11/10/2010
Oct 11 - Vietnam will raise the export floor price for 25 percent broken rice to $445 a tonne from $435 from Tuesday, the Vietnam Food Association said, as supply tightens ahead of possible demand from the Philippines and Indonesia.
he new floor will apply to deals with loading in October, the food association said in a statement on Monday, confirming a state media report at the weekend. The minimum price for 5 percent broken rice is unchanged at $475 a tonne.
The new floor is imposed on the variety often bought by the Philippines. A state-run newspaper said on Friday the Philippines and Indonesia were looking to buy up to 2.2 million tonnes of rice from Vietnam.
Vietnam has secured deals to export a record 6.8 million tonnes of rice so far this year
It shipped 5.55 mln tonnes in the first nine months of this year and around 1 million tonnes should be shipped in the fourth quarter, giving a total of 6.5 million to 6.6 million tonnes by the end of the year, the food association estimated.
The remaining volume would be loaded in early 2011 along with any grain sold in deals with Indonesia or the Philippines.
Stocks in Vietnam are low, in part because supply from Cambodia has fallen to between 100,000 and 200,000 tonnes a year from 1 million tonnes in recent years, the association's chairman, Truong Thanh Phong, was quoted as saying in a weekend newspaper report.
To cope with the drop in stocks, the food association, which is in charge of regulating Vietnam's rice exports, has already stopped approving company-to-company export contracts with shipment from November onwards.
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