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USDA GAIN: Oilseeds, Cotton, Sugar, Grain and Feed


06 March 2012

USDA GAIN: Thailand Weekly Rice Price 28 February 2012USDA GAIN: Thailand Weekly Rice Price 28 February 2012

Export prices were offered $5-10/MT higher due to the strengthening Thai baht. Meanwhile, domestic prices remain steady due to a lack of new contracts for new-crop white rice. Thai rice exports during March – June will be dominated by parboiled rice.
USDA GAIN Report - Oilseeds, Cotton, Sugar, Grain and Feed

Export prices were offered $5-10/MT higher due to the strengthening Thai baht (30.3 baht/$, compared to 30.6 baht/$ in the previous week). Meanwhile, domestic prices remain steady due to a lack of new contracts, particularly for new-crop white rice, as Thai rice prices remain $100/MT above Vietnamese rice. Thai white rice shipments will likely drop significantly in March as exporters reportedly fulfilled the outstanding government-to-government contract of 300,000 tons of 15% grade new-crop white rice with Indonesia. Thai rice exports during March – June will be driven by parboiled rice, especially to Nigeria. Despite being around $120/MT above Indian parboiled rice, foreign buyers returned to Thai parboiled rice for deliveries to Nigeria for June 2012 to avoid Nigeria’s higher applied import tariff rate of 53% which will be effective in July 2012. Shipments of Indian parboiled rice contracts are reportedly slow due to port congestion.

Presently, the Government is holding old-crop intervention stocks of around 2.0 million tons. The current Paddy Pledging Program has accepted a total of 6.7 million tons of paddy (4.3 million tons Bangkokmilled equivalent) from October 7, 2011 – February 26, 2012 (Table 2). This accounts for 31.0 percent of the expected total MY2011/12 main-crop production of 21-22 million tons of paddy (14.5 million tons milled equivalent). The Government expects the program will have absorbed only 7.0 million tons of paddy (4.6 million tons milled equivalent) when it finishes on February 29, 2012, far below the government’s initial target of 10.0 million tons of paddy. However, the Government will likely absorb an additional 5-6 million tons of paddy (4.0 million tons milled equivalent) from the off-season crop Paddy Pledging Program on March 1 – June 30, 2012. The Cabinet approved the off-season crop Paddy Pledging Program on February 22, 2012. The amount of paddy that can be pledged is unlimited.

Rice Export Update

Unofficial rice exports (excluding fragrant rice) for February 20-26, 2012 totaled 126,345 tons, up 8,087 tons from the previous week, and up 19,558 tons from the four-week moving average of 106,787 tons. Exports of white rice and parboiled rice during January1 – February 26, 2012 totaled 714,750 tons, down 52.9 percent from 1,516,525 tons in the previous year.

According to the Department of Foreign trade, Ministry of Commerce, total rice exports (including fragrant rice) during January 1 – February 23, 2012 amounted to 852,629 tons, down 50.4 percent from 1,719,045 tons in the previous year.

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