Rice export prices continue to drop

Average rice export prices fell for a second straight month to US$415-420 a ton, resulting in a marginal year-on-year decline in revenues for Vietnam despite higher volumes.

The country exported 2.86 million tons for $1.39 billion in the year to date, up 10.3 percent in volume but down 1 percent in value, according to data from the Ministry of Agriculture and Rural Development.

Global prices have been falling due to abundant supply, with Thai 5 percent broken rice becoming $5 per ton cheaper at $445.

The Philippines remained Vietnam’s top market, importing 915,000 tons for $422.2 million, up 28.3 percent and 11 percent.

But domestic prices rose slightly in early June as there was a drop in supply between the winter-spring and summer-autumn crops.