11th November , 2013
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TOP Contents - Tailored for YOU Latest News Headlines…
Oryza Overnight Recap – Chicago Rough Rice Futures Slightly Higher Overnight as Traders Prepare for Today’s USDA Report IRRI to Submit Golden Rice Test Results to Philippines Regulators Vietnam Rice Sellers Increase Some of Their Quotes; Other Asia Rice Quotes Unchanged Oryza White Rice Index Trends Sideways Oryza U.S. Rough Rice Recap – Market Holds Steady, Ending Stocks Left Unchanged IRRI Opens Eastern and Southern Africa Regional Office in Burundi Oryza Overnight Recap – Chicago Rough Rice Futures Slightly Higher Overnight as Traders Prepare for Today’s USDA Report Oryza Rice Currency Analysis for Today – Euro Down 0.5% on Strong U.S. Jobs Data Oryza Afternoon Recap – Chicago Rough Rice Futures Rocket Higher, Despite Increase to US Supply Estimate by USDA Thailand Floats ASEAN Rice Cartel Proposal Again Super Typhoon Haiyan Hits Philippines; Up to 25% Rice Crop Under Threat
NEWS DETAILS: Oryza Overnight Recap – Chicago Rough Rice Futures Slightly Higher Overnight as Traders Prepare for Today’s USDA Report Nov 08, 2013
Chicago rough rice futures for January delivery are currently paused 4 cents per cwt (about $1 per ton) higher at $15.545 per cwt (about $343 per ton) as of 8:30am Chicago time. The other grains are seen mixed this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.2% lower, wheat is seen about 0.2% higher, and corn is paused unchanged.U.S. stock index futures turned lower and interest rates spiked after the government reported a brighter-than-expected report on the labor market. The data had a net 204,000 new jobs created last month, easily beating the 120,000 number anticipated, while the unemployment rate rose to 7.3%.
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Economists polled by Reuters expected the U.S. economy to have added 125,000 jobs in October compared with 148,000 in September. The report, the latest clue as to whether the U.S. economy is improving, comes as investors look for more signs on when the U.S. Federal Reserve will begin winding down its $85-billion-amonth bond-buying program after the central bank held policy unchanged last week. The data follows strongerthan-expected gross domestic product data on Thursday, which showed the economy expanded 2.8% in the third quarter, which fueled global market fears of early tapering by the U.S. Federal Reserve. U.S. stock index futures are currently trading about 0.1% higher, gold is currently trading about 1.1% lower, crude oil is seen trading about 0.3% higher, and the U.S. dollar is currently trading about 0.4% higher at 7:30am Chicago time. Tags: chicago rough rice futures
IRRI to Submit Golden Rice Test Results to Philippines Regulators Nov 08, 2013
The International Rice Research Institute (IRRI) is gathering data from recently harvested Golden Rice from about five multi-location field trials for submission to government regulators in the Philippines for approval.However, it may take around two years for commercial release of Golden Rice due to several rounds of approvals. “It [Golden Rice] will only be made available broadly to farmers and consumers if it is approved by national regulators and shown to improve vitamin A status in community conditions– a process that may take another two years in the Philippines (as of September 2013),� IRRI says.The first step now will be for government regulators in the Philippines to review the data and assess whether Golden Rice is safe for human consumption. Then Helen Keller International (HKI) will then conduct a community nutrition study in the Philippines to find whether Golden Rice improves vitamin-A in people. Finally, farmers and consumers will be involved in the evaluation of Golden Rice to address their concerns, IRRI says. Tags: International Rice Research Institute (IRRI), Golden rice
Vietnam Rice Sellers Increase Some of Their Quotes; Other Asia Rice Quotes Unchanged Nov 08, 2013
Vietnam rice sellers increased their quotes for 100% broken rice by about $5 per ton to around $345 -- $355 per ton. Other Asian rice quotes remained mostly unchanged today. 5% Broken Rice Thai 5% rice is quoted around $405 - $415 per ton, about a $15 per ton premium over Viet 5% rice shown around $390 - $400 per ton.
