Rice continues to decline in price

Rice prices on October 2 domestically

Rice prices on October 2 in the domestic market remain stable for paddy while continuing to trend downward for rice products.

The price of paddy today (October 2) is stable.

• Long An sticky rice (dry) is priced at VND 9,800 – 10,000/kg; Long An IR 4625 sticky rice (dry) is priced at VND 9,500 – 9,700/kg;
• IR 50404 rice is around VND 7,100 – 7,300/kg; fragrant rice Dai Thom 8 is at VND 8,000 – 8,200/kg;
• OM 5451 rice is trading at VND 7,400 – 7,700/kg; OM 18 rice is priced at VND 7,500 – 7,800/kg;
• OM 380 rice is around VND 7,300/kg; Japanese rice is stable at VND 7,800 – 8,000/kg;
• Nang Nhen rice (dry) is trading at VND 20,000/kg; while Nang Hoa 9 is priced at VND 6,900 – 7,000/kg.

Meanwhile, the price of rice today (October 2) is still trending downward.

In Soc Trang and Dong Thap, the rice market is quite sluggish, with few buyers and low trading volumes, especially for poor-quality rice. An Giang province also reports a similar situation with slight declines in rice prices.

• The price of IR 504 summer-autumn raw rice is at VND 9,700 – 9,800/kg (down VND 500); finished IR 504 rice is at VND 12,200 – 12,400/kg (down VND 500);
• The price of glutinous rice is currently 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 18,000/kg.
• Common white rice is purchased at VND 17,000/kg; Nang Hoa rice is at VND 20,000/kg; Soc rice is stable at VND 18,000 – 18,500/kg; while Soc Thai rice is VND 21,000/kg.
• Taiwan fragrant rice is priced at VND 21,000/kg; while Japanese rice is stable at VND 22,000/kg.
• The price of OM 5451 broken rice is at VND 9,500 – 9,600/kg (down VND 100), and the price of dry bran is at VND 6,000 – 6,100/kg (up VND 50).

On the export market, the price of 100% broken rice is at $ 454/ton; standard 5% broken rice is priced at $ 562/ton. Meanwhile, the price of 25% broken rice is around $ 530/ton.

Thus, rice prices on 10/02/2024, in the domestic market are decreasing for rice products compared to yesterday.

India reduces export tax on parboiled rice from 20% to 10%

The reduction in export tax will lower India’s export rice prices, helping to boost exports and forcing competing countries like Thailand, Vietnam, Pakistan, and Myanmar to also lower their prices. India imposed a 20% tax on parboiled rice exports in 2023 after the country’s rice production significantly declined due to drought.

The government also announced a reduction in the export tax on brown rice to 10%, as announced. This decision is effective immediately.

The export tax on white rice has been reduced to 0%, but the Indian government did not specify whether private traders would be allowed to export or whether there would be trade restrictions in government-to-government (G2G) transactions.

Earlier this month, the Indian government lifted the floor price for basmati rice exports to alleviate concerns for thousands of farmers complaining about barriers to accessing lucrative foreign markets such as Europe, the Middle East, and the United States.

Rice reserves at the Food Corporation of India on September 1 were at 32.3 million tons, up 38.6% compared to 2023, allowing the government more room to ease rice export restrictions.

With abundant rainfall this year, Indian farmers have planted rice on 41.35 million ha, an increase from 40.45 million ha in 2023 and an average of about 40.1 million ha over the past five years.

$ 1 = VND 24.450 – Source: Vietcombank.