Key Facts
• June 2024 rice price averaged $276.13 per 60kg of brown rice.
• Price dropped $0.36 from May but remains high.
• Strong demand for major rice brands sustains elevated prices.
• Government rice reserves had limited impact on market prices.
• 2024 rice transactions progressed faster than usual due to supply concerns.
• Ministry of Agriculture states future price trends are hard to predict.
Summary
The Ministry of Agriculture reported that the June 2024 average transaction price for brown rice was $276.13 per 60kg, reflecting a slight $0.36 decrease from May. Despite this, prices remain high due to strong demand for key rice brands. Efforts to stabilize prices by releasing government rice reserves have shown limited effectiveness. Accelerated transactions for 2024 rice, driven by supply concerns, have nearly concluded. The Ministry emphasized the difficulty in forecasting future price trends.
