Rice price today November 27, 2024: Rice price stable, rice price slightly decreased
Rice price today November 27, 2024: Rice price is stable, few people buy. Rice price decreased slightly by 50 VND/kg compared to yesterday.
Domestic rice price
This morning, rice prices in the Mekong Delta did not fluctuate much compared to yesterday, remaining stable at the same price level.
Regarding rice prices, according to the update from the Department of Agriculture and Rural Development of An Giang province, fresh rice varieties such as IR 50404 and OM 5451 range from 7,600 to 7,800 VND/kg. OM 380 rice is priced lower, only about 7,000 VND/kg. Fresh OM 18 rice is priced higher, from 8,500 to 8,600 VND/kg, while Nang Hoa 9 rice ranges from 8,400 to 8,600 VND/kg. Other rice varieties such as Japanese rice and Dai Thom 8 rice (fresh) range from 7,800 to 8,000 VND/kg and 8,600 to 8,800 VND/kg respectively.
In many localities, rice transactions are slow, new purchase demand is not high, leading to no major changes in rice prices. Specifically, in An Giang, the market is still quiet, and rice prices have not changed compared to the previous day. In Soc Trang, the amount of rice ready for harvest is small, transactions are not active and there are few buyers. In Long An, the amount of rice being cut is better than in Kien Tuong, but transactions are still quite slow.
Regarding rice prices, information from the Department of Agriculture and Rural Development of An Giang province said that the price of IR 504 raw rice today decreased slightly by about 50 VND, ranging from 10,300 - 10,400 VND/kg. Finished rice IR 504 also decreased by 50 VND, ranging from 12,400 - 12,500 VND/kg.
In the localities, the amount of fragrant and sticky rice today is quite low, making it difficult to buy high-quality rice. Specifically, in Sa Dec (Dong Thap), the amount of rice is less than yesterday, export warehouses also ask to buy a lot but it is very difficult to choose good rice. In An Cu (Cai Be, Tien Giang), the amount of rice is weak, there is little good rice, however, the price of all types of rice remains stable.
At retail markets, rice prices have not changed much compared to yesterday. Regular rice prices remain at VND16,000 - 17,000/kg. Nang Nhen rice, a premium rice variety, has the highest listed price of VND28,000/kg. Fragrant rice, Jasmine, and Huong Lai rice range from VND17,000 - 22,000/kg depending on the type. Nang Hoa rice costs about VND21,500/kg, while Soc Thai rice and Nhat rice cost from VND21,000 - 22,500/kg.
Regarding by-products, the prices of fragrant rice bran and dried bran also decreased slightly. Specifically, fragrant rice bran decreased by VND100, currently priced at VND9,200 - VND9,400/kg. Dried bran decreased by VND200, fluctuating between VND5,700 - VND5,900/kg.
Export rice price
In the export market, Vietnamese rice prices decreased slightly today. According to information from the Vietnam Food Association (VFA), the current export price of 100% broken rice fluctuates at 410 USD/ton, 5% standard rice is priced at 520 USD/ton, and 25% broken rice is priced at 485 USD/ton.
Trade Counselor of the Vietnamese Embassy in Canada, Ms. Tran Thu Quynh, said that Canada is a large rice consuming market, with an import demand of about 500,000 tons per year. This market is still showing an increasing demand, but also requires rice to meet strict quality standards.
In order for rice imported into Canada to be stable in terms of variety and quality, Ms. Quynh emphasized the need for coordination between relevant parties, 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 Agreement for Trans-Pacific Partnership (CPTPP). Before the Agreement was implemented, the value of Vietnam's rice exports to Canada was only less than 6 million USD per year. However, after 5 years, Vietnam's rice exports have doubled, with forecasts that in 2024, Vietnam could export more than 15 million USD, raising Vietnam's rice market share in Canada to about 3.2%.
ST25 rice, Mr. Cua’s famous rice brand, is now officially available on the shelves of retailers in Canada. Ms. Tran Thu Quynh hopes that Vietnam’s high-quality ST25 rice will soon affirm its position in this market, contributing to improving the quality of Vietnam’s agricultural production in the international supply chain.
Canada is a country with about 7 million people of Asian origin, of which the Vietnamese community accounts for about 300,000 people, the 4th largest Asian community in this country. Therefore, the demand for rice consumption in Canada is quite stable. The Vietnam Trade Office in Canada believes that this is a great opportunity for Vietnamese rice, especially in the context that Vietnamese rice is gradually being accepted by this market.
Ms. Tran Thu Quynh also said that Vietnam is currently among the top 10 largest rice exporting countries to Canada, after countries such as the United States, Thailand, India and Pakistan. Although the market share of Vietnamese 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 realize that the quality of Vietnamese rice is not inferior to that of Thai rice.
One thing to note is that the figures for Vietnam’s rice exports to Canada may be lower than the actual figure, as Vietnamese rice is often exported through the United States, then repackaged and transshipped to Canada. However, rice exports to Canada have increased steadily over the years. This shows that Canadian importers are gradually interested in importing rice directly from Vietnam, in order to reduce their dependence on rice from Thailand and the United States.
