RPT-Asia Rice-Waning demand prompts Indian, Thai exporters to lower prices

(Repeats with no changes)
* Thai rates more expensive than competitors
* India prices ease to $369-$373 per tonne from $371-$375
* Philippines mulls safeguard duty on rice imports
* Fresh floods submerge farmland in Bangladesh

By Karthika Suresh Namboothiri
BENGALURU, Oct 3 (Reuters) - Rice export rates in Asian hubs
fell this week as weak demand and currency fluctuations prompted
sellers in India and Thailand to cut prices, while expectations
of lower interest from the Philippines weighed on the Vietnamese
market.
Thailand's benchmark 5% broken rice RI-THBKN5-P1 prices
were quoted slightly lower at $396-$417 a tonne versus last
week's $400-$420.
"Exporters have to lower prices to lure buyers," a
Bangkok-based rice trader said adding: "I've not been able to
sell any rice for two months now."
Thai exporters have struggled since the start of the year as
the baht THB=TH , which has been Asia's best performing
currency this year, has kept Thai prices higher than those of
competitors India and Vietnam.
"There could be a possible deal for parboiled rice from
African markets ahead of Christmas, and perhaps some demand from
China and other Asian markets for jasmine rice towards the end
of the year," another Bangkok-based trader said
"But as of now there is simply no major demand due to our
high prices."
Prices of top exporter India's 5% broken parboiled variety
RI-INBKN5-P1 also extended losses, dipping to around $369-$373
per tonne from $371-$375 a week ago on a weak rupee and subdued
demand.
"Demand is weak. Traders are waiting for the new season
crop," said an exporter based at Kakinada in the southern state
of Andhra Pradesh.
Indian rice exports in April-July plunged 26.5% from a year
ago to 3.14 million tonnes, a government body said last month,
on subdued demand for non-basmati rice from Africa. In Vietnam, rates for 5% broken rice RI-VNBKN5-P1 were
quoted at $330-$340 a tonne, free on board, compared with $335 a
week earlier. Prices had plunged to a near 12-year low of about
$325 in the week to Sept. 19.
"We are concerned that exports to Philippines will decline
as it is seeking to limit rice imports to protect local
farmers," a trader based in Ho Chi Minh City said.
Philippines, one of the world's biggest rice importers, may
consider imposing a safeguard duty on rice to ease the pain of
local farmers hurting from a surge in imports. Vietnam's rice shipments in the first nine months of 2019
likely rose 4.5% to 5.1 million tonnes, but export revenue was
expected to drop 9.7% in the same period. Elsewhere, a heavy spell of retreating monsoon rains has
submerged vast swathe of farmland in low-lying Bangladesh, still
recovering from previous floods.
Floods in July washed away crops that would have yielded
nearly 400,000 tonnes of rice, agriculture ministry estimates
showed. "If the water recedes soon, it won't have much impact on
paddy crops," an agriculture ministry official said.