REFILE-Asia Rice-Thai rates hit 4-month low, Vietnam jumps as heavy rains persist

* Thai rice loses out to Indian, Vietnamese varieties

* Persistent rain in Mekong Delta hampers harvest- trader

* India rates edge up as rupee hovers near 3-month high

* Bangladesh likely to cut taxes on rice imports- food minister

By Nakul Iyer

BENGALURU, July 9 (Reuters) - Rice export prices in Thailand dropped to their lowest level in four months this week, amid weakness in the domestic currency and sluggish demand, while Vietnamese rates rose after incessant rains sparked concerns about harvest in the country.

Thailand’s benchmark 5% broken rice RI-THBKN5-P1 prices were quoted at $455-$485 on Thursday, their lowest since early-March and below last week’s $514-$520.

Exports prices also fell, despite the Thai baht weakening to a near one-month low against the U.S. dollar this week, as the Thai variety was still expensive compared to competitors like Vietnam and India following a severe drought earlier in the year.

Heavy rains-led supply woes pushed rates for Vietnam’s 5% broken rice RI-VNBKN5-P1 to a three-week high of around $425-$457 per tonne from $415-$450 a week earlier.

“Persistent rain in the Mekong Delta continues to hamper the summer-autumn harvest, affecting rice supplies,” a trader based in Ho Chi Minh City said.

In India, rates for 5% broken parboiled variety RI-INBKN5-P1 were quoted at $377-$382 per tonne this week, up from the last week’s $373-$378 per tonne.

Source: https://www.reuters.com/article/asia-rice/refile-asia-rice-thai-rates-hit-4-month-low-vietnam-jumps-as-heavy-rains-persist-idUSL4N2EG2MG