BENGALURU/ MUMBAI/ BANGKOK/HANOI AND BANGLADESH: Thai prices fell to their lowest level in over a year as bidders were forced to reduce their high prices in a recent auction held by Indonesia, while India’s rice export prices extended losses this week to hit an eight-month low.

Top exporter India’s 5% broken parboiled variety was quoted at $528-$534 per ton this week, the lowest since mid-January, and down from the last week’s $535-$540.

“Demand has been very weak for the past few weeks. Buyers are anticipating a reduction in India’s export duty structure and are postponing purchases,” said Krishna Rao, president of the country’s Rice Exporters Association.