Rice prices on 08/26/2024: remain stable

Rice prices on August 28 domestically

Today, the paddy and rice market in the Mekong Delta remains stable. Specifically:

The price of paddy today is stable with slow buying demand. Dry paddy varieties are trading slowly, with a limited supply of dry summer-autumn paddy.

Currently, the price of fresh An Giang glutinous rice is VND 7,000 – 7,200/kg; fresh Long An glutinous rice is priced at VND 7,400 – 7,600/kg.

Meanwhile, dried Long An glutinous rice is trading at VND 7,000 – 7,900/kg; fresh IR 4625 glutinous rice is around VND 7,400 – 7,600/kg.

IR 50404 paddy is holding at VND 7,800 – 8,000/kg, while Dai Thom 8 paddy is at VND 8,400 – 8,600/kg.

OM 5451 paddy is at VND 8,200 – 8,400/kg; OM 18 paddy is priced at VND 8,500 – 8,700/kg; OM 380 paddy is at VND 8,600 – 8,800/kg; Japanese paddy is around VND 7,800 – 8,000/kg.

Nang Nhen paddy (dry) is trading at VND 20,000/kg, while Nang Hoa 9 is at VND 6,900 – 7,000/kg.

For rice, the Mekong Delta region remains stable.

The price of IR 504 summer-autumn paddy is at VND 11,400 – 11,450/kg; finished IR 504 rice is at VND 13,400 – 13,500/kg.

Sticky rice prices are VND 16,000 – 20,000/kg; ordinary rice is at VND 15,000 – 16,000/kg; Nang Nhen rice is priced at VND 28,000/kg.

Thai fragrant long-grain rice is at VND 20,000 – 21,000/kg; Jasmine rice is at VND 18,000 – 20,000/kg; Huong Lai rice is at VND 20,000/kg.

Common white rice is bought at VND 17,000/kg; Nang Hoa rice is at VND 20,000/kg; Soc rice is at VND 18,500/kg; Soc Thai rice is at VND 20,000/kg.

Taiwanese fragrant rice is priced at VND 21,000/kg; Japanese rice is held at VND 22,000/kg.

OM 5451 broken rice is at VND 9,400 – 9,500/kg; dried rice bran is at VND 7,100 – 7,200/kg.

In the export market, 100% broken rice is priced at $ 440/ton; 5% broken rice is at $ 578/ton; and 25% broken rice is at $ 544/ton.

Thus, the domestic rice market today, August 26, 2024, remains unchanged.

Indonesia increases rice import demand in August

The latest tender announcement from Indonesia’s National Logistics Agency (Bulog) states that Indonesia is inviting tenders for 350,000 tons of 5% broken white rice produced in 2024. The desired rice sources are Vietnam, Thailand, Cambodia, Myanmar, and Pakistan.

In the first half of 2024, Indonesia invited tenders for about 300,000 tons of rice per month on average. Starting in July, Bulog increased the tender amount by 20,000 tons to 320,000 tons. However, the results were below expectations, with only about 200,000 tons purchased.

Therefore, for the August tender, Bulog has raised the procurement amount to 350,000 tons, the highest ever.

In the July tender, Vietnamese companies won the most contracts, securing 7 out of 12 lots, totalling 185,000 tons, with a winning price of $ 563/ton.

The remaining lots were purchased from Myanmar. Thai companies were less active in the Indonesian market, with fewer participants and higher bidding prices compared to Vietnam by over $ 20/ton. Pakistani bids reached up to $ 592/ton.

In 2024, the Indonesian government plans to import up to 4.3 million tons of rice to ensure national food security. Despite favourable imports in the first five months, the country faced issues with cargo congestion at ports in June.

In July, although Bulog increased the tender amount, the purchase volume was insufficient due to the low price offered.

$ 1 = VND 24.700 – Source: Vietcombank.