Rice price today 05/17/23: Rice price remains stable

Rice price update on May 17, 2023: Rice prices remain stable. Today’s rice prices in the Mekong Delta continue to be high. The rice market is stable, new rice transactions are steady. In the export market, according to the Vietnam Food Association, the export price of 5% broken rice from Vietnam is at 488 USD/ton; 25% broken rice is at 468 USD/ton; Jasmine rice is at 553-557 USD/ton. USDA’s forecast for May 2023 shows that global rice output in the 2022/2023 crop year is expected to continue to decrease due to poor crops in Myanmar and Pakistan. Exports and imports decreased compared to the previous forecast. While output and inventories tend to decrease, global rice consumption is forecast to increase by 0.9 million tons to a record 520 million tons. This shows that the supply and demand of rice are “skewed” because while the demand for rice reserves of countries is increasing, the supply as well as the amount of rice reserves from previous crops are decreasing. This creates opportunities for Vietnam’s rice exports. #western_farmers #market_prices #rice_prices_today

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