Rice price today December 11, 2024: Mixed increase and decrease

Domestic rice price

In many localities today, supply is low, transactions are slow, and prices remain high. In Bac Lieu, farmers offer a lot of fragrant rice for sale, rice prices are relatively stable, and demand is low. In An Giang, transactions are slow, supply is low, and prices remain high.

In Soc Trang, rice supply is sporadic in some districts, trading is slow, prices are stagnant. In Long An, prices fluctuate little, new purchasing power is weak. In Dong Thap, early winter-spring rice is traded in small quantities, farmers offer high prices.

According to the update from the Department of Agriculture and Rural Development of An Giang province, the price of rice (fresh) today continues to fluctuate strongly. Specifically, the price of OM 18 rice (fresh) increased by 200 VND, fluctuating at 9,200 - 9,400 VND/kg; Dai Thom 8 rice (fresh) increased by 300 VND, fluctuating at 9,200 - 9,400 VND; IR 50404 rice (fresh) fluctuated at 7,800 - 8,000 VND/kg; OM 5451 rice fluctuated at 8,600 - 8,800 VND; OM 380 rice fluctuated at 7,200 VND/kg; Nang Hoa 9 fluctuated at 9,200 - 9,400 VND/kg; Nhat rice fluctuated at 7,800 - 8,000 VND/kg.

Regarding rice, according to an update from the Department of Agriculture and Rural Development of An Giang province, the price of IR 504 raw rice has decreased by VND 50/kg, fluctuating at VND 10,150 - 10,300/kg; IR 504 finished rice fluctuates at VND 12,300 - 12,400/kg.

Recorded in localities today, rice arrived in small quantities, prices of warehouse-bought types decreased slightly, transactions were slow. In Sa Dec (Dong Thap), prices of raw rice of all kinds decreased slightly. In Lap Vo (Dong Thap), rice arrived in small quantities, prices of warehouse-bought types remained stable, rice was flat and OM 5451 warehouse-bought prices decreased slightly, fragrant rice prices were stable.

Sa Dec market channel, small quantity, market warehouses buy fragrant rice, prices of all types of warehouses are stable. In An Cu (Cai Be, Tien Giang), rice is available sporadically, prices decreased by 200 VND/kg compared to yesterday, mostly weak rice, general rice, little good rice

At retail markets, rice prices remained unchanged compared to yesterday. Regular rice fluctuated at 17,000 - 18,000 VND/kg. Currently, Nang Nhen rice has the highest listed price of 28,000 VND/kg. Fragrant rice is offered at high prices ranging from 20,000 - 22,000 VND/kg; Jasmine rice 17,000 - 18,000 VND/kg; Nang Hoa rice 21,500 VND/kg; long-grain fragrant rice 20,000 - 22,000 VND/kg; Huong Lai rice 22,000 VND/kg; common white rice 17,500 VND/kg; Taiwanese fragrant rice 21,000 VND/kg; regular Soc rice 18,500 VND/kg; Thai Soc rice 21,000 VND/kg; Japanese rice 22,500 VND/kg.

For by-products, the price of by-products ranges from 5,900 - 9,100 VND/kg. Currently, the price of fragrant rice bran ranges from 9,000 - 9,100 VND/kg; the price of dry bran has decreased by 50 VND/kg, ranging from 5,900 - 6,000 VND/kg.

Export rice price

In the export market, Vietnam's rice export prices today decreased slightly compared to yesterday. According to the Vietnam Food Association, 100% broken rice is at 405 USD/ton; 5% standard rice is at 513 USD/ton; 25% broken rice is at 480 USD/ton.

In the first 11 months of 2024, Vietnam's rice exports reached a record high of nearly 8.5 million tons, worth 5.31 billion USD, up 10.6% in volume and 22.4% in value over the same period last year. This is an impressive success, because in 2023, the country's rice exports only reached 8.13 million tons, worth 4.67 billion USD. However, the rice market is currently witnessing clear differentiation, especially in the low-grade rice segment.

Low-grade rice, such as 5% broken rice and 25% broken rice, are being sharply adjusted down due to the impact of India reopening exports and releasing cheap rice stocks. Vietnam's 5% broken rice is now only priced at US$513-517/ton, down US$56/ton compared to before India resumed exports in late September 2024. This is also the lowest price since July 2023. The same situation is happening with rice from major rice exporting countries such as Thailand and Pakistan, causing low-grade rice prices on the world market to fall across the board.

Although Vietnam's rice exports in 2024 achieved impressive results, businesses in the industry predict that this achievement will be difficult to maintain in 2025. Mr. Thanh, a representative of Angimex, said that when the 2024-2025 winter-spring crop enters the harvest period, rice prices will be affected by Indonesia and the Philippines reducing purchases due to record imports in 2024. In addition, farmers switching to high-quality rice production will increase supply and create downward pressure on prices.

In addition, Mr. Nguyen Thanh Phong, Director of Van Loi Food Company, also commented that cheap rice from India will continue to put great pressure on the price of 5% and 25% broken rice in Vietnam. Industrial rice demand in Vietnam may still have to rely on supply from India, and the shift of farmers' production to high-quality rice varieties may also cause rice prices to decrease, possibly even causing the price of fragrant and high-quality rice to decrease.

In this context, the worst-case scenario is that the price of high-quality rice could fall sharply, even to the same level as low-quality rice varieties such as IR 50404 or OM 380, which has happened in the past. However, some experts still expect a more optimistic scenario, hoping that rice prices will fall, but not too deeply. Meanwhile, with the prospect of declining global rice demand, a Vietnamese rice export miracle like in 2024 may be difficult to repeat in 2025.