Rice price increased by 100-200 VND/kg; many warehouses are closed for holidays

Rice prices today, August 31, in the Mekong Delta region increased with rice. Rice prices increased by 100 - 200 VND/kg; rice prices remained stable.

In localities today, rice prices are stable, warehouses are closed for the holidays so there are few buyers. In Can Tho, demand for Autumn-Winter rice is slow, businesses are slow to buy while traders are more regular, rice prices are stable.

Giá lúa gạo hôm nay 31/8/2024: Giá gạo tăng, giảm trái chiều; giá lúa tăng

Rice price today August 31, 2024: Rice price increased by 100-200 VND/kg; many warehouses are closed for holidays

Update from the Department of Agriculture and Rural Development of An Giang province said that today's rice price recorded a slight increase compared to yesterday, IR 50404 price fluctuated around 7,900 - 8,000 VND/kg; Dai Thom 8 rice increased to 8,500 - 8,600 VND/kg, up 100 VND/kg; OM 5451 rice increased to 8,200 - 8,400 VND/kg, up 200 VND/kg; OM 18 rice was priced at 8,500 - 8,600 VND/kg, up 100 VND/kg; OM 380 fluctuated at 7,800 VND/kg; Japanese rice was at 7,800 - 8,000 VND/kg and Nang Nhen rice (dry) was at 20,000 VND/kg.

Besides, the glutinous rice market remained unchanged compared to yesterday. IR 4625 glutinous rice (fresh) 7,400 - 7,600 VND/kg, stable compared to yesterday. An Giang glutinous rice (fresh) 7,000 - 7,200 VND/kg, unchanged compared to yesterday.

Update in localities today, the demand for buying decreased among places. Specifically in An Cu (Tien Giang), many warehouses are closed, warehouses are slow to buy, prices increased slightly. At Sa Dec rice market canal (Dong Thap), rice is coming in less, boats are absent, warehouses are slow to buy, many warehouses are closed. At Lap Vo (Dong Thap), there are few sources of rice, boats at the docks, warehouses are slow to buy, prices are stable, some warehouses are closed early for the holiday.

Regarding rice, the rice price recorded no adjustment compared to yesterday. Currently, IR 504 Summer-Autumn raw rice remains at 11,100 - 11,200 VND/kg; IR 504 finished rice remains at 13,200 - 13,300 VND/kg.

By-products today recorded no adjustment compared to yesterday. Currently, the price of OM 5451 broken rice remains at 9,200 - 9,300 VND/kg; the price of dry bran remains at 6,900 - 7,000 VND/kg.

At retail markets, rice prices have been adjusted for individual rice products. Currently, Nang Nhen rice has the highest listed price of VND28,000/kg; Jasmine rice is VND18,000 - 20,000/kg; Nang Hoa rice is VND20,000/kg; regular rice fluctuates around VND15,000 - 16,000/kg; long-grain fragrant rice is VND20,000 - 21,000/kg; Huong Jasmine rice is VND20,000/kg; Taiwanese fragrant rice is VND21,000/kg; common white rice is VND17,000/kg; regular Soc rice is VND17,500 - 18,000/kg, down VND500/kg; Thai Soc rice is VND21,000/kg; Japanese rice is VND22,000/kg.

In the export market, Vietnam's rice export prices recorded no adjustment compared to yesterday. According to the Vietnam Food Association (VFA), 100% broken rice was at 452 USD/ton; 5% standard rice was at 575 USD/ton; 25% broken rice was at 535 USD/ton.

According to a report by the Ministry of Agriculture and Rural Development and the General Department of Customs, with an abundant number of export orders, stable rice production, and rising export prices, rice export revenue for the whole year of 2024 is forecast to exceed 5 billion USD.

Statistics for the first 7 months of 2024 show that Vietnam exported 5.18 million tons of rice with a turnover of 3.27 billion USD, up 5.8% in volume and 25.1% in value over the same period in 2023. In 2023, Vietnam's rice exports will reach nearly 4.7 billion USD, with an average price of 575 USD/ton, up 18.26% over 2022. Due to the impact of India's rice export ban, rice export prices have established a new price level in a direction that is favorable for major rice exporting countries, including Vietnam.

As forecasted, rice export prices will remain high in 2024. The average rice export price will reach 632 USD/ton, up 18.2% over the previous year. As of July 15, 2024, the country's rice harvest will reach about 25 million tons, up 2% over the same period. According to forecasts, Vietnam's rice export output in 2024 will still be mainly concentrated in the provinces of the Mekong Delta.

According to the Ministry of Agriculture and Rural Development, in 2024, rice production is estimated to reach about 43.4 million tons of paddy, ensuring national food security and possibly saving about 7.6 million tons of rice for export.