Commodities Buzz: Vietnam Rice Prices Scales 4 Years High

Export prices for rice surged to a near four-year high in Vietnam this week due to strong demand, while slow buying interest put pressure on prices of Indian rice.

The threat of floods also raised the prospect of Bangladesh stepping up purchases.

Vietnams 5% broken rice prices rose to US$ 455-$ 460 a tonne, their highest since August 2014, versus $ 445-$ 450 last week.Vietnam exported 721,379 metric tonnes of rice in April, up 9.5% from March, according to the governments official customs data.

For the first four months of 2018, Vietnams exports totalled 2.2 million tonnes, an increase of 24.3% from a year earlier, the General Department of Customs said.

Rice export revenue in the January-April period rose 40.3% to $ 1.1 billion. In Thailand, prices of 5% broken rice rose slightly to $ 435-$ 445 a tonne, free on board (FOB) Bangkok, from $ 430-$ 445 last week, with traders attributing this to a deal with Philippines struck last week to supply 120,000 tonnes.