Rice price today 11/8/2024: Rice price increases, rice price decreases

Domestic rice price

Rice prices in the Mekong Delta today have slightly decreased. Specifically, the price of IR 504 raw rice is purchased at around 10,350 - 10,450 VND/kg, down 100 VND/kg compared to the previous day. Along with that, the price of IR 504 finished rice also decreased from 50 to 100 VND/kg, currently fluctuating between 12,350 - 12,500 VND/kg.

At retail markets, prices of popular rice varieties have not changed much. Nang Nhen rice currently has the highest price, up to 28,000 VND/kg. Other types of rice also maintain stable prices, with regular rice ranging from 15,000 - 16,000 VND/kg, fragrant rice from 17,000 - 23,000 VND/kg, and Jasmine rice from 17,000 - 18,000 VND/kg. Rice varieties such as Huong Lai rice and Taiwanese fragrant rice are priced at 23,000 VND/kg and 21,000 VND/kg, respectively. Regular rice and Soc rice also maintain relatively stable prices, from 15,000 to 18,500 VND/kg.

Rice trading in Hau Giang and Kien Giang provinces is currently quite slow, with low transaction volume and stable rice prices.

According to information from the Department of Agriculture and Rural Development of An Giang province, today's rice prices have been adjusted compared to yesterday. Specifically, the price of IR 50404 rice is currently fluctuating from 7,000 - 7,300 VND/kg, an increase of 300 VND/kg compared to before. The price of Dai Thom 8 rice is stable at 8,300 VND/kg. OM 5451 rice is priced from 7,400 - 7,600 VND/kg, while OM 18 rice is priced at 8,100 VND/kg. OM 380 rice ranges from 7,000 - 7,200 VND/kg. Japanese rice is currently priced from 7,800 - 8,000 VND/kg, while Nang Nhen rice (dry) has the highest price, reaching 20,000 VND/kg.

Prices of by-products have slightly adjusted. The price of dried bran has increased by VND100/kg, currently fluctuating between VND6,900 - 7,000/kg. The price of fragrant rice bran remains stable, fluctuating between VND9,300 - 9,500/kg.

Today's glutinous rice market has no change compared to the previous day. The price of Long An IR 4625 glutinous rice (fresh) remains stable at 7,800 - 7,900 VND/kg. Similarly, the price of Long An IR 4625 glutinous rice (dried) also remains stable, fluctuating from 9,600 - 9,800 VND/kg.

Export rice price

In the export market, Vietnamese rice prices are currently unchanged compared to yesterday. Specifically, the price of 100% broken rice from Vietnam is at 427 USD/ton, 5% broken rice is 524 USD/ton and 25% broken rice is 495 USD/ton. This is a stable price compared to other rice markets.

Compared to other countries, Thailand's 5% broken rice price is currently hovering around $486 per tonne, while Pakistan's is priced lower at around $461 per tonne. The lowest price belongs to India, with 5% broken white rice priced at $444 per tonne and 5% broken parboiled rice at $439 per tonne.

According to the General Department of Customs, Vietnam's rice imports increased sharply in October. Over the past 10 months, Vietnamese businesses spent nearly 1.2 billion USD to import rice, an increase of 72.9% over the same period last year.

In particular, in October 2024, the value of rice imports reached 148 million USD, an increase of 225%, equivalent to nearly 3.3 times compared to October 2023.

Experts from the Vietnam Food Association (VFA) said that the domestic demand for low-grade rice is increasing. At the same time, Vietnam is implementing a program to restructure the rice industry, focusing on increasing the area planted with high-quality rice varieties. Therefore, finding cheap rice sources to import is understandable.

Imported rice is mainly cheap broken rice from India, used to make cakes, noodles, processed foods and animal feed. In addition, Vietnamese businesses also import rice from Cambodia, Myanmar and Pakistan because the price of these types of rice is lower than domestically produced rice.

Another important factor is that world rice prices are currently falling sharply, reaching their lowest level in recent times. Therefore, businesses are taking advantage of importing cheap rice, contributing to the increase in rice import turnover in October.