Vietnamese Rice Prices Reach Eight-Month High as Supply Tightens
Vietnam’s rice export prices touched an eight-month high this week as supply tightened.
According to the Vietnam Food Association (VFA), 5% broken rice was offered at $455-$460 per ton on August 28, the highest since early January.
A trader in Ho Chi Minh City said supply is tightening while demand remains steady ahead of the Philippines’ 60-day suspension of rice imports, which takes effect on September 1.
Meanwhile, Indian rice prices remained stable, while Thai rice prices declined due to excess stocks amid steady demand across regions.
Indian 5% broken parboiled rice was quoted at $371-$376 per ton, unchanged from the previous week. Indian white rice 5% broken was priced at $363-$369 per ton this week.
A dealer in Mumbai said foreign buyers are gradually increasing purchases of Indian rice as they realize that prices have bottomed out.
Thai 5% broken rice prices fell from $365-$370 per ton to $355 per ton last week due to excess supply.
A Bangkok-based trader said there is news that India will supply an additional 20 million tons of rice, and buyers are awaiting this additional supply.
Another trader warned that Thai rice prices could fall further, especially as supply in every country is high but demand from customers remains unchanged.
A Thai Commerce Ministry official said the country hopes to meet its target of exporting 7.5 million tons of rice this year by seeking additional contracts in high-demand markets.
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