Rice prices today, November 8, 2024: Paddy prices increase, milled rice prices decrease.

Domestic rice prices

Rice prices in the Mekong Delta saw a slight downward adjustment today. Specifically, the price of IR 504 raw rice was purchased at around 10,350 - 10,450 VND/kg, a decrease of 100 VND/kg compared to the previous day. Similarly, the price of finished IR 504 rice also decreased by 50 to 100 VND/kg, currently fluctuating between 12,350 - 12,500 VND/kg.

At local markets, the prices of popular rice varieties have not changed significantly. Nang Nhen rice currently has the highest price, reaching 28,000 VND/kg. Other rice varieties 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 white rice and Soc rice also maintain relatively stable prices, ranging from 15,000 to 18,500 VND/kg.

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

According to information from the Department of Agriculture and Rural Development of An Giang province, rice prices today have been adjusted compared to yesterday. Specifically, the price of IR 50404 rice currently ranges from 7,000 - 7,300 VND/kg, an increase of 300 VND/kg compared to before. The price of Dai Thom 8 rice remains 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 (dried) rice has the highest price, reaching 20,000 VND/kg.

Prices of by-products have seen some slight adjustments. The price of dry rice bran has increased by 100 VND/kg, currently ranging from 6,900 to 7,000 VND/kg. Meanwhile, the price of fragrant broken rice remains stable, fluctuating between 9,300 and 9,500 VND/kg.

The glutinous rice market today remains unchanged compared to the previous day. The price of fresh Long An IR 4625 glutinous rice remains stable at 7,800 - 7,900 VND/kg. Similarly, the price of dried Long An IR 4625 glutinous rice also remains stable, fluctuating between 9,600 - 9,800 VND/kg.

Export rice prices

On the export market, Vietnamese rice prices remain unchanged compared to yesterday. Specifically, the price of 100% broken rice is at 427 USD/ton, standard 5% broken rice is priced at 524 USD/ton, and 25% broken rice is 495 USD/ton. These prices are stable compared to other rice markets.

Compared to other countries, the price of 5% broken rice from Thailand currently fluctuates around $486/ton, while Pakistani rice is cheaper at approximately $461/ton. The lowest prices belong to India, with 5% broken white rice priced at $444/ton and parboiled 5% broken rice at $439/ton.

According to the General Department of Customs, Vietnam's rice imports increased sharply in October. Over the past 10 months, Vietnamese businesses have spent nearly $1.2 billion importing rice, a 72.9% increase compared to the same period last year.

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

Experts from the Vietnam Food Association (VFA) stated that the domestic demand for low-grade rice is growing. Simultaneously, Vietnam is implementing a program to restructure the rice industry, focusing on increasing the area planted with high-quality rice varieties. Therefore, the search for cheaper rice sources for import is understandable.

Imported rice mainly consists of cheap broken rice from India, used in making cakes, noodles, processed foods, and animal feed. In addition, Vietnamese businesses also import rice from Cambodia, Myanmar, and Pakistan because the prices of these types of rice are lower than domestically produced rice.

Another important factor is the sharp decline in world rice prices, reaching their lowest levels in recent times. Therefore, businesses are taking advantage of this to import cheap rice, contributing to an increase in rice import value in October.

Quoc Duan