Rice price today October 3, 2024: Export rice price drops sharply

Rice price today October 3, 2024

Rice prices in the market have increased slightly, with an increase of 100 to 200 VND/kg compared to yesterday. Specifically, raw IR 504 Summer-Autumn rice is currently priced from 9,800 to 10,000 VND/kg, while finished IR 504 rice is priced from 12,300 to 12,500 VND/kg.

At retail markets, the prices of rice varieties have not changed much. Nang Nhen rice has the highest price at 28,000 VND/kg. Other rice varieties such as Jasmine rice costs from 18,000 to 20,000 VND/kg, Nang Hoa rice 20,000 VND/kg, and regular rice costs from 15,000 to 16,000 VND/kg.

Long grain fragrant rice costs from 20,000 to 22,000 VND/kg, Jasmine rice 18,000 VND/kg, Taiwanese fragrant rice 21,000 VND/kg, regular white rice 17,000 VND/kg, regular Soc rice from 18,000 to 18,500 VND/kg, Thai Soc rice 21,000 VND/kg, and Japanese rice 22,000 VND/kg.

Rice price today October 3, 2024

In the Mekong Delta, rice prices are falling today. According to information from the Department of Agriculture and Rural Development of An Giang province:

IR 50404 rice price today is 6,900 - 7,000 VND/kg. Dai Thom 8 rice price is from 7,800 - 8,000 VND/kg.

OM 5451 rice is sold at 7,200 - 7,400 VND/kg. OM 18 rice has a stable price, unchanged from yesterday, at 7,500 - 7,800 VND/kg.

Some other types of rice have decreased in price from 100 - 300 VND/kg. OM 380 rice is priced from 7,200 - 7,300 VND/kg.

Japanese rice price remains at 7,800 - 8,000 VND/kg. Nang Nhen rice (dried) has the highest price at 20,000 VND/kg.

By-product price today October 3, 2024

The current prices of by-products range from 6,000 to 9,600 VND/kg. Specifically, the price of OM 5451 broken rice is from 9,500 to 9,600 VND/kg, while the price of dry bran is from 6,000 to 6,100 VND/kg.

The sticky rice market remained unchanged from yesterday, with the price of Long An IR 4625 sticky rice (dry) ranging from VND9,500 to VND9,700/kg and Long An 3-month sticky rice (dry) ranging from VND9,800 to VND10,000/kg.

Rice export price today

In the export market, Vietnamese rice prices have dropped sharply compared to yesterday. According to the Vietnam Food Association, 100% broken rice fell by $5 to $449 per ton, 5% standard rice also fell by $5 to $557 per ton, and 25% broken rice fell by $5 to $525 per ton.

India has officially lifted its ban on rice exports, but this will not have a major impact on Vietnamese rice prices until the end of 2024. Previously, India was the world's leading rice exporter, accounting for 40% of the market. Their decisions could impact the global rice market.

Ms. Phan Mai Huong, co-founder of SSResource Media Pte.Ltd, commented that India's decision was not surprising and did not cause a strong market reaction. India opened its white rice market but with a floor price of 490 USD/ton, not allowing dumping.

Myanmar and Pakistan have reduced their rice export prices to $470-$500 per ton to compete, while Vietnamese rice prices have also decreased due to the falling USD/VND exchange rate and limited supply.

Mr. Do Ha Nam, Vice President of the Vietnam Food Association, was not surprised by India's decision and said that Indian rice is mainly low-grade, while Vietnamese fragrant rice competes mainly with Thailand. Indonesia is the main market for Vietnamese popular rice.

A major rice exporter in the Mekong Delta recently won a bid for $553/ton, delivered at the destination port, equivalent to about $523/ton at the origin port. This price is not much higher than the Indian floor price, although the transportation cost is higher. The quality of Vietnamese rice is considered higher, which may reduce the price but not significantly.

Mr. Nguyen Vinh Trong, Director of Viet Hung Company Limited, said that the price of Vietnam's popular white rice exports decreased by 5 - 10 USD/ton after India returned to the world rice market.

Domestic rice prices also fell by VND100-200/kg. However, the prices of fragrant rice such as Jasmine and Dai Thom 8 remained stable due to limited supply and high demand from markets such as the Philippines, Hong Kong and Africa.

According to Mr. Trong, after India eased its ban on rice exports, Chinese traders hoped that the price of Vietnamese rice would decrease to increase imports. However, due to the high price of Vietnamese rice, the Chinese market only imported a small amount, mainly glutinous rice.