Global rice prices softened last week as markets prepared for the upcoming harvest season and Vietnam’s celebrations for the Lunar New Year.
The week-long holiday, from 25 January to 2 February, coincides with Tet Nguyen Dan, Vietnam’s most significant festival, during which the country will observe a nine-day break. As the world’s third-largest rice exporter and the Philippines’ main rice supplier, Vietnam’s holiday has further impacted global rice markets.
As of 17 January, according to export prices monitored by Vietnam Food Association, rice prices across major exporters—India, Pakistan, Thailand, and Vietnam—were approximately USD4 lower compared to 10 January levels.
The 5 percent broken rice of Vietnam was quoted at USD419 per metric ton, down from USD423 the previous week. Similarly, Thailand’s 5 percent broken rice eased to USD464 per ton, down from USD468. India’s price for the same grade decreased to USD433 per ton, from USD437, while Pakistan’s 5 percent broken rice slipped to USD447 from USD451.
For 25 percent broken rice, Vietnam’s price dropped to USD395 per ton from USD399. Thailand, on the other hand, reduced its price to USD425 from USD429. In India, 25 percent of broken rice fell to USD418 per ton, from USD425, while Pakistan quoted 25 percent of broken rice at USD416, slightly down from USD417.
Fully broken rice prices remained unchanged in Vietnam at USD336 per metric ton, the same as the previous week. In Thailand and Pakistan, fully broken rice was quoted at USD357 per ton, with Thailand’s price for 100 percent broken rice holding steady at USD326.
