12th november,2013 da

12th November , 2013

TOP Contents - Tailored for YOU Latest News Headlines‌ o Typhoon Haiyan: More than 1 million rice farmers affected, UN estimates o Rice production declines in Punjab o In paddy season, Punjab farmers lose a fortune to norms o Nagpur Foodgrain Prices Open-Nov 12 o Govt tells states to lower levy rice quota for PDS o IMF calls on Thailand to ditch rice support scheme o Long, short stalks of rice production o N. Korea's rice output to dip in 2013-14 harvest year: U.N. report o Thailand should drop costly rice-buying program, confidence in public finances undermined o Rice still sensitive for Japan free trade deal

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Typhoon Haiyan: More than 1 million rice farmers affected, UN estimates ROME (AP) - The deadly typhoon that ravaged much of the Philippines struck at the start of the main riceplanting season, dealing further sorrow to the Asian nation.In Rome, the United Nations Food and Agriculture Organisation estimates than more than 1 million rice farmers have been affected by destruction of rice fields.U.N. agricultural experts also said Tuesday that a severe impact on coconut production is expected.

Fishing communities also suffered loss of gear and boats.The U.N. agency says it has deployed emergency response staff and is using US$1 million (S$1.2 million) from its own resources to cover such immediate farm needs as seeds and fertilizers. It says some US$24 million will be required for other needs, including rehabilitating irrigation facilities.

Rice production declines in Punjab November 12, 2013 RECORDER REPORT

Rice production in Punjab has been decreased by one to two percent during 2013-14 harvesting season due to multiple causes, Director General Punjab Agriculture Extension Services Dr Anjum Ali told Business Recorder here on Monday. He said Punjab had set a rice production target of 34 million tons which could not be achieved due to torrential rains and floods in the rice growing Gujranwala division in which rice crop over 0.15 million acres had been washed away. He said the farmers have changed the cropping pattern and are shifting to other cash crops and vegetables that fetch more money than Basmati and other rice varieties. President Basmati Growers Association Hamid Malhi told this scribe super Basmati production has been decreased by at least 20 to 25 percent as rice crops have been hit by humidity related diseases.He said the Rice Research Institutes have miserably failed to develop new disease resistance rice varieties. The farmers are forced to plant paddy varieties developed in 1996. The yield of these varieties has been decreased from 48 maunds to 32 maunds over the past 10 years whereas India has developed seeds that produce over 50 maunds per acre.

Malhi said Pakistan has fallen far behind the other regional countries in the development of agriculture sector which is backbone of Pakistan's economy. He said Pakistan's share in the export of rice to the European countries has been decreased to 18 percent and India has become a dominant exporter of rice to these countries.According to Economic Survey 2012-13, rice accounts for 2.7 percent of the value added in agriculture and 0.6 percent of GDP. Rice sowing area is estimated at 2.31 million hectares, 10.1 percent less than previous year's area of 2.57 million hectares. Production of the crop is estimated at 5.54 million tonnes, against the target of 6.9 million tonnes which shows a weak performance of 19.7 percent, and its comparison with previous year's production which was 6.16 million tonnes shows a decrease of 10 percent. The production declined due to a decrease in area and effects of monsoon rains; the late receding of water in rice fields prolonged the sowing.

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In paddy season, Punjab farmers lose a fortune to norms The HinduPunjab farmers are staggering under a debt of over Rs. 35,000 crore. File photo: S. Subramanium Farmer Kirpal Singh from Punjab’s Kapurthala district sits beside his paddy produce in the Bholath grain market. Around him are stockpiles of paddy lying in the open. Disappointment and some frustration are writ large on his face. The reason is that his produce is not even fetching him the minimum support price (MSP) that the central government has announced.For Kirpal Singh and scores of farmers across Punjab, the post-harvest period of the paddy season has brought unexpected misery.

