's state-owned Vinafood II was the sole bidder. However, private traders and exporters will be allowed to join the Philippines' next tender for 163,000 tonnes on May 9. "I expect some of Thailand's leading exporters to join the tender," Chookiat said.
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