Vietnam harvesting large rice crop this year

The harvesting of a large rice crop in southern Vietnam has pushed down domestic grain prices while exporters are barred from seeking new contracts due to government restrictions.

Last month the Vietnam Food Association lifted an export ban in place since November 2006 but set a minimum export price for 5-percent broken rice at $300 PMT, on free-on-board basis, 3.4 percent higher than before the ban.

The minimum prices for the 25-percent broken rice was set at $280 PMT, from $270 previously while those for other grades were also raised by $10 PMT.