Rice price today November 28, 2024: Rice price increased slightly, rice price decreased

Domestic rice price

According to information from the Department of Agriculture and Rural Development of An Giang province, rice prices in the province are currently fluctuating as follows: IR 50404 rice (fresh) is from 7,600 - 7,800 VND/kg, OM 5451 rice increased by 200 VND, reaching 7,800 - 8,000 VND/kg, OM 380 rice fluctuates at 7,000 VND/kg. OM 18 rice (fresh) increased by 300 VND to 8,800 - 9,000 VND/kg. Other types of rice such as Nang Hoa 9 are priced from 8,400 - 8,600 VND/kg, Nhat rice is from 7,800 - 8,000 VND/kg, and Dai Thom 8 rice (fresh) also increased by 200 VND, reaching 8,800 - 9,100 VND/kg.

Currently, farmers are offering a lot of Autumn-Winter rice, but the demand is mainly for fragrant rice, while there are few buyers for flat rice and the price has fluctuated slightly. In An Giang, the demand for Autumn-Winter rice is still low, while Tra Vinh has a better demand for rice when the harvest will be simultaneous next week. In Long An, although farmers are offering a lot of Autumn-Winter rice, due to the low recovery price, the demand for rice is quite slow, mainly for a small amount of fragrant rice.

Regarding rice prices, according to updates from An Giang, IR 504 raw rice decreased by VND100, to VND10,200 - 10,300/kg; IR 504 finished rice also decreased by VND100, to VND12,300 - 12,400/kg. At retail markets, rice prices did not change much compared to yesterday. Regular rice fluctuated from VND16,000 - 17,000/kg, Nang Nhen rice had the highest price at VND28,000/kg. Fragrant rice varieties such as Jasmine cost from VND17,000 - 18,000/kg, Nang Hoa VND21,500/kg, Huong Lai VND22,000/kg, and long-grain Thai fragrant rice from VND20,000 - 22,000/kg. Other types of rice such as Soc rice usually cost 18,500 VND/kg, Soc Thai rice costs 21,000 VND/kg, and Japanese rice costs 22,500 VND/kg.

Export rice price

In the export market, Vietnamese rice prices remain stable and maintain their leading position in the region. Vietnam’s 5% broken white rice is currently priced at $520 per ton, higher than the same type of rice from Thailand ($493 per ton) and Pakistan ($455 per ton). India’s 5% broken rice price is still the lowest at $453 per ton.

According to Reuters, Indonesia's Coordinating Minister for Food Affairs, Zulkifli Hasan, recently shared that Indonesia may not need to import rice by 2025.

Data from the Indonesian Statistics Bureau shows that the country's rice production this year is estimated to decrease by 2.43% to only about 30.34 million tons. The main reason is that the drought in 2023 has greatly affected the progress of rice cultivation and harvesting.

Over the past two years, Indonesia's rice imports have increased significantly, exceeding 3 million tons per year. In 2023, the country aims to import 3.6 million tons of rice to meet domestic demand.

Indonesia is implementing a plan to expand rice cultivation area from 750,000 to 1 million hectares by 2025. This is part of the strategy to achieve food self-sufficiency set by President Prabowo Subianto.

Mr. Zulkifli Hasan said that next year, if Indonesia needs to import, it may only import a small amount depending on supply. In addition, the unallocated imported rice portion this year will be transferred to 2024.

As Vietnam's second largest rice import market, Indonesia's decision to not import rice by 2025 could be a negative signal for Vietnam's rice export industry.