JavaScript is off. Please enable to view full site.

ASIA RICE-Thailand, Vietnam bank on new deals; few eye cheaper India supply

ASIA RICE-Thailand, Vietnam bank on new deals; few eye cheaper India supply

Friday, December 02, 2022, 09:33 GMT+7
ASIA RICE-Thailand, Vietnam bank on new deals; few eye cheaper India supply
A woman harvests ripened rice in a paddy field at Karunj village in the western state of Maharashtra, India, October 17, 2022. Photo: Reuters

Rice export prices rose across major Asian hubs this week on robust demand emerging out of Indonesia, with some buyers switching to the cheaper Indian variety.

Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $440-$445 per tonne, free-on-board, up from $438 a week ago.

"Prices are rising on strong demand, especially from Indonesia's food procurement agency Bulog," a trader based in Ho Chi Minh City said.

"The rise in Vietnam's prices could have prompted a Cuban buyer to switch to buy cheaper grain from India," the trader said, adding a vessel is loading 28,000 tonnes at Kakinada port, in the southern Indian state of Andhra Pradesh for delivery to Cuba.

Moreover, traders said domestic supplies are running low, which will likely keep Vietnamese rice prices at high levels over the next few weeks.

Top exporter India's 5% broken parboiled variety RI-INBKN5-P1 was quoted at $375 to $380 per tonne, up from last week's $373-$378.

"Indian rice is available at a discount. It is prompting buyers to switch to India from other supplying countries," said an exporter based at Kakinada in Andhra Pradesh.

India's exports of premium basmati rice are likely to jump 15% over last year as key buyers in the Middle East build their inventories.

Thailand's 5% broken rice prices RI-THBKN5-P1 rose to $427-$440 per tonne this week from $419-$425 last week, with traders attributing the gains to news of new deals on the table.

"Prices surged from last week after talks of Indonesia wanting to buy 1,000 to 2,000 hundred thousands tons of rice," a Bangkok-based trader said.

Another trader said that local importers are also stocking up ahead of the year-end, adding to the price gains.

Meanwhile, a Bangladeshi delegation is visiting Thailand, Vietnam and Cambodia this week seeking rice imports, a senior food ministry official said, as the country struggles to build reserves.

Rice export prices rose across major Asian hubs this week on robust demand emerging out of Indonesia, with some buyers switching to the cheaper Indian variety.

Vietnam's 5% broken rice RI-VNBKN5-P1 was offered at $440-$445 per tonne, free-on-board, up from $438 a week ago.

"Prices are rising on strong demand, especially from Indonesia's food procurement agency Bulog," a trader based in Ho Chi Minh City said.

"The rise in Vietnam's prices could have prompted a Cuban buyer to switch to buy cheaper grain from India," the trader said, adding a vessel is loading 28,000 tonnes at Kakinada port, in the southern Indian state of Andhra Pradesh for delivery to Cuba.

Moreover, traders said domestic supplies are running low, which will likely keep Vietnamese rice prices at high levels over the next few weeks.

Top exporter India's 5% broken parboiled variety RI-INBKN5-P1 was quoted at $375 to $380 per tonne, up from last week's $373-$378.

"Indian rice is available at a discount. It is prompting buyers to switch to India from other supplying countries," said an exporter based at Kakinada in Andhra Pradesh.

India's exports of premium basmati rice are likely to jump 15% over last year as key buyers in the Middle East build their inventories.

Thailand's 5% broken rice prices RI-THBKN5-P1 rose to $427-$440 per tonne this week from $419-$425 last week, with traders attributing the gains to news of new deals on the table.

"Prices surged from last week after talks of Indonesia wanting to buy 1,000 to 2,000 hundred thousands tons of rice," a Bangkok-based trader said.

Another trader said that local importers are also stocking up ahead of the year-end, adding to the price gains.

Meanwhile, a Bangladeshi delegation is visiting Thailand, Vietnam and Cambodia this week seeking rice imports, a senior food ministry official said, as the country struggles to build reserves.

Reuters

More

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news

Missing radioactive capsule found in Western Australia

Australian authorities on Wednesday found a radioactive capsule that was lost in the vast Outback after nearly a week-long search along a 1,400 km (870-mile) stretch of highway, an emergency services official said