Export Rice Prices Slightly Fluctuate, Vietnam Seizes Opportunities

Export rice prices have experienced slight fluctuations; additionally, the Philippines has announced a reduction in import tariffs for rice, lowering them from 35% to 15%, which could potentially create more favorable conditions and increase opportunities for Vietnamese rice.

Rice prices in the Mekong Delta region have seen a slight downward adjustment last week.

Although export rice prices have been fluctuating, the recent decision by the Philippines to cut import tariffs on rice from 35% to 15%, effective until 2028, is noteworthy.

The reduction in import tariffs by the Philippines is expected to provide advantages and enhance opportunities for Vietnamese rice in this market.

According to rice export businesses, the tariff reduction by the Philippines will support Vietnamese rice prices to remain high. Moreover, global demand for rice is currently robust.

In the domestic market, according to updates from the Department of Agriculture and Rural Development of An Giang province, prices for various types of rice have decreased recently. For instance, IR 50404 is priced between 7,000-7,200 VND/kg, a decrease of 300 VND/kg; OM 5451 ranges from 6,900-7,000 VND/kg, down by 700 VND/kg; while Đài thơm 8 and OM 18 are priced at 7,200-7,400 VND/kg, each showing a decrease of 400 VND/kg. Japanese rice prices remain unchanged at 7,800-8,000 VND/kg.

Regarding retail rice markets in An Giang, regular rice is priced between 15,000-16,000 VND/kg; Thai fragrant rice (long-grain) ranges from 20,000-21,000 VND/kg; Jasmine rice from 18,000-20,000 VND/kg; common white rice at 17,000 VND/kg, and Nàng Hoa rice at 20,000 VND/kg.

Farmers in Đồng Tháp province are actively harvesting the Summer-Autumn crop, achieving an average yield of 72 tons/ha, an increase of over 3 tons/ha compared to the same period last year.

The Department of Agriculture and Rural Development of Đồng Tháp province indicates that the production cost of the Summer-Autumn crop ranges from 3,458-3,667 VND/kg, with profits ranging from 26.2-32.1 million VND/ha, an increase from 3.4-9.1 million VND/ha compared to the previous year.

In Tiền Giang province, farmers have started planting the Summer-Autumn crop since early June following the seasonal planting schedule, focusing on pest management. By mid-June, nearly 19,000 ha have been planted, achieving nearly 43% of the plan. Farmers are rushing to complete planting the Summer-Autumn rice crop this month.

To enhance the quality of exported rice, the Department of Agriculture and Rural Development of Tiền Giang province recommends farmers to use high-quality rice varieties that are drought and salt-resistant, suitable for production-consumption linkages with traders or enterprises, such as VD 20, OM 6976, OM 7347, Nàng Hoa 9, OM 5451, among others.

In terms of exports, 5% broken rice is offered at 570 USD/ton, compared to 570-575 USD/ton last week.

In Thailand, the price of 5% broken rice has decreased to 615-620 USD/ton, significantly lower than the previous week's 630 USD/ton. Thai farmers are preparing for the second crop of the year starting next month. Good expected yields have caused Thai rice prices, which are currently much higher than other countries', to slightly decrease, estimated between 610-615 USD/ton.

Meanwhile, rice prices in India have reached nearly a three-month peak due to expanded demand and the government's increased procurement prices for the upcoming season. 5% broken rice is quoted at 544-552 USD/ton, higher than 539-546 USD/ton last week.

A trader based in Mumbai, India, mentioned that the Indian government's 5.4% increase in procurement prices for the new season has contributed to pushing rice prices up. However, even with the price hike, demand from foreign buyers remains strong as Indian rice is still cheaper than rice from other countries.

In the US agricultural market, on the Chicago Mercantile Exchange (CBOT), soybean and corn prices in futures contracts have rebounded since June 17. Meanwhile, wheat prices have increased for the fourth consecutive session.

As of June 21, soybean prices on the CBOT rose by 0.4% to 12.1825 USD/bushel, while corn prices increased by 0.1% to 4.46 USD/bushel. Wheat prices increased by 0.3% to 5.9475 USD/bushel (1 bushel = 27.2 kg for soybeans/wheat, 25.4 kg for corn). Corn prices in the US have been declining for six consecutive weeks, and soybean prices have also fallen for five weeks due to forecasts of ample global supply.

Regarding corn prices, analysts from BMI suggest that forecasts of large harvests in Argentina and Brazil have dampened market sentiment.

Traders are closely monitoring the South American harvest situation, especially after analysts reduced estimates for Brazil's soybean harvest due to earlier dry and hot weather conditions. However, concerns about drought have eased with recent rains, and some countries in South America, such as Argentina, are expected to have bumper harvests.

Nguồn: Giá gạo xuất khẩu biến động nhẹ, gạo Việt Nam gia tăng cơ hội | Vietnam+ (VietnamPlus)