Rice prices on 08/13/2024: Rice continues to increase in price

Rice prices on August 13 domestically

In the Mekong Delta region, rice prices on August 13 have slightly increased for some varieties.

Specifically, paddy prices are high today due to limited supply and strong demand. In Can Tho, the demand for paddy is strong, causing prices to rise slightly. In Long An, paddy transactions are relatively high, with prices increasing slightly. In other areas of Long An, paddy prices are stable with substantial trading; meanwhile, demand in Soc Trang remains steady.

Currently, the price of fresh An Giang glutinous rice is around VND 7,000 - 7,200/kg, while fresh Long An glutinous rice is priced at VND 7,400 - 7,600/kg.

Long An (dry) glutinous rice is priced at VND 7,000 - 7,900/kg, and fresh IR 4625 glutinous rice is around VND 7,500 - 7,800/kg.

The price of IR 50404 paddy is steady at VND 6,900 - 7,000/kg, while Dai Thom 8 paddy is around VND 7,400 - 7,600/kg.

OM 5451 paddy is priced at VND 7,000 - 7,200/kg; OM 18 paddy is VND 7,650 - 7,800/kg; OM 380 paddy is around VND 6,800 - 7,100/kg; and Japonica paddy is priced at VND 7,800 - 8,000/kg.

Nang Nhen (dry) paddy is traded at VND 20,000/kg, and Nang Hoa 9 is priced at VND 6,900 - 7,000/kg.

For rice, the Mekong Delta region generally sees high demand with elevated prices due to limited supply.

Meanwhile, in Can Tho, rice prices are trending upwards with significant demand. In Long An, rice demand is also high, with stable trading. In Kien Giang, rice prices have increased slightly with consistent demand.

The price of IR 504 summer-autumn rice is VND 11,550 - 11,650/kg (an increase of VND 100); finished IR 504 rice is priced at VND 13,600 - 13,700/kg (an increase of VND 50-100).

Sticky rice prices range from VND 16,000 - 20,000/kg; common rice is priced at VND 15,000 - 16,000/kg; Nang Nhen rice is VND 30,000/kg.

Thai fragrant long-grain rice is priced at VND 20,000 - 21,000 /kg; Jasmine rice is 18,000 - 20,000 VND/kg; while Huong Lai rice remains at VND 20,000/kg.

Common white rice is bought at VND 17,000/kg; Nang Hoa rice is at VND 20,000/kg; Soc rice is around VND 18,500/kg; and Soc Thai rice is VND 20,000/kg.

Taiwan fragrant rice is priced at VND 21,000/kg; Japanese rice remains at VND 22,000/kg. Broken OM 5451 rice is at VND 9,400 - 9,500/kg (an increase of VND 100-200), and dry rice bran is priced at VND 7,250 - 7,350/kg.

On the export market, 100% broken rice is priced at $ 435/ton; 5% broken rice is at $ 562/ton; and 25% broken rice is at $ 525/ton.

Thus, domestic rice prices on 08/13/2024, have seen a slight increase in some varieties.

Rice prices fluctuate widely: farmers happy, businesses worried:

Amid rising raw material costs and increased transportation expenses, Vietnam's rice export sector faces significant challenges. While paddy prices at the farm level have surged, export rice prices have been continuously falling, posing a risk of losses for businesses in the final months of the year.

According to the Vietnam Food Association (VFA), paddy prices have reached VND 7,450/kg, up nearly VND 300 from July. Regular paddy prices in storage have also increased to VND 9,200/kg, up to VND 500.

Although this is good news for farmers, exporters are under considerable pressure. Importers are demanding lower prices, forcing businesses to trade cautiously.

In addition to price pressures, exporters are facing high transportation costs due to international conflicts and exchange rate fluctuations.

Recently, Vietnamese businesses have been accused of "inflating rice prices" in exports to Indonesia. The Indonesian National Logistics Agency and the National Food Agency are under investigation for alleged corruption related to rice imports from Vietnam. This could lead to Indonesia temporarily halting rice purchases from Vietnam, severely impacting supply and export volumes.

Despite the risks, organizations and export businesses remain hopeful for a rise in rice prices in the near future. The VFA reports that stock levels in many countries are low due to El Nino. Additionally, supply from tropical countries like Vietnam, Cambodia, and Thailand is expected to decrease in the latter half of the year due to adverse weather.

The Food and Agriculture Organization (FAO) forecasts that the proportion of countries facing food insecurity has reached 30.4% of the global population, with nearly 30 countries implementing restrictions or bans on food exports to protect domestic supplies. Therefore, rice prices may increase again in the latter half of the year.

$ 1 = VND 24.920 - Source: Vietcombank.