A prolonged spell of rainfall, particularly in Setember and October, affected the crop in quality, colour and moisture content close to its harvest.And if Punjab Mandi Board chairman and farmers’ leader Ajmer Singh Lakhowal is to be believed, the up to 15 percent loss of the Punjab farmers in this season alone comes to anything from Rs. 3,000 to 3,500 crore ($475,000-$553,000).

Farmers across Punjab have been forced to sell their produce to private rice millers and traders at much lower rates than the MSP of Rs. 1,345 per quintal for normal paddy. Many of them have ended up selling at rates ranging from Rs. 700 to Rs. 1,100 per quintal.Trade sources say that the loss of the farmers has turned out to be a windfall for commission agents and arhtiyas who have pocketed the amount. Farmers allege that officials of government procurement agencies could have connived to loot the farmers in the name of strict norms. They allege that they were being issued MSP receipts but the payment was much lower.―I have asked farmers to submit affidavits in this regard. There should be a CBI (Central Bureau of Investigation) inquiry into this,‖ the farmers’ leader told IANS.The paddy procurement season started Oct 1 and bulk of the purchase was made between Oct 15 and Nov 5.

During this period, the central government did not relax its strict norms on quality, colour and moisture content of the paddy brought to grain markets.―The farmers who brought their produce to the grain markets were stuck.

They could not take it back or elsewhere and were forced to sell at lower rates. The government agencies refused to lift their stocks quoting the strict norms. Only after most farmers sold their produce at lower rates, the government announced some relaxation in the norms. The farmers have been taken for a ride. It is a huge loss for poor farmers who work so hard,‖ farmer Ballli Singh of Tanda in Hoshiarpur district told IANS.The Punjab government got Rs. 23,600 crore from the Reserve Bank of India (RBI) for paying farmers for paddy. In 2012, the RBI had sanctioned just over Rs. 16,000 crore.―The government agencies can procure the paddy only as per the norms on quality and moisture content set by the central government. We had to reject the produce from 1520 percent of the farmers this time. The relaxation came too late for many of them,‖ a senior official of the food and supplies department official told IANS in Chandigarh.In Punjab, nearly 12 million tonnes of paddy has been procured this season, which has almost ended.

Six government agencies, five of the Punjab government and the centre’s Food Corporation of India (FCI) procured over 92 percent of the produce.The Punjab government and state Congress leaders too approached the

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union food ministry but the intervention came too late for the farmers. ―The central government is responsible for this. It has played politics with Punjab farmers who feed the nation,‖ ruling Shiromani Akali Dal leader and legislator Daljeet Singh Cheema said.Punjab farmers are staggering under a debt of over Rs. 35,000 crore, as per Chief Minister Parkash Singh Badal.Punjab alone contributes over 60 percent of food grain — wheat and paddy — to the national kitty despite having just 1.54 percent of the country’s geographical area.

Keywords: paddy season, Punjab farmers, Punjab debt, paddy production, Parkash Singh Badal, Punjab government, Food Corporation of India

Nagpur Foodgrain Prices Open-Nov 12 Tue Nov 12, 2013 2:02pm IST

Nagpur, Nov 12 (Reuters) - Gram prices in Nagpur Agriculture Produce and Marketing Committee (APMC) recovered on increased demand from local millers amid weak supply from producing regions.Healthy rise on NCDEX and upward trend in Madhya Pradesh gram prices also helped to push up prices, according to sources. * * * * FOODGRAINS & PULSES GRAM * Gram varieties ruled steady in open market on subdued demand from local traders amid ample stock in ready position.