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Indian 5% rice is quoted around $410 - $420 per ton, about a $40 per ton premium over Pak 5% rice quoted around $370 - $380 per ton. 25% Broken Rice Thai 25% rice is quoted about $390 - $400 per ton, about a $30 per ton premium over Viet 25% rice shown around $360 - $370 per ton. Indian 25% rice is quoted about $370 - $380 per ton, about a $35 per ton premium over Pak 25% rice quoted around $335 - $345 per ton. Parboiled Rice Thai parboiled rice is quoted around $440 - $450 per ton. Indian parboiled rice is quoted around $385 - $395 per ton, about a $30 per ton discount to Pak parboiled rice quoted around $415 - $425 per ton. 100% Broken Rice Thai broken rice, A1 Super, is quoted around $345 - $355 per ton, about a $5 per ton premium over Viet broken rice shown around $345 - $355 per ton, up about $5 per ton from yesterday. Indian broken sortexed rice is quoted about $310 - $320 per ton, about a $25 per ton discount to Pak broken sortexed rice quoted around $335 - $345 per ton. Tags: Asia rice quotes, Thailand rice quotes, Vietnam rice quotes, Pakistan rice quotes, India rice quotes
Oryza White Rice Index Trends Sideways Nov 08, 2013
The Oryza White Rice Index, a weighted average of global white rice export quotes, ended the week at $453 per ton, unchanged from the previous week, down $2 per ton from a month ago, and down $37 per ton from a year ago. Global rice quotes were mostly
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unchanged this week with the exception of a rise in Vietnam rice quotes early in the week which was quickly reversed. Thai 5% broken rice ended the week at around $410 per ton, unchanged from last week, down $10 per ton from last month, and down $140 per ton from last year. The market holds steady amid domestic auctions and ideas of shipments to China.The Thai Commerce Minister has announced plans to begin loading rice for China in December. They plan to load about half of the annual one million tons they agreed to sell to China between December and April and ship the remaining 500,000 tons in the second half of 2014. The Deputy Prime Minister and Commerce Minister asked the Finance Ministry to borrow Bt 140 billion (approximately $4.5 billion USD) in order to sustain the rice pledging scheme for the 2013-2014 season. In the last two years, Thailand has lost Bt 260 billion ($8.3 billion) in the rice pledging scheme. Some farmers are seeing late payments due to the government’s shortage of funds.Thailand continues to hold out hopes for a ASEAN rice cartel but skeptics abound.India 5% rice is today shown around $415 per ton, unchanged from last week, down $5 per ton from a month ago, and $20 per ton from last year.The USDA estimates India’s rice exports for the MY 2012-2013 are a record 11 million tons and has therefore revised their estimates for 20132014 exports to 10 million tons from the previously estimated 9.3 million tons. India’s rice production for 2013-14 is projected at 105 million tons according to the USDA and about 100 million tons according to local estimates.As of November 1, India began allowing private sector companies to enter the agriculture insurance market. The government hopes this will ease the monopoly the Agriculture Insurance Company of India currently maintains and make insurance more accessible to small farmers in rural villages.The Food Minister announced the government will begin distributing rice and other food grains in 5 kg packs in an effort to prevent corruption under the Public Distribution System and control climbing rice prices.Vietnam 5% broken rice is indicated around $395 per ton, unchanged from last week, up $15 per ton from last month, and down $65 per ton from last year. According to the Vietnam Food Association, Vietnam has exported over 5.7 million tons of rice so far this year. Africa is the main destination, importing more than 4.79 million tons January-September. Despite export prices dropping about $2 per ton, Vietnam exports this year are valued at about $2.5 billion USD. They have lowered their predictions for 2013 exports from 7.5 million tons to 6.7 million tons, down 11%. Buyers have shifted to cheap Pakistan and Vietnam exporters have defaulted on contracts. Pakistan 5% broken rice is today shown around $375 per ton, unchanged from last week, down about $10 per ton from last month, and down about $63 per ton from last year. The State Minister for Commerce and Privatization announced its plans to sign a currency swap arrangement deal with Iran in order to boost Pakistan rice exports.Pakistan is grappling with losing market share to India since India’s re-entry to the non-basmati rice market in 2011. In MY 2012-2013, 18.3% of EU’s total basmati rice imports came from Pakistan, a decrease from the 46.5% in MY 2012-2011.U.S. 4% broken rice is indicated around $600 per ton, unchanged from last week, down $5 per ton from last month, nad up $5 per ton from last year. The U.S. is wrapping up harvest and farmers are holding out for higher prices, keeping domestic trade slow.South America 5% rice is shown around $620 per ton, unchanged from last week, last month, and last year. Planting is underway and production for
