Rice export prices slightly decreased

Rice prices in the Mekong Delta region last week were adjusted down. Export rice prices also fluctuated slightly down.

According to the Vietnam Food Association, the highest price of regular rice at the field last week was 7,050 VND/kg, the average price was 6,971 VND/kg, down 136 VND/kg. The price of regular rice at the warehouse decreased by an average of 192 VND/kg, to 8,617 VND/kg; the highest price was 8,850 VND/kg.

Prices of rice products also decreased. Accordingly, 5% broken rice has the highest price of 13,350 VND/kg, the average price is 13,171 VND/kg, down 121 VND/kg. 15% broken rice has the highest price of 13,150 VND/kg, the average price is 12,908 VND/kg, down 183 VND/kg. 25% broken rice has the highest price of 12,750 VND/kg, the average price is 12,492 VND/kg, down 167 VND/kg.

The price of grade 1 white rice decreased by 175 VND/kg, the average price was 12,917 VND/kg. Grade 1 brown rice decreased by 217 VND/kg, the average price was 10,975 VND/kg.

In An Giang, according to the update of the Department of Agriculture and Rural Development, many types of rice have decreased in price last week such as: IR 50404 from 6,700 - 6,900 VND/kg, down 300 VND/kg; Dai Thom 8 from 7,100 - 7,200 VND/kg, down 200 VND/kg and OM 18 from 7,000 - 7,200 VND/kg, also down 200 VND/kg. Only Japanese rice remains unchanged from 7,800 - 8,000 VND/kg; OM 5451 from 6,800 - 7,100 VND/kg.

Regarding rice products in the retail market in An Giang , regular rice costs from 15,000 - 16,500 VND/kg; long-grain fragrant rice from 20,000 - 21,000 VND/kg; Jasmine rice from 18,000 VND/kg; common white rice 17,000 VND/kg, Nang Hoa rice 20,000 VND/kg...

The Ministry of Agriculture and Rural Development said that in the first half of the year, the whole country cultivated 5.03 million hectares, an increase of 0.9% over the same period last year; harvested 3.48 million hectares, an increase of 0.5%; average yield was 67.1 quintals/ha, an increase of 0.7 quintals/ha; output on harvested area was 23.3 million tons, an increase of 1.6%; in the Winter-Spring crop alone, 20.3 million tons, an increase of 0.7%.

Also in the first 6 months of the year, Vietnam exported 4.68 million tons of rice, up 10.4%; with a value of 2.98 billion USD, up 32% over the same period last year.

Last week alone, traders said Vietnam's 5% broken rice was offered at $575 per ton (July 4), down from $575 - $580 per ton last week.

Not only Vietnam, rice export prices from Thailand also fell this week amid slowing trading activity. Traders are waiting for a new import policy from the Philippines, a major import market, to take effect. Meanwhile, high shipping costs have reduced demand for Indian rice in Africa.

Specifically, the price of 5% broken rice from Thailand fell to 585 USD/ton in the session on July 4, the lowest level since April 25 and down from 595 USD/ton last week.

The Philippines is considering changing its import policy, a Bangkok-based trader said, adding that new rice supplies are expected this month and could push prices down further in the coming weeks.

Meanwhile, 5% broken parboiled rice prices from India, the top rice exporter, were offered at $541-$548 per tonne this week, unchanged from last week.

African buyers are price sensitive and are limiting purchases due to rising freight costs, said an exporter based in Kakinada in the southern Indian state of Andhra Pradesh.

Meanwhile, according to officials from the Bangladesh Ministry of Agriculture, although the country has approved the import of nearly 2 million tons of rice, as of April 2024, no rice shipments have been imported into the country.

The Bangladesh government is struggling to control rice prices. Rice prices in Bangladesh are high despite abundant production and reserves.

In the US agricultural market, wheat futures on the Chicago Board of Trade (CBOT) rose on July 5 amid a weaker US dollar. Corn and soybean futures also rose due to concerns about hot and dry weather affecting US crops.

Specifically, the price of soft red winter wheat for delivery in September 2024 on the CBOT closed up 16.5 cents to $5.905/bushel. The price of soybeans for delivery in November 2024 increased 8.25 cents to $11.2975/bushel. The price of corn for delivery in December 2024 increased 4.5 cents to $4.24/bushel (1 bushel of wheat/soybean = 27.2 kg; 1 bushel of corn = 25.4 kg).

Traders said trading activity was light as markets were closed on July 4 for the US Independence Day holiday and ahead of the weekend.

The US Department of Agriculture (USDA) said that wheat exports in the week ending June 27 totaled 805,300 tonnes in the 2024/25 crop year, higher than market estimates of 350,000 to 700,000 tonnes.

Additionally, forecasts of hot and dry weather in July 2024 are raising concerns about corn and soybeans during the critical pollination period.

Regarding the world coffee market, after a temporary suspension of trading due to the National Day holiday, the price of Arabica coffee on the New York floor increased sharply, while Robusta coffee on the London floor had its fourth price increase this week.

On the New York floor, the price of Arabica coffee for September 2024 delivery increased by 2.15 US cents compared to a week earlier to 228.95 US cents/lb.

In London, Robusta coffee prices for September 2024 delivery increased by 81 USD to 4,234 USD/ton, while Robusta prices for November 2024 delivery increased by 75 USD to 4,060 USD/ton.

In the Central Highlands, coffee prices increased by VND2,000/kg, reaching VND124,500/kg in Dak Nong.

Robusta coffee prices have rebounded recently as many Western roasters believe adverse weather will cause Vietnam’s coffee output to be lower than normal in the upcoming harvest, according to Bloomberg.

By Bich Hong - Minh Hang/Vietnam News Agency

Source: https://doanhnghiepvn.vn/kinh-te/gia-gao-xuat-khau-giam-nhe/20240707041130345