Rice price today 11/18/2024: Stable market

Domestic rice price

Rice prices today (November 18) in the Mekong Delta continued to stabilize after many slight increases and decreases last week.

In many localities, farmers are harvesting rice sporadically and offering rice for sale. The price of fragrant rice remains high, and demand for rice is relatively good because there is not much unstakeable rice left.

According to the Department of Agriculture and Rural Development of An Giang province, the price of IR 50404 rice is currently at 7,400 - 7,500 VND/kg, OM 380 rice ranges from 6,800 - 7,000 VND/kg, OM 18 and Nang Hoa 9 rice are both priced at 8,400 - 8,600 VND/kg, and Japanese rice is at 7,800 - 8,000 VND/kg.

Rice prices were also stable today. IR 504 raw rice was traded at VND10,300 - 10,500/kg, while IR 504 finished rice remained at VND12,300 - 12,500/kg.

The raw rice and finished rice markets are trading stably. Supply is low, prices are stable, and warehouse purchases are slow. The price of fragrant rice increased slightly, while other types of rice remained stable.

In Sa Dec (Dong Thap), rice prices are mostly stable, only fragrant and sticky raw rice has increased slightly. In An Cu (Cai Be, Tien Giang), rice supply is sporadic, prices have increased, but most of the rice is weak and there is little good rice.

At retail markets, rice prices continued to remain stable. Regular rice fluctuated around VND15,000 - 16,000/kg. Nang Nhen rice had the highest price of VND28,000/kg. Fragrant rice fluctuated from VND20,000 - 22,000/kg, Jasmine rice from VND17,000 - 18,000/kg, Nang Hoa rice 21,500/kg, long-grain Thai fragrant rice from VND20,000 - 22,000/kg, Huong Lai rice 22,000/kg, Taiwanese fragrant rice 21,000/kg, Soc regular rice 18,500/kg, Soc Thai rice 21,000/kg, and Japanese rice 22,500/kg.

Prices of by-products ranged from 6,050 - 9,400 VND/kg. OM 5451 broken rice remained stable at 9,200 - 9,400 VND/kg, while dry bran prices ranged from 6,000 - 6,100 VND/kg.

The glutinous rice market remains unchanged. Long An IR 4625 glutinous rice (fresh) is priced at VND7,800 - 7,900/kg, Long An IR 4625 glutinous rice (dried) is priced at VND9,600 - 9,800/kg, and 3-month-old Long An glutinous rice (dried) is priced at VND9,800 - 10,000/kg.

World rice prices

In the export market, Vietnam's rice export prices today decreased slightly compared to yesterday. According to the Vietnam Food Association (VFA), 100% broken rice is at 423 USD/ton, 5% standard rice is at 518 USD/ton, and 25% broken rice is at 488 USD/ton.

Vietnam’s rice export prices have fallen to their lowest since July 2023 in recent days due to concerns about Indonesia’s import demand next year, while Indian rice prices have held steady near a 15-month low due to increased supply.

According to a trader in Ho Chi Minh City, when the price of imported rice into a country tends to decrease slightly, this may reflect that the country will not import rice in 2025.

Indonesia is the largest importer of Vietnamese rice after the Philippines. From January to October 2024, Indonesia imported 1.1 million tons of rice from Vietnam, accounting for 14.2% of total rice exports.

Amid reports that Indonesia may reduce its rice import demand next year, most Vietnamese traders remain confident in this potential market. A trader in An Giang province in the Mekong Delta believes that Indonesia will continue to import rice from Vietnam next year.

Another trader said the Philippines had previously announced it would reduce rice imports but ended up importing more.

According to a report by the General Department of Customs, in the first eight months of this year, Indonesia was Vietnam's second largest rice export market with a total export volume of nearly 914,000 tons, worth about 558 million USD, up 27% in volume and 54% in value over the same period last year.

Previously, Indonesia planned to import a total of 3.6 million tons of rice in 2024 to supplement domestic consumption, as adverse weather significantly affected domestic rice production.