Vietnamese Prices Rise On Dwindling Supply

In Vietnam, rice export prices were mostly higher from Friday on limited
supply and strong demand in the local market, as exporters sought supplies to
fulfill outstanding contracts, exporters said.
 
  Fresh supply of paddy will arrive in the market around August as farmers
should start harvesting the second crop by July, they said.
 
  "We expect the local market to be strong until around end July," an exporter
said.
 
  The Philippines is expected to buy its entire 300,000-metric-ton rice import
requirement from Vietnam as offers made by Thai competitors were deemed too
high, trade participants said.
 
  Three Vietnamese suppliers, Vin Phat Trading, An Giang Afiex and Dagrimex
submitted the lowest price of $328.96/ton, C&F basis, to the National Food
Authority Wednesday. Their offers were for a combined total of 129,000 tons.
 
  The second-lowest price was made by Vietnam Southern Food Corp. and Kigifac
at $328.99/ton, C&F basis, for 200,000 tons of 25% broken grade.
 
  Vinafoods offered to supply 25,000 tons of iron-fortified rice at
$348.99/ton, C&F basis.
 
  The rice will be for shipment between June and August this year.
 
  Vietnam's 5% broken rice was offered slightly higher Wednesday at
$305-$310/ton, FOB Ho Chi Minh City, compared to $305/ton last week, while its
10% broken grade was offered steady at $300/ton.