Rice price today October 21, 2024: Remains stable

Rice price today October 21, 2024

In the rice market, rice prices increased slightly. Raw IR 504 rice costs 10,400 - 10,600 VND/kg, finished IR 504 rice costs 12,550 - 12,700 VND/kg.

Retail rice prices at markets also remain stable, with Jasmine rice priced at 18,000 - 20,000 VND/kg, regular rice at 15,000 - 16,000 VND/kg, and Japanese rice at 22,000 VND/kg.

Rice price today October 21, 2024

According to the Department of Agriculture and Rural Development of An Giang province, rice prices today remain unchanged compared to yesterday. IR 50404 rice remains at 6,900 - 7,000 VND/kg, Dai Thom 8 rice is at 7,800 - 8,000 VND/kg, OM 5451 rice is at 7,200 - 7,400 VND/kg. Japanese rice and dried Nang Nhen rice remain at 7,800 - 8,000 VND/kg and 20,000 VND/kg, respectively.

By-product price today October 21, 2024

By-product prices range from 5,900 - 9,600 VND/kg, of which OM 5451 broken rice is at 9,500 - 9,600 VND/kg, dry bran is 5,900 - 6,000 VND/kg. Long An sticky rice prices also remain unchanged, ranging from 9,600 - 10,000 VND/kg.

Rice export price today

In the export market, Vietnamese rice prices remained unchanged, with 100% broken rice at $439/ton, 5% broken rice at $534/ton, and 25% broken rice at $506/ton.

The USDA report last week showed that global rice exports are expected to reach 56.3 million tons, up 2.3 million tons from the previous forecast. This is due to increased rice supplies and lower prices after India lifted its ban on non-basmati white rice exports, abolished the minimum export price for basmati rice, and reduced export taxes.

The USDA forecasts global rice trade to increase by 2025 as India boosts exports and rice prices fall. The Philippines could import 4.7 million tons of rice this year and nearly 5 million tons in 2025 due to lower domestic production.

The Philippines will continue to be the world's largest rice importer, followed by Vietnam and the EU with imports of 2.9 million tons and 2.2 million tons, respectively.

The USDA report said global rice production in 2024-2025 will reach an all-time high of 530.4 million tonnes.

This growth was supported by increased output in India, the US, Japan, Egypt, Guyana, Nicaragua and Venezuela.

Total rice supplies, including stocks and new production, are expected to reach a record 710.3 million tonnes, 5.6 million tonnes higher than the previous forecast.

India’s rice exports are expected to rise 20% to 21 million tonnes. In contrast, exports from Brazil, Pakistan, Thailand and Vietnam are expected to decline this season.