Asia rice: Vietnam rates hit near eight-month peak as supply tightens

BENGALURU, HANOI, MUMBAI, BANGKOK AND DHAKA: Vietnam’s rice export prices hit an eight-month high this week as supplies tightened, while Indian prices held steady and Thai prices declined due to surplus stocks, with demand stable across regions.

Vietnam’s 5 percent broken rice was offered at USD455-USD460 per metric ton on Thursday, its highest level since early January, according to the Vietnam Food Association.

“Supplies are tight while demand remains steady, before the Philippines’ 60-day rice import suspension taking effect,” said a trader based in Ho Chi Minh City.

The Vietnam Food Association said this week it has no objections to the Philippine’s move to suspend rice imports for 60 days starting September 1, adding that it is “entirely under the authority of the Philippine government”.