Export rice price remains below 400 USD/ton

Export rice prices remain below US$400/ton. Photo: Trung Chanh

According to the Institute of Strategy and Policy on Agriculture and Environment, last week, the price of IR 50404 dry rice fluctuated from 6,600 to 8,300 VND/kg, down 200 VND/kg in Hau Giang. OM18 rice was priced from 7,500 to 8,600 VND/kg in Can Tho, Soc Trang, and Hau Giang provinces.

Jasmine rice price in Can Tho is 8,400 VND/kg, Tien Giang is 7,200 VND/kg (down 100 VND). Dai Thom 8 in Soc Trang is 7,700 VND/kg (down 200 VND), ST25 in Can Tho is 9,500 VND/kg.

In An Giang , fresh rice such as Dai Thom 8, OM18 costs 6,800 VND/kg; IR 50404 from 5,200-5,400 VND/kg, OM380 from 5,300-5,500 VND/kg (all down 100-200 VND); OM5451 fluctuates 6,000-6,200 VND/kg.

Meanwhile, retail rice prices range from 14,000-22,000 VND/kg depending on the type; regular rice from 14,000 VND, Jasmine from 16,000 VND, Huong Lai and Japanese rice around 22,000 VND/kg.

IR 504 raw rice costs 8,250-8,350 VND/kg, finished product 9,500-9,700 VND/kg; OM 380 raw rice costs 8,000-8,100 VND/kg, finished product 8,800-9,000 VND/kg. By-product prices range from 7,150-9,000 VND/kg, dry bran from 8,000-9,000 VND/kg.

Regarding exports, according to the Vietnam Food Association, the price of 5% broken rice on May 22 remained stable at 397 USD/ton compared to last week.

A trader in Ho Chi Minh City said demand from the international market is still weak, affecting domestic rice prices while the summer-autumn crop is in harvest season.

Indian rice export prices fell to their lowest in nearly two years last week due to a weak rupee and low demand. 5% broken parboiled rice was offered at $382–$389 a tonne, while 5% broken white rice was quoted at $375–$381 a tonne.

Experts say global rice prices are unlikely to fall further as they have hit multi-year lows. However, large inventories in India and bumper harvests in Asia will limit the recovery this year.

In Thailand, 5% broken rice prices fell slightly to $405-$410 per tonne due to exchange rate fluctuations, not weak demand. The market is considered quiet as Indonesia and the Philippines reduce imports thanks to self-sufficiency in supply.

In Bangladesh, Aush rice production has fallen for the fourth consecutive year to 2.7 million tonnes due to erratic weather and reduced acreage. Experts warn of food insecurity if this trend continues.