TUAR * Tuar black showed weak tendency in open market here in absence of buyers amid good supply from producing regions. * Masoor and Udid varieties shot up in open market on increased demand from local traders amid tight supply from producing belts. * Rice HMT Shriram reported strong in open market on good demand from local traders amid weak supply from producing regions like Chhattisgarh and Madhya Pradesh. * In Akola, Tuar - 4,300-4,450, Tuar dal - 6,500-6,700, Udid at 4,800-5,100, Udid Mogar (clean) - 5,700-6,000, Moong - 6,200-6,600, Moong Mogar (clean) 7,400-7,600, Gram - 3,300-3,500, Gram Super best bold - 4,400-4,600 for 100 kg. * Wheat, rice and other commodities remained steady in open market in thin trading

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activity, according to sources.

Nagpur foodgrains APMC auction/open-market prices in rupees for 100 kg FOODGRAINS Available prices Previous close Gram Auction 2,500-2,950 2,500-2,880 Gram Pink Auction n.a.

2,100-2,600 Tuar Auction n.a.

4,150-4,400 Moong Auction n.a.

4,200-4,400 Udid Auction n.a.

4,300-4,500 Masoor Auction n.a.

2,600-2,800 Gram Super Best Bold 4,200-4,600 4,200-4,600 Gram Super Best n.a.

Gram Medium Best 3,850-4,100 3,850-4,100 Gram Dal Medium n.a. n.a.

Gram Mill Quality 3,700-3,750 3,700-3,750 Desi gram Raw 3,400-3,500 3,400-3,500 Gram Filter Yellow n.a. n.a.

Gram Kabuli 7,600-9,800 7,600-9,800 Gram Pink 7,700-8,100 7,700-8,100 Tuar Fataka Best 6,800-7,000 6,800-7,000 Tuar Fataka Medium 6,500-6,600 6,500-6,600 Tuar Dal Best Phod 6,300-6,400 6,300-6,400 Tuar Dal Medium phod 6,100-6,200 6,100-6,200 Tuar Gavarani 4,300-4,450 4,300-4,450 Tuar Karnataka 4,600-4,700 4,600-4,700 Tuar Black 7,000-7,100 7,100-7,200 Masoor dal best 5,200-5,300 5,100-5,300 Masoor dal medium 4,800-4,900 4,700-4,900 Masoor n.a. n.a.

Moong Mogar bold 7,700-8,000 7,700-8,000 Moong Mogar Medium best 7,100-7,500 7,100-7,500 Moong dal super best 6,600-6,800 6,600-6,800 Moong dal Chilka 6,100-6,500 6,100-6,500 Moong Mill quality n.a. n.a.

Moong Chamki best 6,800-7,500 6,800-7,500 Udid Mogar Super best (100 INR/KG) 6,200-6,500 6,000-6,200

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Udid Mogar Medium (100 INR/KG) 5,400-6,000 5,200-5,700 Udid Dal Black (100 INR/KG) 5,100-5,300 5,000-5,200 Batri dal (100 INR/KG) 3,600-3,700 3,600-3,700 Lakhodi dal (100 INR/kg) 2,900-3,000 2,900-3,000 Watana Dal (100 INR/KG) 3,350-3,450 3,350-3,400 Watana White (100 INR/KG) 3,300-3,400 3,250-3,400 Watana Green Best (100 INR/KG) 8,100-8,500 8,100-8,500 Wheat 308 (100 INR/KG) 1,600-1,700 1,600-1,700 Wheat Mill quality(100 INR/KG) 1,600-1,650 1,600-1,650 Wheat Filter (100 INR/KG) 1,600-1,800 1,600-1,800 Wheat Lokwan best (100 INR/KG) 1,850-2,300 1,850-2,300 Wheat Lokwan medium (100 INR/KG) 1,700-1,900 1,700-1,900 Lokwan Hath Binar (100 INR/KG) n.a. n.a.

