Rice prices today, October 28, 2024: Prices fluctuate with increases and decreases.

Rice prices today, October 28, 2024

Rice prices today, October 28th, remain unchanged compared to yesterday. Specifically, the price of IR 504 summer-autumn raw rice remains at 10,500 - 10,600 VND/kg; finished IR 504 rice is at 12,600 - 12,700 VND/kg.

At retail markets, rice prices remained stable today, with Nang Nhen rice having the highest listed price at 28,000 VND/kg; common white rice was priced at 16,000 VND/kg. However, regular rice prices continued to be fixed at around 15,000 - 16,000 VND/kg, fragrant rice at 17,000 - 23,000 VND/kg. Jasmine rice was 17,000 - 18,000 VND/kg; Nang Hoa rice at 21,500 VND/kg; and regular white rice fluctuated around 15,000 - 16,000 VND/kg...

Prices for Thai long-grain fragrant rice remain stable: Thai long-grain fragrant rice is 20,000 - 22,000 VND/kg; Jasmine rice is 23,000 VND/kg; Taiwanese fragrant rice is 21,000 VND/kg; regular Soc rice is 18,500 VND/kg; Soc Thai rice is 21,000 VND/kg; and Japanese rice is 22,000 VND/kg.

Rice prices today, October 28, 2024

In localities such as Soc Trang and Dong Thap, the market recorded sluggish transactions with low rice supply, but prices remained stable.

According to an update from the Department of Agriculture and Rural Development of An Giang province, rice prices today remain largely unchanged compared to yesterday. IR 50404 rice is trading at 6,700 - 7,000 VND/kg. OM 380 rice decreased slightly by 100 - 200 VND/kg, to 7,000 - 7,200 VND/kg. Conversely, OM 5451 rice increased by 100 VND/kg, currently reaching 7,200 - 7,500 VND/kg. Other rice varieties such as OM 18, Dai Thom 8, and Japanese rice continue to maintain prices at 7,200 - 8,000 VND/kg. Notably, Nang Nhen (dried) rice currently has the highest price, reaching 20,000 VND/kg.

By-product prices today, October 28, 2024

Regarding by-products, the prices of various by-products range from 6,100 to 9,600 VND/kg. Currently, the price of OM 5451 broken rice is stable at 9,500 - 9,600 VND/kg compared to yesterday; the price of dry rice bran is stable at 6,100 - 6,200 VND/kg compared to yesterday.

In addition, the glutinous rice market remained unchanged compared to yesterday. Long An IR 4625 glutinous rice (dry) at 9,600 - 9,800 VND/kg remained stable compared to yesterday. Long An 3-month glutinous rice (dry) at 9,800 - 10,000 VND/kg also remained unchanged compared to yesterday.

Export rice prices

On the export market, Vietnam's rice export prices remained unchanged compared to yesterday. According to the Vietnam Food Association (VFA), 100% broken rice was priced at US$432/ton; standard 5% broken rice at US$531/ton; and 25% broken rice at US$503/ton.

Although Vietnamese rice exports have seen strong growth in many other markets, exports to China are at a record low. In the past nine months, Vietnam only exported 241,000 tons of rice to China, earning $141.2 million, a decrease of 72% compared to the same period last year.

Previously, China was one of Vietnam's largest rice customers, accounting for 27.5% of total export value in 2012. Rice exports to China remained relatively stable from 2012 to 2016, with a surge in 2017, reaching nearly US$1.03 billion and accounting for almost 40% of total export value. However, in 2019, export turnover dropped to US$240.3 million but recovered in subsequent years. Currently, the figure of US$141.2 million is the lowest ever, even lower than the US$192.9 million recorded in the same period of 2019.

Furthermore, Vietnamese rice is facing several challenges. Indonesia, a major customer, recently canceled plans to purchase 340,000 tons of rice and expanded its international tender to include India. At the same time, the US Department of Agriculture forecasts Indian rice exports to increase to 21 million tons by 2025, while forecasts a decline in exports from Brazil, Pakistan, Thailand, and Vietnam.

India's lifting of the rice export ban and the reduction of export duties on brown and parboiled rice from 20% to 10% will also affect Vietnam's rice export prices. Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department (Ministry of Industry and Trade), emphasized that businesses and associations need to closely monitor the situation to make timely adjustments.