04 Jul '11, 10am

Risk of more state intervention pushes up Thai rice

BANGKOK (Reuters) - The export price of Thai rice rose on Monday because of the likelihood of aggressive intervention by a new government to push up domestic prices to help farmers, which has already encouraged traders to hoard rice, resulting in tight supply. Benchmark 100 percent B grade white rice was offered at $545 per tonne, up 3.8 percent from last week's $525 per tonne, exporters said. "People expect to see aggressive intervention sooner or later. However, prices did not rise sharply as the market wanted to see a clear picture of the cabinet first," said Korbsook Iamsuree, president of the Thai Rice Exporters Association. Traders said Monday's rise in the baht was another factor, as it obliged exporters to offer higher dollar prices. The baht rose about 1 percent against the dollar, in part because the election outcome might persuade some overseas investors to retu...

Full article: http://sg.news.yahoo.com/risk-more-state-intervention-pus...

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