Rice prices today, October 31, 2024: Mixed increases and decreases.

Rice prices today, October 31, 2024

In the Mekong Delta, rice prices today saw some minor changes compared to yesterday. Specifically, the price of IR 504 raw rice increased slightly by 50 to 100 VND/kg, currently at 10,550 - 10,700 VND/kg. Conversely, the price of finished IR 504 rice decreased by 50 VND/kg, now only at 12,550 - 12,650 VND/kg.

At local markets, rice prices remained relatively unchanged. Nang Nhen rice was the most expensive, reaching 28,000 VND/kg. Other types of rice continued to fluctuate: regular rice from 15,000 - 16,000 VND/kg, fragrant rice from 17,000 - 23,000 VND/kg. Specifically, Jasmine rice costs 17,000 - 18,000 VND/kg, Nang Hoa rice 21,500 VND/kg, regular white rice around 15,000 - 16,000 VND/kg, long-grain Thai fragrant rice 20,000 - 22,000 VND/kg, Huong Lai rice 23,000 VND/kg, Taiwanese fragrant rice 21,000 VND/kg, regular Soc rice 18,500 VND/kg, Thai Soc rice 21,000 VND/kg, and Japanese rice 22,000 VND/kg.

Rice prices today, October 31, 2024

According to an update from the Department of Agriculture and Rural Development of An Giang province, today's rice prices have been adjusted compared to yesterday. IR 50404 is priced at 6,800 - 7,000 VND/kg, an increase of 100 VND/kg; Dai Thom 8 rice is priced at 7,800 - 8,000 VND/kg; OM 5451 rice is at 7,200 - 7,500 VND/kg; OM 18 rice is priced at 7,200 - 7,500 VND/kg; OM 380 rice fluctuates between 7,000 - 7,200 VND/kg; Nhat rice is at 7,800 - 8,000 VND/kg; and Nang Nhen (dried) rice is at 20,000 VND/kg.

By-product prices today, October 31, 2024

The price of by-products is currently fluctuating between 6,200 and 9,600 VND/kg. Specifically, the price of OM 5451 broken rice is 9,400 - 9,600 VND/kg, while the price of dry rice bran has slightly increased to 6,200 - 6,400 VND/kg (an increase of 100 - 150 VND/kg compared to yesterday).

Regarding glutinous rice, prices remain unchanged. Long An IR 4625 glutinous rice (dry) stays stable at 9,600 - 9,800 VND/kg, while Long An 3-month glutinous rice (dry) also remains stable at 9,800 - 10,000 VND/kg.

Today's export rice prices

On the export market, Vietnamese rice prices have been adjusted. According to the Vietnam Food Association, the price of 100% broken rice is currently 427 USD/ton, down 5 USD; standard 5% broken rice is 524 USD/ton, down 7 USD; and 25% broken rice is at 497 USD/ton, down 6 USD.

In the first nine months of 2024, Vietnam earned nearly $2 billion from rice exports to the Philippines, accounting for 42.86% of the country's total rice export value.

According to the Vietnam Trade Office in the Philippines, total bilateral trade between Vietnam and the Philippines during this period reached approximately US$6.5 billion, an increase of over 20% compared to the same period in 2023. Of this, Vietnam's exports to the Philippines reached over US$4.6 billion, an increase of 20.7%, while imports reached nearly US$1.9 billion, remaining at a similar level to the previous year.

Rice, a key export item from Vietnam to the Philippines, continues to maintain strong growth. In the first nine months, the value of rice exports reached US$1.98 billion, exceeding the 2023 figure by US$230 million, and the Philippines remains Vietnam's largest rice import market.

The Philippines is expected to continue increasing its rice import demand in the last three months of the year due to high consumption and crop damage caused by natural disasters. It is projected that rice imports from Vietnam in the fourth quarter could reach $500 million.

With the current growth momentum, bilateral trade between Vietnam and the Philippines is expected to exceed US$8 billion for the first time in 2024, estimated at around US$8.5 billion, and Vietnam could have a trade surplus of over US$3 billion.