Asia Rice-Thai rates bounce to 7-yr high as virus limits exports from other hubs

* Philippines secures Vietnam commitment to continuous rice
supply
* Thai rates jump to $560-$570/t this week from $468-$495/t
* Bangladesh domestic rice prices hit 2-year high

By Swati Verma
BENGALURU, April 2 (Reuters) - Thai rice export prices
soared to their highest in seven years this week on expectations
of a sales boost after top exporter India went into a lockdown
to curb the spread of the coronavirus and main rival Vietnam
temporarily banned new export contracts.
Thailand's benchmark 5% broken white rice RI-THBKN5-P1 was
quoted around $560-$570 per tonne on Thursday, its highest level
since April 2013.
"The situation in Vietnam, India, and Cambodia have us
prepared for the unexpected, so Thai rice prices are going up
and up," a Bangkok-based trader said.
"Where is anyone going to buy rice now if not from
Thailand?"
Cambodia said on Monday it will ban exports of white rice
and paddy rice to ensure local food security during the
coronavirus pandemic.
But even as anticipation of demand ran high among Thai
exporters and traders, they said they were afraid higher prices
might discourage regular customers.
Thai prices jumped from $468-$495 per tonne quoted last week
on speculation that the Philippines might have to import some
rice from Thailand to meet its target of 300,000 tonnes
announced on Tuesday, traders said.
But later on Thursday, the world's top rice buyer, the
Philippines, said it has secured Vietnam's commitment for
continuous supply of the staple food. The announcement came even as Vietnam banned signing new
export contracts under a review to ensure domestic supplies are
sufficient during the coronavirus outbreak.
"We are still waiting for the final decision from the prime
minister to lift the ban so that we can resume rice shipments as
domestic supplies are abundant," a trader based in Ho Chi Minh
City said.
Rates for 5% broken rice RI-VNBKN5-P1 were unavailable for
a second straight week.
Bangladesh will begin selling cut-price rice from next week
to help the poor as domestic prices of the staple grain hit
two-year high amid panic buying due to the virus fears.
Millions of marginalized people are in a tight spot amid the
nationwide lockdown that has been extended to April 11 to combat
the virus' spread.
Indian rice exporters were not quoting prices this week
after Prime Minister Narendra Modi imposed a 21-day nationwide
lockdown on March 24 to protect India's 1.3 billion people from
the fast-spreading coronavirus. Top exporter India's 5 percent broken parboiled variety
RI-INBKN5-P1 was quoted $361-$365 per tonne last week, its
lowest in three months.
Exporters were not operating this week due to the lockdown,
said a Mumbai-based exporter.