Rice price increased by 100-200 VND/kg; many warehouses are closed for holidays

Today, August 31st, rice prices in the Mekong Delta region increased, with paddy prices rising by 100-200 VND/kg; milled rice prices remained stable.

Reports from various localities today indicate stable rice prices, with warehouses closed for the holiday and therefore few buyers. In Can Tho , demand for autumn-winter rice is slow; businesses are hesitant to inquire about purchases, while traders are more active, resulting in stagnant rice prices.

Giá lúa gạo hôm nay 31/8/2024: Giá gạo tăng, giảm trái chiều; giá lúa tăng

Rice prices today, August 31, 2024: Paddy prices increased by 100-200 VND/kg; many warehouses are closed for the holiday.

According to an update from the Department of Agriculture and Rural Development of An Giang province, today's rice prices have seen a slight increase compared to yesterday. IR 50404 rice is fluctuating around 7,900 – 8,000 VND/kg; Dai Thom 8 rice is up to 8,500 – 8,600 VND/kg, an increase of 100 VND/kg; OM 5451 rice is up to 8,200 – 8,400 VND/kg, an increase of 200 VND/kg; OM 18 rice is priced at 8,500 – 8,600 VND/kg, an increase of 100 VND/kg; OM 380 rice is fluctuating around 7,800 VND/kg; Nhat rice is at 7,800 – 8,000 VND/kg and Nang Nhen (dried) rice is at 20,000 VND/kg.

In addition, the glutinous rice market remained stable compared to yesterday. IR 4625 glutinous rice (fresh) was priced at 7,400 – 7,600 VND/kg, unchanged from yesterday. An Giang glutinous rice (fresh) was priced at 7,000 – 7,200 VND/kg, also unchanged from yesterday.

Updates from various localities today indicate a decrease in demand across different areas. Specifically, in An Cu (Tien Giang), many export warehouses are closed, purchasing is slow, and prices have increased slightly. At the Sa Dec rice market (Dong Thap), rice supplies are low, boats are scarce, purchasing is slow, and many warehouses are closed. In Lap Vo (Dong Thap), supplies are low, boats are scarce at the docks, purchasing is slow, prices remain stable, and some warehouses are closing early for the holiday.

Regarding rice, prices remained unchanged compared to yesterday. Currently, IR 504 summer-autumn raw rice is priced at 11,100 – 11,200 VND/kg; finished IR 504 rice is priced at 13,200 – 13,300 VND/kg.

By-product prices today remain unchanged compared to yesterday. Currently, the price of OM 5451 broken rice is at 9,200 – 9,300 VND/kg; the price of dry rice bran is at 6,900 – 7,000 VND/kg.

At retail markets, rice prices have been adjusted for various types of rice. Currently, Nang Nhen rice is listed at the highest price of 28,000 VND/kg; Jasmine rice at 18,000 – 20,000 VND/kg; Nang Hoa rice at 20,000 VND/kg; regular white rice fluctuating around 15,000 – 16,000 VND/kg; long-grain Thai fragrant rice at 20,000 – 21,000 VND/kg; Huong Lai rice at 20,000 VND/kg; Taiwanese fragrant rice at 21,000 VND/kg; common white rice at 17,000 VND/kg; regular Soc rice at 17,500 – 18,000 VND/kg (down 500 VND/kg); Soc Thai rice at 21,000 VND/kg; and Japanese rice at 22,000 VND/kg.

On the export market, Vietnamese rice export prices remained unchanged compared to yesterday. According to the Vietnam Food Association (VFA), 100% broken rice was priced at US$452/ton; standard 5% broken rice at US$575/ton; and 25% broken rice at US$535/ton.

According to reports from the Ministry of Agriculture and Rural Development and the General Department of Customs, with abundant export orders, stable rice production, and export rice prices maintaining their upward trend, rice export revenue for the whole year of 2024 is projected to exceed 5 billion USD.

Statistics for the first seven months of 2024 show that Vietnam exported 5.18 million tons of rice with a value of US$3.27 billion, an increase of 5.8% in volume and 25.1% in value compared to the same period in 2023. In 2023, Vietnam's rice exports reached nearly US$4.7 billion, with an average price of US$575/ton, an increase of 18.26% compared to 2022. Due to the impact of India's rice export ban, export rice prices have established a new price level favorable to major rice exporting countries, including Vietnam.

As predicted, rice export prices remained high in 2024. The average export price reached US$632 per ton, an increase of 18.2% compared to the previous year. As of July 15, 2024, the country's harvested rice production reached approximately 25 million tons, a 2% increase compared to the same period. According to forecasts, Vietnam's rice exports in 2024 will mainly be concentrated in the Mekong Delta provinces.

According to the Ministry of Agriculture and Rural Development, in 2024, rice production is estimated to reach approximately 43.4 million tons of paddy rice, ensuring national food security and potentially allocating about 7.6 million tons of rice for export.