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2013-14 is projected to increase slightly from last year. Currency weakness is keeping prices competitive on the global export market. Tags: Oryza White Rice Index (WRI)
Oryza U.S. Rough Rice Recap – Market Holds Steady, Ending Stocks Left Unchanged Nov 08, 2013
The U.S. cash market held steady today after the USDA WASDE report showed an increase in production that was completely offset by a decrease in imports and an increase in exports, leaving the long grain ending stocks figure unchanged from their September projection. Offers remain firm near $15.56-$16.66 per fob farm (about $343-$367 per ton), depending on where they are located in the U.S. mid-South, for November through December shipment. Bids from most larger mills increased to around $15.00 per cwt (about $331 per ton )while bids from exporters could still be seen around $15.40 per cwt (about $340 per ton), both for November through December delivery, however it was reported that some smaller mills were willing to pay around $16.00 per cwt (about $353 per ton) delivered although no trades were reported.In the meantime, the Iraqi Grain Board issued another tender for at least 30,000 tons of rice of either U.S., Uruguayan, Argentine, or Brazilian origin. Bids need to be submitted no later than November 18 and must remain valid through November 22. Tags: U.S. rice prices, U.S. rice market, U.S. rice
IRRI Opens Eastern and Southern Africa Regional Office in Burundi Nov 08, 2013
The Philippines-based International Rice Research Institute (IRRI) has opened its Eastern and Southern Africa (E/SA) regional office in Burundi to help improve food security by boosting rice production in the region.E/SA countries include 22 national states: Sudan, Eritrea, Ethiopia, Djibouti, Somalia, Kenya, Uganda, Rwanda, Burundi, Tanzania, Malawi, Zambia, Angola, Mozambique, Zimbabwe, Mauritius, Namibia, Botswana, Lesotho, Swaziland, Madagascar and South Africa. Most of these countries are dependent on rice imports to meet growing domestic consumption. The Burundi government has provided 10 hectares of land for the new IRRI regional office which aims to develop and test new varieties of rice suitable for eastern and southern Africa region. In 2011, IRRI helped Burundi develop two new rice varieties, Vuninzara (IR77713) and Gwizumwimbu (IR79511), which has found acceptance among farmers there due to improved milling quality and taste, IRRI says.The new office will also aim to make Burundi a regional hub for high yielding, rice varieties that also have good grain quality. “I’m very optimistic that this new regional hub will substantially contribute to the development of the rice sector in
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Eastern and Southern Africa, and build our collaboration with our partners in Burundi and the greater region,” IRRI director general Dr. Robert S. Zeigler says. Tags: International Rice Research Institute (IRRI), Africa rice
Oryza Overnight Recap – Chicago Rough Rice Futures Slightly Higher Overnight as Traders Prepare for Today’s USDA Report Nov 08, 2013
Chicago rough rice futures for January delivery are currently paused 4 cents per cwt (about $1 per ton) higher at $15.545 per cwt (about $343 per ton) as of 8:30am Chicago time. The other grains are seen mixed this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.2% lower, wheat is seen about 0.2% higher, and corn is paused unchanged.U.S. stock index futures turned lower and interest rates spiked after the government reported a brighter-than-expected report on the labor market. The data had a net 204,000 new jobs created last month, easily beating the 120,000 number anticipated, while the unemployment rate rose to 7.3%. Economists polled by Reuters expected the U.S. economy to have added 125,000 jobs in October compared with 148,000 in September. The report, the latest clue as to whether the U.S. economy is improving, comes as investors look for more signs on when the U.S. Federal Reserve will begin winding down its $85-billion-a-month bond-buying program after the central bank held policy unchanged last week. The data follows stronger-than-expected gross domestic product data on Thursday, which showed the economy expanded 2.8% in the third quarter, which fueled global market fears of early tapering by the U.S. Federal Reserve. U.S. stock index futures are currently trading about 0.1% higher, gold is currently trading about 1.1% lower, crude oil is seen trading about 0.3% higher, and the U.S. dollar is currently trading about 0.4% higher at 7:30am Chicago time. Tags: chicago rough rice futures
Oryza Rice Currency Analysis for Today – Euro Down 0.5% on Strong U.S. Jobs Data Nov 08, 2013
U.S. dollar index was up +0.56% from the open today, when it traded at 81.299 at the close. Euro was -0.48% lower today by the close, trading around 1.3356 by end of day, after trading between an intraday high of 1.3438 and low of 1.3318. A strong U.S. jobs number drove the dollar higher in today’s session.
