Thai rice prices fall to two-year low

Thai rice export prices have reached their lowest point in over two years, falling to $405 per metric ton. This decline was driven by weak demand and increased supplies. Last week, the prices were in the range of $405 to $408. A trader in Bangkok mentioned that demand is low and likely will remain so for the next couple of months. In contrast, Indian rice prices have remained steady at around $403 to $410 per ton. This stability comes as India faces competition from cheaper rice exports from Pakistan and Vietnam. Earlier this month, India lifted a ban on the export of 100% broken rice. Vietnam's rice prices have also changed slightly. The current price for Vietnam's 5% broken rice is $394 per metric ton, up from $392 last week. A trader noted that demand continues to be weak. In Bangladesh, rice prices are still high despite government efforts to boost imports and strengthen reserves. The government is procuring rice through various international deals, but private traders are cautious, fearing market price drops.