Export rice prices have fluctuated slightly. However, the Philippines has just announced a decision to cut import tax on rice from 35% to 15%, effective until 2028. This reduction in import tax on rice by the Philippines may create more favorable conditions and increase opportunities for Vietnamese rice in this market.
According to rice exporters, the Philippines’ reduction in import tax will help maintain high prices for Vietnamese rice. In addition, demand for rice in world markets is also high.
Regarding the domestic market, in An Giang, according to the update of the Department of Agriculture and Rural Development, many types of rice have decreased in price last week such as: IR 50404 from 7,000 - 7,200 VND/kg, down 300 VND/kg; OM 5451 from 6,900 - 7,000 VND/kg, down 700 VND/kg; specifically Dai Thom 8 from 7,200 - 7,400 VND/kg, down 400 VND/kg and OM 18 from 7,200 - 7,400 VND/kg, also down 400 VND/kg. Only Japanese rice remained unchanged from 7,800 - 8,000 VND/kg.
Regarding rice products in the retail market in An Giang, regular rice costs from 15,000 - 16,000 VND/kg; long-grain fragrant rice from 20,000 - 21,000 VND/kg; Jasmine rice from 18,000 - 20,000 VND/kg; common white rice 17,000 VND/kg, Nang Hoa rice 20,000 VND/kg...
Dong Thap farmers are actively harvesting Summer-Autumn rice, with an average yield of 7.2 tons/ha, an increase of more than 3 tons/ha over the same period in 2023.
Dong Thap Province Department of Agriculture and Rural Development said that the production cost of Summer-Autumn rice ranges from 3,458 - 3,667 VND/kg, profit ranges from 26.2 - 32.1 million VND/ha, an increase of 3.4 - 9.1 million VND/ha over the same period.
In Tien Giang, farmers began planting the Summer-Autumn crop from early June 2024 according to the concentrated planting schedule, simultaneously avoiding the brown planthopper. By mid-June, farmers in the province had planted nearly 19,000 hectares, reaching nearly 43% of the plan. Farmers are urgently planting to finish the Summer-Autumn rice crop this month.
To improve the quality of exported rice, the Department of Agriculture and Rural Development of Tien Giang province recommends that farmers focus on using fragrant rice varieties and high-quality rice varieties that are drought and salinity tolerant and are produced, consumed and guaranteed by traders or businesses such as: VD 20, OM 6976, OM 7347, Nang Hoa 9, OM 5451...
On the export side, 5% broken rice was offered at $570 per tonne, compared to $570-575 per tonne last week.
In Thailand, 5% broken rice prices fell to $615-$620 per tonne, significantly lower than the previous week's $630 per tonne.
Thai farmers are preparing for the second crop of the year, which will start next month. The good yield forecast has caused Thai rice prices, which are already much higher than those from other countries, to fall slightly, with prices estimated at $610-$615 per tonne.
Meanwhile, Indian rice prices hit a near three-month high, helped by expanding demand and the government raising paddy procurement prices for the upcoming crop. The 5% broken parboiled variety was quoted at $544-$552 a tonne, up from $539-$546 a tonne last week.
A Mumbai-based trader said the Indian government’s move to raise the purchase price of new-crop paddy by 5.4 percent had helped push up prices. However, he said that even with the price increase, demand from foreign buyers was strong as Indian rice was still cheaper than rice from other countries.
Regarding the US agricultural market, on the Chicago Board of Trade (CBOT), soybean and corn futures prices have recovered since June 17. Meanwhile, wheat prices increased for the fourth consecutive session.
As of the afternoon of June 21, soybean prices on the CBOT floor increased by 0.4% to 12.1825 USD/bushel and corn prices increased by 0.1% to 4.46 USD/bushel. Wheat prices increased by 0.3% to 5.9475 USD/bushel (1 bushel of wheat/soybean = 27.2 kg; 1 bushel of corn = 25.4 kg).
US corn prices have fallen for six straight weeks and soybean prices have fallen for five straight weeks, due to forecasts of ample global supplies.
Referring to corn prices, analysts at BMI said that it was forecasts of large harvests in Argentina and Brazil that dampened market sentiment.
Traders are continuing to monitor crop conditions in South America, after analysts cut estimates for Brazil’s soybean crop due to hot, dry weather earlier in the week. But drought concerns have eased with recent rains and bumper harvests are expected in other South American countries such as Argentina.
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