MP Sharbati Best (100 INR/KG) 3,100-3,600 3,100-3,600 MP Sharbati Medium (100 INR/KG) 2,600-2,900 2,600-2,900 Wheat 147 (100 INR/KG) 1,400-1,500 1,400-1,500 Wheat Best (100 INR/KG) 1,500-1,600 1,500-1,600 Rice BPT (100 INR/KG) 2,950-3,200 2,700-3,200 Rice Parmal (100 INR/KG) 2,200-2,500 2,200-2,500 Rice Swarna Best (100 INR/KG) 2,300-2,500 2,300-2,500 Rice Swarna Medium (100 INR/KG) 2,000-2,200 2,000-2,200 Rice HMT (100 INR/KG) 4,000-4,200 4,000-4,200 Rice HMT Shriram (100 INR/KG) 4,700-5,000 4,600-4,800 Rice Basmati best (100 INR/KG) 9,000-12,500 9,000-12,500 Rice Basmati Medium (100 INR/KG) 6,000-7,500 6,000-7,500 Rice Chinnor (100 INR/KG) 4,950-5,150 4,950-5,150 Rice Chinnor Medium (100 INR/KG) 4,600-4,800 4,600-4,800 Jowar Gavarani (100 INR/KG) 1,500-1,650 1,500-1,650 Jowar CH-5 (100 INR/KG) 1,800-1,900 1,800-1,900 WEATHER (NAGPUR) Maximum temp. 29.7 degree Celsius (85.5 degree Fahrenheit), minimum temp.

15.2 degree Celsius (59.2 degree Fahrenheit) Humidity: Highest - n.a., lowest - n.a.

Rainfall : nil FORECAST: Mainly clear sky. Maximum and Minimum temperature likely to be around 29 and 15 degree Celsius respectively.

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Note: n.a.--not available (For oils, transport costs are excluded from plant delivery prices, but included in market prices.)

Govt tells states to lower levy rice quota for PDS Increases broken rice content to 12% from 4% In a move that could increase the supply of rice in the retail markets, the Centre has directed states to reduce quota for levy rice, sold for public distribution system (PDS), from the existing 30-75 per cent to 25 per cent of the total produce of millers in the current procurement season, which began in October. However, only Uttar Pradesh and Haryana have reacted favourably to the proposal, officials said. Other states, including the biggest contributor of rice to the central pool, Andhra Pradesh, are not game.The Centre has decided to accept rice with 12 per cent broken content from millers under custom milled rice (CMR), against the norm of four per cent.

This could enable millers to liquidate their rice stocks and undertake fresh processing.However, for consumers, this could mean they would get inferior quality through PDS. The government gets the rice for the central pool to be distributed through PDS by two ways: Custom-milled and levy rice.In CMR, the government purchases husked rice from farmers and then allocates it to mills for processing for a fixed charge and rebuys again from them.In the levy rice policy, millers are allowed to sell a certain percentage (25–70 per cent in major rice producing states) of rice procured by them in the open market, while the remaining (called levy rice) is collected by government agencies at a minimum support price (MSP).In 2012-13, rice procurement season that ended in September, out of the total procurement of 34 million tonnes, around eight million tonnes or 23.5 per cent was levy rice, while the rest was procured through custom milling.However, in 2013-14 procurement season, not a single grain of levy rice has been received so far.Last year, of the eight million tonnes of levy rice received in the central pool, around 5.5 million tonnes was from Andhra Pradesh alone, while Uttar Pradesh contributed 1.09 million tonnes. Karnataka contributed 58,732 tonnes, while Haryana contributed 27,223 tonnes.―This directive may ensure that in the open market supplies of rice could rise, while there would be more freedom for millers to sell their produce on market rates,‖ said a senior food ministry official.The official said assuming the quantum of levy rice remains at the last year’s level, easily two-

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three million tonnes of additional stock can come in the open market. The government data showed that retail price of rice has risen by almost 30 per cent since 2011.Officials said for farmers too, it would mean a good option as they would be free to sell their produce to anyone who pays higher price. But, in states like Bihar and UP, where the open market procurement price of rice is much below the Centre-fixed MSP, the proposal could impact the interest of growers.

