The market tends to stabilize, export rice prices continue to decrease

Rice prices today, October 25, in the Mekong Delta region remained stable for paddy and rice. In the export market, rice prices from Vietnam, Thailand, Pakistan, and India all decreased.

Update from the Department of Agriculture and Rural Development of An Giang province said that today's rice price has not been adjusted compared to yesterday, IR 50404 is priced at 6,800 - 7,000 VND/kg; Dai Thom 8 rice is priced at 7,800 - 8,000 VND/kg, OM 5451 rice is priced at 7,200 - 7,400 VND/kg; OM 18 rice is priced at 7,200 - 7,300 VND/kg, OM 380 fluctuates at 7,200 - 7,300 VND/kg; Japanese rice is at 7,800 - 8,000 VND/kg and Nang Nhen rice (dry) is at 20,000 VND/kg.

In localities such as Soc Trang and Dong Thap, transactions were slow, warehouses bought slowly, prices were stable compared to yesterday afternoon. In An Giang, many warehouses bought slowly, the quantity was small, prices were stable.

Besides, the glutinous rice market has not adjusted compared to yesterday. Long An IR 4625 glutinous rice (dry) 9,600 - 9,800 VND/kg is stable compared to yesterday. Long An 3-month glutinous rice (dry) 9,800 - 10,000 VND/kg is unchanged compared to yesterday.

Rice price today October 25, 2024: The market tends to stabilize, export rice prices continue to decrease. Source: Bloomberg

In the rice market, rice prices recorded no adjustment compared to yesterday. Currently, the price of raw IR 504 Summer-Autumn rice is at 10,500 - 10,600 VND/kg. Meanwhile, the price of finished IR 504 rice is at 12,600 - 12,700 VND/kg.

For by-products, the prices of various by-products fluctuate between 5,900 - 9,600 VND/kg. Currently, the price of OM 5451 broken rice is at 9,500 - 9,600 VND/kg, stable compared to yesterday; the price of dry bran is at 5,900 - 6,000 VND/kg, unchanged compared to yesterday.

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; the price of common white rice today has been adjusted up by VND500/kg, at VND17,500/kg. However, the price of regular rice continues to be fixed at VND15,000 - 17,000/kg, fragrant rice at VND17,000 - 23,000/kg. Jasmine rice is VND18,000 - 20,000/kg; Nang Hoa rice is VND21,500/kg; regular rice fluctuates around VND15,000 - 16,000/kg; long-grain fragrant rice is VND20,000 - 22,000/kg; Huong Lai rice is VND23,000/kg; Taiwanese fragrant rice is VND21,000/kg; Soc rice is usually 18,500 VND/kg; Thai Soc rice is 21,000 VND/kg; Japanese rice is 22,000 VND/kg.

In the export market, Vietnam's rice export prices have been adjusted compared to yesterday. According to the Vietnam Food Association (VFA), 100% broken rice is at 432 USD/ton; 5% standard rice is at 531 USD/ton, down 1 USD; 25% broken rice is at 503 USD/ton, down 1 USD/ton.

Asian rice markets are witnessing a sharp drop in prices after India – the world’s largest rice exporter – unexpectedly abolished export taxes.

According to records, the latest move by the South Asian country has caused rice prices in many countries to fall to their lowest level in more than a year.

Specifically, India lifted the export tax on parboiled rice on October 22 and removed the floor price of $490 per tonne for non-basmati white rice on October 23.

Immediately, the price of 5% broken parboiled rice in this country dropped to 450-484 USD/ton, a low not seen since August 2023. 5% broken white rice also dropped to only 453 USD/ton. The impact of New Delhi's decision quickly spread to other markets in the region.