Domestic rice market seems to continue to prosper in the following weeks. Demand for rice procurement for export will be the main factor to push rice prices up in the coming time. In addition, demand for rice in the last months of the year and the Tet holiday will contribute to an increase in rice price.
Together with the upward trend in domestic rice prices, those of export rice are also expected to rise in the coming time. The world rice market is now eventful with potential contracts from the Philippines and India. This is also the main factor to support Vietnamese rice export prices in the next weeks.
Main movements and trends:
- Tenth-month crop has been basically harvested nationwide
- Domestic rice market continued to prosper
- Thailand government is going to buy 2 million tons of paddy directly from farmers
- India may import 2 million ton rice
- Egypt will export 400,000-600,000 tons rice this season crop
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