Rice price – Rice market information today February 25, 2022: Maintain stability

rice prices today, February 25, 2022: Stable rice prices today in the Mekong Delta provinces continued to stagnate and move sideways. In some localities, rice prices tended to decrease as farmers began to harvest in large quantities. According to businesses, rice supplies were plentiful, warehouses were stable, but mainly purchased NL IR504 rice. Rice prices of all kinds remained stable, traders’ purchasing power slowed down, most were waiting for prices to decrease. By-product transactions were active. In the world market, the offering price of Vietnamese rice stood at 398 USD/ton with 5% broken rice, 25% broken rice and 100% broken rice remaining stable at 373 USD/ton and 328 USD/ton. Meanwhile, Thai rice prices turned down from 2 – 6 USD/ton. Rice exports promise a year of growth in both quality and quantity Experts predict that rice exports will increase sharply from March when the Winter-Spring crop is harvested in full swing. Vietnam’s traditional rice consuming markets such as the Philippines, Malaysia, the US, Africa, South Korea… have high import demand. Right from the beginning of the year, the country’s largest rice granary has been waiting for this opportunity with a methodical market strategy. In recent years, Vietnamese rice has increasingly improved its value and quality in the international market. Data from the General Department of Customs shows that rice exports in January 2022 reached over 505,000 tons, with a value of over 246 million USD. Compared to the same period in 2021, rice exports in the first month of this year increased by more than 45% in volume and nearly 30% in value. In particular, South Korea has emerged as one of the potential markets for Vietnamese rice. In particular, the Vietnam – Korea Free Trade Agreement coming into effect has opened up more opportunities for Vietnamese rice to penetrate this market. Recently, according to information from the Ministry of Industry and Trade, the Korea Agro-Fisheries and Food Trade Corporation (aT) has announced the import tariff quota for rice and the plan for rice import bidding in 2022. Accordingly, 55,112 tons of Vietnamese rice will enjoy a preferential tax rate of 5%, much lower than the tax rate applied to the volume of imported rice outside the quota of 513%. In addition, import demand from traditional rice consuming markets of Vietnam such as China, the Philippines, Malaysia, the US, Africa, etc. is starting to increase. At the same time, rice exports to Europe are expected to increase sharply this year thanks to the Free Trade Agreement (EVFTA). According to EVFTA, the EU will give Vietnam an export quota of 80,000 tons of rice/year and completely liberalize broken rice. Rice exports promise to have a year of growth in both quality and quantity if Vietnamese enterprises seize this opportunity. In the coming time, many rice enterprises said they are continuing to receive high-value orders in large quantities from importers. Investing in technology, improving product quality However, like other industries, rice enterprises, especially small and medium-sized enterprises, are facing input costs such as shipping costs, domestic transportation costs, and prices of agricultural materials such as fertilizers and pesticides that have increased too sharply, causing production costs to increase, eroding profits. In addition, the sharp increase in gasoline prices in the first two months of this year is severely affecting the export activities of enterprises by causing production costs to increase at a high level. Not to mention, in the market, Vietnamese rice is facing competition from similar products from many other countries. Determined to optimize costs and enhance the competitiveness of rice grains in the market by all means, many large enterprises in the rice production industry have been gradually investing in technology to improve product quality and increase the value of rice grains. For example, Loc Troi Group Joint Stock Company recently established 2 member companies and signed a contract to buy and sell – finance the production of 2 million tons of rice worth more than 12,000 billion VND in 2022 with companies, agricultural agents, and banks. Mr. Huynh Van Thon, Chairman of Loc Troi Group, said that this is a testament to the trust of domestic and international partners in the business model of organizing large-scale production according to orders. This is also the foundation for applying scientific production processes, reducing the amount of seeds used, reducing fertilizers – pesticides, and managing water resources well, thereby reducing costs, increasing quality, and increasing profits for both farmers and businesses. In addition, according to the Vietnam Food Association (VFA), Vietnam’s rice export volume in 2022 is still guaranteed to be over 6 million tons, estimated at 6.3 million tons. #rice_price #agriculture #fresh_rice_price #nhanong #ir50404 #Fresh_glutinous_husk #Long_An_glutinous_rice #OM9577 #OM9582 #OM5451 #NangHoa9 #OM6976 #OM18 #Japanese_rice #Western_Farmer #Farmer_news #Market_prices

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