Asia Rice-Rice prices advance in India, Vietnam while Thai prices drop on weaker baht
Friday, March 10,2017AsemconnectVietnam - Rice prices in India and Vietnam advanced while Thai prices dropped due to a weaker baht, traders said on Thursday.
In India, the world's biggest rice exporter, 5-percent broken parboiled rice RI-INBKN5-P1 prices rose to $375-$380 per tonne from $373-$378 last week, as demand improved from African buyers.
"In last few days African buyers have become active," said an exporter based at Kakinada in southern Indian state of Andhra Pradesh.
Another exporter in Kakinada said local buyers were also activate in the market.
"The competition between exporters and local buyers is keeping paddy prices firm," he added.
Along with private buyers, government agencies are actively buying paddy for the public distribution system, pushing prices up above the minimum purchase price, exporters said.
The country's rice production in 2016/17 is likely to rise by 4.3 percent to a record high 108.86 million tonnes, Farm Ministry said on Wednesday.
In Vietnam, the world's third largest rice exporter, 5-percent broken rice RI-VNBKN5-P1 prices rose to $355-$360 a tonne, from $350-$355 a tonne last week on thin supply near a new harvest season.
"Prices in Vietnam now are higher than other countries, keeping foreign importers from buying," said a Ho Chi Minh-based trader.
He added that Vietnam's market was quiet but will be more lively once the harvest season starts by the end of this month.
The harvest season will significantly raise supply, which in turn will ease prices.
In the world's second biggest exporter, Thai benchmark 5-percent broken rice RI-THBKN5-P1 narrowed to $350-$355 a tonne, free-on-board (FOB) Bangkok, from $350-$360 last week.
Traders said this was due to the Thai baht weakening against the U.S. dollar at 35.33 baht per $1, down from 34.98 baht per $1 last week.
"There isn't much demand going on, and the baht is weaker," a trader in Bangkok said.
Thailand sold 1.35 million tonnes of rice from state stockpiles in its first auction of the year worth $376 million on Tuesday.
It also said it will hold another auction for 3.66 million tonnes of spoiled rice for industrial use but did not say when.
Thailand has exported about 2 million tonnes of rice this year up until March 6, the ministry said, down 2.05 percent from the same period last year.
Source: Reuters.com
Canada - a potential tuna market
Vietnam's petroleum exports and imports in March and the first 3 months of 2024
Vietnam rice export forecast in 2024
Vietnamese tuna exports to Chile nearly doubled
WB: Vietnam's economy shows signs of recovery, GDP may reach 5.5% in 2024
The UK- A stable market for Vietnamese pangasius
Vietnam’s leading rice export markets in first quarter of 2024
Pangasius exports to UAE increased by 67% in Q1/2024
Vietnamese canned sugarcane juice favoured in US
Investor confidence gains traction on improved business climate
Vietnam steel market update: Vietnam's steel exports increase in Q1
DAILY: Vietnamese pepper prices decreased by 500 VND on April 26, 2024
DAILY: Vietnamese coffee prices increased by 2000 VND on April 26, 2024
Chile is tending to increase tuna imports from Vietnam
Plan of Hai Duong province for a period of 2021 - 2030, ...
Organize space reasonably and harmoniously, focusing on connecting Hai Duong in common development space, actively contributing to the ...Plan of Hau Giang province in a period of 2021 - 2030, ...
Sustainable forestry development program in a period of ...
12th-century ancient road unearthed at My Son Sanctuary
An ancient road dating back to the 12th century has freshly been discovered in an excavation on architectural ruins at the east side of ...Efforts made to seek UNESCO’s recognition for Con Moong ...
Vietnam Art Photo Contest and Exhibition 2024 to be held ...
Bas-relief featuring talks between Uncle Ho and soldiers ...