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Thai baht was weaker -0.37%, trading at 31.465 at the close of business. Indian rupee was -0.10% weaker, trading at 62.4750. Brazilian real was -0.31% weaker than the open at today’s close, when it ended at 2.3133 reais per dollar. Pakistan rupee was weaker -0.13% trading at 107.4350. Vietnamese dong was unchanged at 21100. Mexican peso was +0.29% stronger today, when it traded at 13.1851 pesos per dollar by the close of business today. Chinese yuan was stronger +0.01% at 6.0908. Argentine peso was -0.34% weaker at 5.9636 pesos per dollar. Tags: foreign exchange rates
Oryza Afternoon Recap – Chicago Rough Rice Futures Rocket Higher, Despite Increase to US Supply Estimate by USDA Nov 08, 2013
Chicago rough rice futures for January delivery settled 19 cents per cwt (about $4 per ton) higher at $15.695 per cwt (about $346 per ton). Rough rice futures rallied again today adding nearly 20 cents per cwt (about $4 per ton) to double digit gains earned yesterday. Prices rallied in early morning trading ahead of the release of the latest USDA WASDE update before pulling back upon its release and then surging again after traders digested the information presented. The net result of today’s report was an increase of nearly 3.2m cwt or (145k MT) for all rice types, an increase of 1% form the Sep forecast due entirely to an increase in production. Despite what would seem like bearish results, traders shook off the results and continued to push prices higher. The other grains finished mostly higher today, with only wheat closing to the downside; soybeans finished the day about 2.3% higher at $13.060 per bushel; wheat finished about 0.5% lower at $6.5075 per bushel; and corn finished the day about 1.5% higher at $4.2775 per bushel.U.S. stocks climbed on Friday, with the S&P 500 erasing its weekly loss, after the government's brighter-than-expected report on the labor market had investors considering whether the economy is strong enough to handle reduced monetary stimulus. After a knee-jerk negative reaction by stock futures, Wall Street started higher, with the Dow Jones Industrial Average rising as 21 of its 30 components pulled into the green. The S&P 500 also gained, with financials the best performing of its sectors and utilities faring the most poorly. The Nasdaq also climbed. U.S. stock markets are currently trading up about 0.9%, gold is trading about 1.8% lower, crude oil is seen trading about 0.4%
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higher, and the U.S. dollar is seen trading about 0.5% higher at about 2:00pm Chicago time.Turning to the daily continuation chart of Chicago rough rice futures for January delivery, the market maintained its upward trajectory as the bulls followed up three consecutive sessions of strong gains with a final double digit rally to close the week. Following the nearby low of $15.050 per cwt (about $332 per ton) put in place last Friday the market has gained 64.5 cents per cwt (about $14 per ton). Prices remain firmly in technically positive territory, between the 20-day moving average and the upper Bollinger band. However, prices are currently approaching this upper price target which is noted at $15.760 per cwt (about $347 per ton) and could limit future gains. The outlook for early trading next week remains positive. Today’s trading range is noted as $15.405-$15.700 per cwt (about $340-$346 per ton). Thursday, there were 809 contracts traded, up from 412 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday decreased by 167 contracts to 8,561. Tags: chicago rough rice futures, U.S. rice prices, U.S. rice
Thailand Floats ASEAN Rice Cartel Proposal Again Nov 08, 2013
Thailand’s Deputy Commerce Minister has urged four Southeast Asian countries (Cambodia, Laos, Myanmar, and Vietnam) to join Thailand in formation of a rice cartel to improve rice prices and storage problems.The minister told a conference attended by representatives of the other four rice exporting countries that an ASEAN Rice Association will also help reduce competition within them. According to the minister, the five ASEAN countries export about 20 million tons of rice every year, but unstable rice prices and unorganized inventory controls cause frequent problems for these countries. A rice cartel will help stabilize rice prices and solve other problems in these countries, he said.Thailand has been leading negotiations over the formation of a rice cartel for over a year now. However, food experts say that formation of a rice cartel will not only jeopardize global food security but is also not permitted under WTO regulations. Tags: ASEAN rice cartel
Super Typhoon Haiyan Hits Philippines; Up to 25% Rice Crop Under Threat Nov 08, 2013
A category-five super typhoon, Haiyan (local name Yolanda), struck the Philippines earlier today with wind speeds of around 315 kilometers per hour.According to Weather Philippines, Haiyan is the most powerful typhoon ever observed since Super Typhoon Tip of 1979. The massive Haiyan has encompassed the whole of
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the Phillipines and sources say that sea waves rose to around 5 meters high today. Several people are injured and some dead due to winds and destruction by the typhoon today. Haiyan is expected to weaken and reach Vietnam by Sunday afternoon.Cyclone Phailin that damaged standing rice crop in several thousands of hectares (or about 3-4 million tons) in India last month had a maximum wind speed of around 220 kilometers per hour. Harvest of the rice crop in the Philippines is underway and though most of the harvest is over, up to 25% of rice crop (about 1.5-2 million tons) could be under threat from typhoon Haiyan, local sources say.The Department of Agriculture (DA) has asked its workers to assist farmers in harvest and drying of the paddy. “Regional field units will provide farmers with combined harvesters and dryers to make the process faster and more efficient,� Agriculture Secretary told local sources. The government is also ready to buy paddy from farmers to address storage concerns and the National Food Authority (NFA) has been directed to ensure rice supply at low prices to affected people in the coming days.The rice self-sufficiency goal of the government has led to high rice prices in the Philippines in the last few months. Local sources say rice prices in the Philippines are already very high and the government may now import rice to bring down prices and to address shortages arising due to typhoon Haiyan. Tags: Philippines Rice Production, Typhoon Haiyan, Yolanda, Philippines rice imports
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