In India, 5% broken rice prices increased by $ 6 to $ 406-409 a tonne this week. Demand for Indian rice is still weak but prices are rising mainly because the rupee has risen the most in two years.
“The rupee appreciates so we have to raise the price of rice exports, even though Indian rice prices are already higher than rivals,” said a representative of a global trading firm in New Delhi.
The rupee has risen nearly 7% since the beginning of 2017, causing many businesses to export commodities.
Another reason is that the supply of paddy in India is not much, while by the end of September, the farmers begin at the time of harvest.
In July, Indian rice prices soared so much that the Bangladeshi government stopped negotiating an agreement to buy Indian rice to buy one million tonnes of Cambodian rice over the next five years.
In Thailand, 5% broken rice at Bangkok Port dropped $ 390 – 392 / ton this week, from $ 395 to $ 408 / ton last week.
“The Thai rice market is quite quiet. The price of rice will continue to fall even though the THB / USD exchange rate keeps rising, “said a trader in Bangkok. At the moment, baht trades at 33.26 THB / USD, the highest level over the past two years.
At present, farmers in central Thailand are preparing to harvest unfertile rice crop that lasts from mid-August to September. Meanwhile, rice-growing provinces in the North continually suffer severe floods. Weight since late July.
However, some government officials remain confident that Thailand’s rice exports will exceed its target in 2017 to reach 11 million tonnes. At present, Thailand has exported 6.3 million tons of rice, up 16% over the same period last year.
In Vietnam, the price of 5% broken rice at Sai Gon port continues to level off at $ 400-405 / ton, mainly due to weak demand and high prices.
“We hope the market will soon recover again in late August, when farmers start harvesting the summer-autumn crop,” said a trader in HCM City.
Another trader said that Vietnam has received some orders from African countries. However, to date, no specific agreement has been signed yet.
In the first seven months of this year, Vietnam’s rice exports were estimated at 3.4 million tons, an increase of 18.6% over the same period last year.
