Rice price today May 8, 2023: Businesses continue to buy goods, the market is bustling

Rice price update on May 8, 2023: Businesses continue to collect goods, the market is bustling. Today’s rice prices in the Mekong Delta remain stable compared to yesterday. The market is bustling. According to businesses, today the amount of raw rice is low, the price of rice of all kinds is stable. Rice transactions are more bustling thanks to businesses increasing their collection of goods. Traders proactively offer to sell more dry rice. In the export market, according to the Vietnam Food Association, the export price of 5% broken rice from Vietnam fluctuates around 483-487 USD/ton; 25% broken rice is at 463 USD/ton; Jasmine rice is at 553-557 USD/ton. Many businesses in the Mekong Delta region said that due to the severe heat in many places and weather warnings about the approaching El Nino phenomenon, it is likely to seriously affect agricultural production in many countries. Therefore, countries are currently actively purchasing to serve domestic consumption and long-term reserves, avoiding passivity. Currently, India is still limiting rice exports, while China, Indonesia, the Philippines… and African countries have great demand to ensure food security. This will cause rice prices to continue to be high and last along with the El Nino phenomenon. Another reason for the increase in rice prices is that in Vietnam and neighboring countries, the harvest season has ended, leading to limited supply. Since the end of 2022, the demand for rice consumption has gradually increased, causing rice prices to always be high. #western_farmers #market_prices #rice_prices_today

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