Vietnam Rice Prices Higher On Continued Overseas Demand
Jun 13,2007 00:00
by
dailynews
Vietnamese rice export prices were mostly higher in theweek to Tuesday on continued strong global demand amid tight local supply,
traders said.
"Prices were rising as foreign buyers continued (to express interest) in
signing new contracts in the coming months," said a broker with a state firm in
Ho Chi Minh City.
He said Cuba, Indonesia and the Philippines are expected to ask Vietnam to
supply more rice in the second half of this year. He didn't give details on the
total volume sought by the three countries.
Private traders forecast Vietnamese companies would sign export contracts of
more than 1.0 million metric tons in the third quarter on top of 3.8 million
tons that they have signed so far this year.
"Pressure from export demand will continue to keep prices little changed in
the coming weeks even though local farmers will start harvesting their
summer-autumn rice crop in July," said a trader with Vinafood 2.
In Ho Chi Minh City and the Mekong Delta region, traders quoted indicative
prices for high-quality 5% broken rice at $307/ton, up from $305/ton last week,
and 25% broken grade at $290/ton, unchanged from last week.