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Rice Giant Thailand Wants to Coordinate Price Hikes With Vietnam

SBFNews

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https://www.bloomberg.com/news/articles/202...trol-rice-trade

Rice Giant Thailand Wants to Coordinate Price Hikes With Vietnam

Thai premier says joint efforts can lift prices, help growers
Rice trade already faces risk of a potential Indian export ban

Suttinee Yuvejwattana and
Anuchit Nguyen
May 27, 2022, 3:04 PM GMT+8Updated onMay 27, 2022, 3:59 PM GMT+8

Thailand and Vietnam should jointly raise rice prices to boost their bargaining power in the global market, according to Thai premier Prayuth Chan-Ocha, a move that threatens higher food costs for consumers worldwide.

Such a move will benefit millions of rice farmers in the two countries who have struggled with rising costs while prices of the grain have remained subdued, Prayuth’s spokesman Thanakorn Wangboonkongchana said in a statement. Vietnam’s Deputy Agriculture and Rural Development Minister Tran Thanh Nam met with Thai officials Thursday to discuss a framework for cooperation.

The threat to boost rice prices from the two major exporters comes amid growing food protectionism and run-away inflation. There’s concern that India may restrict rice exports after similar moves in wheat and sugar, upending global food markets already roiled by Russia’s invasion of Ukraine.

While Thailand is not contemplating any curbs on shipments, it’s keen to milk the opportunity as import-dependent countries seek to lock in grain supplies.
Brighter Outlook

Rice has been the one staple grain that’s helping to keep the world food crisis from getting worse. Unlike wheat and corn, which have seen prices skyrocket as the war in Ukraine disrupts supplies from a major breadbasket, rice prices have been stable subdued due to ample production and existing stockpiles.
Read more about food protectionism:

Rice prices will remain subdued because of abundant supplies with the world set to harvest record crops until 2023, said Jeremy Zwinger, chief executive officer of The Rice Trader, a researcher. While there has been some shift in demand to rice as animal feed, it wasn’t enough to send prices soaring Zwinger said, adding supplies may ease once farmers start using less fertilizer because of high prices.

Thailand’s rice exports are benefiting from a rebound in global demand as the pandemic eases and a slump in its currency to a five-year low makes its supplies more competitive. Shipments may reach as high as 8 million tons this year, up from 6.1 million tons last year, Commerce Minister Jurin Laksanawisit told reporters on Friday.

Thai sugar and chickens exports are also set to benefit from export curbs placed by India and Malaysia respectively, according to industry officials. The Southeast Asian nation “has excess supply of most foods we produce and we remain the kitchen of the world,” Arada Fuangtong, deputy director general of the Department of International Trade Promotion, told reporters.
 

LordElrond

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Very good, let this go on for a few more years and IndoChina becomes developed countries. 风水轮流转
 

Byebye Penis

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The biggest rice exporter is India and Indians had halted their wheat exports.

Imagine they do this to rice, along with Viet & Thai's cartel.........
 

syed putra

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The biggest rice exporter is India and Indians had halted their wheat exports.

Imagine they do this to rice, along with Viet & Thai's cartel.........
India has a severe drought problem due to el nino. Their crops are not producing as it should. We will soon face the same problem in july august with extreme heat and drought if based of historical data.
 

Willamshakespear

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Relax. Spore has only a small population - an est mere 5million, a small market as our consumption of staple food is relatively small compared to rest of the World in terms of tonnage.

Agrarian producers can raise all the prices they want, go into protectionism, but as most do produce excess for exports, for revenues - in the end, who will pay for such high price imports, as not all nations have high earning & spending power?

Staple foods are necessary for sustenance of life, but there are alternatives which when push comes to shove, such alternatives, changes in lifestyle will be found. As NO nation on Earth holds a monopoly on staple foods, the innovative & resourceful free market will determine who will benefit from alternatives than those who attempt to monopolize the markets, & push up prices with mere excuses by blaming weather, price rise by other supply chains, etc.

(in 2000s, when petrol prices jumped to an insane $140/barrel, Humanity switched to alternative energy sources & even USA started producing oil on its own even for exports & made alternative energy viable, safer & sustainable than the crazy dependence on $140/barrel of fossil fuel, which led to the fall of fossil fuels to even below $50/barrel prior to the RUS invasion this year. Oil producers were happy, as it jumped then to $100/barrel but even today, they are cautious & wary of making alternative energy more viable & cheaper than their mineral resource - oil - which they depend as a revenue for their social expenditures)

With expiry dates & unwanted imports/exports, stagflation will happen, & food staples will rot in storage wharehouses, thus some form of sanity will return to the markets, & dumping ( lowering of prices, fire sale, etc ) of such produce will occur. Sit back, chill & watch what happens. It's only economics.
 
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Byebye Penis

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top-rice-exporting-countries-worldwide-2011.jpg
 
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