Rice price today August 10: Rice unexpectedly goes against the current, India plummets

Vietnam's rice export prices increased sharply, with 5% broken rice reaching $395 per ton. India's fell to $369-374 per ton due to a weak Rupee and high US tariffs.

Vietnam's exports go against the tide, India is in trouble

On a day when rice prices in the Mekong Delta remained stable, trading was slow and supply was scarce, the only bright spot was the price of exported rice. According to the Vietnam Food Association (VFA), the price of 5% broken rice increased by $4 to $395 per ton. Similarly, 100% broken rice also increased by $4 to $339 per ton.

The rally comes amid a volatile international market, with prices for rice from Vietnam’s major rival India hitting a three-year low. India’s 5% broken parboiled variety fell to $369-$374 a tonne, its lowest since August 2022.

What has pushed Indian rice prices down so fast? The main reasons lie in two factors:

Weak Rupee: The depreciation of the local currency forces Indian businesses to lower their prices to stay competitive.

'Preemptive strike' from the US: President Donald Trump announced that he will double import duties on some Indian products. The new tax of up to 50% could cause India to lose its lucrative export market, the US.

Meanwhile, Thailand maintained stability, waiting for the next move from India. A trader in Bangkok predicted that India releasing up to 7 million tons of rice into the market could create downward pressure on global prices.

Mekong Delta calm before the 'storm'

While the export market is bustling, domestic rice prices in the Mekong Delta are quite quiet. In provinces such as An Giang, Dong Thap, Tien Giang , transactions are slow, and supplies are limited. Prices of rice and raw rice are generally stable, without major fluctuations.

Some notable prices:

Raw rice CL 555: 8,600 - 8,750 VND/kg.

Raw rice OM 5451: 9,500 - 9,650 VND/kg.

OM 18 rice (fresh): 6,000 - 6,200 VND/kg.

Dai Thom 8 rice (fresh): 6,100 - 6,200 VND/kg.

However, with the sharp increase in rice export prices, many experts believe that this is a positive signal for Vietnamese traders and farmers in the coming time.

Source: https://baodanang.vn/gia-lua-gao-hom-nay-10-8-lua-gao-bat-ngo-loi-nguoc-dong-an-do-lao-doc-3299057.html