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The June average price of Indian rice was slightly above May's average (+1.3%) and up 5.4% y-o-y at
USD 390/MT, supported by strong demand from Bangladesh, China and some African countries
despite high shipping costs. This is due to Indian rice prices remaining at a discount compared to
other major Asian rice exporters.
The Thai rice price dropped by 5.1% m-o-m and 11.7% y-o-y to USD 450/MT in June driven by a
weaker Thai baht and low export demand as higher freight costs continued to weigh down on buyer's
willingness to increase rice purchases. Also, the anticipation of higher y-o-y supply in the 2020/21 MY
due to favourable rainfall levels added pressure to prices.
The June average price of Vietnamese rice fell marginally by 0.8% m-o-m to USD 474/MT mostly due
to tepid demand as Vietnam's rice prices remain uncompetitive compared to other Asian suppliers
and also due to new supply as the harvesting season continues. Nevertheless, the price is trending at
a multi-years' high, with the June average price up by 5.5% y-o-y, due to unfavourable weather
conditions during late 2020.