Rice prices today, November 4, 2024: Market remains stable.

Domestic rice prices

In localities such as An Giang, Soc Trang, and Dong Thap, the rice market is experiencing sluggish trading. Buying and selling is slow, there is a shortage of good quality rice, and prices for all types of rice remain stable.

Rice prices remain unchanged compared to yesterday. Specifically, the price of IR 504 summer-autumn raw rice ranges from 10,600 to 10,700 VND/kg, while the price of finished IR 504 rice is 12,550 to 12,650 VND/kg.

At retail markets, rice prices also remained unchanged. Nang Nhen rice had the highest price at 28,000 VND/kg. Regular rice varieties ranged from 15,000 to 16,000 VND/kg; fragrant rice from 17,000 to 23,000 VND/kg; Jasmine rice from 17,000 to 18,000 VND/kg; Nang Hoa rice at 21,500 VND/kg; regular white rice fluctuated around 15,000 - 16,000 VND/kg; long-grain Thai fragrant rice from 20,000 to 22,000 VND/kg; Huong Lai rice at 23,000 VND/kg; Taiwanese fragrant rice at 21,000 VND/kg; regular Soc rice at 18,500 VND/kg; Thai Soc rice at 21,000 VND/kg; and Japanese rice at 22,000 VND/kg.

In the rice market, particularly in Dong Thap and An Giang provinces, rice prices are currently stable, but purchasing power remains low.

According to updates from the Department of Agriculture and Rural Development of An Giang province, rice prices today have seen slight adjustments compared to yesterday. Specifically, IR 50404 rice ranges from 6,800 to 7,100 VND/kg; Dai Thom 8 rice is at 7,800 to 8,000 VND/kg; OM 5451 rice is from 7,300 to 7,600 VND/kg; OM 18 rice is priced from 8,400 to 8,500 VND/kg; OM 380 rice is from 7,000 to 7,200 VND/kg; Nhat rice is at 7,800 to 8,000 VND/kg; and Nang Nhen (dried) rice is at 20,000 VND/kg.

Regarding by-products, the prices of various by-products are currently fluctuating from 6,700 to 9,600 VND/kg. Specifically, the price of OM 5451 broken rice is from 9,300 to 9,600 VND/kg, while the price of dry rice bran remains at 6,700 to 6,800 VND/kg, unchanged from yesterday.

The glutinous rice market also remained unchanged compared to yesterday. The price of fresh Long An IR 4625 glutinous rice was between 7,800 and 7,900 VND/kg, while the price of dried Long An IR 4625 glutinous rice ranged from 9,600 to 9,800 VND/kg, also stable compared to yesterday.

Export rice prices

In the export market, Vietnamese rice prices also remained unchanged. According to the Vietnam Food Association (VFA), the price of 100% broken rice was $427/ton, standard 5% broken rice was $524/ton, and 25% broken rice was $495/ton.

Rice prices are currently fluctuating, but this will not affect Vietnam's rice export targets for 2024. It is predicted that from now until the end of the year, Vietnam's rice exports will remain stable, with total annual export value potentially exceeding $5 billion.

According to information from the Ministry of Agriculture and Rural Development, in October 2024, the volume of rice exports was estimated at 800,000 tons, bringing in 505 million USD. The total volume and value of rice exports in the first 10 months of the year reached nearly 7.8 million tons and 4.86 billion USD, an increase of 10.2% in volume and 23.4% in value compared to the same period in 2023.

The average export price of rice in the first 10 months of 2024 is estimated at US$626.2 per ton, an increase of 12% compared to the previous year. Notably, according to the Vietnam Trade Office in the Philippines, Vietnamese rice continues to account for nearly 80% of the country's rice imports.

Experts believe that, although rice prices are favorable for businesses, to achieve export targets in 2024, businesses must maintain rice quality across shipments and ensure competitiveness. Unfair competition must be avoided, as this could harm many exporting businesses.

Mr. Hoang Trong Thuy, an agricultural expert, believes that rice exports will be a bright spot in the economy. Therefore, businesses need to closely monitor market developments and consumer demand to find niche markets.