India's export rice prices rose to a five-year high on supply concerns, while high demand kept prices in Thailand and Vietnam near two-year highs.

The price of 5% broken parboiled rice from top exporter India was offered at $412-420/ton this week, up from $409-416/ton last week.

A Mumbai-based exporter said demand has picked up but prices are still rising due to limited supply and increased prices by the Indian government to buy rice from farmers.

Global rice prices, currently at an 11-year high, are expected to rise further after the Indian government raised prices to buy rice from farmers, amid an El Nino weather phenomenon that threatens to reduce output. of the major rice producing countries.

Meanwhile, Vietnam's 5% broken rice price was offered at 500-510 USD/ton, unchanged from a week ago.

A trader in Ho Chi Minh City said demand for Vietnamese rice remains strong, and estimated global rice demand could continue to grow until the end of the year.

A senior official of the Vietnam Food Association said the country's rice exports this year will exceed 6.5 million tons, but still below last year's 7.1 million tons.

Preliminary data shows that 95,200 tonnes of rice were unloaded at the Ho Chi Minh City port between July 1-12, with most of the rice destined for Africa, Indonesia and the Philippines.

The price of Thai 5% broken rice was also unchanged from last week, trading at $515/ton. Overall, rice prices remain high on the back of strong demand from Indonesia, the Philippines, Malaysia and some African countries, as fears of a drought increase demand for stocks, according to a Bangkok-based trader. .

Bangladesh's summer rice production will exceed the target of 21.5 million tonnes this year, officials from the Bangladesh Department of Agriculture said. Bangladesh is trying to contain rising domestic rice prices despite ample production and reserves.

US agricultural market

Prices of agricultural products on the Chicago Mercantile Exchange (CBOT) all fell in the session 7/7, in which the price of corn fell the most.

Closing this session, the price of corn delivered in December 2023 decreased by 12 US cents (2.37%) to $4,945/bushel. Wheat for September delivery fell 8.5 US cents (1.29%) to $6,495 per bushel. Soybean prices for November delivery fell 21.75 US cents (1.62%) to $13,1775/bushel (1 bushel of wheat/soybean = 27.2 kg; 1 bushel of corn = 25.4 kg). .

Cereal prices on the CBOT floor dropped after good rainfall forecast in some growing areas. Next week, the US Department of Agriculture (USDA) will release the July crop production report on July 12. Chicago-based research firm AgResource (USA) forecasts soybean prices for November delivery may fall below $13/bushel.

U.S. export sales for the week ended June 29 were 14.9 million bushels of wheat, 9.9 million bushels of old-season corn and 16.5 million bushels of new-season corn, and 6.9 million bushels of soybeans old crop and 21.8 million bushels of new soybeans.

China bought at least 18-22 shipments of Brazilian soybeans and 3-5 shipments of US soybeans.

World coffee market

At the end of the last trading session of the week, the price of Robusta coffee on the ICE Europe-London floor skyrocketed. The price of Robusta coffee delivered in September 2023 increased by 111 USD, to 2,621 USD/ton and the price of Robusta coffee delivered in 11/2023 increased by 69 USD, to 2,475 USD/ton, very strong increases. Trading volume is very above average.

Farmers harvest coffee. (Photo: Vu Sinh/VNA)

Similarly, Arabica coffee prices on the ICE US-New York exchange continued to recover. The price of Arabica coffee for spot delivery in September 2023 increased by 0.45 US cents to 160.90 US cents/lb and the price of Arabica coffee for December delivery increased by 0.4 US cents to 160.05 cents. /lb, slight increments. Trading volume is moderate (1 lb = 0.4535 kg).

The price of green coffee beans in the Central Highlands provinces increased by 1,800-1,900 VND, to ranged in the range of 66,100-66,600 VND/kg.

The amount of delivery at the floor according to the July term has just started and the customers who bought it through the floor have received the goods at the same time, causing the inventory level to drop sharply, this is also an opportunity for speculation to increase prices due to concerns about supply shortage. ./.