Read more on: Foodgrains

IMF calls on Thailand to ditch rice support scheme WASHINGTON Mon Nov 11, 2013 8:05pm EST Rice farmers shout slogans during a protest outside the Government House in Bangkok June 25, 2013.

CREDIT: REUTERS/CHAIWAT SUBPRASOM

Reuters) The International Monetary Fund called on Thailand to scrap its pricy scheme to support rice farmers and scale back some other fiscal stimulus measures in order to balance the budget and contain rising public debt.In its annual review of Thailand's economy, the IMF also said the government should do a better job of supervising public banks and non-bank financial institutions, which pose growing financial risks.As Thailand continues to face risks from volatile capital flows and an uncertain global environment, the government should ensure it has enough money to respond to shocks, the IMF said, according to a staff report prepared in early September and released on Monday.Gross domestic product data to be released next week is likely to show Southeast Asia's second-largest economy has struggled free of recession.But exports, which account for more than 60 percent of the economy, and private consumption remain weak, and analysts reckon the government will need to spend to strengthen the

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recovery.The government says its fiscal position is strong, but spending on populist schemes is jeopardizing its commitment to balance the budget.

The IMF said the central government's deficit would rise to 3.4 percent of GDP in the fiscal year that ended in September because of lower corporate tax rates and tax relief. And overall public debt is likely to rise to 53 percent of GDP by the end of 2018.The government should consider reducing energy subsidies and increasing corporate income taxes, or eliminating some tax credits, to meet its budget goals, IMF staff said."The staff sees clear merit in replacing the rice pledging scheme with budgetary transfers targeted at low-income agricultural households," the IMF report added.

Pulling the plug on a rice price guarantee scheme for farmers might help stem the losses of billions of dollars of state funds, but Prime Minister Yingluck Shinawatra would risk losing crucial rural support by doing so.Farmers helped Yingluck sweep to power in 2011, when she promised to bring back the subsidies and handouts that helped her brother Thaksin Shinawatra win two terms in office.The rice policy has been a disaster, however, with losses of 136 billion baht ($4.3 billion) in the 2011-2012 crop year. After that, the government ceased reporting the losses, although former central bank governor and finance minister Pridiyathorn Devakula recently estimated the total at 425 billion baht.

The IMF said the government's agreement to pay about 40 percent above market prices for rice would make losses "inevitable," and a 410 billion fund to pay for the rice scheme was unlikely to contain all the losses.The IMF said scaling back government policies aimed at boosting consumption could have a bigger negative economic impact than expected and cut farmers' incomes.In response to the IMF report, Thai officials said government programs help boost productivity and encourage farmers to invest in new equipment."(But) they acknowledged the staff's concerns about the effectiveness and transparency of the (rice) scheme and suggested that a reduction in the pledging prices or limits on the amount of purchase might be needed to ensure the sustainability of the policy," according to a summary of their view included in the IMF's report.

IMF staff also highlighted risks from specialized financial institutions (SFIs), or publicbanks that carry out lending schemes for the government. While lending from these banks reached 27 percent of total banking credit last year, regulatory oversight of their activities is weaker than it is for commercial banks.Other concerns were with credit cooperatives and with rising household debt, which reached 78 percent of GDP last year. Overall, the ratio of credit to GDP grew to 115 percent in the first quarter of this year, above Thailand's long-term trend and the rate in some similar economies."There is a growing need to enlarge the (Bank of Thailand's) regulatory and supervisory perimeter to include SFIs and credit cooperatives," the IMF said.

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(Reporting by Anna Yukhananov. Editing by Andre Grenon)

Long, short stalks of rice production

By Anselmo Roque;Inquirer Northern Luzon 10:14 pm | Tuesday, November 12th, 2013

GOLDEN GRAINS Without machines and modern drying facilities, a farmer in Kalinga province dries stalks of palay under the sun by hanging these on bamboo poles. Kalinga is among the top producers of traditional rice varieties in the Cordillera region. EV ESPIRITU Whenever the rice supply situation is brought up in conversations, two grave misconceptions are at once entertained by the public.The first is that although the country is an agricultural domain teeming with resources apt for rice production, it fails in total output compared to neighboring rice-exporting countries.The second is that Filipino rice farmers are poor students of agriculture in a country noted for top rice research and development institutions and agricultural universities.Indeed, as government records show, the country is noted for its history of rice insufficiency, with only a few years of exception.

