Rice price today October 8, 2024: Rice price increased slightly, paddy price was stable

Rice price today 10/8/2024

In the rice market, rice prices recorded an adjustment compared to yesterday. Currently, the price of raw IR 504 Summer-Autumn rice is at 10,150 - 10,250 VND/kg. Meanwhile, the price of finished IR 504 rice is at 12,600 - 12,700 VND/kg, an increase of 100 VND/kg.

At retail markets, rice prices have not been adjusted for individual rice products. Currently, Nang Nhen rice has the highest listed price of VND28,000/kg; Jasmine rice is VND18,000 - 20,000/kg; Nang Hoa rice is VND20,000/kg; regular rice fluctuates around VND15,000 - 16,000/kg; long-grain fragrant rice is VND20,000 - 22,000/kg; Huong Jasmine rice is VND23,000 - 25,000/kg; Taiwanese fragrant rice is VND21,000/kg; common white rice is VND17,000/kg; regular Soc rice is VND18,000 - 18,500/kg; Thai Soc rice is VND21,000/kg; Japanese rice is VND22,000/kg.

According to data from the Vietnam Food Association (VFA), domestic rice prices fell slightly last week, with paddy in the field falling by VND507 per kg to an average of VND6,736 per kg. Paddy in warehouses also fell by VND575 per kg to VND8,342 per kg. Rice prices fell by VND275 to VND560 per kg, marking the lowest decline in more than a year after India eased restrictions on rice exports.

Rice price today 10/8/2024

Update from the Department of Agriculture and Rural Development of An Giang province said that today's rice price recorded no adjustment compared to yesterday. Specifically: IR 50404 price is at 6,800 - 7,000 VND/kg; Dai Thom 8 rice is at 7,800 - 8,000 VND/kg, OM 5451 rice is at 7,200 - 7,400 VND/kg; OM 18 rice is at 7,500 - 7,800 VND/kg; OM 380 fluctuates at 7,200 - 7,300 VND/kg; Nhat rice is at 7,800 - 8,000 VND/kg and Nang Nhen rice (dry) is at 20,000 VND/kg.

By-product price today 10/8/2024

For by-products, the price of by-products of all kinds fluctuates between 5,950 - 9,600 VND/kg. Currently, the price of OM 5451 broken rice is at 9,400 - 9,600 VND/kg; the price of dry bran is at 5,950 - 6,100 VND/kg.

Besides, the glutinous rice market has not adjusted compared to yesterday. Long An IR 4625 glutinous rice (dry) 9,500 - 9,700 VND/kg is stable compared to yesterday. Long An 3-month glutinous rice (dry) 9,800 - 10,000 VND/kg is unchanged compared to yesterday.

Rice export price today

In the export market, the price of 5% broken rice from Vietnam increased slightly by 3 USD/ton in the latest trading session, reaching 542 USD/ton. However, the price of 5% broken rice from Thailand continued to decrease slightly by 2 USD/ton, reaching 515 USD/ton.

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

Despite the slight adjustment, the domestic rice market remains stable. However, the impact of the global rice export situation, especially India's easing of export restrictions, may continue to affect rice prices in the coming time.

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

Philippine Agriculture Secretary Francisco Tiu Laurel Jr. expressed hope that India's lifting of the rice export ban will bring down global rice prices.

Raul Montemayor, of the Philippine Free Farmers Federation, warned that lower global rice prices would not necessarily translate into lower retail prices in the Philippines, as local rice traders do not prefer Indian rice, even at cheaper prices, due to concerns about quality and reliability.

Former Agriculture Undersecretary Fermin D. Adriano said that while Vietnamese rice prices may fall closer to Indian prices, Vietnam will still be the main supplier to the Philippines.

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

Philippine importers prefer rice from Vietnamese 'suki', who are trusted sellers, over rice from India due to unfamiliarity with exporters there.