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TOP Contents - Tailored for YOU Latest News Headlines… Oryza U.S. Rough Rice Recap – Market Quiet as Sellers Hold Firm; First Plantings Reported in South Lousiana Myanmar Seeks FDI in Agriculture, Logistics Oryza Rice Currency Analysis for Today – Rupee Rallies 1.8% Oryza Afternoon Recap – Chicago Rough Rice Futures Give Back Majority of Yesterday’s Gains; Soy Japan Weather Agency Predicts Higher Chances of El Niño This Year Russia Rice Production May Plunge Without Additional Government Support, Says Agriculture Minister Australia, India Scientists Develop Stress-Tolerant Rice Using Australian Resurrection Grass Thailand AFET Postpones Rice Auction to March 26, 2014 as Protests Prevent Government to Generate Funds to Pay Farmers Oryza Overnight Recap – Chicago Rough Rice Futures Dragged Lower Overnight by Negativity in Other Grains and as Concerns Over European Political Situation Mount Thailand, Vietnam Rice Sellers Lower Their Quotes; Pakistan Rice Sellers Increase Some of Their Quotes Asia -Pacific Countries Finalize Regional Rice Strategy for Sustainable Food Security Philippines Rice Stocks Decline to 2 Million Tons in February, 2014; Down 1% from Previous Year Guyana Explores New Rice Export Markets; Private Sector Signs 50,000 Tons Export Deal with Haiti Oryza Global Rice Quotes
NEWS DETAILS: Oryza U.S. Rough Rice Recap – Market Quiet as Sellers Hold Firm; First Plantings Reported in South Lousiana Mar 12, 2014
The U.S. cash market was quiet today as seller price ideas remain firm and while most bids were unchanged some bids dropped with the futures market.As of today, old crop offers were steady around $15.55-$16.11 fob farm (about $343-$355 per ton) depending on where they are located and how quickly they could ship.Bids from larger mills decreased today to around $14.75 per cwt (about $325 per ton) for March-April delivery
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which generated no interest while bids for exporters we unchanged around $15.55 per cwt (about $343 per ton), for the same delivery period, and although there are still reports of smaller mills paying as much as $16.20 per cwt (about $357 per ton) for prompt delivery there were also reports today of barges trading around $15.55 per cwt (about $343 per ton) for April delivery.In the meantime, wet weather and cool temperatures have kept many farmers in Louisiana and Texas from working their ground this month however we are hearing reports that a few fields in Southern Louisiana have been recently been planted and analysts expect planting activity will increase early next week. Tags: U.S. rice market, U.S. rice prices
Myanmar Seeks FDI in Agriculture, Logistics Mar 12, 2014
In an effort to restore Myanmar as a top world rice exporter, critics of the government have advocated for improving and revising current rice policies and export regulations. The Myanmar Rice Federation (MRF) has claimed that unless the government encourages foreign investors to invest in the rice industry, the country’s hopes of ensuring domestic production and surplus for exporting are unlikely to come to fruition. The MRF might therefore have contradictory feelings toward the recent news that a Singapore company will invest in Myanmar’s agriculture and logistics industries – two industries that could presumably facilitate the growth of rice business and exports. However, the current plans are focused on boosting coffee agriculture in the country, not rice. A joint-venture with a Swiss commodity trading company will include planting 3,700 hectares of robusta coffee in the Ayeyarwaddy region with plans to invest $20 million over the next four years. The companies say the coffee will all be exported, and the Swiss company certainly has the experience in global coffee trade to make this happen. The Singapore-based company will also invest in Myanmar’s dairy industry, although it looks to be heavily reliant on imports for now. Rice exports to China have dropped from about 3,500 tons daily to only 2,500 tons daily, amidst falling prices and currency fluctuations. The MRF has already been looking to other markets to boost exports and has reportedly finalized a deal with Ivory Coast and Togo to export 100,000 tons of rice there in March. The government set a goal of 3 million tons of exports for 2013-14 fiscal year, a nearly 50% increase from the 2.1 million tons exported in 2012-13 fiscal year, according to the Minister of Commerce. The USDA estimates Myanmar’s rice exports in 2013-14 will reach only 750,000 tons (consistent with USDA’s reports of 2012-13 numbers). The FAO projects that Myanmar’s total rice production will increase somewhat in 2014, after localized floods and insect plagues produced a below-average main season harvest in 2013. Tags: myanmar rice production, myanmar rice exports
