Summer-Autumn rice harvest. Photo: Hong Thai / TTXVN
Increasing supply – due to the ongoing harvesting, has put pressure on Vietnamese rice prices.
Vietnam’s 5% broken rice price has dropped to the lowest level in nearly 2 months at 450 USD / ton. The crop hit an eight-year high of $ 475 a tonne on June 4, as rainfall affected harvesting.
Domestic supply is also increasing due to the Summer-Autumn harvest. In addition, Vietnam can export 2.3-2.5 million tons of rice from this harvest after ensuring sufficient domestic consumption.
Meanwhile, India’s export rice price has dropped to its lowest level in more than 2 months this week due to weakening rupee and decreasing demand.
Prices of 5% broken parboiled rice in India dropped to 366-372 USD / ton, the lowest level since March 26, compared with 368-373 USD / ton last week.
The rupee has fallen more than 6% in value. In addition, India’s rice production could rise to a record high, amid farmers expanding rice acreage due to favorable weather.
Prices of Thai 5% broken rice dropped to US $ 505-525 per tonne on June 18 from US $ 505-533 per tonne last week, amid traders saying a stronger baht is the reason that causes this decline.