By Reuters Vietnam – Asian rice prices rose this week, extending gains from the week before on strong demand from importers including Bangladesh and the Philippines, traders said. In Thailand, benchmark 5-percent broken rice was quoted at $450-$457 a tonne, free-on-board (FOB) Bangkok, up from $440-$457 last week. Thai rice prices have been rising steadily since March, when traders started loading ships, and touched levels unseen since August, 2013 last week. Exporters continue to buy the grain from rice millers to fulfill shipments, with demand from Bangladesh, Iran, Iraq and the Philippines keeping prices high, traders said. “Prices are still rising and haven’t stopped,” a Bangkok-based trader said. “Supply is low and exporters are still buying stocks for shipment, and global demand is still high.” The Thai off-season crop is expected to arrive from around August to September. In Vietnam, the 5-percent broken rice was quoted at $410 a tonne, FOB Saigon, up from $395-$400 last week and the highest level since November, 2014. Vietnam’s new harvest season begins late-June, traders said. Rice prices in the country have increased since early May on expectation of stronger demand from foreign rice importers amid limited supply. Bangladesh will import 200,000 tonnes of… Read full this story
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