Latest developments in Asian rice market

Vietnam's rice export prices fell to a one-year low this week, while Indian export prices rose slightly on somewhat improved demand despite ample supplies.

Asian rice market:

Vietnam’s 5% broken rice was quoted at $550-$560 a tonne on July 25, down from $565-$570 a week earlier. Trading activity is slowing, with rain affecting harvests in the Mekong Delta, a trader in Ho Chi Minh City said.

However, the trader said rice prices could rise again next week, as exporters expect Indonesia's state logistics agency (Bulog) to start buying 320,000 tonnes of rice from early next month.

Top exporter India’s 5% broken parboiled variety was quoted at $540-$547 a tonne this week, up from $537-$543 last week and hitting a four-week high. African buyers are gradually returning to the market due to lower freight rates, an exporter based at Kakinada in Andhra Pradesh said.

India is likely to cut the floor price for basmati rice exports and replace a 20% export tax on parboiled rice with a fixed tax on exports, government sources said, as domestic rice stocks rise to a record high.

Thailand's 5% broken rice prices were quoted at $570-$580 per tonne on July 25, up slightly from last week's $570-$575 per tonne, due to exchange rate changes and stable demand.

The market is quiet with reports of orders from Indonesia, a trader in Bangkok said.

US agricultural market

Soybean and corn prices on the Chicago Board of Trade (CBOT) fell in the session on July 26, but were still headed for a weekly gain.

Wheat prices continued to fall amid forecasts of a large US spring wheat crop. Cheaper prices from Black Sea exporters have offset the effects of bad weather that has damaged harvests in Western Europe.

At the close of trading, soybeans fell 25.5 cents to $10.54 a bushel, corn fell 8.75 cents to $4.12 a bushel, and wheat fell 10.5 cents to $5.2725 a bushel.

Forecasts for hot, dry weather in the US Midwest weighed on corn and soybean prices earlier this week, analysts said.

For wheat, favorable US harvest prospects, including forecasts for a record spring wheat crop in North Dakota, have weighed on the market.

World coffee market

On the world market on the morning of July 27 (Vietnam time), the price of Robusta coffee for delivery in September 2024 on the London floor decreased by 93 USD/ton to 4,302 USD/ton, the price of Robusta coffee for delivery in November 2024 decreased by 92 USD/ton to 4,150 USD/ton.

In the domestic market, coffee prices increased slightly by 700 - 800 VND/kg compared to the previous day to around 124,800 - 125,500 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 125,300 VND/kg.

According to Minh Hang/Tin Tuc Newspaper

Source: https://doanhnghiepvn.vn/kinh-te/nhung-dien-bien-moi-nhat-tren-thi-truong-gao-chau-a/20240727092015323