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Vietnam cuts export price floor of 25% broken rice by 2.9% to $340 tonne

Vietnam cuts export price floor of 25% broken rice by 2.9% to $340 tonne

HANOI: Vietnam has cut the export price floor for the 25 percent broken rice by 2.9 percent to $340 a tonne, an industry body said, after the country submitted the lowest price in a rice tender in the Philippines.

The new floor came into effect on Monday, the Vietnam Food Association said in a statement seen by Reuters.

The Philippines agreed to buy 150,000 tonnes from Vietnam in a tender on Friday and could import additional volumes to avert a potential spike in prices of the staple if adverse weather threatens the local crop.

Vietnam, the world’s third-largest rice exporter after India and Thailand, had raised the price floor to $350 a tonne on June 1 before the tender.