Farmers harvesting Dong Xuan rice. Photo: Cong Mao/TTXVN
According to the Vietnam Food Association, the average price of rice in the fields last week was the highest at 7,800 VND/kg, with an average price of 7,679 VND/kg, an increase of 86 VND/kg. The average price of rice in warehouses increased by a median of 125 VND/kg to 8,808 VND/kg, with the highest price being 9,250 VND/kg.
The prices of rice products have also seen an increase. The highest price for 5% broken rice was 14,300 VND/kg, with an average price of 13,971 VND/kg, an increase of 164 VND/kg. The highest price for 15% broken rice was 14,100 VND/kg, with an average price of 13,758 VND/kg, an increase of 200 VND/kg. The highest price for 25% broken rice was 13,900 VND/kg, with an average price of 13,492 VND/kg, an increase of 242 VND/kg.
The price of white rice type 1 increased by 125 VND/kg, with an average price of 13,838 VND/kg. The price of glutinous rice type 1 increased by 92 VND/kg, with an average price of 11,467 VND/kg.
In An Giang province, according to the update from the provincial Department of Agriculture and Rural Development, the prices of many types of rice have increased by 200 – 300 VND/kg. For example, fragrant rice 8 increased from 7,800 to 8,200 VND/kg, an increase of 200 VND/kg; OM 18 increased from 7,800 to 8,100 VND/kg, an increase of 300 VND/kg; Nang hoa 9 had a price range of 7,700 – 7,900 VND/kg, an increase of 200 VND/kg; IR 50404 had a price range of 7,400 – 7,500 VND/kg; OM 5451 had a price range of 7,600 – 7,700 VND/kg, an increase of 200 VND/kg; while Japanese rice remained stable at 7,800 – 8,000 VND/kg.
As for sticky rice, fresh Long An sticky rice fluctuated around 7,700 – 8,000 VND/kg, an increase of 100 VND/kg; 3-month-old fresh sticky rice ranged from 7,900 – 8,200 VND/kg.
For retail rice markets in An Giang, regular rice is priced from 15,000 – 16,500 VND/kg; Thai fragrant rice with long grains is priced from 19,000 – 20,000 VND/kg; Jasmine rice is priced from 17,000 – 18,500 VND/kg; common white rice is priced at 17,000 VND/kg, Nang hoa rice is priced at 19,500 VND/kg, etc.
Currently, some localities have finished harvesting the 2023 – 2024 Dong Xuan rice and are rapidly progressing with the sowing of the Summer-Autumn rice crop. By March 15, Dong Thap province had sown more than 60,000 hectares of Summer-Autumn rice.
In order to achieve high productivity for the 2024 Summer-Autumn rice crop, Dong Thap province has implemented a trend of shifting from low-quality varieties to high-quality varieties such as fragrant rice 8, OM 18, OM 5451, Jasmine 85, VD 20, Japanese rice, Nang hoa 9, etc. while also establishing large-scale production areas linked to consumption through cooperatives and cooperative groups to promote sustainable production.
Currently, provinces and cities in the Mekong Delta region are entering the peak of saltwater intrusion. The Ministry of Agriculture and Rural Development advises people to absolutely not sow rice in areas at risk of saltwater intrusion.
In terms of exports, Vietnamese 5% broken rice is being offered at $585/ton, an increase from $580/ton the previous week.
A trader in Ho Chi Minh City said that the price of rice for export has slightly increased following the increase in domestic rice prices, as exporters and processors are actively purchasing.
Meanwhile, export prices for Indian parboiled rice have left their record highs this week, as customers seek cheaper sources. The weakening baht has also put pressure on Thai rice prices.
The price of Indian 5% broken rice is quoted at $548 – 555/ton this week, a decrease from $552 – 560/ton the previous week.
A trader in Mumbai said that customers in Africa, who were hesitant about the current price levels, are looking for cheaper alternatives.
The price of Thai 5% broken rice is offered at $615/ton on March 14, a decrease from $620-622/ton the previous week.
Traders believe that this decline is due to the weakening baht and competition from Vietnam.
A trader in Bangkok said that there is some demand from markets such as Indonesia and the Philippines, but no large-scale transactions have been made.
In the US agricultural market, prices of commodities on the Chicago Board of Trade (CBOT) fluctuated in opposite directions during the March 15 session, with corn and soybeans increasing while wheat prices dropped.
At the close, corn prices for May 2024 delivery increased 3 cents, or 0.69%, to $4.3675/bushel. May 2024 soybean prices rose 3 cents, or 0.25%, to $11.9825/bushel. Meanwhile, May 2024 wheat prices dropped 3.75 cents, or 0.7%, to $5.285/bushel.
The March 2024 report from the US Department of Agriculture on stocks and planting is believed to be the factor that will dominate the US agricultural market in the coming trading sessions.
In the global coffee market, at the end of the week’s trading session, Robusta coffee prices on the ICE Europe – London market continued to rise due to concerns about the potential global supply shortage.
Robusta coffee prices for May 2024 delivery increased by $31 to $3,308/ton and Robusta coffee prices for July 2024 delivery increased by $28 to $3,211/ton. Trading volume remained at average levels.
On the other hand, Arabica coffee prices on the ICE US – New York market declined due to technical adjustments. Arabica coffee prices for May 2024 delivery fell 0.90 cent to 182.95 cents/lb, and Arabica coffee prices for July 2024 delivery fell 0.6 cent to 181.65 cents/lb. Trading volume remained at average levels.
The price of coffee beans in the Central Highlands provinces increased by 1,000 – 1,100 VND/kg, ranging from 92,100 – 92,800 VND/kg.
