Rice exporters were reluctant to speculate whether the rice price has reached its peak or not during a meeting of the Vietnam Food Association's meeting in late April. In April, 1.379 million tons of rice valued at around US$593 million were exported. The average export price increased by US$430 a ton. This represents an 8 percent in quantity and a 61 percent increase in price.The government recently asked rice exporters not to sign any contracts until June. Exports are projected at 3.5-4 million tons for 2008, down from an earlier target of 4-4.5 million tons, the amount exported last year. This move is intended to secure the domestic food supply. Demand for rice has soared, particularly from African countries and in the Philippines.Most exporters said that this is a good time to export rice. They have dozens of tons in reserves, so exporting will reduce their warehouse expenses.Mr. Truong Thanh Phong, chairman of the Vietnam Food Association, said that rice will be bought and … [Read more...] about Have Rice Prices Peaked?
Rice prices philippines
The Hanoi Times - Vietnam is expected to sell 700,000 tons of rice to the Philippines between now and the end of the year, a government minister was quoted as saying on Friday. The imports would take to 2.2 million tons the total grain purchase from Vietnam by the Philippines, the world's largest rice importer, Deputy Minister of Industry and Trade Nguyen Thanh Bien told the Nong Thon Ngay Nay (Rural Today) newspaper, run by the Vietnam Farmers' Association. Bien did not give exact time or price details but the quantity is well above market expectations after top export firm Vinafood 2 started talks last month to sell up to 500,000 tons to the Philippines. He said rice prices could drop slightly in the second half of this year, partly due to large stocks in Thailand, the world's largest rice exporter. Thai government rice stocks have risen to the equivalent of 7 million tons of milled rice, the highest ever, which could add to the downward pressure on prices, a senior official and … [Read more...] about Vietnam expects to export 700,000 tons of rice to Philippines
by Le Hung Vong World rice prices have remained stable for the past year but that could change soon. According to the Manila-based International Rice Research Institute (IRRI), rice prices have remained relatively stable, rising only 17 per cent since June last year against a 50-150 per cent hike seen in the prices of other crops. This has been mainly due to the increased supply. In 2010 Thailand, Viet Nam, and the US exported 9 million tonnes, 6.8 million tonnes, and 5.5 million tonnes respectively. With weather conditions being favourable, rice production in Cambodia, India, and Bangladesh is expected to increase this year. The IRRI said, however, the rise in the prices of other crops could make some Asian countries like Indonesia, Myanmar, and Bangladesh either expand their reserves or impose bans on rice exports. Global rice prices, which are expected to increase anyway this year due to the drought in China, would be forced up by the policy, though they are unlikely to hit the … [Read more...] about Global rice prices forecast to rise soon
The price of rice will rise to US$700 per tonne next year even though India has returned to the market, according to the CEO of The Rice Trader, a leading trade publication and analyst of the global rice industry. Speaking at the World Rice Conference in HCM City yesterday, Jeremy Zwinger said prices would go up because of increased flooding, a 15 per cent drop in production in South America, and Thailand's decision to buy unmilled grain at 15,000 baht ($500) a tonne to boost rural incomes. Flooding will affect crops in Cambodia, Viet Nam, and especially Thailand. The Thai price intervention in buying unmilled grain would push up prices on the market in 2012, he said. In addition, with rice crops hit by natural disasters and stocks shrinking, the Philippines is expected to buy rice in December which will be shipped in January. Indonesia is also in need of more rice. Cuba will likely buy rice from Viet Nam, according to Zwinger. "If you look at the Thai minimum rice price right now at … [Read more...] about Rice prices may soar
VietNamNet Bridge - The sale of 450,000 tons of rice to the Philippines under a government-to-government contract is expected to increase Vietnam’s rice price in domestic and world markets. Vietnam won the bid to provide 450,000 tons of 25 percent broken rice to the Philippines on September 17, but it has not influenced the domestic price. Experts believe, however, that it will help increase domestic consumption and maintain export prices. Lam Anh Tuan, director of Thinh Phat Company, a member company of the Vietnam Food Association (VFA), said that Vietnam received a contract to sell rice to the Philippines at $426.6 per ton with deliveries at Philippine National Food Agency (NFA) storehouses. This means the FOB price at Vietnam’s ports is over $350 per ton. Tuan believes this is a good price compared with the price of $315-325 per ton offered by Vietnamese businesses to foreign importers under commercial contracts. He said the bidding price is even higher than the … [Read more...] about Vietnam expects higher prices for rice after Philippines bid