Speculative buying pushed Thai rice futures higher in record volume on Friday as demand strengthened ahead of the main harvest, brokers said.
Overall volume hit 326 contracts of 5 percent white rice compared to 139 contracts on Thursday. The most active January contract finished at 9.88 baht per kg, up from 9.78 baht, with the number of contracts traded rising to 270 from Thursday's 130.
"Players bought contracts as they expected prices to rise further, tracking spot prices due to fresh demand from exporters who need rice for loading," said one broker. Brokers said they expected prices could reach 9.9 baht per kg ahead of the start of the main harvest in the middle of November.
Thai five percent white rice in the physical market was quoted at 9.6-9.7 baht per kg, up from Thursday's 9.6 baht. It was around 9.5 baht last week. Thailand, the world's largest rice exporter, started rice futures trading on August 26 with the 5 percent white rice grade.
November, January, March, May, July and September contracts are offered. Each contract is for 15 tonnes. Trading hours are 10.30 am to noon (0330-0500 GMT) and there will be an additional session between 1.30 pm and 3 pm (0630 and 0800 GMT) from November 8.