Rice price today November 16, 2024: Domestic rice price increased slightly
Rice price today November 16, 2024: In the domestic market, the price of IR 504 Summer-Autumn raw rice increased by 50 VND. In the export market, rice prices are stable.
Domestic rice price
Today, rice prices in the Mekong Delta tend to increase slightly. Specifically, the price of raw IR 504 Summer-Autumn rice increased by VND50/kg, ranging from VND10,300 - VND10,500/kg. Meanwhile, the price of finished IR 504 rice remained stable at VND12,300 - VND12,500/kg.
Local supply has decreased, with less rice arriving than before. The market is generally stable, but warehouses are buying slowly, leading to low demand. Prices of fragrant rice and specialty rice have not fluctuated much.
In Sa Dec (Dong Thap), rice is coming in slowly, prices are relatively stable. However, purchasing power from warehouses is low and market demand is quite slow. In An Cu (Cai Be, Tien Giang), supply is also decreasing, but rice prices tend to increase slightly because demand remains.
At retail markets, rice prices have not changed significantly and continue to remain stable. Regular rice fluctuates between 15,000 - 16,000 VND/kg, suitable for general consumption. Fragrant rice varieties such as Jasmine cost between 17,000 - 18,000 VND/kg, while specialty rice varieties such as Nang Hoa or Huong Lai range from 20,000 - 22,000 VND/kg. Notably, Nang Nhen rice currently has the highest price on the market, reaching 28,000 VND/kg.
Rice prices in localities today remain stable. IR 50404 rice is priced from 7,400 - 7,500 VND/kg, while OM 380 rice ranges from 6,800 - 7,000 VND/kg. Fragrant rice varieties such as OM 18 and Nang Hoa 9 have higher prices, from 8,400 - 8,600 VND/kg. Japanese rice is recorded at 7,800 - 8,000 VND/kg. The harvested rice source is scattered, but the demand for purchase is still quite high, especially for fragrant rice varieties with good prices.
Today's by-product prices fluctuated between 6,050 - 9,400 VND/kg. OM 5451 broken rice remained at 9,200 - 9,400 VND/kg, while the price of dry bran decreased slightly by 50 VND/kg, to 6,000 - 6,100 VND/kg.
The glutinous rice market continues to be stable. IR 4625 (fresh) glutinous rice is currently priced at VND 7,800 - 7,900/kg, and Long An IR 4625 (dried) glutinous rice ranges from VND 9,600 - 9,800/kg.
World rice prices
Vietnam's rice export prices today have not changed compared to yesterday. According to the Vietnam Food Association (VFA), 100% broken rice is priced at 423 USD/ton, 5% broken rice is at 518 USD/ton, and 25% broken rice is at 488 USD/ton.
According to a report from the Ministry of Industry and Trade, in the first 10 months of 2024, Vietnam exported 7.7 million tons of rice, earning 4.8 billion USD. Compared to the same period in 2023, rice exports increased by 10.2% in volume and 23.5% in value. The main reason is the high price of rice in the international market. The Ministry of Industry and Trade assessed that rice exports are becoming a bright spot in Vietnam's agricultural export picture.
Despite the overall positive results, rice exports to the Chinese market have decreased sharply. In the first 9 months of 2024, the amount of rice exported to China reached only 241 thousand tons, earning 141.2 million USD, down 72% compared to the same period last year.
In the past, China has always been a major market for Vietnamese rice. In 2012, China accounted for 27.5% of the total value of our country's rice exports and used to be the largest customer. However, currently, the trend of rice exports to China is decreasing due to a number of reasons.
Limitations on the number of exporting enterprises: China only licensed 21 Vietnamese enterprises to export rice to this market, while Vietnam has about 200 enterprises licensed to export rice.
Rice on the Chinese market is of high quality, while competitors like Thailand focus heavily on investing in product packaging.
To overcome the decline and promote rice exports to China, the Ministry of Industry and Trade has approved the National Trade Promotion Program (under Decision No. 3444/QD-BCT dated December 31, 2023).
From December 2 to December 6, 2024, the Trade Promotion Agency in coordination with the Import-Export Department - Ministry of Industry and Trade will organize a rice trade delegation in Guangdong and Hunan provinces of China.
The delegation is expected to have the participation of 10-18 prestigious enterprises in the field of rice production and export. This is an effort to expand the market and create conditions for Vietnamese rice to compete better in China.
