Platts Thai 5% white rice at near one-month low; highest priced in Asia

Platts Thai 5% broken white rice prices fell to a near one-month low on Feb. 18, pressured by a weaker baht and slow buying interest, sellers and buyers based in Thailand and South Africa told Platts, part of S&P Global Energy.

The decline highlights that Thai rice - seen as Asia's premium export variety - may face continued price pressure in the near term, creating opportunities for buyers to negotiate and challenging exporters to maintain a competitive edge, the sources said.

Platts assessed Thai 5% WR at $374/metric ton FOB on Feb. 18, down $11/mt week over week and $35/mt year over year. The price fell to the lowest since Jan. 20, 2026.

Despite the decline, the grade remained the highest-priced among major Asian origins Feb. 18. The grade was heard to be trading at a premium of $7/mt to Pakistan, $27/mt to Vietnam and $28/mt to India. Myanmar continued to offer the most competitive level at a $29/mt discount to Thailand, Platts data showed.

"Prices dropped today mainly because of the exchange rate, and [as] demand remains low," a Bangkok-based seller said Feb. 18. There are no bids for 5% WR currently, but we are hopeful that activity could pick up as the new crop arrives, possibly as early as next week, the seller added.

As of 1100 GMT on Feb. 18, the baht had depreciated 0.84% week over week to 31.30 against the US dollar.

Expectations of fresh supplies from the upcoming March-April harvest also weighed on sentiment. "Prices are under pressure because the new crop is coming in March and April, which is adding to supply expectations and weighing on the market," another Bangkok-based seller said.

Several buyers are holding off on purchases for now, hoping to secure better prices once the new crop hits the market, according to the sellers and buyers.

A third seller described trade flows as "very quiet" due to the Lunar New Year holidays, while a South Africa-based buyer said they expect further price declines. "Prices are softening, and I think it will drop more, so I'm waiting."

According to S&P Global Energy CERA, Thailand's rice exports are projected at 7.7 million mt in marketing year 2025-26 (January-December), down 2% year over year.

As the new-crop supplies are expected to enter the market in the coming weeks and buying interest is yet to return in force, market participants said Thai 5% WR could remain under pressure in the near term.

However, any sustained weakening of the baht or a pickup in regional demand could help stabilize prices after the current harvest-driven downturn, they said.