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Rice price to fall in 2010 as Thais relax grip

The rice market could ease next year as Thailand, the world's top-ranked exporter, loosens its grip on its record inventories, US staff has said, just as the world's biggest importer, the Philippines, faces a jump in prices. Thai rice exports could jump back to 10m tonnes, nearly in line with 2008 levels, from 8.6m this year if the country opens up its storerooms, which have kept on filling since a stockpiling initiative started during last year's price spike. "If the government releases stocks, global prices should ease in the first half of 2010," a briefing from US Department of Agriculture staff in Bangkok said. Even if the government does loosen its grip, stocks look on course set a record in 2010 for a second successive year.'Really high'The report comes amid a rally which drove prices to 11-month highs in Chicago last week, and has left the Philippines looking at a hike of up to 10% in a week in the cost of its imports.

 

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