Rice prices are stable at the beginning of the week, transactions are active; Vietnamese people reduce instant noodle consumption
(Baonghean.vn) - At the beginning of the week, rice prices were stable and transactions were active; Coffee prices continued to decrease; Pepper prices fluctuated around 70,000 VND/kg; Vietnamese people reduced their consumption of instant noodles... are information about the market situation today.
Rice price at the beginning of the weekstable rice, active trading
Rice prices today, July 3, in the domestic market tend to be stable and sideways.
Accordingly, in An Giang, rice prices continued to stabilize since the end of last week and remained high. Specifically, AG (fresh) sticky rice was purchased by traders at the field today at a stable price of 5,700 - 5,900 VND/kg; Long An (fresh) sticky rice fluctuated between 6,200 - 6,400 VND/kg; AG (dry) sticky rice was at 7,400 - 7,600 VND/kg; Long An (dry) sticky rice was priced at 7,700 - 7,900 VND/kg.
IR 50404 rice is around 6,300 - 6,600 VND/kg; Dai Thom 8 rice is 6,900 - 7,000 VND/kg; OM 5451 rice is 6,300 - 6,600 VND/kg; OM 18 rice is 6,500 - 6,600 VND/kg. Nang Hoa 9 is 6,600 - 6,800 VND/kg; Nhat rice is also stable at 7,800 - 8,000 VND/kg; Nang Nhen rice (dry) is 13,000 VND/kg.
Currently, localities are harvesting summer-autumn rice. In Hau Giang, according to the records of the province's agricultural sector, farmers in the province have harvested more than 8,500 hectares out of a total of 75,207 hectares of summer-autumn rice, with an estimated average yield of 6.37 tons/ha.
Regarding the selling price in Hau Giang, it is currently at 6,200-6,500 VND/kg (depending on the variety), including some rice varieties that are mainly harvested by farmers today, such as OM 18, Dai Thom 8, OM 5451.
Similarly, the price of raw rice and finished rice products is stable today. Over the past week, rice prices have been continuously adjusted in a slightly upward trend. Currently, the price of IR 504 HT raw rice is at 10,000 VND/kg. IR 504 finished rice is purchased at 11,400 VND/kg. Meanwhile, at retail markets, rice prices have not been adjusted in the past week.
In the export market, export rice prices remained stable at 508 USD/ton for 5% broken rice; 25% broken rice at 488 USD/ton and Jasmine rice was stable at 578 USD/ton.
Will coffee prices continue to fall?
Today's coffee price, July 3, in the domestic market is highest at 64,700 VND/kg. World coffee prices continue to follow the downward trend of last week.
Specifically, the price of coffee in Lam Dong province is commonly purchased at 64,200 VND/kg; the price of coffee in Dak Lak and Gia Lai provinces averages 64,500 VND/kg and the price of coffee in Dak Nong province is the highest at 64,700 VND/kg.
Domestic coffee prices fell due to pressure from sharp declines in coffee futures prices on the two exchanges in London (UK) and New York (USA).
In the most recent trading session before the opening on July 3, Robusta coffee prices on the London (UK) floor fluctuated from 2,293 - 2,491 USD/ton, depending on the delivery term. Of which, the highest price and largest trading volume were coffee futures for delivery in September 2023 at 2,491 USD/ton. The remaining coffee delivery terms matched prices at 2,391 USD/ton for coffee delivery in November 2023; 2,326 USD/ton for delivery in January 2024 and 2,293 USD/ton for coffee delivery in March 2024.
According to experts, coffee prices have continuously decreased sharply in the past week due to many reasons. It is worth mentioning that the Brazilian market is entering the harvest and consumption season of new goods, causing consumption pressure on the market. At the same time, supply reserves on the London (UK) floor have also shown signs of increasing again. These are the two most direct reasons for the sharp decrease in coffee prices last week. In addition, at the end of the first half of 2023, the not-so-optimistic forecasts of international organizations on global economic growth and the forecast of increasingly tight global financial conditions have also indirectly affected investor sentiment; or the increase in the exchange rate of Brazil's domestic currency compared to the USD are also considered reasons for the decrease in coffee prices.
This decrease is expected to continue in the short term, however, according to experts, coffee prices on the world exchange will not fall as sharply as last week.
Pepper prices fluctuate around 70,000 VND/kg
Pepper prices in the domestic market today continued to move sideways after many sessions of downward adjustment. Currently, pepper prices fluctuate around 66,500-70,000 VND.
Specifically, the price of pepper in Chu Se (Gia Lai) was purchased by traders at 66,500 VND/kg. In Dak Lak, the price of pepper continued to maintain at 67,500 VND/kg. In Dak Nong, the price of pepper today also remained unchanged and maintained at 67,500 VND/kg.
In Dong Nai, pepper price was at 68,500 VND/kg at the end of the week. In Binh Phuoc, pepper price was at 69,000 VND/kg. Ba Ria Vung Tau still had the highest price and today was purchased by traders at 70,000 VND/kg.
By the end of June 2023, Vietnam exported 156,000 tons of pepper of all kinds, with a value of 498 million USD.
Among Vietnam's pepper export markets, China is still the leading market. Specifically, the amount of pepper exported to the Chinese market in May increased by 2.6% compared to the previous month to 10,255 tons; to the US increased by 41%, reaching 5,459 tons; UAE increased by 137.1%, reaching 1,679 tons; Germany increased by 10.1%, reaching 1,047 tons; Netherlands increased by 11.4%,...
According to business circles, China's complete reopening of its border since the beginning of this year after nearly three years of closure to fight the pandemic has helped Vietnam's pepper exports to this market flourish again.
Vietnamese reduce instant noodle consumption
If in the period 2017-2021, the instant noodle consumption output of Vietnamese people continuously increased over the years, then in 2022 the number tended to decrease from 8.56 billion packages to 8.48 billion packages.
According to data from the World Instant Noodles Association (WINA), in 2022, the Vietnamese market consumed about 8.48 billion instant noodle packages, continuing to rank 3rd after China/Hong Kong (45.07 billion packages) and Indonesia (14.26 billion packages).
Compared to 2021, Vietnamese consumers' demand in 2022 has decreased slightly, by nearly 1%. Meanwhile, in 2021, Vietnam consumed 8.56 billion packages, an increase of more than 20% compared to 2020. WINA statistics show that the consumption of this item continues to be mainly concentrated in Asian markets such as China, Indonesia, Vietnam, Korea, Japan, etc.
In addition, with 5 main consumer markets including: Indonesia, Vietnam, Philippines, Thailand and Malaysia, Southeast Asia accounts for about 23.5% of the world's demand for instant noodles.
In Vietnam, there are currently about 50 instant noodle manufacturing companies, including both domestic and foreign enterprises; Acecook and Masan are the two leading enterprises in the instant noodle market, accounting for a total of 33% market share.
Instant noodle products are also clearly classified into the popular segment with prices ranging from 1,500-3,000 VND/package; the mid-range segment with prices of 3,500-5,000 VND/package and the high-end segment with prices from 7,000 VND/package or more. However, the majority of the market share is still concentrated in the popular segment.
