India rates fall to $380-$386 per ton
*
Thai rice demand remains weak
*
Philippines to diversify import sources away from Vietnam - trader
By Ishaan Arora
June 5 (Reuters) - Indian rice export prices fell to their lowest level in two years this week due to depreciation of the rupee and expectations that a second year of robust monsoon rains would lead to another bumper crop, while Thailand saw muted demand.
India's 5% broken parboiled variety
"India is poised to harvest another bumper crop if monsoon rains remain conducive. This will add to already overflowing stocks," said a Kolkata-based trader.
The country last month raised the price at which it will buy the new-season common rice paddy variety from local farmers by 3%, the lowest increase in five years, as New Delhi struggles to manage overflowing granaries after last year's record harvest.
Meanwhile, Thailand's 5% broken rice
"Demand is not good at all," while supply has been ample, said a Bangkok-based trader.
"The Philippines and Indonesia are not buying large lots this year."