Declining Vietnam exports bearish signal for rice price
Vietnam has become the second largest rice exporter in the world this year. The Ministry of Agriculture and Rural Development (MARD) of Vietnam reported rice exports volume in the first six months of 2020 totaled 3.54 million tons, amounting to a 5.6% increase compared with the same period last year. However the export volume in the first eight months of the year decreased by 1.7% to 4.5 million tons compared with the same period last year. Falling exports of the second largest rice exporter in the world signal a weakening of demand. Weaker export demand is bearish for rice price.
Summary of technical analysis
|Buy stop||Below 12.07|
|Stop loss||Above 12.60|
Market Analysis provided by IFCMarkets.com
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