Asia Rice-Locked-down India rates hit 3-month low; Thai prices off 6-1/2-yr peaks

* Vietnam halts new rice export contracts until March 28
* Thai rates fall to $468-$495/tonne from $480-$505 last
week
* India under 21-day nationwide lockdown to combat the
coronavirus
* Bangladesh domestic rice prices up 10% on panic-buying

By Sumita Layek
BENGALURU, March 26 (Reuters) - A nationwide lockdown in
leading rice exporter India to curtail the spread of the
coronavirus pushed export prices to the lowest in about three
months, while rates for the Thai variety came off multi-year
peaks due to fluctuations in the local currency.
Health researchers have warned that more than a million
people in India could be infected with the coronavirus by
mid-May, prompting the government to order a 21-day lockdown and
shut down all air and train travel, businesses and schools.
India's 5% broken parboiled variety RI-INBKN5-P1 rates
narrowed to $361-$365 per tonne this week - their lowest since
late December - as rice exporters were struggling to operate due
to the lockdown. Prices slipped from last week's $363-$367
range.
The entire supply chain has been disrupted by the lockdown,
said BV Krishna Rao, president of the Rice Exporters
Association.
Indian rupee INR=D4 hit a record low this week, raising
exporters' margin from the overseas sale.
In Thailand, benchmark 5% broken rice
rates RI-THBKN5-P1 fell to $468-$495 on Thursday, from last
week's 6-1/2-year peak of $480-$505.
The drop in price was due to fluctuations in the currency,
while the situation over demand-and-supply remained relatively
unchanged, traders said.
The Thai market remained cautious over supply issues,
triggered by one of the worst droughts in decades that is
hurting many rice-growing areas, while traders said the outbreak
has also slightly raised domestic demand of some types of rice,
keeping prices higher.
The Thai government has declared a state of emergency across
the country over the coronavirus, but is yet to issue any
restrictions that would directly impact agricultural production
or exports.
"There won't be any shortage of rice through the crisis, but
prices are likely to remain high due to concerns over supply," a
Bangkok-based trader said, adding prices could go even higher if
there is overseas demand given that Vietnam has stopped exports.
Vietnam's 5% broken rice RI-VNBKN5-P1 rates were not
available after the government on Wednesday announced it halted
signing new export contracts until March 28 under a review to
ensure domestic supplies were sufficient during the
epidemic. "Traders and exporters have ceased all activities and the
authorities have also stopped customs clearance for rice
shipments from Vietnam," a Ho Chi Minh City-based trader said.
Traders said they were waiting for a final decision from the
government to see if they can continue exports or not.
Meanwhile, in Bangladesh, domestic prices of rice rose by as
much as 10% as virus fears triggered panic-buying.
Prime Minister Sheikh Hasina on Wednesday called on people
to refrain from stockpiling and said the country has 1.7 million
tonnes of food grains in reserves.