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


11 June 2013

USDA GAIN: Thailand Weekly Rice Price - 11 June 2013USDA GAIN: Thailand Weekly Rice Price - 11 June 2013

TH3050 – Export prices declined approximately one percent due to the weakening of the Thai baht. Domestic prices will likely trend downward in anticipation of the sales of the government rice stocks.
USDA GAIN Report - Oilseeds, Cotton, Sugar, Grain and Feed

Table 1: Export Prices (FOB) for various grades of Thai rice (USD/MT), Week ending June 3, 2013

Exchange rate: 30.3 baht/U.S.$
Source: Average actual prices received from exporters

Export prices declined approximately one percent due to the weakening of the Thai baht to 30.3 baht/US$, as compared to 29.8 baht/US$ in the previous week. Domestic prices will likely trend downward as the government will have to sell its rice stocks worth approximately 100 billion baht ($3.3 billion) to support the paddy pledging program for the remaining months of the year. Presently, the Bank for Agriculture and Agricultural Cooperatives (BAAC) which funds the program is facing a squeeze due to delays in the sales of the government rice stocks. The loan the government has given BAAC to cover the MY2012/13 Off-Season Rice Paddy Pledging Program which will cost approximately 105 billion baht ($3.5 billion) has only about 37 billion baht ($1.2 billion) left. The government needs to raise more revenue to cover the program by selling its rice stocks. The MY 2012/13 Main-Crop Rice Paddy Pledging Program (October 1, 2012 – March 31, 2013) received pledges of approximately 14.2 million metric tons (9.4 million metric tons milled equivalent). The BAAC provided an estimated 220 billion baht ($7.3 billion) in loans to farmers under the program.

Meanwhile, the current MY2012/13 Off-Season Rice Paddy Pledging Program, which began on April 1, 2013 and will run until September 15, 2013, has already received pledges of approximately 3.0 million metric tons of paddy (2.0 million metric tons milled equivalent as of May 10, 2013), most of it in the form of white rice paddy. The BAAC has so far provided approximately 32 billion baht ($1.1 billion) in loans to farmers under the program. Presently, the government is holding rice stocks of approximately 17 million metric tons milled rice, of which around 8 million tons (mostly white rice) are carry-over stocks from the previous pledging program and the remainder is rice stocks from this year’s pledges.

Rice Export Update

Unofficial rice exports (excluding premium white rice and fragrant rice) for May 27 – June 2, 2013 totaled 44,665 metric tons, up 12,877 metric tons from the previous week, and up 5,999 metric tons from the four- week moving average of 38,667 metric tons. Exports of white and parboiled rice from January 1 through June 2, 2013 totaled 1,534,420 metric tons, down 31.6 percent (2,244,182 metric tons) from the same period last year.
Total rice exports (including fragrant rice) from January 1 through April 30, 2013 amounted to approximately 2.01 million metric tons, down 10.3 percent (2.24 million metric tons) from the same period last year.

June 2013

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