Oryza Rice Currency Analysis for Today – Rupee Rallies 1.8%
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Mar 12, 2014
U.S. dollar index was down -0.18% from the open today, when it traded at 79.596 at the close. Euro was stronger +0.34% by the close, trading around 1.3907 by end of day, after trading between an intraday high of 1.3914 and low of 1.3844. Thai baht was weaker -0.08%, trading at 32.398 at the close of business. Indian rupee was -0.43% weaker at 61.2200. Brazilian real was +0.15% stronger at the close of trading today, trading at 2.3602 reais per dollar. Pakistan rupee was +1.79% stronger at 97.9085. Vietnamese dong was unchanged at 21100. Mexican peso was stronger +0.17% today, when it traded at 13.2611 pesos per dollar by the close of business. Chinese yuan was weaker -0.09%, trading at 6.1456. Argentine peso was weaker -0.15% at 7.8744 pesos per dollar. Tags: foreign exchange rates
Oryza Afternoon Recap – Chicago Rough Rice Futures Give Back Majority of Yesterday’s Gains; Soy Tumbles While Corn, Wheat Continue to Rally on Political Turmoil Mar 12, 2014
Chicago rough rice futures for May delivery settled 12.5 cents per cwt (about $3 per ton) lower at $15.255 per cwt (about $336 per ton). Rough rice futures continue to bounce bank-and-forth between points of technical support and resistance as the market appears to be moving into a period of consolidation on a lack of market moving fundamental news. Overhead resistance continues to be exerted by the downwardly sloped 10-day moving average, which was noted at $15.380 per cwt (about $339 per ton) today, which was also noted as the high point of today’s trade. On the downside prices have recently been unable to breach the near-term low of $15.200 per cwt (about $335 per ton), logged last week. Some traders feel that the market is charting out a pennant formation, which would indicate a continuation of the recent bearish trend. However, a completion of this would require a breaking below the previously mentioned low and fundamentalists continue to point to an ever tightening supply situation. The other grains finished with sharply mixed results today, with soy products tumbling while wheat and corn continue to rally; soybeans closed about 1.8% lower at $13.8700 per bushel; wheat finished an astonishing 3.8% higher at $6.8475 per bushel, adding to gains earned yesterday; and corn
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finished the day about 1.1% higher at $4.8850 per bushel. U.S. stocks mostly fell on Wednesday, with the Nasdaq Composite on track to halt a four-session losing streak, as investors mulled the economic climate and tracked events in Ukraine. Falling as much as 91 points, the Dow Jones Industrial Average more recently was down 31.75 points, or 0.2%, at 16,319.50. The S&P 500 shed 2.10 points, or 0.1%, to 1,865.53, with consumer discretionary and industrials the worst performing of its 10 major industries and with utilities and technology faring best. After a four-session drop, the Nasdaq reversed higher, up 6.37 points, or 0.2%, to 4,313.57. Gold is trading about 1.6% higher, crude oil is seen trading about 2.2% lower, and the U.S. dollar is seen trading about 0.2% lower at about 1:00pm Chicago time. Tuesday, there were 439 contracts traded, up from 353 contracts traded on Monday. Open interest – the number of contracts outstanding – on Tuesday decreased by 12 contracts to 7,770. Today the CME released a special announcement saying it planned to set variable price limits on CBOT grains and oilseeds futures on May 1, pending approval by the US futures regulator. The exchange said it also planned to eliminate price limits on CBOT grain and oilseeds options beginning May 1. The changes would affect CBOT corn, soybeans, soft red wheat, hard red wheat, soyoil, soymeal, oats and rough rice. According to the CME statement - “the mechanism would reset price limits in each of the CBOT grain and oilseed futures contracts every six months, based on average prices for each contract in a given period.” Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market
Japan Weather Agency Predicts Higher Chances of El Niño This Year Mar 12, 2014
