Rice prices on 10/24/2024: Rice turns to a slight decrease

Rice prices on October 24 domestically

The rice market on October 24 experienced slight fluctuations, with paddy prices remaining stable while rice prices decreased slightly.

Today, the price of paddy (October 24) remained unchanged. In Soc Trang and Dong Thap, trading was sluggish, with low supply and few buyers. In An Giang, many warehouses were purchasing slowly, resulting in slight price declines. 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 Dai thom 8 is priced at VND 7,800 - 8,000/kg.
• OM 5451 paddy trades at VND 7,200 - 7,400/kg; OM 18 paddy is priced at VND 7,500 - 7,800/kg.
• OM 380 paddy remains around VND 7,200 - 7,300/kg; Japanese paddy is at VND 7,800 - 8,000/kg.
• Nang Nhen paddy (dried) is traded at VND 20,000/kg; Nang Hoa 9 is priced at VND 6,900 - 7,000/kg.

Meanwhile, today’s rice prices (October 24) saw a slight decrease of VND 50.

• Raw IR 504 He Thu rice is priced at VND 10,500 - 10,700/kg (down VND 50); finished IR 504 rice is at VND 12,600 - 12,800/kg (down VND 50).
• Sticky rice is priced at VND 18,000 - 22,000/kg; regular rice is at VND 15,000 - 16,000/kg; Nang Nhen rice is priced at VND 28,000/kg.
• Long-grain fragrant rice from Thailand is priced at VND 20,000 - 22,000 VND/kg; Jasmine fragrant rice is at 18,000 - 20,000 VND/kg; Huong Lai rice is priced at VND 23,000/kg.
• Common white rice is bought at VND 17,500/kg; Nang Hoa rice is at VND 21,500/kg; Soc regular rice maintains a price of VND 18,000 - 18,500/kg; Soc Thai rice is priced at VND 21,000/kg.
• Taiwanese fragrant rice is priced at VND 21,000/kg; Japanese rice remains at VND 22,000/kg.

Additionally, the price of broken OM 5451 rice is VND 9,500 - 9,600/kg, and dry bran is priced at VND 5,900 - 6,050/kg.

On the export market, the price of 100% broken rice stands at $ 438/ton; 5% broken standard rice is being purchased at $ 534/ton. Meanwhile, 25% broken rice is priced at $ 506/ton.

Thus, rice prices on 10/24/2024, have slightly declined compared to yesterday.

Reduction in rice farming area but increase in production

On the morning of October 23, the Ministry of Agriculture and Rural Development (MARD) collaborated with the People's Committee of Binh Thuan Province to hold a conference titled "Mid-term Review of crop production in 2024; Implementation of the 2025 Plan for the Southeast, South Central Coast, and Central Highlands regions and dissemination of Decree 112/2024/ND-CP detailing regulations on rice-growing land" in Phan Thiet city.

According to Mr. Le Thanh Tung, Deputy Director of the Department of Crop Production, total rice production in 2024 in the Southeast, South Central Coast, and Central Highlands regions is estimated at more than 1 million hectares (a reduction of 3,800 hectares). However, yield is expected to reach over 60 quintals/ha (an increase of 0.37 quintals/ha), with total output projected to exceed 6.2 million tons, an increase of 15,600 tons compared to 2023.

This success is attributed to the early guidance from MARD and its affiliated units, working with local authorities to implement plans and directives promptly. They arranged suitable sowing schedules and ensured swift, concentrated planting, adapting the timeline flexibly for each sub-region based on local conditions.

Moreover, areas with sufficient water supply intensified farming efforts, while regions at risk of water shortages at the end of the season switched to crops requiring less water, such as corn, peanuts, sesame, vegetables, beans, and forage crops...

$ 1 = VND 25.203 - Source: Vietcombank.