Rice export prices from Vietnam were weaker this week, pressured by growing supplies from the ongoing harvest, while rates for the Indian variety rose as dwindling supplies were met by increased interest from major importers.

Top exporter India’s 5% broken parboiled variety was quoted at $539-$546 per metric ton this week, up from last week’s $535-$543 range.

Demand is trickling in from all major importing countries, most of which are giving preference to India because of lower prices, said an exporter based in Mumbai.

Vietnam’s 5% broken rice prices were offered at $575-$580 per ton on Thursday, down from $580-$585 a week ago, traders said.

“Supplies continue to build up amid an ongoing harvest,” a trader based in Ho Chi Minh City said.

State media cited the agriculture ministry as saying Vietnam’s rice paddy output this year is expected to stay flat from last year at 43 million tons.

Asia rice: Thai, Vietnam rates ease on soft demand

Demand for Vietnamese rice is expected to be supported by India’s export ban that likely last until September, reported Cong Thuong newspaper.

Thailand’s 5% broken rice was quoted at $630 per ton, little changed from last week due to flat demand, traders said.

A Bangkok-based trader said there have been some interest for Thai rice from markets such as the Philippines, Brazil and Africa but there have been no major deals that could impact prices.

Another trader said that buyers are reluctant to buy due to high prices and that the market is waiting for new supply to enter the market from off-season crop later this month.

Bangladesh’s rice production from the summer crop may exceed last year’s output of 20.7 million tons, as farmers increased land holdings to cash in on higher prices, officials said.

The summer-sown crop, also known as ‘boro’, normally contributes more than half of Bangladesh’s rice production of about 37 million tonnes.

Published Date: June 6, 2024