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New prices set for early rice exports
The Viet Nam Food Association has set new floor prices for export rice delivered in the first two months of next year. In a statement posted on its website on Wednesday, the association said the export floor price of 5 per cent broken rice would come down by US$20 to $520 per tonne.
At the same time, the floor price for 25 per cent broken rice would rise $10 to $490 per tonne, the association said.
The new rates come into effect on Monday.
The association made the decision to decrease the floor price of 5 per cent broken rice in the face of weak exporter demand, with traders saying exporters had already bought what they needed for the Christmas and New Year period.
The latest price adjustments are the sixth in what has been a record year for rice exports in Viet Nam. By mid-December, the country had exported nearly 6.5 million tones, worth $2.78 billion.
Domestic firms had signed contracts to export roughly 7 million tonnes of rice in 2010, the association said.
The association also plans to export roughly 1.3 million tonnes of rice in the first quarter of 2011.
Late last month, the Food and Agriculture Organisation (FAO) forecast that global rice trade would drop by 2 per cent to 30.5 million tonnes next year because several major exporters, including Viet Nam, were expected to face supply constraints.
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