Rice prices today, November 15, 2024: Rice prices decreased slightly.
Rice prices today, November 15, 2024: Domestic rice prices decreased by 100 VND/kg. Vietnamese export rice prices remained unchanged compared to yesterday.
Domestic rice prices
Today, rice prices in the Mekong Delta region showed a slight downward trend for some rice varieties. On the rice market, the price of IR 504 summer-autumn raw rice decreased by 100 VND/kg compared to yesterday, currently standing at 10,300 - 10,450 VND/kg. Meanwhile, the price of finished IR 504 rice remained stable at 12,300 - 12,500 VND/kg.
In localities such as An Giang and Dong Thap, rice purchases have been slow. However, the price of fragrant rice has increased slightly, while the prices of other types of rice remain stable.
At local markets, rice prices remain unchanged compared to before. Specifically, Nang Nhen rice currently has the highest price at 28,000 VND/kg, while regular rice ranges from 15,000 to 16,000 VND/kg. Fragrant rice is priced between 20,000 and 22,000 VND/kg, Jasmine rice from 17,000 to 18,000 VND/kg, and Nang Hoa rice at 21,500 VND/kg. Other specialty rice varieties such as long-grain Thai fragrant rice, Jasmine rice, Taiwanese fragrant rice, Soc rice, and Japanese rice range from 18,500 to 22,000 VND/kg.
Regarding the rice market, transactions in Dong Thap and Kien Giang provinces remain stable. A large quantity of dried rice is being sold, and demand remains steady. According to the Department of Agriculture and Rural Development of An Giang province, rice prices saw minor adjustments today. IR 50404 rice is currently priced at 7,400 - 7,500 VND/kg, an increase of 100 VND/kg, while other varieties such as Dai Thom 8, OM 5451, OM 18, OM 380, Nang Hoa 9, Japanese rice, and Nang Nhen (dried) range from 6,800 to 20,000 VND/kg.
Regarding by-products, prices also fluctuate from 6,050 to 9,400 VND/kg. Currently, the price of OM 5451 broken rice is 9,200 - 9,400 VND/kg, while the price of dry rice bran ranges from 6,050 - 6,150 VND/kg.
The glutinous rice market remains unchanged compared to yesterday. The price of fresh Long An IR 4625 glutinous rice is currently 7,800 - 7,900 VND/kg, dried Long An IR 4625 glutinous rice is 9,600 - 9,800 VND/kg, and dried Long An 3-month glutinous rice ranges from 9,800 to 10,000 VND/kg.
World rice prices
On the export market, Vietnam's rice export prices remained stable compared to yesterday. According to the Vietnam Food Association (VFA), the price of 100% broken rice is currently at 423 USD/ton, standard 5% broken rice is 518 USD/ton, and 25% broken rice is 488 USD/ton.
Experts predict that, given the current export rate and domestic production capacity, Vietnam will export over 8 million tons of rice this year, surpassing the record set in 2023.
Mr. Do Ha Nam, Vice President of the Vietnam Food Association and Chairman of Intimex Group, predicts that 2024 will be the year Vietnam exports the largest amount of rice ever, with over 8 million tons and a total value exceeding 5 billion USD. The average export price of rice could reach its highest level, above 600 USD/ton, helping to maintain high and stable domestic rice prices.
According to the Ministry of Agriculture and Rural Development, in the first 10 months of 2024, Vietnam exported nearly 7.8 million tons of rice, earning $4.86 billion, an increase of 10.2% in volume and 23.4% in value compared to the same period in 2023. The average export price of rice reached over $626 per ton, an increase of 12% compared to last year.
The Philippines continues to be Vietnam's largest rice market, accounting for over 45% of the market share. As of the end of October 2024, the Philippines had imported 2.91 million tons of rice from Vietnam. The next largest markets include Indonesia and Malaysia. Notably, the value of rice exports to Malaysia increased 2.3 times, the highest among Vietnam's top 15 export markets.
Mr. Do Ha Nam predicted that rice prices could continue to rise towards the end of the year due to limited domestic supply and the impact of storms and floods. The Philippine market prefers Vietnamese fragrant rice, and although global supply has increased thanks to India, this type of rice is difficult to replace in the premium segment.
Recently, Vietnamese businesses won a bid for 83,500 tons of rice (accounting for 17%) in Indonesia's 500,000-ton tender. Although Indian rice is cheaper and not as high-quality as Vietnamese or Thai rice, Vietnam's winning rate remains quite high.
Mr. Do Ha Nam shared that Vietnamese businesses have secured many large contracts until the end of the year, especially for rice exports to Indonesia, helping to keep rice prices stable. He also emphasized: "Vietnam is building a rice industry that is distinct from other countries, focusing on fragrant rice and high-quality rice, gradually reducing the production of low-grade rice, thereby creating a separate price level for this industry."
