Vietnam rice prices hit 2-month low

VTV.vn - This week, Vietnamese rice prices fell to their lowest level in more than two months due to weak demand and low quality of newly harvested rice.

In Vietnam, according to the Vietnam Food Association, 5% broken rice prices were offered at $415-$430 a tonne this week, down from $420-$435 a week earlier and the lowest since August 21. A trader in An Giang said demand remained weak while the quality of newly harvested rice was not high.

Meanwhile, rice prices in India remained stable despite sluggish export demand as rains and storms could reduce production. In India, 5% broken parboiled rice prices were quoted at $344-$350 a tonne this week, unchanged from last week. India’s 5% broken white rice prices were quoted at $350-$360 a tonne this week. The paddy crop is ready for harvesting, but heavy rains are likely to impact yields, according to a trader in Kolkata.

In Thailand, benchmark 5% broken rice was quoted at $340 a tonne, up slightly from $337 last week, ending a six-week losing streak and recovering from an 18-year low. Demand for Thai rice was generally unchanged from last week, a Bangkok-based trader said, adding that for 5% broken rice, Thailand had many competitors such as Myanmar and Pakistan with cheaper prices, while supplies were plentiful as the harvest was underway in many parts of the country.

In another development, Bangladesh has decided to extend the export of fragrant rice by one month until November 30. The decision is aimed at giving traders more time to meet their delivery targets amid supply chain and transportation delays. Bangladesh has allowed some exports of premium rice this year after domestic production exceeded demand. However, the government is closely monitoring the market to ensure that exports do not negatively impact domestic rice prices, especially amid high food inflation.

Source: https://vtv.vn/gia-gao-viet-nam-cham-muc-thap-nhat-2-thang-100251102100755996.htm