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Vietnam is struggling to rebuild its government rice reserves after consumers worldwide rushed to buy the staple amid the coronavirus pandemic. The government had asked traders in March to supply rice for state stockpiles, with the lowest bidders winning contracts.
Vietnamese state stockpiling competes with export supply and keeps domestic and global rice prices firm.
bloomberg.comMai Ngoc ChauApr 17, 2020After 189 past bullish trade events, RICE moved a median +0.2% over 5 sessions (52% higher; middle half -1.7% to +2.4%), and +1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Global hoarding left Vietnam struggling to rebuild its state reserves, which implies tighter export availability and stronger demand pressure that is bullish for rice.