The Japan Meteorological Agency (JMA) says that the chances of the occurrence of the El Niño weather pattern this year is likely to be higher than earlier predictions, according to Reuters.El Niño is a weather pattern caused by an increase in sea-surface temperatures and can trigger droughts in Southeast Asia and Australia, and floods in South America. The occurrence of El Niño could significantly affect global rice production. In 2009, the El Niño resulted in India receiving around 20% deficient rainfall, which led to a decline in rice production by around 10 million tons or about 10% of total rice production in India. JMA had earlier forecast a 50% chance of the El Niño phenomenon occurring this summer. However, JMA now says that its El Niño predictive model, which monitors sea temperatures for El Niño, has indicated that El Niño is expected to transform from a standard level in this spring to higher than standard level by boreal summer. JMA’s predictions are supported by the recent burst of westerly winds over the far-western Pacific. The Australian Bureau of Meteorology (ABM) says that the burst is the strongest since 2009, the last time the world had seen El Niño. While ABM says weather conditions are currently neutral, its international climate models indicate that the temperatures of the Pacific Ocean may approach or exceed El Niño thresholds during the
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winter months in Australia or during the boreal summer. However, the Climate Prediction Center of the U.S. predicts a 50% chance of El Niño occurring in mid-June this year. Tags: El Niño, global rice production
Russia Rice Production May Plunge Without Additional Government Support, Says Agriculture Minister Mar 12, 2014
Russia’s Agriculture Minister Nikolai Fyodorov says that the country’s rice sector is struggling and rice farmers need additional financial support from the government to maintain rice production.The minister told Bloomberg that Russia rice is facing growing competition from imported rice after Russia joined the World Trade Organization (WTO) in August 2012. Russia had to lower duty on rice imports by around 62% from 120 euros (about $166) to 45 euros (about $62) per ton due to accession to the WTO, which led to higher imports. According to the Agriculture Minister, Russia imported 239,000 tons of rice in 2013, up about 16% from 2012. Meanwhile, Russia's paddy rice production in 2013 declined to around 926,000 tons, down about 12% from around 1.05 million tons in 2012, mainly due to reduced area cultivated and yields. According to official sources, rice area in Russia declined around 5% to 190,000 hectares in 2013 from the previous year's 201,000 hectares. Tags: Russia rice production, Russia rice imports
Australia, India Scientists Develop Stress-Tolerant Rice Using Australian Resurrection Grass Mar 12, 2014
Scientists from Australia’s Queensland University of Technology (QUT) have isolated a gene from resurrection grass, a native Australian grass found around Charleville in Queensland, which is likely to develop rice varieties that have improved resistance to salinity and drought conditions.Professor Sagadevan Mundree of QUT says that the resurrection plant found in Queensland can tolerate extreme environmental stresses, including severe drought, salinity, high temperature and high light-intensity stresses for prolonged periods and resurrect within 24-72 hours upon rehydration. These qualities could be used to help reduce losses and increase rice area in large parts of the world. Under a three-year $600,000 project, QUT is working with the International Centre for Genetic Engineering and Biotechnology (ICGEB) and the Tamil Nadu Agriculture University (TNAU), both in India, to find genes from resurrection grass could be used to genetically improve abiotic stress tolerance in rice.Scientists say that the
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project will help understand how the drought-tolerant gene works and prepare it for transfer into rice. Professor Mundree says, "We are very confident that we will be able to harness this death-defying property and provide rice varieties that will help sustain the growing world population in the midst of global warming." Tags: Australia resurrection grass, stress-tolerant rice, Queensland University of Technology (QUT), International Centre for Genetic Engineering and Biotechnology (ICGEB), Tamil Nadu Agriculture University (TNAU)
Thailand AFET Postpones Rice Auction to March 26, 2014 as Protests Prevent Government to Generate Funds to Pay Farmers Mar 12, 2014
