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LOW GLOBAL DEMAND DRIVES DOWN RICE PRICE
9/5/2017

THE SAIGON TIMES (05/09/2017)

LOW GLOBAL DEMAND DRIVES DOWN RICE PRICE

HANOI - Low global demand has sent the rice price in Vietnam declining as the summer-fall rice crop has ended, said rice traders.

The free-on-board (FOB) export price of 5% broken rice fell slightly from US$385-395 to US$385-390 a ton last week.

According to a Ministry of Agriculture and Rural Development report on farm exports, Vietnam exported 3.96 million tons of rice worth US$1.75 billion in the first eight months of 2017, up 20% in volume and 17.5% in value year-on-year. However, the average rice export price decreased 2% to US$440 a ton in January-July.

China remained the largest rice buyer which accounted for 40% of Vietnam’s total export volume.

The same situation was also seen in other leading rice exporting countries in Asia such as Thailand and India.

Thailand sold 5% broken rice at US$370-375 per ton last week compared to the US$375-377 range in the previous week. The price fell due to large supplies in the new crop.

Thai rice traders have forecast the price will continue falling next week but then stabilize until October.

The parboiled rice price in India, the largest rice exporter in the world, declined by US$3 to US$400-403 a ton as its currency grew stronger.

Rice traders in India said they could not reduce the price below US$400 a ton. Indian rice export may slow down in the coming months due to its uncompetitive prices.

Meanwhile, Bangladesh plans to purchase about 250,000 tons of white rice from Cambodia at US$453 a ton under a government-to-government (G2G) contract. Previously, Bangladesh has imported 200,000 tons of white rice at US$430 a ton and 50,000 tons of parboiled rice at US$470 a ton from Vietnam.

Bangladesh’s strong demand for rice has had an upward impact on global rice prices this year. The South Asian country has been trying to replenish its rice stocks to lower rice prices since the April flooding caused losses of a million ton of rice.

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