The years of abundance, which led to rice exportation, were from 1838 to 1842 and from 1977 to 1980.Rice importation was the convenient way to fill the gap in production and utilization. In 1998, the country registered the largest importation of more than 2 million metric tons (MT) of rice, records show.But what are the realities in rice production in the country? Are our farmers really poor students of agriculture?―Our rice farmers are top producers per unit area per unit time,‖ says Dr. Eufemio Rasco Jr., executive director of the Philippine Rice Research Institute (PhilRice) based in the Science City of Muñoz in Nueva Ecija province. ―Comparatively, they can be given the highest honors if they were students,‖ he adds.According to him, the Philippines registered a higher growth rate in terms of rice production compared to China, India and Thailand.Scientists and researchers from PhilRice’s impact evaluation, policy research and advocacy program studied the Philippine rice industry and came out with data to better understand the industry.

Rice production facts A PhilRice primer says 14.1 million hectares of the country’s 30 million hectares of land are agricultural areas.

Of the agricultural land, 4.53 million ha are devoted to rice production and the rest to coconut, corn, sugarcane and other crops.In contrast, Indonesia has 12.88 million ha harvested area for rice; Thailand, 10.96 million ha; Vietnam, 7.44 million ha; China, 29.93 million ha; and India, 44.1 million ha.In relation to areas harvested and population, the ratio indicated that the Philippines feeds 20 people per hectare of harvested area, PhilRice says.

Thailand feeds six people per hectare while Vietnam, 12.

In terms of palay harvest, the country obtained a total harvest of 5.32 million MT in 1970. In 2008, the country’s total harvest was 16.82 million MT or three times more than the harvest posted in 1970.However, this high harvest in 2008 was followed by a decline in production. In 2010, the country posted a total harvest of only 15.77 million MT, which was 6.2 percent lower than the 2008 production.The harvest declines were attributed to the El Niño weather phenomenon, characterized by the dry spell, in the first half of that year, and strong

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typhoons in the latter part.In 2009, the country’s average yield was 3.9 MT per hectare, which was higher than Thailand’s 2.87 MT and Vietnam’s 2.98 MT but lower than Indonesia’s 5 MT and China’s 5.69 MT.In growth rate from 2000 to 2009, the country posted 2.19 percent, which was second to Vietnam’s 2.33 percent. It beat Thailand (1.68 percent), Indonesia (1.35 percent), India (1.34 percent) and China (0.72 percent).

Rice sufficiency dream Sustained rice self-sufficiency is an earnest target. But PhilRice scientists acknowledge that it is difficult to achieve as consumption keeps increasing due to rising population and with production failing to measure up.But is rice self-sufficiency a hopeless dream?.―Our national average [rice] yield in all ecosystems, which is 3 to 4 MT per hectare, is not even half of the scientifically attainable yield of good seeds of modern inbred rice varieties used for planting,‖ PhilRice says. ―Yields of 6 to 7 MT per hectare were attained in on-farm demonstration trials that used good seeds and employed good crop management practices.‖―Good seeds‖ are produced from varieties not yet approved by the National Seed Industry Council, PhilRice scientists say, but these have met the standards prescribed by the certifying agency.

