Thai 5% broken rice was trading at $ 440-457 / tonne FOB Bangkok, 8/6 prices, up from $ 430 a tonne a week earlier.

Thai rice has risen sharply since March, as traders began loading their ships, and now hit an all-time record since August 2013.

“Many rice vessels are arriving and exporters rush to collect commodities for delivery,” Reuters quoted a Bangkok-based trader as saying.

Exporters are currently buying rice at much higher prices than at the time of signing the contract, while some have stopped signing new contracts.

Thailand has shipped 5.09 million tonnes of rice so far this year, up 15.7 percent from the same period last year, according to government figures.

In Vietnam, 5% broken rice price is $ 395-400 / ton, FOB Saigon, up from $ 390 / ton a week ago and is the highest since November 2014.

Traders predict Thailand and Vietnam rice prices will increase further, because demand from importers this year is quite strong.

Bangladesh will import 250,000 tonnes of rice under an intergovernmental deal to increase reserves – currently at its lowest level for nearly 10 years, and to curb domestic rice prices – which are historically high following the floods that caused crop losses. bring.

“The deal is sure to be signed next week,” Bangladesh’s secretary of the secretary, Ataur Rahman, said.

As a result, Vietnamese merchants are retaining the goods with the intention of selling when prices increase.

“Most traders and farmers keep their rice waiting for prices to rise,” said a trader in HCM City.

Bangladesh also intends to increase its rice imports to 500,000 tonnes by the end of 2017, and will buy 1 million tonnes of Vietnamese rice each year from now until 2022.
They are also negotiating with Thailand and India.

The Philippines is also announcing that it will open next month to import 250,000 tonnes of rice from Vietnam and Thailand, possibly from India.

In India, 5% broken rice price increased by $ 2 / tonne to $ 415 – 418 / ton due to strong demand from abroad.
“Over the past few weeks, demand has risen from African customers. Rising prices are making some customers rush to raise their purchases because of concerns that prices will rise further, “said Reuters quoted a Kakinada businessman in southern India’s Andhra Pradesh state.
He added that at current prices, Indian rice could compete in the international market despite rising rupee.

Rupee rose 5% in value from the beginning of the year, the highest in 21 months. Rupee strengthens exporters’ profits.

India’s non-basmati rice exports in April fell 18.5% from the same month last year to 475,050 tonnes due to strong rupee. In April, basmati rice exports increased by 15.6% over the same month last year to 389,406 tonnes, while basmati rice dropped 18.5% to 475,050 tonnes.

(According to Reuters)