Thai rice prices fell to their lowest in over a year as bidders were forced to reduce their prices in a recent auction held by Indonesia.
Thai 5% broken rice was priced at US$550-565 per ton this week, the lowest since July 20, 2023, down from $585 quoted last week.
A Bangkok-based trader said the market still considers Thai prices too high. However, flash floods have been hurting short-term harvest yields, so prices might improve down the road.
Another trader said competitors weighed prices down and that Thai bidders lost out to other exporters in a recent auction held by Indonesia due to higher prices.
There will be demand from African and European customers before October because those orders would be delivered before late December, the trader said.
Meanwhile, Indian rice export prices extended losses this week to hit an eight-month low.
Indian 5% broken parboiled rice was quoted at $534 per ton, the lowest since mid-January, and down from the $540 a week earlier.
According to the Vietnam Food Association, Vietnamese 5% broken rice was offered at $567 per ton on Thursday, down from $575 a week ago.
A trader based in Ho Chi Minh City said trading activity remains slow while demand is weak.
Traders said the ongoing floods in northern Vietnam might have an impact on rice production, though rice for export is mostly grown in the Mekong Delta in the south.
