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Rice prices at historic lows: Thailand hits the markets!
Find out the latest developments on Thailand's rice prices, which have hit an 18-year low, and their impact on the market.
Rice prices at historic lows: Thailand hits the markets!
In recent weeks, the situation in the Thai rice export market has become increasingly worrying. Loud Vietnam.vn Thai rice prices have fallen to their lowest level since October 2007. This is a real slap in the face to the country's highly valued rice farmers, who have had to contend with such low prices for 18 years.
Currently, Thai 5% broken rice is offered at prices between 335 and 340 USD per ton. This is a small decrease compared to the previous week, when rice was still at USD 340. In India, prices for similar 5% fractional rice remain unchanged at $340 to $345 per tonne, while Indian white rice prices at 5% fractional remain at $360 to $370 per tonne.
Buyers are holding back
Demand for rice from Thailand and other Asian countries, particularly from African buyers, is currently disappointing. Many buyers appear to be waiting for further price cuts, making things even more difficult for Thai exporters. Demand has also fallen sharply in Vietnam, especially after the Philippines renewed its import ban.
To further complicate the situation, the US grain market is reflecting a first weekly price increase in a month. The December corn contract rose 2.3% and soybean prices jumped 1.3%. This could have both positive and negative consequences for Thai rice prices.
Long-term price development
An analysis of rice export prices from Thailand shows that prices have changed significantly in recent years. World Bank data published by Statista, show that the development of rice prices across different quality levels can be observed from 2001 to 2024. This shows how dynamic and challenging the Thai rice market is.
In addition, the International Monetary Fund (IMF) regularly provides current information on the benchmark prices in the raw materials market, which also affects, among other things, the price of rice. The market is influenced by the largest exporters, which further complicates the price situation FRED reported.
The next few months could be crucial in determining whether Thai rice prices will stabilize or fall further. This is a hot potato for many farmers in the country who rely on the harvest of their rice crops. A good handle on price developments and stronger demand are urgently needed to support the domestic rice industry and get it going again.