The Agricultural Futures Exchange of Thailand (AFET) has postponed the rice auction scheduled for today to March 26 following protests by anti-government groups, according to local sources.Anti-government protestors have disrupted the planned auction by occupying the ministry compound and cutting it power, the Department of Internal Trade says. The government is planning to auction 250,000 tons of rice on March 26 after its auction for 517,000 tons of rice on March 10 drew an overwhelming response with about 34 bidders participating in the auction. The caretaker government is under pressure to sell rice from its stockpile to pay rice farmers and return borrowed money to the Central budget. According to official sources, the caretaker government has to generate about 10 billion baht (about $310 million) monthly to return 20 billion baht (about $620 million) to the Central budget by the May 31 deadline set by the Election Commission. However, local rice millers say that the government is selling rice at a loss and may recover only 6 - 7 billion baht (about $186 - $217 million) per month from auctions. They say that in this week’s auction for 517,000 tons, the government offered 2013-2014 season 5% moisture rice at 11.10 baht per kilogram (about $344 per ton), which is down about 2% from 11.30 baht per kilogram (about $350 per ton) in the previous auction. Some traders say that prices are likely to decline to around 11 baht per kilogram (about $340 per ton) in future auctions and only 300,000 tons from the 517,000 tons of rice in auction earlier this week is likely to be sold despite the better than expected participation. Tags: Thailand rice auctions, Thailand rice mortgage program
Oryza Overnight Recap – Chicago Rough Rice Futures Dragged Lower Overnight by Negativity in Other Grains and as Concerns Over European Political Situation Mount Mar 12, 2014
Chicago rough rice futures for May delivery are currently paused 5.5 cents per cwt (about $1 per ton) lower at $15.325 per cwt (about $338 per ton) as of 8:00am Chicago time. The other grains are seen mostly lower this morning ahead of floor trading in Chicago: soybeans are currently seen about 2.8% lower, wheat was paused marginally higher, and corn is noted about 0.9% lower.
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U.S. stock index futures slumped on Wednesday, as shares in Europe and Asia fell on ongoing concerns about China's economy and the turmoil in Ukraine. The dollar, gold and Treasury prices rose, pushing the yield on the 10-year note down 2 basis points to 2.746%. Crude-oil futures fell. The possibility of sanctions against Russia loomed on Wednesday, after reports that the G-7 group of countries will declare Russia's annexation of Ukraine's Crimea region a violation of international law. In the U.S., the day will be a quiet one for scheduled economic and corporate news, with the weekly MBA Mortgage Index the main feature on the data docket. There will also be weekly crude inventories at 10:30 a.m. ET and the Treasury's budget for February at 2 p.m. No major U.S. companies are expected to report quarterly results before Wall Street opens on Wednesday. U.S. stock index futures are currently trading about 0.3% lower, gold is currently trading about 1.4% higher, crude oil is seen trading about 1.7% lower, and the U.S. dollar is currently trading about 0.1% lower at 8:00am Chicago time. Tags: chicago rough rice futures
Thailand, Vietnam Rice Sellers Lower Their Quotes; Pakistan Rice Sellers Increase Some of Their Quotes Mar 12, 2014
Thailand rice sellers lowered their quotes for parboiled rice by about $15 per ton to about $410 - $420 per ton today. Vietnam rice sellers lowered most of their quotes by about $5 - $25 per ton. Pakistan rice sellers increased their quotes for 5% broken rice and 100% broken rice by about $5 per ton each to about $400 - $410 per ton and $330 - $340 per ton respectively today. India rice sellers kept their quotes mostly unchanged. 5% Broken Rice Thai 5% rice (of new crop) is quoted around $410 - $420 per ton, about a $40 per ton premium over Viet 5% rice shown around $370 - $380 per ton, down about $5 per ton from yesterday. Indian 5% rice is quoted around $420 - $430 per ton, about a $20 per ton premium over Pak 5% rice quoted around $400 - $410 per ton, up about $5 per ton from yesterday. 25% Broken Rice Thai 25% rice of the old crop is quoted about $350 - $360 per ton, about a $5 per ton premium over Viet 25% rice shown around $345 - $355 per ton, down about $5 per ton from yesterday. Indian 25% rice is quoted about $360 - $370 per ton, about a $5 per ton premium over Pak 25% rice quoted around $355 - $365 per ton. Parboiled Rice Thai parboiled rice of the old crop is quoted around $410 - $420 per ton, down about $15 per ton from yesterday. Indian parboiled rice is quoted around $405 - $415 per ton, about $15 per ton discount to Pak parboiled rice quoted around $420 - $430 per ton. 100% Broken Rice Thai broken rice, A1 Super, of the old crop is quoted around $305 - $315 per ton, about a $25 per ton discount to Viet broken rice shown around $330 - $340 per ton, down about $5 per ton from yesterday.
