Rice prices today increased slightly in some varieties.
Rice prices today, February 29, in the Mekong Delta localities are about to increase immediately after news that Indonesia will add rice import quotas in 2024.
Rice prices today increased slightly in some rice varieties. Photo: Huynh Xay
For example, yesterday, February 28, IR50404 rice was bought by traders at the field for 7,500 VND/kg, but today it was bought for 7,600 VND/kg.
Today's price of fragrant rice is 7,800 VND/kg, but the day before, this type of rice was only bought by traders for 7,400-7,700 VND/kg.
Today's price of OM 18 rice is from 7,600 - 7,800 VND/kg. A day before, this type of rice was only 7,200 VND/kg. For other rice varieties, the price has not changed.
Due to the slight increase in rice prices, the buying and selling market is more active than the previous days. Traders are taking advantage of this opportunity to make deposits to have rice to buy and sell in the coming time.
The reason for the increase in rice prices is believed by most traders to be due to the impact of information from Indonesia adding rice import quotas in 2024. In addition, another reason is that as we prepare to enter the final stage of the 2024 Winter-Spring rice crop, the remaining rice area in the fields is not much.
According to some farmers who are growing winter-spring rice from the flowering stage to the harvest stage in Tieu Can and Cau Ke districts (Tra Vinh), the price of rice has increased again in the past 2 days, although not much. There are cases where traders have placed deposits to buy rice at much higher prices than the current price.
Most farmers believe that the reason for the increase in rice prices is that many places have finished harvesting, which is common in previous years. Another reason is that the rice acreage planted in coastal provinces in the Mekong Delta is lower than in other crops of the year.
"Currently, whoever has unharvested rice is good. I heard from traders that rice prices will increase in the coming time. Now we just have to wait for harvesting. If the yield is high, it will be great" - said Mr. Tran Van An in Phong Thanh commune, Cau Ke district, Tra Vinh province.
Although happy that rice prices are on the rise, according to the reporter's investigation, most of the late winter-spring rice fields in the Mekong Delta are currently lacking irrigation water, especially in coastal areas.
Due to the impact of saltwater intrusion, local authorities have closed sluice gates from river mouths, and water sources in the fields are drying up due to the heat. If this situation continues, rice productivity will not be guaranteed, and production costs will increase many times over.
Indonesia needs to import more rice in 2024
The Indonesian National Logistics Agency (Bulog) has just sent an invitation to businesses interested in participating in a bid to supply 300,000 tons of rice to the country.
Rice prices in the Mekong Delta are expected to increase after news that Indonesia will need to import more rice in 2024. Photo: Huynh Xay
Bulog stated that the 300,000 tons of rice imported by Indonesia this time must be from the 2023-2024 crop year and must be 5% broken, milled for no more than 6 months.
Bulog also held an online meeting to clearly explain the relevant regulations of this bidding to the bidding units.
It is known that this is the second import in 2024, after this country bid to import 500,000 tons last January (of which, the total volume won by Vietnamese enterprises was more than 300,000 tons).
In another development, according to the Vietnam Trade Office in Indonesia, due to lack of water for cultivation (affected by the El Nino phenomenon), rice production in Indonesia has been in short supply during the main crop of the year.
Therefore, the Indonesian Government has just decided to increase the rice import quota in 2024 by another 1.6 million tons.
With an additional 1.6 million tons of imported rice, the total amount of rice quota that the Indonesian Government decided to import in 2024 will be 3.6 million tons.
The import license for the additional 1.6 million tons will be issued soon after completing some related administrative procedures.
The Vietnam Trade Office in Indonesia also said that in recent days, rice prices in Indonesia have increased sharply due to a shortage of supply. As of February 2024, Indonesia has experienced 8 consecutive months of rice deficit.
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