Vietnam’s rice export prices continued to rise as Indonesia bid to increase supply. Vietnam’s 5% broken rice was offered at $590-$595 per tonne.
In An Giang, according to the update of the Department of Agriculture and Rural Development of the province, rice prices have increased and decreased slightly depending on the type, but mainly remained stable. Typically: Dai Thom 8 from 7,900 - 8,000 VND/kg, down 200 VND/kg; IR 50404 from 7,400 - 7,600 VND/kg, up 100 VND/kg; OM 5451 from 7,600 - 7,800 VND/kg, up 100 VND/kg; only Japanese rice is stable from 7,800 - 8,000 VND/kg; OM 18 from 7,800 - 8,100 VND/kg; Nang Hoa 9 is priced from 7,700 - 7,900 VND/kg. Long An fresh sticky rice fluctuates around 7,700 - 8,000 VND/kg; Fresh 3-month sticky rice is at 7,900 - 8,200 VND/kg.
Regarding rice products in the retail market in An Giang, regular rice costs from 15,500 - 16,500 VND/kg; long-grain fragrant rice from 19,000 - 20,000 VND/kg; Jasmine rice from 17,500 - 19,000 VND/kg; common white rice 17,000 VND/kg, Nang Hoa rice 19,500 VND/kg.
In recent days, many localities in Soc Trang province have entered the peak harvest season of the 2023-2024 Winter-Spring rice crop. Although rice prices have decreased compared to the beginning of the crop, farmers' profits have still increased by 20-30% compared to the 2022-2023 Winter-Spring crop. Soc Trang has currently harvested 118,409 hectares, reaching 65% of the area, with an estimated yield of nearly 7 tons/ha, an increase of 0.3 tons/ha compared to the same period in the 2022-2023 Winter-Spring crop.
Last week, rice prices in some groups of varieties increased slightly by 50-100 VND/kg, mainly in IR50404, OM5451 and ST varieties; in which, the price of regular rice fluctuated from 7,400 - 8,300 VND/kg, light fragrant rice from 8,000 - 8,400 VND/kg and specialty rice from 8,400 - 10,500 VND/kg.
According to the Ministry of Agriculture and Rural Development, by mid-March, the Southern provinces had harvested 796,837 hectares, accounting for over 50% of the cultivated area. Localities have also planted 195,669 hectares of summer-autumn rice, accounting for 14% of the plan; concentrated in the provinces of Long An, Dong Thap, Tien Giang, Kien Giang, Can Tho, Hau Giang, Vinh Long, Soc Trang, Bac Lieu, and Ba Ria Vung Tau.
Photo: Gia Bao
On the export side, Vietnam’s 5% broken rice was offered at $590-$595 per tonne, down from $585 a week earlier. Meanwhile, India’s rice export prices fell for the second consecutive week due to low demand from Africa.
Specifically, the price of 5% broken parboiled rice from India, the world's leading exporter, stood at 543 - 550 USD/ton last week, compared to 548 - 555 USD/ton the previous week, further away from the record high of 560 USD/ton set earlier this month.
African buyers have bought enough stocks to meet short-term demand and are waiting for prices to correct before resuming purchases, according to a New Delhi-based exporter. Indian traders have signed fewer export contracts for parboiled rice after the country’s customs department changed the way it calculates export duties.
Thailand’s benchmark 5% broken rice stood at $598 a tonne on March 21, down from $615 a tonne last week. Traders attributed the fall to a weaker baht, while domestic prices were largely unchanged. The baht fell 0.5% against the US dollar last week.
Regarding the US agricultural market, at the end of the week at the Chicago Board of Trade (CBOT, USA), corn and soybean prices decreased, while wheat prices increased. Corn prices for May 2024 delivery decreased by 1.5 US cents, or 0.34%, to 4.3925 USD/bushel. Soybean prices decreased by 19.5 US cents, or 1.61%, to 11.925 USD/bushel. Wheat prices for the same period increased by 8 US cents, or 1.46%, to 5.5475 USD/bushel (1 bushel of wheat/soybean = 27.2kg; 1 bushel of corn = 25.4kg).
Chicago-based research firm AgResources said the market will continue to fluctuate when the U.S. Department of Agriculture releases data on stocks and plantings next week.
Mexico is the largest importer of US corn and has imported 18 million tonnes of corn from the US so far this season. Mexico is forecast to import 20.6 million tonnes of corn in 2023-24.
The world coffee market showed that at the end of the weekend trading session, Robusta coffee prices on the ICE Europe exchange (London) reversed and decreased sharply. Coffee prices for the May 2024 contract decreased by 27 USD, down to 3,358 USD/ton and coffee prices for July 2024 delivery also decreased by 24 USD, down to 3,264 USD/ton. Trading volume was at an average level. Arabica coffee prices on the ICE US exchange (New York) also decreased, but at a slight decrease. Arabica coffee prices for May 2024 delivery decreased by 0.85 US cents, down to 184.85 cents/lb and the July 2024 delivery contract decreased by 0.65 cents, down to 184 cents/lb (1 lb = 0.4535kg).
The continued rise in the USD index has pushed most commodity markets into the red zone. The coffee market is no exception. In addition, reports of a sharp increase in ICE inventories have also contributed to pressure on the market. Domestically, green coffee prices in the Central Highlands provinces have decreased by VND400-500, fluctuating between VND94,200-94,800/kg./.
According to VTV.vn
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