Vietnam's rice export prices fall to lowest level in a year

Rice prices in the Mekong Delta remained largely stable last week compared to the previous week. However, rice export prices from Vietnam fell to their lowest level in a year.

According to the update of the Department of Agriculture and Rural Development of An Giang, most types of rice remained stable last week, such as IR 50404 from 6,700-6,900 VND/kg; Dai Thom 8 from 7,100-7,200 VND/kg, OM 18 from 7,000-7,200 VND/kg, Japanese rice remained unchanged from 7,800-8,000 VND/kg; OM 5451 from 6,800-7,100 VND/kg.

Regarding rice products on the retail market in An Giang, Nang Nhen rice has the highest listed price of VND20,000/kg; Nang Hoa rice VND20,000/kg; regular rice fluctuates around VND15,000 - 16,000/kg; long-grain fragrant rice VND20,000 - 21,000/kg; Jasmine rice VND20,000/kg; Taiwanese fragrant rice VND21,000/kg; common white rice VND17,000/kg.

Vietnam's rice export prices fall to lowest level in a year

Due to unusual storms and rains, pests and whiteflies are likely to develop strongly on rice at the panicle initiation and flowering stages at a mild to moderate level.

An Giang agricultural sector recommends that people strengthen prevention of whitefly disease on rice plants to avoid affecting the yield of summer-autumn rice crop.

In the 2024 Summer-Autumn crop, An Giang province completed sowing on May 15, with an area of ​​228,139 hectares, reaching 100.06% of the sowing plan, up 0.11% over the same period.

By the end of June 2024, An Giang had harvested over 22,800 hectares, with an average yield of 5.82 tons/ha, an increase of 0.07 tons/ha over the same period; the remaining rice fields are in the tillering, heading, flowering and ripening stages.

According to the Ministry of Agriculture and Rural Development, by early July, the provinces and cities in the Mekong Delta had planted 1.46 million hectares of the planned 1.48 million hectares of Summer-Autumn crop 2024.

Along with that, localities also harvested about 388,000 hectares, with a yield of about 62 quintals/hectare.

Regarding exports, on July 11, 2024, updated data from the Vietnam Food Association (VFA), 100% broken rice was at 470 USD/ton; 25% broken rice was at 545 USD/ton; 5% broken rice of Vietnam was offered at 567-570 USD/ton, the lowest level since July 27, 2023 and down from 575 USD/ton last week.

Sales are still slow as buyers expect India to ease restrictions on rice exports, according to a rice trader in Ho Chi Minh City.

While rice export prices from Vietnam fell to a one-year low, Thai rice prices also fell this week on weak demand, as the market awaits the possibility of India easing restrictions.

In June, Vietnam's rice exports decreased by 40% compared to May, down to 513,409 tons.

However, in the first half of this year, exports increased 7.4% year-on-year to 4.55 million tonnes.

While rice export prices from Vietnam fell to a one-year low, Thai rice prices also fell this week on weak demand, as the market awaits the possibility of India easing restrictions.

Specifically, Thailand's 5% broken rice fell to $570-$575 per tonne on July 11, the lowest since early April, down from $585 per tonne last week.

A trader in Bangkok said no big orders had come in and new supplies were going well. Another trader said there had been no special orders and sellers were relying on regular customers.

In India, 5% broken parboiled rice was quoted at $539-$545 a tonne this week, down from $541-$548 last week, on weak demand due to higher freight charges and a depreciating rupee.

Source: https://congthuong.vn/gia-gao-xuat-khau-cua-viet-nam-giam-xuong-muc-thap-nhat-trong-vong-mot-nam-qua-332140.html