Rice price today December 23, 2024: Domestic and export rice prices both decrease

Domestic rice price

Rice prices fluctuated in the past week, with some items falling continuously by VND600-800/kg, then increasing slightly at the end of the week. According to the Department of Agriculture and Rural Development of An Giang province, the price of IR 504 raw rice is currently fluctuating between VND9,000-9,300/kg, while IR 504 finished rice is at VND11,200-11,400/kg.

In Lap Vo (Dong Thap), the amount of rice arriving was low, prices of all types remained stable, but new purchases were slow. In Sa Dec (Dong Thap), the price of good quality raw rice was stable compared to yesterday, but the amount of rice arriving at the market was still low. At the Sa Dec market channel, most large warehouses were slow to buy. In An Cu (Cai Be, Tien Giang), rice prices increased slightly for good quality rice, while average quality rice remained weak.

At retail markets, rice prices were stable compared to yesterday. Specifically, prices of common rice ranged from VND17,000 to VND18,000 per kilogram. Some special rice varieties had higher prices, such as Nang Nhen rice (VND28,000 per kilogram), long-grain Thai fragrant rice (VND20,000 to VND22,000 per kilogram), Jasmine rice (VND17,000 to VND18,000 per kilogram), Huong Lai rice (VND22,000 per kilogram), and Japanese rice (VND22,500 per kilogram).

Rice prices remained high at the beginning of the week but decreased slightly at the end of the week, with a total decrease of about VND300/kg. According to the Department of Agriculture and Rural Development of An Giang province, the price of IR 50404 rice (fresh) is currently fluctuating between VND7,400 - 7,600/kg, OM 5451 rice is at VND8,400 - 8,500/kg, and OM 18 rice (fresh) is at VND8,800 - 9,000/kg. Some special rice varieties such as Dai Thom 8 are priced at VND9,100 - 9,200/kg, Nang Hoa 9 is at VND9,200/kg, and Nhat rice is at VND7,800 - 8,000/kg.

In An Giang, new transactions were weak, with few buyers. In Bac Lieu, new rice was traded sporadically but not many purchases were made. Meanwhile, in Dong Thap, farmers offered early winter-spring rice for sale, but traders were still hesitant to ask to buy.

Prices of by-products such as fragrant rice bran and dried rice bran also decreased last week, with a total decrease of about VND700/kg. Currently, fragrant rice bran prices range from VND8,100 - VND8,300/kg, while dried rice bran prices are at VND5,600 - VND5,700/kg.

Export rice price

In the export market, Vietnamese rice prices fell sharply last week. According to the Vietnam Food Association (VFA), 5% standard rice was priced at $502 per ton, 25% broken rice at $470 per ton, and 100% broken rice at $405 per ton.

According to a trader in the Mekong Delta, Vietnam's rice export prices fell further after the Philippine Department of Agriculture signaled that it would buy rice from India and Pakistan. The Philippines is one of the largest importers of Vietnamese rice, so this decision has significantly affected rice prices in the market.

In India, export prices of parboiled rice also fell due to a weaker rupee and increased supplies. This week, 5% broken parboiled rice was quoted at $440-$446 per tonne, down from $444-$450 per tonne last week. 5% broken white rice was quoted at $447-$455 per tonne.

The depreciation of the rupee, which hit a record low against the dollar on December 19, has helped Indian exporters increase profits and made rice prices more competitive in the international market.

Thailand's 5% broken rice was quoted at $512 a tonne, down slightly from $510-$515 last week. Traders attributed the move mainly to exchange rate fluctuations, while demand from Thailand remained steady.

Some traders predict that rice prices may fall further after the Lunar New Year holiday. The main reason is that supplies from India are expected to increase sharply in the coming time, putting pressure on the international rice market.

Bangladesh is importing 100,000 tonnes of white rice from Myanmar through a government-to-government deal at $515 a tonne, in an effort to control rising domestic prices. It also imports parboiled rice, mainly from India, through tenders.

Despite having substantial food reserves of nearly 1.2 million tonnes, including 742,000 tonnes of rice, the Bangladeshi government has been struggling to contain rising prices, reflecting the immense pressure on the country from both domestic and international demand.