Bangkok, Nov 19 - Thailand's benchmark rice price rose 9 percent on Wednesday, up for the first time since August on the back of a goverment intervention scheme, exporters said.
The median price quoted for 100 percent B grade white rice rose to $580 per tonne, from last week's figure of $530. However, the price was still well below a record high of $1,080 per tonne, marked in April.
"It has nothing to do with supply or demand," one exporter said. "The price was supported by the government buying scheme."
The government has bought paddy rice from farmers at 12,000 baht per tonne, higher than market prices, in a bid to shore up prices during the harvesting season.
The price equates to around $630-$640 per tonne for milled rice, exporters said.
The government was believed to have bought up to 400,000 tonnes of paddy since the buying scheme started on Nov. 1.
"More farmers are expected to sell rice to the government in late November when production is expected to peak," a government official said.