Rice prices today, October 8, 2024: Rice prices increased slightly, paddy prices remained stable.

Rice prices today, October 8, 2024

On the rice market, rice prices have adjusted compared to yesterday. Currently, the price of IR 504 summer-autumn raw rice is 10,150 - 10,250 VND/kg. Meanwhile, the price of finished IR 504 rice is 12,600 - 12,700 VND/kg, an increase of 100 VND/kg.

At retail markets, rice prices remained unchanged for individual rice varieties. Currently, Nang Nhen rice is listed at the highest price of 28,000 VND/kg; Jasmine rice at 18,000 - 20,000 VND/kg; Nang Hoa rice at 20,000 VND/kg; regular white rice fluctuating around 15,000 - 16,000 VND/kg; long-grain Thai fragrant rice at 20,000 - 22,000 VND/kg; Huong Lai rice at 23,000 - 25,000 VND/kg; Taiwanese fragrant rice at 21,000 VND/kg; common white rice at 17,000 VND/kg; regular Soc rice at 18,000 - 18,500 VND/kg; Soc Thai rice at 21,000 VND/kg; and Japanese rice at 22,000 VND/kg.

According to data from the Vietnam Food Association (VFA), domestic rice prices fell slightly last week, with paddy at the farm gate decreasing by 507 VND/kg to an average of 6,736 VND/kg. Paddy at warehouses also decreased by 575 VND/kg to 8,342 VND/kg. Rice prices fell by 275-560 VND/kg, marking the lowest level in over a year after India eased rice export restrictions.

Rice prices today, October 8, 2024

According to an update from the Department of Agriculture and Rural Development of An Giang province, rice prices today remain unchanged compared to yesterday. Specifically: IR 50404 is priced at 6,800 - 7,000 VND/kg; Dai Thom 8 rice at 7,800 - 8,000 VND/kg; OM 5451 rice at 7,200 - 7,400 VND/kg; OM 18 rice at 7,500 - 7,800 VND/kg; OM 380 rice fluctuating between 7,200 - 7,300 VND/kg; Nhat rice at 7,800 - 8,000 VND/kg; and Nang Nhen (dried) rice at 20,000 VND/kg.

By-product prices today, October 8, 2024

Regarding by-products, the prices of various by-products range from 5,950 to 9,600 VND/kg. Currently, the price of OM 5451 broken rice is 9,400 - 9,600 VND/kg; the price of dry rice bran is 5,950 - 6,100 VND/kg.

In addition, the glutinous rice market remained unchanged compared to yesterday. Long An IR 4625 glutinous rice (dry) at 9,500 - 9,700 VND/kg remained stable compared to yesterday. Long An 3-month glutinous rice (dry) at 9,800 - 10,000 VND/kg also remained unchanged compared to yesterday.

Today's export rice prices

On the export market, the price of Vietnamese 5% broken rice slightly increased by $3/ton in the latest trading session, reaching $542/ton. However, the price of Thai 5% broken rice continued to slightly decrease by $2/ton, falling to $515/ton.

Meanwhile, the price of 5% broken rice in Pakistan and India remained stable, at $508/ton and $492/ton respectively.

Despite slight adjustments, the domestic rice market remains stable. However, the impact of global rice exports, particularly India's easing of export restrictions, may continue to affect rice prices in the coming period.

Experts from the Philippines, a leading rice importer, analyzed the market after India announced the opening of its rice reserves.

Philippine Agriculture Secretary Francisco Tiu Laurel Jr. expressed hope that India's lifting of its rice export ban would lower global rice prices.

Raul Montemayor of the Philippine Free Farmers Federation warned that the global drop in rice prices does not necessarily lead to lower retail prices in the Philippines. The reason is that local rice traders are not keen on Indian rice, even at a lower price, due to concerns about quality and reliability.

Former Deputy Secretary of Agriculture, Fermin D. Adriano, commented that while Vietnamese rice prices may fall to near Indian levels, Vietnam will remain a major supplier to the Philippines.

Vietnam and the Philippines have signed an agreement to supply between 1.5 and 2 million tons of rice annually for five years, ensuring a stable supply for the Philippines.

Philippine importers prefer rice from reliable Vietnamese 'suki' sellers over rice from India due to unfamiliarity with exporters there.