Rice prices today, November 27, 2024: Paddy prices stable, milled rice prices slightly decreased.
Rice prices today, November 27, 2024: Paddy prices remain stable, with few buyers. Rice prices decreased slightly by 50 VND/kg compared to yesterday.
Domestic rice prices
This morning, rice prices in the Mekong Delta region remained relatively stable compared to yesterday, staying at similar levels.
Regarding rice prices, according to updates from the Department of Agriculture and Rural Development of An Giang province, fresh rice varieties such as IR 50404 and OM 5451 are priced between 7,600 and 7,800 VND/kg. OM 380 rice is cheaper, at around 7,000 VND/kg. Fresh OM 18 rice is more expensive, ranging from 8,500 to 8,600 VND/kg, while Nang Hoa 9 rice fluctuates between 8,400 and 8,600 VND/kg. Other rice varieties such as Japanese rice and Dai Thom 8 (fresh) are priced from 7,800 to 8,000 VND/kg and 8,600 to 8,800 VND/kg respectively.
In many localities, rice trading is slow, with low demand for new purchases, resulting in no significant changes in rice prices. Specifically, in An Giang, the market remains quiet, and rice prices are unchanged from the previous day. In Soc Trang, the amount of rice ready for harvest is small, trading is not active, and there are few buyers. In Long An, the amount of rice being harvested is better than in Kien Tuong, but trading remains quite slow.
Regarding rice prices, information from the Department of Agriculture and Rural Development of An Giang province indicates that the price of IR 504 raw rice decreased slightly by about 50 VND today, fluctuating between 10,300 and 10,400 VND/kg. Finished IR 504 rice also decreased by 50 VND, fluctuating between 12,400 and 12,500 VND/kg.
In many localities, the supply of fragrant and sticky rice is quite limited today, making it difficult to buy high-quality rice. Specifically, in Sa Dec (Dong Thap), the amount of rice is less than yesterday, and although export warehouses are inquiring about purchasing a lot, it is very difficult to find good quality rice. In An Cu (Cai Be, Tien Giang), the rice supply is weak, with few good quality grains, however, the prices of all types of rice remain stable.
At local markets, rice prices remained largely unchanged compared to yesterday. Regular rice varieties maintained their prices at 16,000 - 17,000 VND/kg. Nang Nhen rice, a premium variety, had the highest listed price at 28,000 VND/kg. Fragrant rice varieties such as Jasmine and Huong Lai ranged from 17,000 - 22,000 VND/kg depending on the type. Nang Hoa rice was priced at around 21,500 VND/kg, while Soc Thai and Japanese rice ranged from 21,000 - 22,500 VND/kg.
Regarding by-products, the prices of fragrant rice bran and dried rice bran have also decreased slightly. Specifically, fragrant rice bran decreased by 100 VND, currently priced at 9,200 - 9,400 VND/kg. Dried rice bran decreased by 200 VND, fluctuating between 5,700 - 5,900 VND/kg.
Export rice prices
On the export market, Vietnamese rice prices saw a slight decrease today. According to information from the Vietnam Food Association (VFA), the current export price of 100% broken rice is around 410 USD/ton, standard 5% broken rice is priced at 520 USD/ton, and 25% broken rice is priced at 485 USD/ton.
According to Ms. Tran Thu Quynh, Commercial Counselor of the Vietnamese Embassy in Canada, Canada is a large market for rice, with an import demand of approximately 500,000 tons per year. This market is showing an upward trend in demand, but also requires rice to meet stringent quality standards.
To ensure consistent rice varieties and quality in Canada, Ms. Quynh emphasized the need for coordination among all stakeholders, from local trade offices to importers, exporters, and distributors. This is especially important for Mr. Cua's ST25 rice brand, one of Vietnam's outstanding rice products.
According to Ms. Tran Thu Quynh, Vietnam's rice exports to Canada have achieved strong growth after 5 years of implementing the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Agreement. Before the Agreement came into effect, the value of Vietnam's rice exports to Canada was less than 6 million USD per year. However, after 5 years, Vietnam's rice exports have doubled, with forecasts in 2024 that Vietnam could export more than 15 million USD, raising Vietnam's market share in Canada to approximately 3.2%.
ST25 rice, Mr. Cua's renowned rice brand, is now officially available on the shelves of retailers in Canada. Ms. Tran Thu Quynh expects that Vietnam's high-quality ST25 rice will soon establish its position in this market, contributing to improving the quality of Vietnam's agricultural production in the international supply chain.
Canada has approximately 7 million people of Asian descent, with the Vietnamese community accounting for about 300,000, making it the fourth largest East Asian community in the country. Therefore, the demand for rice in Canada is quite stable. The Vietnamese Trade Office in Canada believes this presents a great opportunity for Vietnamese rice, especially given the increasing acceptance of Vietnamese rice in this market.
Ms. Tran Thu Quynh also stated that Vietnam is currently among the top 10 rice exporting countries to Canada, after countries such as the United States, Thailand, India, and Pakistan. Although Vietnam's market share of rice in Canada is still small, she believes that Vietnamese rice products have many opportunities to increase exports to this market. Canadian import partners have begun to recognize that the quality of Vietnamese rice is in no way inferior to that of Thai rice.
One point to note is that Vietnamese rice export figures to Canada may be lower than the actual number, as Vietnamese rice is often exported through the United States, then repackaged and transshipped to Canada. However, rice exports to Canada have been steadily increasing over the years. This suggests that Canadian importers are increasingly interested in importing rice directly from Vietnam, aiming to reduce their dependence on Thai and US rice.
