| Export price approaches 1,000 USD/ton, Vietnamese rice still struggles to build brand Vietnam's rice export price drops to lowest level in a year |
Prices of some rice varieties in the Mekong Delta continued to increase slightly last week. Along with that, export rice prices in leading rice producing countries in Asia increased simultaneously, with Vietnamese rice export prices reaching their highest level in nearly 3 months.
According to the update of the Department of Agriculture and Rural Development of An Giang, many types of rice increased by 100-200 VND/kg compared to last week such as Dai Thom 8 priced from 8,400-8,600 VND/kg, OM 5451 from 8,200-8,400 VND/kg, OM 18 from 8,600-8,800 VND/kg...
Besides, there are some types that decreased by 200 VND/kg compared to last week such as OM 380 ranging from 7,600 - 7,800 VND/kg.
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| Vietnam's rice export prices hit their highest level in nearly three months. Illustrative photo. |
Some prices remain stable, such as Japanese rice from 7,800-8,000 VND/kg, IR 50404 from 7,800-8,000 VND/kg...
Regarding rice products in the retail market in An Giang, regular rice costs from 15,000-16,000 VND/kg; long-grain fragrant rice from 20,000-21,000 VND/kg; Jasmine rice from 18,000-20,000 VND/kg; common white rice 17,000 VND/kg, Nang Hoa rice 20,000 VND/kg...
For about two weeks now, the price of fresh rice in the early summer-autumn crop in Tra Vinh province has increased by 500-900 VND/kg. Most rice farmers in Tra Vinh province are very excited because of the bumper crop and good prices.
In Soc Trang, after harvesting the early Summer-Autumn rice, farmers in low-lying areas such as Nga Nam town, Chau Thanh district, and My Tu district sowed the Autumn-Winter rice crop despite the recommendations of the authorities.
According to the authorities, if we sow in the fall and winter, the harvest will fall during a period of heavy rain, and the risk of flooding and loss in production is inevitable. The reason is that this year the price of rice has increased by 1,000-1,200 VND/kg compared to last year.
The Department of Agriculture and Rural Development of Soc Trang province said that the autumn-winter rice crop is planted from July to October, falling at the peak of the rainy and stormy season of the year, so the yield is often not high; therefore, in recent years, Soc Trang province has not had a plan for autumn-winter rice production.
Currently, farmers in low-lying areas of the province have sown over 3,300 hectares of Autumn-Winter rice, an increase of over 1,700 hectares over the same period last year.
On the export side, Vietnamese rice prices hit their highest in nearly three months as supplies tightened, although weak demand limited price gains. According to the Vietnam Food Association, Vietnam’s 5% broken rice was offered at $578 a tonne on August 22, up from $570 a week earlier.
Supply is tightening as the summer-autumn harvest in the Mekong Delta is coming to an end, while prolonged rains in the region are affecting rice quality, according to a trader in Ho Chi Minh City. However, traders said consumption is slowing due to high prices.
Meanwhile, export rice prices in leading rice producing countries in Asia increased this week. The price of 5% broken parboiled rice in leading rice exporting country India was at 540-545 USD/ton this week, up from 536-540 USD/ton last week.
“Supplies from the previous season are almost exhausted. Rice exporters are adjusting their support prices for the new season, while demand from almost all markets is low,” said a Mumbai-based trader.
India has raised the price it buys from farmers for the new crop by 5.4% to 2,300 rupees ($27.4) per 100 kg.
In Thailand, 5% broken rice prices were at $570 a tonne, up slightly from last week's $567, as traders attributed the price movement to the exchange rate, while demand was steady.
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