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 plummeted 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 export price of rice. According to the Vietnam Food Association (VFA), the price of 5% broken rice increased by 4 USD to 395 USD/ton. Similarly, 100% broken rice also increased by 4 USD to 339 USD/ton.

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

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

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

A 'preemptive' blow from the US: President Donald Trump announced that he would double import duties on some Indian goods. 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 moves 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 rather 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:

CL 555 raw rice: 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