Reuters: Asia Rice-Vietnam rates scale 8-yr peak as rains hamper harvest

BENGALURU (Reuters) — Vietnamese rice export prices hit their highest in more than eight years as traders struggled to meet rising demand and heavy rains hampered harvest in the Mekong Delta.

Rates for Vietnam’s 5% broken rice rose to $475 per tonne on Thursday – the highest since early 2012 – from $450-$460 a week earlier.

“Demand remains strong, while supplies are thin,” a trader based in Ho Chi Minh City said.

“Traders are finding it difficult to secure enough rice to fulfill their contracts signed with buyers in Malaysia and Cuba,” the trader said. Other traders, speaking on condition of anonymity, said heavy rains were slowing the summer-autumn harvest in the Mekong Delta.

Vietnam aims to ship 7 million tonnes of the grain this year, higher than last year.

Heavy rains also hit cultivation in Bangladesh, farmers said, submerging tracts of land.

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