Rice price today November 13, 2024: Export rice price drops sharply
Rice price today November 13, 2024: Export rice price decreased sharply from 4 - 7 USD/ton. Domestic market fluctuated in opposite directions, rice price increased, paddy price decreased slightly
Domestic rice price
Today, rice prices in the Mekong Delta region fluctuated with an upward trend in rice prices and a downward trend in rice prices.
In areas such as Hau Giang and Long An, new rice transactions were quite low due to limited supply, however, rice prices were generally stable.
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, IR 50404 rice is being traded at 7,300 - 7,500 VND/kg, Dai Thom 8 rice is at 8,200 - 8,400 VND/kg. OM 5451 rice is priced at 7,400 - 7,600 VND/kg, a slight increase of 100 VND/kg. OM 18 rice is currently priced at 8,200 - 8,400 VND/kg, OM 380 rice fluctuates from 6,800 - 7,000 VND/kg, while Nhat rice is at 7,800 - 8,000 VND/kg. In particular, Nang Nhen rice (dry) has the highest price, reaching 20,000 VND/kg.
In the rice market, prices tend to decrease slightly. In localities such as An Giang and Dong Thap, rice purchasing activities are slow due to difficulties in finding good rice sources and low supply. The price of IR 504 Summer-Autumn raw rice has decreased by VND100-200/kg, fluctuating at VND10,300-10,500/kg. IR 504 finished rice has decreased by VND50/kg, to VND12,400-12,550/kg.
The price of rice by-products fluctuates between 6,100 - 9,400 VND/kg. OM 5451 broken rice decreased by 100 VND/kg, currently at 9,200 - 9,400 VND/kg. The price of dry bran decreased by 500 VND/kg, down to 6,100 - 6,200 VND/kg.
The sticky rice market today has not changed much. Long An IR 4625 sticky rice (fresh) is currently at 7,800 - 7,900 VND/kg, Long An IR 4625 sticky rice (dried) remains at 9,600 - 9,800 VND/kg, and 3-month-old Long An sticky rice (dried) fluctuates from 9,800 - 10,000 VND/kg.
Export rice price
In the export market, Vietnamese rice prices also decreased slightly. According to the Vietnam Food Association (VFA), the price of 100% broken rice is currently at $423/ton, down $4/ton. 5% broken rice is at $518/ton, down $6/ton, and 25% broken rice is at $488/ton, down $7/ton.
According to the Ministry of Industry and Trade, although Vietnam is the leading rice exporter with an output of over 8 million tons/year, rice exports to the UK only account for 0.2% of the market share, ranking 22nd. The UK imports about 700,000 tons of rice/year, in which Vietnam has to compete with countries such as India, Pakistan and Thailand.
Vietnamese rice in the UK mainly serves the Vietnamese and Asian communities, with brands such as Golden Lotus, Longdan Rice, and Buffalo Saigon. The UKVFTA agreement gives Vietnam a quota of nearly 14,000 tons of rice exported to the UK with tariff advantages, creating opportunities to expand market share.
The Vietnam Trade Office in the UK recommended that the Ministry of Industry and Trade encourage businesses to sign long-term contracts and that the State Bank increase credit to support rice purchases. The Ministry of Agriculture should also help farmers expand production according to Global GAP standards to meet international markets.