Vietnamese rice prices have increased again, ending an 11-week price drop.
The Vietnam Food Association reported that Vietnamese 5% broken rice was offered a price of 393 USD/ton this week, a slight increase compared to last week’s price, ending an 11-week price drop.
A trader in An Giang province shared that demand is rising again as processors and exporters are increasing their purchases of rice from farmers. However, supply is also increasing because it is now the harvest season for the Winter-Spring crop.
Vietnam’s rice export prices rise again.
The Vietnam Food Association said that the Philippines will continue to be Vietnam’s largest rice import market this year, with rice exports to this market reaching 2.6 billion USD last year.
In the global rice market, India’s rice export prices have fallen to a 20-month low this week due to weak demand and high inventory.
This week, Indian 5% broken rice is being offered at 413-420 USD/ton, the lowest level since late June 2023. As for 5% broken white rice, it is being traded at 395-405 USD/ton.
Mr. Nitin Gupta, Senior Vice President of Olam Agri India, said that demand is weakening as buyers have enough inventory amid fierce competition among rice-exporting countries to win market share.
In Thailand, the rice market is somewhat silent as buyers are delaying their purchases. Currently, the price of Thai 5% broken rice is fluctuating around 415-420 USD/ton, not changing much from last week’s price of 420 USD/ton.
According to another trader, although rice prices have remained almost unchanged, there has been pressure on prices due to the strengthening of the baht.
In another related development, the Bangladesh government announced that the country has resumed direct trade with Pakistan for the first time since 1971. According to an agreement between the two governments, the first shipment of 50,000 tons of rice has left Pakistan’s Qasim port for Bangladesh.