Rice price today November 15, 2024: Rice price slightly decreased
Rice price today November 15, 2024: In the domestic market, rice price decreased by 100 VND/kg. Vietnam's rice export price has not been adjusted compared to yesterday.
Domestic rice prices
Today, rice prices in the Mekong Delta region tend to decrease slightly for some rice varieties. In the rice market, the price of raw IR 504 Summer-Autumn rice decreased by VND 100/kg compared to yesterday, currently at VND 10,300 - 10,450/kg. Meanwhile, the price of finished IR 504 rice remains stable at VND 12,300 - 12,500/kg.
In localities such as An Giang and Dong Thap, rice purchases were slow. However, the price of fragrant rice increased slightly, while the prices of other types of rice remained stable.
In retail markets, the prices of rice varieties have not changed compared to before. Specifically, Nang Nhen rice currently has the highest price of 28,000 VND/kg, while the price of regular rice ranges from 15,000 - 16,000 VND/kg. The price of fragrant rice ranges from 20,000 - 22,000 VND/kg, Jasmine rice from 17,000 - 18,000 VND/kg, and Nang Hoa rice is 21,500 VND/kg. Other specialty rice varieties such as long-grain Thai fragrant rice, Huong Lai, 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 remained stable. A large amount of dry rice was sold and demand was stable. According to the Department of Agriculture and Rural Development of An Giang province, rice prices today have had a small adjustment. 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 (dry) range from 6,800 to 20,000 VND/kg.
Regarding by-products, prices also fluctuate from 6,050 - 9,400 VND/kg. Currently, the price of OM 5451 broken rice is at 9,200 - 9,400 VND/kg, while the price of dry bran fluctuates from 6,050 - 6,150 VND/kg.
The glutinous rice market has not changed compared to yesterday. The price of Long An IR 4625 sticky rice (fresh) is currently at 7,800 - 7,900 VND/kg, Long An IR 4625 sticky rice (dried) is 9,600 - 9,800 VND/kg, and 3-month-old Long An sticky rice (dried) fluctuates from 9,800 to 10,000 VND/kg.
World rice prices
In 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, 5% broken rice is 518 USD/ton, and 25% broken rice is 488 USD/ton.
Experts forecast that, with the current export rate and domestic production capacity, Vietnam will export over 8 million tons of rice this year, surpassing the record of 2023.
Mr. Do Ha Nam, Vice President of the Vietnam Food Association and Chairman of Intimex Group, commented that 2024 will be the year Vietnam exports the largest amount of rice ever, with more than 8 million tons and a total value of over 5 billion USD. The average rice export price may reach the highest level, over 600 USD/ton, helping domestic rice prices remain high and stable.
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, reaching a turnover of 4.86 billion USD, up 10.2% in volume and 23.4% in value over the same period in 2023. The average rice export price reached over 626 USD/ton, up 12% over last year.
The Philippines continues to be Vietnam's largest rice consumer market, accounting for over 45% of the market share. As of the end of October 2024, the Philippines 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 the group of 15 major export markets of Vietnam.
Mr. Do Ha Nam forecasts that rice prices may continue to increase by the end of the year due to limited domestic supply and the impact of storms and floods. The Philippine market favors fragrant rice from Vietnam, and although the world supply has increased thanks to India, this type of rice is difficult to replace in the high-end segment.
Recently, Vietnamese enterprises won the bid for 83,500 tons of rice (accounting for 17%) in the 500,000-ton package of Indonesia. Although Indian rice is cheaper and the quality is not as high as Vietnamese or Thai rice, Vietnam's winning rate is still quite high.
Mr. Do Ha Nam shared that Vietnamese enterprises have had many large contracts until the end of the year, especially the amount of rice exported to Indonesia, helping rice prices continue to stabilize. He also emphasized: "Vietnam is creating a rice industry that is different from other countries, focusing on fragrant rice and high-quality rice, gradually reducing the output of low-quality rice, thereby forming a separate price level for this industry."
