Packing exported rice products of Vinh Phat Rice Company Limited in Long Xuyen city (An Giang). (Illustration photo: Vu Sinh/VNA)
In An Giang, according to the update of the Department of Agriculture and Rural Development of the province, the prices of many types of rice have increased significantly compared to last week, such as: Dai Thom 8 from 8,800 - 9,000 VND/kg, an increase of 500 VND/kg; Nang Hoa 9 from 8,800 - 9,000 VND/kg, an increase of 200 VND/kg; OM 5451 from 8,700 - 8,900 VND/kg, IR 50404 from 8,600 - 8,800 VND/kg, both increased by 400 - 600 VND/kg; OM 18 from 8,700 - 8,800 VND/kg, an increase of 500 VND/kg; only Japanese rice remains stable from 7,800 - 8,000 VND/kg;
For sticky rice, dry An Giang sticky rice is priced at 9,500 - 9,800 VND/kg, an increase of 600 VND/kg; dry Long An sticky rice ranges from 9,400 - 9,600 VND/kg, an increase of 200 VND/kg.
Regarding rice products in the retail market in An Giang, regular rice costs from 12,000 - 14,000 VND/kg; long-grain fragrant rice from 18,000 - 20,000 VND/kg; Jasmine rice from 16,000 - 18,500 VND/kg; common white rice 16,500 VND/kg, Nang Hoa rice 19,500 VND/kg...
In Dong Thap, traders bought high-quality rice at the field at VND8,800/kg, in some places VND9,000/kg, VND2,000 - 2,500/kg higher than the same period in 2022. After deducting expenses, the Autumn-Winter rice crop in Dong Thap earned a profit of more than VND30 million/ha, an increase of VND15 million/ha compared to the same period in 2022.
Most of the autumn-winter rice production area is used by farmers using high-quality rice varieties such as Dai Thom 8, OM 18, OM 4900, OM 5451, accounting for more than 70% of the area.
In the 2023 Autumn-Winter rice crop, Dong Thap province planted 121,968 hectares/116,000 hectares, reaching 105.1% of the plan, the rice harvest is almost complete, with an average yield of 60.8 quintals/ha.
Along with domestic rice prices, Vietnam's 5% broken rice prices increased to $640-$645 per ton from $625-$630 per ton last week.
Rice prices rose due to strong demand from Indonesia, while domestic supplies remained unchanged, a trader in Ho Chi Minh City said, adding that conflicts in the Middle East could prompt countries to increase food reserves. Concerns about lower autumn-winter crop output also supported prices, the trader said.
Meanwhile, Thailand’s benchmark 5% broken rice prices fell to $568-$570 a tonne from $575-$580 last week. A Bangkok-based trader said the fall was due to additional supply from millers, while demand from Indonesia, which is looking for supplies ahead of Christmas, was limiting the decline.
India's parboiled rice export prices also fell for the fourth consecutive week as Asia's top rice granary recently extended export tax on parboiled rice till March 2024, dampening demand.
India’s 5% broken parboiled rice prices fell to $495-$505 a tonne from $510-$520 last week. India on October 13 extended a 20% duty on parboiled rice exports until March 2024.
Additionally, an exporter in New Delhi said rice prices are falling due to new crop supplies. This allows exporters to reduce their selling prices.
New Delhi is expected to cut the floor price set for basmati rice exports after farmers and exporters complained that it was hurting trade, government and industry sources said.
Another trader said India's decision to ease restrictions on exports of non-basmati white rice to some countries and weaker demand from Africa also contributed to the price fall.
Meanwhile, neighbouring Bangladesh has backed off plans to lift a ban on aromatic rice exports as it struggles to contain soaring domestic prices despite healthy production and stocks, officials said.
Regarding the US agricultural market, on the Chicago Mercantile Exchange, agricultural products traded in opposite directions, with corn and soybean prices increasing while wheat prices decreased.
At the close of trading, corn for December 2023 delivery rose 1.5 cents (0.31%) to $4.8075/bushel. Soybean for January 2024 delivery rose 19.25 cents (1.48%) to $13.195/bushel. Wheat for December 2023 delivery fell 4 cents (0.69%) to $5.755/bushel (1 bushel of wheat/soybean = 27.2 kg; 1 bushel of corn = 25.4 kg).
Soybean prices are unlikely to fall on processor margins as soybean supplies in Argentina will not be fully replenished until spring.
Chicago-based research firm AgResource sees no factors that could impact corn and soybean yields, at least in the winter. Production projections will focus on the extent of the recovery, which will depend on weather in South America from December onwards.
Ukraine's grain supplies have been restored and Russian wheat is offered at a $20/tonne discount to European wheat.
Regarding the world coffee market, at the end of the weekend trading session, the price of robusta coffee on the ICE Europe - London continued to decline for the fourth session. The price of robusta coffee for delivery in January 2024 decreased by another 37 USD to 2,383 USD/ton and the price of coffee for delivery in March 2024 decreased by another 30 USD to 2,355 USD/ton. Trading volume was above average.
Similarly, Arabica coffee prices on the ICE US - New York exchange also decreased. Arabica coffee prices for December 2023 delivery decreased by 0.25 cents to 160.95 cents/lb and Arabica coffee prices for March 2024 delivery decreased by 0.40 cents to 160.50 cents/lb (1lb = 0.45 kg). Trading volume was above average.
The price of green coffee beans in the Central Highlands provinces decreased by 500 - 600 VND, fluctuating in the range of 58,700 - 59,400 VND/kg.
Coffee futures continued to fall to a weekly low following prolonged liquidation pressure in both markets. A slight rise in the US dollar index also contributed to the decline.
The European Central Bank (ECB) has just decided to keep the current interest rate unchanged at 4-4.5%/year. Inflation data in the US is still higher than the target set by the US Federal Reserve (Fed), making Wall Street investors worry that the Fed will make a "tougher" decision at the monetary management meeting in the middle of next week.
Markets also reacted negatively to the conflict in the Middle East, which increased demand for risky assets. US stocks ended the session mixed.
Weather reports in Brazil's main coffee regions in southeast Brazil showed plenty of rain, which supported new-crop coffee crops and reports of ICE-New York inventories falling to a one-year low, which helped keep prices from falling further.
(Source: Tin Tuc Newspaper)
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