Rice price today October 28, 2024: Rice price increases and decreases in opposite directions

Rice price today October 28, 2024

Rice prices today, October 28, have not been adjusted compared to yesterday. Specifically, the price of raw IR 504 Summer-Autumn 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 today remain stable, with Nang Nhen rice having the highest listed price of VND28,000/kg; the price of common white rice today is at VND16,000/kg. However, the price of regular rice continues to be fixed at around VND15,000 - 16,000/kg, fragrant rice at VND17,000 - 23,000/kg. Jasmine rice is VND17,000 - 18,000/kg; Nang Hoa rice is VND21,500/kg; regular rice fluctuates around VND15,000 - 16,000/kg...

The price of long grain Thai fragrant rice is stable, long grain Thai fragrant rice is 20,000 - 22,000 VND/kg; Huong Lai rice is 23,000 VND/kg; Taiwanese fragrant rice is 21,000 VND/kg; Soc regular rice is 18,500 VND/kg; Soc Thai rice is 21,000 VND/kg; Japanese rice is 22,000 VND/kg.

Rice price today October 28, 2024

In localities such as Soc Trang and Dong Thap, the market recorded moderate transactions with small rice imports, however prices remained stable.

According to the update from the Department of Agriculture and Rural Development of An Giang province, today's rice price has not changed much compared to yesterday. IR 50404 rice is traded at 6,700 - 7,000 VND/kg. OM 380 rice slightly decreased by 100 - 200 VND/kg, to 7,000 - 7,200 VND/kg. In contrast, the price of OM 5451 rice increased by 100 VND/kg, currently reaching 7,200 - 7,500 VND/kg. Other types of rice such as OM 18, Dai Thom 8, and Nhat rice continue to maintain at 7,200 - 8,000 VND/kg. Notably, Nang Nhen rice (dry) currently has the highest price, up to 20,000 VND/kg.

By-product price today October 28, 2024

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

Besides, the glutinous rice market has not adjusted compared to yesterday. Long An IR 4625 glutinous rice (dry) 9,600 - 9,800 VND/kg is stable compared to yesterday. Long An 3-month glutinous rice (dry) 9,800 - 10,000 VND/kg is unchanged compared to yesterday.

Export rice price

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

Although Vietnamese rice has grown strongly in many other markets, exports to China are at a record low. In the past 9 months, Vietnam exported only 241 thousand tons of rice to China, earning 141.2 million USD, down 72% compared to the same period last year.

Previously, China was one of the largest customers of Vietnamese rice, accounting for 27.5% of total export value in 2012. Rice export value to China was quite stable from 2012 to 2016, with a spike in 2017, reaching nearly 1.03 billion USD and accounting for nearly 40% of total export value. However, in 2019, export turnover dropped to 240.3 million USD but recovered in the following years. Currently, the figure of 141.2 million USD is the lowest level ever, even lower than 192.9 million USD in the same period in 2019.

In addition, Vietnam’s rice is facing many challenges. Indonesia, a second-largest customer, has just canceled plans to buy 340,000 tons of rice and expanded the international tender to invite India to participate. At the same time, the US Department of Agriculture forecasts that India’s rice exports will increase to 21 million tons by 2025, while exports from Brazil, Pakistan, Thailand and Vietnam are forecast to decrease.

India’s lifting of the rice export ban and reduction of export tax on brown rice 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.