Slight increase in several products

Rice prices on October 23 domestically

Rice prices on October 23 show a slight increase across both paddy and rice products.

Paddy prices increased by 100 VND today (October 23). Specifically:

• Long An sticky rice (dried) is priced at VND 9,800 – 10,000/kg; Long An IR 4625 sticky rice (dried) is priced at VND 9,600 – 9,800/kg;
• IR 50404 paddy is around VND 6,900 – 7,000/kg; fragrant rice from Taiwan is at VND 7,800 – 8,000/kg;
• OM 5451 paddy is traded at VND 7,200 – 7,400/kg (up by VND 100); OM 18 paddy is priced at VND 7,500 – 7,800/kg;
• OM 380 paddy is holding steady at VND 7,200 – 7,300/kg; Japanese paddy is at VND 7,800 – 8,000/kg;
• Nang Nhen rice (dried) is traded at VND 20,000/kg; Nang Hoa 9 rice is priced at VND 6,900 – 7,000/kg.

Meanwhile, rice prices today (October 23) increased slightly by VND 50.

• IR 504 summer-autumn raw rice is priced at VND 10,500 – 10,750/kg (up by VND 50); finished IR 504 rice is at VND 12,650 – 12,800/kg (up by VND 50);
• Sticky rice is currently priced at VND 18,000 – 22,000/kg; common 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 priced at VND 20,000 – 22,000/kg; Jasmine fragrant rice is at VND 18,000 – 20,000/kg; Huong Lai rice remains at VND 23,000/kg.
• Common white rice is bought at VND 17,500/kg; Nang Hoa rice is currently priced at VND 21,500/kg; Soc rice maintains at VND 18,000 – 18,500/kg; while Soc Thai rice is at VND 21,000/kg.
• Taiwan fragrant rice is currently priced at VND 21,000/kg; Japanese rice remains at VND 22,000/kg.
• Lastly, OM 5451 broken rice is priced at VND 9,500 – 9,600/kg, and dry bran is at VND 5,900 – 6,050/kg.

On the export market, the price of 100% broken rice is $ 439/ton; standard 5% broken rice is being purchased at $ 534/ton. Meanwhile, the price of 25% broken rice is around $ 506/ton.

Thus, rice prices on 10/23/2024, have increased slightly by VND 50-100 compared to yesterday.

Flooding causes Bangladesh to lose about 1.1 million tons of rice.

The Ministry of Agriculture of Bangladesh has reported that this year’s floods have caused significant damage to rice production. To address this issue, the Bangladeshi government is quickly importing 500,000 tons of rice and plans to soon allow the private sector to import, according to a Ministry of Food official.

Since taking power in August 2024 after a series of large protests forced former Prime Minister Sheikh Hasina to flee to India, the interim government of Bangladesh has struggled to stabilize food prices, which have already risen nearly 20% in recent months.

Bangladesh’s increase in import volumes could be good news for its neighbour India, the world’s leading rice exporter, which last month reduced the export tax on broken rice to 10% to boost exports.

The floods have also severely affected other agricultural products, including more than 200,000 tons of vegetables. The total agricultural damage nationwide due to the flooding is estimated at around 45 billion taka ($ 380 million).

This year’s floods have highlighted Bangladesh’s vulnerability to climate change. An analysis by the World Bank in 2015 estimated that 3.5 million people in Bangladesh are at risk of being affected by floods each year, a risk that scientists believe is becoming increasingly severe due to global climate change.

$ 1 = VND 25.190 – Source: Vietcombank.