Aside from good seeds, the other factors that affect yield relative to research and development are integrated crop management and mechanization, infrastructure (irrigation, farm-to-market roads, transportation and postharvest), extension and environmental factors.The cost of palay production is also high. Labor accounts for 45 percent; pesticides, 17 percent, and other production costs like fertilizers and soil improvement, machine rentals, irrigation, interest on payment of crop loans, fuel, food and transportation, from 4 to 8 percent each.PhilRice says at least 89 percent of the total rice harvest goes to the domestic food supply while 6 percent accounts for wastage, 3 percent goes to processing and 2 percent to seed production.The country’s per capita rice consumption was 106 kg a year from 1999 to 2000, but this increased to 119 kg from 2008 to 2009. ―Given the data on resources, rice production, per capita consumption, wastage and other factors, if managed well, there is no reason why the country cannot attain and sustain rice self-sufficiency,‖ Rasco says.Barring calamities, like strong typhoons that would hit rice production areas, Rasco and other PhilRice scientists and agriculture officials believe that the country’s target of rice self-sufficiency is achievable.

N. Korea's rice output to dip in 2013-14 harvest year: U.N. report SEOUL, Nov. 12 (Yonhap) -- North Korea's rice production is expected to dip 5.6 percent on-year to 1.7 million tons in the 2013-14 harvest year, data by the United Nations showed Tuesday, stoking worries about food shortages in the isolationist nation.According to the forecast made by the Food and Agriculture Organization (FAO), the communist country's rice output will likely be better than the annual average of 1.6 million tons produced from 2009 through 2011, but still fall short of the 1.8 million tons tallied in the 2012-13 period.The latest forecast said the country needs a total of 1.9 million tons of rice to better feed its people till the summer of 2014.

The total includes grain imports and aid shipments, in addition to agricultural output.The FAO added that per capita rice consumption for the 2013-14 harvest year will remain unchanged from the year before at 67.2

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kilograms.Meanwhile, the agency said the North is expected to produce 2.3 million tons of corn, with around 300,000 tons to be imported. The total can allow the average North Korean to consume 86 kilograms of the grain.On pork production, the UN agency predicted output to edge up to 120,000 tons in the cited period vis-avis 115,000 tons in the previous year.Related to the FAO's report, Washington-based Radio Free Asia said the average North Korean's daily consumption of rice and corn is only half of the recommended amount by the UN, a clear indication that people in the impoverished country will continue to suffer from food shortages in the new year. http://www.globalpost.com/dispatch/news/yonhap-news-agency/131111/n-koreas-rice-output-dip-2013-14harvest-year-un-report

Thailand should drop costly rice-buying program, confidence in public finances undermined Published November 12, 2013 Associated Press BANGKOK –

The International Monetary Fund has called on Thailand to drop its multibillion dollar subsidies for

rice growers, saying the program is undermining confidence in the country's finances.The IMF says Tuesday in its annual review of Thailand's economy that losses in the program will continue if the policy remains unchanged.The government buys rice from farmers at above-market prices but has had difficulty in reselling the grain on international markets.The program has accumulated losses of at least $4.46 billion since it was introduced in 2011.The IMF also said lack of data about the rice purchasing program has diminished confidence in Thailand's public finances.Thai officials say in the report that a reduction in the pledging prices or a purchase limit might be necessary to sustain the policy.

Rice still sensitive for Japan free trade deal Posted Tue 12 Nov 2013, 2:12pm AEDT

Including rice in Australia's future free trade agreement with Japan is proving to be a much bigger challenge than the local industry would like.Japanese rice farmers who met with the Ricegrowers' Association in Canberra last week were adamant rice isn't up for negotiation.Ruth Wade, the association's executive director, hopes the Australian Government can convince them otherwise."From JA Zenchu's perspective, they put on the table very clearly to us they have five very sensitive products including rice, wheat, barley, beef, pork, dairy products, sugar and starch crops, that they will not discuss in any trade agreement," she said."We've said clearly to our government they must be on the table for discussion in any trade agreement."You cannot sign any multilateral agreement that takes either agriculture as a whole or these five sensitive products off the table."

Topics: rice, trade, leeton-2705

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