THAI RICE IN HIGH DEMAND
Thailand is estimated to export 8 million tonnes of rice in the 2022-23 marketing year, the highest total in five years, according to a report from FAS. Exports are up 4% from the previous year, “reflecting the impact of India’s ban on non-basmati rice exports and Thai rice exporters’ concerns over the volatility of the Thai baht.” The FAS said these measures have boosted global demand for Thai rice, leading to a surge in farm-gate prices. The farm-gate price for white rice in October was $356 per tonne (12,968 baht), up 21% from the five-year average. Milled rice production in Thailand for the 2023-24 marketing year has been revised up slightly to 19.8 million tonnes. The FAS said the increase of 365,000 tonnes from the last estimate earlier this fall is due to higher-than-expected water reservoir levels for off-season rice production.
(Link: WorldGrain)
CHINA BOOKS BIG US WHEAT PURCHASE
China has booked 440,000 tonnes of US wheat to supplement its rain-damaged domestic crop, Reuters reported, citing the US Department of Agriculture (USDA). . As of Nov. 23, US export sales were 12.7 million tonnes, 6% behind last year’s pace. China’s 2023 wheat crop suffered quality issues after heavy rain hit key growing areas just ahead of the harvest, analysts said, and it is importing milling wheat to blend with domestic supplies.
The sales are the latest in a series of Chinese purchases of US soft red winter (SRW) wheat that began Oct. 3, when the USDA confirmed sales of 220,000 tonnes to China, followed by 181,000 tonnes announced on Oct. 13 and another 110,000 tonnes on Nov. 22. The most recent activity would bring China’s total US wheat purchases for the current season to more than 1 million tonnes, the bulk of which is for SRW wheat.
(Link: WorldGrain)
