Rice prices on 08/14/2024: Market sees a uniform increase

Rice prices on August 14 domestically

The rice market on August 14 in the Mekong Delta saw a significant increase in some paddy varieties and a slight increase in rice prices.

Specifically, the price of paddy is high today with slow purchasing demand and limited supply. In Kien Giang, prices are trending up with stable transactions. In Soc Trang, farmers are quoting higher prices, but buying interest is slowing. In An Giang, the supply of Summer-Autumn paddy is still limited, leading to a slight increase in prices.

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

On the other hand, dry Long An sticky rice is priced at VND 7,000 - 7,900/kg; fresh IR 4625 sticky rice is around VND 7,500 - 7,800/kg.

IR 50404 paddy is holding steady at VND 7,400 - 7,600/kg (up VND 300); Dai Thom 8 paddy is at VND 7,800 - 8,300/kg (up VND 400-700).

OM 5451 paddy is at VND 7,800 - 8,100/kg (up VND 800-900); OM 18 paddy is priced at VND 8,000 - 8,300/kg (up VND 350-500); OM 380 paddy is at VND 6,800 - 7,100/kg; Japonica paddy is at VND 7,800 - 8,000/kg.

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

For rice, in the Mekong Delta region, the overall supply is limited, and warehouses are buying at stable prices.

In Sa Đéc (Dong Thap), rice prices are fluctuating with a low supply and a steady purchase rate. In An Cu (Soc Trang), rice transactions are stable with fewer high-quality grains.

Currently, the price of IR 504 Summer-Autumn raw rice is VND 11,600 - 11,700/kg (up to VND 50); the price of IR 504 processed rice is VND 13,600 - 13,700/kg.

Sticky rice prices are VND 16,000 - 20,000/kg; common rice is VND 15,000 - 16,000/kg; and Nang Nhen rice is VND 30,000/kg.

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

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

Taiwanese fragrant rice is priced at VND 21,000/kg; Japanese rice is steady at VND 22,000/kg. The price of OM 5451 broken rice is VND 9,400 - 9,500/kg, and dry bran is priced at VND 7,250 - 7,350/kg.

On the export market, 100% broken rice is at $ 440 USD/ton (up $ 5); 5% broken rice is $ 570/ton (up $ 8). The price for 25% broken rice is $ 536/ton (up $ 7).

Thus, rice prices on 08/14/2024, in the domestic market have increased across the board.

In the first half of 2024, the Philippines spent $ 1.2 billion on Vietnamese rice

According to the latest data from the Vietnam Trade Office in the Philippines, rice exports to this market in the first six months of 2024 reached $ 1.2 billion, up 41% compared to the same period last year.

In June this year, the Philippines reduced its rice import tax from 35% to 15%, effective until 2028, and plans to increase imports from 4 million to 4.5 million tons. This presents a significant opportunity for Vietnamese rice in the second half of the year.

However, despite the expanding export opportunities, many businesses remain cautious due to the high prices of input paddy and potential supply reductions caused by storms, which could affect rice supply towards the end of the year. This has raised concerns among businesses when signing new export contracts.

The Vietnam Trade Office in the Philippines recommends that businesses balance their costs to offer competitive prices and maintain market share. Additionally, the Ministry of Industry and Trade, the Embassy, and the Trade Office will support businesses in trade promotion activities, branding, and improving product quality to increase export value.

Last year, Vietnam exported over 3 million tons of rice to the Philippines, a 3% decrease from 2022. However, due to higher rice prices, the export value reached $ 1.75 billion, an increase of 17.6% compared to the previous year.

$ 1 = VND 24.850 - Source: Vietcombank