5% broken white rice export price of Vietnam increased to 435 – 457 USD / ton this week, the highest level since June 18.
“The strong demand from Cuba and Malaysia has pushed prices up a bit. However, trading activities tend to slow down this week because some importers want to wait for prices to fall. They expect the supply to increase because farmers are in the rice harvest season (expected to finish early next month), ”said a trader in Ho Chi Minh City.
Meanwhile, domestic traders forecast rice exports to Europe will increase after the EVFTA Agreement came into effect on August 1. However, rice exports to this market will not increase sharply because the EU imposes an annual import quota on this product.
Vietnam’s rice export price keeps rising thanks to the expectation that it can increase export to Europe. Photo: Reuters.
In contrast, the price of 5% broken white rice for export in Thailand fell to 440 – 455 USD / ton, the lowest level since the end of February.
Thai rice prices fell because there were no customers to order while supplies were expected to start rising early next month. “In the absence of buyers, an increase in supply may cause prices to drop further in the coming weeks,” a trader said. In addition, the baht discount against the USD also affects rice prices.
In India, 5% broken parboiled rice was unchanged at 377 – 382 USD / ton. Farmers decided to increase the area under rice for the Summer crop.
“Demand is slowing down. The number of Covid-19 infections in Asia and Africa is a major concern because it could disrupt logistics activities for both buyers and sellers, ”said a representative of an export business in Andhra Pradesh state. .
Indian farmers have planted 12 million hectares of rice as of July 10, up 26% from the same period last year, according to government data.