Vietnam's rice export prices rose nearly 1 percent on Thursday, with the 5 percent broken grade hitting $575 a ton and is heading towards $580, which is the highest in more than three years, on demand from Indonesia and Mekong Delta flooding impact, traders said. They said the loading demand of 400,000 tons for Indonesia, an outstanding Indonesian tender for 100,000 tons and rising flood waters in the Delta that have curbed operation of rice mills and raised production costs, caused prices to rise. Seasonal floods this year in Vietnam's Mekong Delta are worsening, with waters rising to the highest level in 10 years. "The news (of possible demand) from the Philippines could also help lift prices while the stocks in Vietnam are no longer ample," a trader in Ho Chi Minh City said. The head of the Philippines' grain procurement agency said on Thursday he was worried about the damage to rice crops by Typhoon Nesat and could not rule out the need to import rice soon to replenish reserves.
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