According to the Vietnam Food Association, the price of 5% broken rice was offered at $587 per ton on May 10, up from $577-$580 per ton the previous week.

In the Mekong Delta region, rice prices remained mostly stable last week due to limited supply from the Summer-Autumn crop. Export rice prices continued to increase.

In An Giang province, the Department of Agriculture and Rural Development reported that prices of most rice varieties remained stable, such as OM 18 at 7,800-8,000 VND/kg, Nang Hoa 9 at 7,600-7,700 VND/kg, Japonica rice at 7,800-8,000 VND/kg, IR 50404 at 7,400-7,600 VND/kg, and OM 5451 at 7,600-7,700 VND/kg. However, Dai Thom 8 decreased by 200 VND/kg, ranging from 7,800-8,000 VND/kg.

Retail rice prices in An Giang are as follows: common rice from 15,000-16,000 VND/kg; fragrant Thai long-grain rice from 19,000-20,000 VND/kg; Jasmine rice from 17,000-19,000 VND/kg; common white rice at 17,000 VND/kg; Nang Hoa rice at 19,500 VND/kg.

In many Mekong Delta provinces, the Summer-Autumn rice harvest has begun, but the harvested area remains small. Supply is still limited.

In Dong Thap province, the Summer-Autumn rice crop for 2024 covers over 118,700 hectares, achieving 63.65% of the plan, with rice mainly in the seedling to flowering stages.

Additionally, thousands of hectares of early-harvest Summer-Autumn rice have yielded more than 7 tons/ha, with some areas reaching over 8 tons/ha. Rice farmers are earning profits of 29-31 million VND/ha, with some achieving more than 40 million VND/ha.

To ensure a successful Summer-Autumn crop and sufficient water supply for over 180,000 hectares of rice, the Dong Thap People's Committee has instructed the agricultural sector and related departments to proactively ensure adequate irrigation water.

In Soc Trang province, for the 2024 Summer-Autumn rice crop, 139,360 hectares are planned for sowing. So far, over 35,000 hectares have been sown, mainly in areas with managed water sources.

For areas affected by drought and salinity, authorities are advising farmers to delay sowing by 20-30 days until widespread rain or a stable supply of fresh water is available.

Regarding exports, according to the Vietnam Food Association, 5% broken rice was offered at $587 per ton on May 10, an increase from $577-$580 per ton the previous week.

Harvesting winter-spring rice at My Thanh Nam Agricultural Cooperative, Tien Giang Province. (Photo: Minh Tri/TTXVN)

The rice harvest in the Mekong Delta has concluded, leading to reduced domestic supply. However, trading activity remains weak due to high transportation costs and elevated export prices.

Similarly, rice prices in major Asian exporting countries have risen in the past week due to increased demand, with the strengthening Thai baht pushing Thai rice prices to a nearly two-month high.

Thai 5% broken rice increased slightly to $600 per ton compared to $588-$595 per ton the previous week.

Traders attribute this increase to exchange rate fluctuations. A Bangkok trader noted, "Demand is not the issue this year; we just need enough supply," adding that Thailand's main markets include Indonesia and the Philippines.

Another trader mentioned that the market expects additional rice supplies around June and July.

Indian 5% broken rice, the top rice exporter, was priced between $531-$539 per ton last week, up from $528-$536 per ton the previous week.

An exporter in Andhra Pradesh, southern India, stated, "Demand from African countries has increased slightly but remains below normal levels."

Meanwhile, the Bangladesh Food Minister recently stated that the country does not need to import rice this year, similar to last year. However, the government is still struggling to control domestic rice prices, despite satisfactory production and reserves.

In the U.S. agricultural market, corn futures in Chicago increased on May 10 after the USDA forecasted lower-than-expected corn reserves.

Soybean prices also rose due to weather-related damage concerns in Brazil. Meanwhile, wheat futures reached a nine-month high due to frost damage in Russia's wheat-growing regions.

On May 10, July corn futures on the Chicago Board of Trade (CBOT) increased by 13.25 cents to $4.6975 per bushel, while July soybean futures rose by 10.5 cents to $12.19 per bushel.

July wheat futures ended the session up 26 cents at $6.635 per bushel. The USDA reported on May 10 that this year's corn production is expected to be the fourth highest on record, with corn reserves rising to a six-year high, though still below analyst forecasts.

Soybean reserves are expected to be at a five-year high. Analysts noted that concerns over crop damage due to flooding in Brazil's Rio Grande do Sul state and strikes at grain export ports and crushing plants in Argentina have helped stabilize prices.

Farmers in Dak Lak harvest coffee for the 2023-2024 season. (Photo: Hoai Thu/TTXVN)

In the global coffee market, on May 10, after three consecutive sessions of increases, Arabica coffee prices slightly declined, while Robusta coffee prices increased for the July contract but decreased for the September contract.

On May 10, the July 2024 Robusta coffee contract in London rose by $1 to $3,440 per ton, while the September 2024 contract decreased by $2 to $3,362 per ton.

The July 2024 Arabica coffee contract fell by 0.3 cents to 201.15 cents per pound, and the September 2024 contract decreased by 0.05 cents to 199.95 cents per pound.

In Vietnam, coffee prices on May 11 ranged from 99,500-100,000 VND/kg. In Di Linh, Lam Ha, and Bao Loc (Lam Dong), coffee was purchased at 99,000 VND/kg. In Kon Tum province, coffee was priced at 99,500 VND/kg.

In early May 2024, coffee prices in Vietnam and Robusta coffee prices fell sharply from historic highs. Robusta coffee lost 18% in just one week.

Coffee prices in the Central Highlands and Southern provinces fell below 100,000 VND/kg, losing nearly 30% from the historic highs at the end of April 2024.

The price drop is primarily due to speculative fund liquidation, along with positive shifts in coffee supply from major producing countries. Additionally, Brazil's harvest, increasing inventories, rising global exports, and favorable weather have contributed to the significant price drop since early this month.

Source: Vietstock