Summer-Autumn rice harvest.
The growing supply - due to the ongoing harvest, has put pressure on Vietnamese rice prices.
The price of Vietnam's 5% broken rice has fallen to a nearly two-month low of $450/ton. This agricultural product hit an eight-year high of $475/ton on June 4, as rainy weather affected the harvest.
Domestic supply is also increasing due to the summer-autumn harvest. In addition, Vietnam can export 2.3-2.5 million tons of rice from this harvest after ensuring enough domestic consumption.
Meanwhile, India's export rice prices fell to their lowest level in more than two months this week due to a weakening rupee and sluggish demand.
The price of Indian 5% broken parboiled rice fell to 366-372 USD/ton, the lowest level since March 26, compared with 368-373 USD/ton in the previous week.
The rupee has lost more than 6% in value. In addition, India's rice production may increase to a record high, as farmers are expanding rice planting areas due to favorable weather.
The price of Thailand's 5% broken rice fell to $505-525/ton on June 18 from $505-533/ton last week, as traders blamed that reason for this drop was the strengthening of the baht.