Rice prices today, December 20, 2024: Some rice varieties see a slight decrease.
Rice prices today, December 20, 2024: Some rice varieties saw a slight decrease. While export rice prices remained stable, the market was affected by India's policies.
Domestic rice prices
Rice trading activity in many localities today was quite sluggish. In Kien Giang, the market almost came to a standstill, with rice prices falling sharply due to a lack of buyers. A similar situation occurred in Bac Lieu, where traders demanded lower prices in order to purchase rice.
In Long An, most mills and partners are not buying any new rice, causing prices to continue to fall. In Tien Giang, the rice trading situation is also not very promising, with traders trying to negotiate lower prices to gather rice that has already been deposited.
According to information from the An Giang Department of Agriculture and Rural Development, the price of OM 5451 rice has decreased by 200 VND, fluctuating between 8,400 and 8,600 VND/kg. OM 18 rice (fresh) has decreased by 100 VND, at 8,800 - 9,000 VND/kg. Other rice varieties such as IR 50404 (fresh), OM 380, and Japanese rice range from 7,200 to 8,000 VND/kg, while Nang Hoa 9 and Dai Thom 8 have higher prices, from 9,100 to 9,400 VND/kg.
Regarding rice, market transactions were slow, with prices continuing to fall. Raw IR 504 rice decreased by 400 VND, fluctuating between 9,000 and 9,200 VND/kg, while finished IR 504 rice also decreased similarly, to 11,500 - 11,700 VND/kg.
At retail markets, rice prices remained largely unchanged compared to yesterday. Regular rice ranged from 17,000 to 18,000 VND/kg. Nang Nhen rice was priced highest at 28,000 VND/kg. Other varieties such as Jasmine, Nang Hoa, and Huong Lai rice ranged from 17,000 to 22,500 VND/kg.
For by-products, the price of dry rice bran decreased by 200 VND, down to 5,550 – 5,600 VND/kg. Fragrant broken rice also saw a slight decrease, currently at 8,400 – 8,600 VND/kg.
Export rice prices
Vietnam's export rice prices today recorded a slight decrease compared to the previous day. Specifically, 5% broken rice reached 508 USD/ton, 25% broken rice was at 475 USD/ton, and 100% broken rice was traded at 405 USD/ton.
Compared to Thailand, the price of the same type of rice from this country remains at $506/ton, while India's 5% broken white rice is lower, at only $449/ton.
On the afternoon of December 19th in Tokyo, Minister of Industry and Trade Nguyen Hong Dien chaired the Asia-Africa Regional Trade Counselor Conference, focusing on solutions to promote sustainable exports. Mr. Pham The Cuong, Vietnam's Trade Counselor in Indonesia, presented on the Indonesian rice market and the country's food self-sufficiency strategy under President Prabowo Subianto.
In 2023-2024, Vietnamese rice exports to Indonesia benefited from a global supply shortage and the effects of El Niño. However, this opportunity is only short-term as Indonesia is increasing domestic production and restricting imports. Competition from Thai rice and the lack of prominent Vietnamese rice brands also pose significant challenges.
For sustainable development, Vietnam needs to improve rice quality, diversify products, build a systematic brand, and ensure quarantine standards. The government should support the implementation of the 1 million hectare high-quality rice project and strongly promote Vietnamese rice through international events.
The Vietnam Trade Office in Indonesia is committed to providing market information, supporting businesses, and promoting trade, ensuring that Vietnam maintains its position as a rice exporter in Indonesia.
