{"id":19974,"date":"2024-02-26T09:53:41","date_gmt":"2024-02-26T09:53:41","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19974"},"modified":"2024-02-26T09:54:12","modified_gmt":"2024-02-26T09:54:12","slug":"rice-prices-in-thailand-down-as-baht-currency-weakens","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/02\/26\/rice-prices-in-thailand-down-as-baht-currency-weakens\/","title":{"rendered":"Rice prices in Thailand down as the baht weakens"},"content":{"rendered":"\n<p>Just when neighboring Philippines is navigating&nbsp;<a href=\"https:\/\/www.pna.gov.ph\/articles\/1219521\"><u>a price rise<\/u><\/a>, rice prices in Thailand have dipped over&nbsp;<a href=\"https:\/\/apps.fas.usda.gov\/newgainapi\/api\/Report\/DownloadReportByFileName?fileName=Rice%20Price%20-%20Weekly_Bangkok_Thailand_TH2024-0012.pdf\"><u>a weakening baht<\/u><\/a>.<\/p>\n\n\n\n<p>Consequently, both export and domestic sales in Thailand in the market week ending February 23, 2024 took a dip. The country\u2019s export prices depend on a strong performance of the baht against the dollar to gain, and its weakening lowers prices.<\/p>\n\n\n\n<p>1 baht was 35.81 to the dollar in the week of February 23, up from the 36.65 of the foregoing week.&nbsp;<\/p>\n\n\n\n<p>Aromatic grade rice was selling at&nbsp;30,189 baht ($840) in&nbsp;week 3 of February to week 2\u2019s 30,541 baht ($850) per tonne.&nbsp;<\/p>\n\n\n\n<p>Low grade export rice was costing $559 a tonne in week 3, down by 1.43% from week 2\u2019s average of $567.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-shipments-dip-from-february\">Shipments Dip from February&nbsp;<\/h3>\n\n\n\n<p>Shipments have also depreciated in strange sync with the price. While January saw record shipments above the January 2023 average, February has done the reverse.&nbsp;<\/p>\n\n\n\n<p>Exports up to February 4 reached 175,780 tonnes, down from the recent 4-week average of 191,183 tonnes. This is even as shipments for the week ending February 11 were down 10,000 tonnes from the 4-week average. &nbsp;<\/p>\n\n\n\n<p>Key importers &nbsp;of Thailand\u2019s rice in the 2023-24 season include Indonesia, China and&nbsp;<a href=\"https:\/\/www.selinawamucii.com\/news\/2023\/09\/22\/will-the-philippines-surpass-china-as-worlds-top-rice-importer\/\"><u>the Philippines.<\/u><\/a>&nbsp;Indonesia is also planning to ship 2 million tonnes this season from Thailand.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-domestic-rice-prices-in-thailand-fall-on-overstocking\">Domestic Rice Prices in Thailand Fall on Overstocking<\/h3>\n\n\n\n<p>Even as export prices and total shipments depreciate, domestic prices of all grades of rice are down by 1%.<\/p>\n\n\n\n<p>The reason for the domestic fall, however, is not just due to a weakening denomination but surplus stock. Traders have held back export stocks till the off-season, which coincides with a low-supplied market.<\/p>\n\n\n\n<p>This overstocking has given local consumers a reprieve of a few cents on rice purchases. As of February 25, 2024, the&nbsp;<a href=\"#:~:text=The%20retail%20price%20range%20in%20Baht%20for%20rice,per%20pound%20%28lb%29%20in%20Bangkok%20and%20Chiand%20Mai.\"><u>retail price&nbsp;<\/u><\/a>in Bangkok averaged 51.23 baht ($1.43) a kg. &nbsp;Low grade rice was at 23 baht ($0.64) per kg.&nbsp;<\/p>\n\n\n\n<p>Off-season rice is a popular alternative for farmers as it brings extra income. The government is however &nbsp;applying pressure on farmers to abandon the practice to save dwindling ground water.&nbsp;<\/p>\n\n\n\n<p>While off-season rice requires&nbsp;<a href=\"https:\/\/en.vietnamplus.vn\/thai-farmers-advised-not-to-grow-offseason-rice\/279579.vnp\"><u>1.5 billion cubic meters<\/u><\/a>&nbsp;of water, profitable drought-resistant crops require just 30% of that.&nbsp;<\/p>\n\n\n\n<p>Rice grows during two seasons in Thailand. The first one is<a href=\"https:\/\/www.yieldgap.org\/thailand\"><u>&nbsp;monsoon<\/u><\/a>&nbsp;(wet season) from May to July, whose harvest falls between November through December. &nbsp;The summer (dry season), also known as the off-season begins in November though March.<\/p>\n\n\n\n<p>Thus, with the secondary season about to hit the market, rice prices in Thailand bank on the strength of the baht.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just when neighboring Philippines is navigating&nbsp;a price rise, rice prices in Thailand have dipped over&nbsp;a weakening baht. Consequently, both export and domestic sales in Thailand in the market week ending February 23, 2024 took a dip. The country\u2019s export prices depend on a strong performance of the baht against the dollar to gain, and its&#8230;<\/p>\n","protected":false},"author":3,"featured_media":19975,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.3 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rice prices in Thailand down as the baht weakens - Selina Wamucii | Food &amp; Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2024\/02\/26\/rice-prices-in-thailand-down-as-baht-currency-weakens\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rice prices in Thailand down as the baht weakens - Selina Wamucii | Food &amp; Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Just when neighboring Philippines is navigating&nbsp;a price rise, rice prices in Thailand have dipped over&nbsp;a weakening baht. 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