| Export rice price falls below 600 USD/ton, businesses should buy for 2 months reserve, rice export increases by nearly 50% |
Rice prices stop falling
After consecutive downward adjustments, according to data from the Vietnam Food Association (VFA), rice export prices in other countries have leveled off in the trading session on March 5, while Vietnamese rice prices have slightly increased.
Specifically, the price of Vietnam's standard 5% broken rice is currently fluctuating at 579-583 USD/ton (up 1 USD); 25% broken rice is fluctuating at 557-561 USD/ton (up 2 USD) and 100% broken rice is fluctuating around 478-482 USD/ton.
Thai and Pakistani rice prices remained unchanged. Accordingly, Thai 5% broken rice was at $613 per ton, while Pakistani 5% broken rice was at $599 per ton.
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| Rice prices have stopped falling. Illustrative photo. |
Favorable market situation
According to a recent report from the US Department of Agriculture (USDA), world rice production has not increased, partly due to the impact of El Nino causing dry weather in key rice-producing countries in Asia.
Specifically, USDA estimates the global rice supply in the 2023/2024 crop year to reach 690 million tons, 6.2 million tons lower than the previous year.
Meanwhile, global ending stocks for the 2023/24 season are expected to be 167.2 million tonnes, down 9.2 million tonnes from a year ago. Stock reductions were seen in countries such as China, Nigeria, Pakistan, the Philippines, and the United States. China’s stocks are down 6.4 million tonnes, or 5%, to 101.4 million tonnes; India’s stocks are down 6% to 33 million tonnes.
In another development, rice prices in importing countries such as Indonesia and the Philippines have increased to record levels. In Indonesia, the average price of medium-quality rice in Jakarta on February 24, 2024 was Rp 14,860/kg, 20% higher than the same period last year, surpassing the ceiling price set by the Government. In the Philippines, the average wholesale price of medium-milled rice in January 2024 was P46.60/kg, up 1.7% from P45.83/kg in December. Or in Nigeria, rice prices increased by 98.47% between January 2023 and January 2024...
According to experts, the above market situation is still favorable for Vietnamese rice. However, according to recommendations from authorities, businesses need to proactively coordinate with management agencies such as the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development to closely monitor market information and take advantage of opportunities to export rice when countries have demand.
Rice exports in the first two months of the year increased sharply According to the Ministry of Agriculture and Rural Development, in the first two months of 2024, rice exports reached 708 million USD, an increase of 49.8%; rice export prices increased by 32.2% over the same period. |
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