Vietnam paddy prices rise 10%
Thursday, August 9, 2007
PADDY prices in Vietnam jumped about 10 per cent in the past week as exporters scrambled to find supplies for loading at the main Saigon Port, traders said yesterday.
"Any new grain from the summer-autumn crop harvest is immediately snapped up by exporters who were desperate to get enough rice to load the ships which have already arrived," a trader in key rice-trading hub Ho Chi Minh City said.
This week, traders said a kilogram of unhusked rice in the rice-basket Mekong Delta rose to 3,000 dong (19 US cents), up about 10 per cent on last week's prices .
Indicative export prices for five per cent broken rice also firmed this week to around US$310 a tonne, versus US$305-307 last week.
"Exporters simply cannot afford to pay for feeds and penalties for the delayed loading at the Saigon Port so they are really rushing to get anything they can get," the trader added.
This week, 12 vessels were waiting to load 193,150 tonnes of mainly 25 per cent broken rice grade for the Philippines, Indonesia, Cuba and Africa while only seven others have completed loading 71,600 tonnes for Africa and the Philippines.
While the summer-autumn crop harvest has been going well, the harvesting activity has caused brown grasshoppers to jump to nearby fields, spreading the damaged area, traders said.
"Brown grasshoppers and other pests could reduce the average output of the summer-autumn crop to under five tonnes per hectare," a trader said.Reuters
"Any new grain from the summer-autumn crop harvest is immediately snapped up by exporters who were desperate to get enough rice to load the ships which have already arrived," a trader in key rice-trading hub Ho Chi Minh City said.
This week, traders said a kilogram of unhusked rice in the rice-basket Mekong Delta rose to 3,000 dong (19 US cents), up about 10 per cent on last week's prices .
Indicative export prices for five per cent broken rice also firmed this week to around US$310 a tonne, versus US$305-307 last week.
"Exporters simply cannot afford to pay for feeds and penalties for the delayed loading at the Saigon Port so they are really rushing to get anything they can get," the trader added.
This week, 12 vessels were waiting to load 193,150 tonnes of mainly 25 per cent broken rice grade for the Philippines, Indonesia, Cuba and Africa while only seven others have completed loading 71,600 tonnes for Africa and the Philippines.
While the summer-autumn crop harvest has been going well, the harvesting activity has caused brown grasshoppers to jump to nearby fields, spreading the damaged area, traders said.
"Brown grasshoppers and other pests could reduce the average output of the summer-autumn crop to under five tonnes per hectare," a trader said.Reuters
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