Vietnam Rice Prices Higher On Strong Overseas Demand

Vietnamese rice export prices were higher in the week to
Tuesday as global demand continued rising amid limited local supply, traders
said.
 
  "Prices were up because companies are increasing purchases from farmers to
fulfill their export contracts in June and July," said a broker with a foreign
trading firm in Ho Chi Minh City.
 
  He said that so far this year, local exporters have signed contracts to
export 3.8 million metric tons of rice, while the winter-spring rice crop,
which just ended last month, only yielded 3 million tons.
 
  "Prices are expected to remain high in the coming weeks until farmers in some
areas in the Mekong Delta harvest their summer paddy rice crop in July."
 
  In Ho Chi Minh City and the Mekong Delta region, traders quoted indicative
prices for high-quality 5% broken rice at $305/ton, up from $300/ton last week,
and 25% broken grade at $290/ton, up from $285/ton last week.