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Indian broken sortexed rice is quoted about $300 - $310 per ton, about a $30 per ton discount to Pak broken sortexed rice quoted around $330 - $340 per ton, up about $5 per ton from yesterday. Tags: Asia rice quotes, Thailand rice quotes, Vietnam rice quotes, India rice quotes, Pakistan rice quotes
Asia -Pacific Countries Finalize Regional Rice Strategy for Sustainable Food Security Mar 12, 2014
Leaders of Asia and Pacific countries have finalized a Regional Rice Strategy in the UN’s Food and Agricultural Organization's (FAO) 32nd regional conference for Asia and the Pacific in Mongolia.Countries in Asia and the Pacific region produce around 90% of global rice production, and most of the rice produced in the region is consumed locally. However, rice production in the region faces growing threats including water and land scarcity, climate change, concerns over greenhouse gas emissions, and changing composition of labor in rural areas, the FAO says. The Asia and Pacific Regional Rice Strategy aims to provide evidence-based strategic guidelines and options for FAO member states in the region to help them develop their own national rice policy strategies in the light of broader regional and global trends as well as national priorities. The strategy also aims to improve the lives for rice farmers in the region and emphasizes on making the rice production system climate-smart. The main objectives of the strategy are to sustainably increase productivity and nutrition value of rice; enhance the rice value chain; reduce post-harvest losses; make rice land adaptable to climate changes; improve farmers' capacity to cope with risk; minimize the environmental side-effects of rice production; and improve the efficiency, reliability and fairness of domestic and international rice markets for stabilizing rice price and supply. Tags: Food and Agriculture Organization (FAO), Asia-Pacific regional rice strategy
Philippines Rice Stocks Decline to 2 Million Tons in February, 2014; Down 1% from Previous Year Mar 12, 2014
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Total rice stocks in the Philippines stood at around 2 million tons as of February 1, 2014, down about 1% from
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around 2.02 million tons recorded during the same time in 2013, and down about 6% from rice stocks of about 2.12 million tons in the previous month, according to the Bureau of Agricultural Statistics (BAS).Year-on-year, rice stocks with households (which account for around 53% of total rice stocks in the country) stood at around 1.07 million tons on February 1, 2014, up about 20% from around 890,000 tons seen during the same time in 2013. However, rice stocks in commercial warehouses and with the National Food Authority (NFA) have declined sharply. Rice stocks in commercial warehouses (which account for around 24% of total rice stocks in the country) stood at about 470,000 tons as of February 1, 2014, down almost 15% from about 560,000 tons recorded in February 2013, while rice stocks with the NFA (which accounts for around 23% of total rice stocks in the country) stood at about 460,000 tons, down about 20% from about 570,000 tons recorded in February 2013.Month-on-month, rice stocks with the NFA, in which about 77% are imported rice, are up about 67% from previous month levels. However, rice stocks with households are down about 16% from January 2014 and rice stocks with commercial warehouse are down about 19% from previous month.The BAS says that total rice stocks in the Philippines as of February 1, 2014 are sufficient for 59 days (including household stocks for 31 days, and commercial warehouses and NFA stocks for 14 days each). Tags: Philippines rice stocks
Guyana Explores New Rice Export Markets; Private Sector Signs 50,000 Tons Export Deal with Haiti
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Guyana is exploring new export markets for its rice after the country produced 532,000 tons of rice in 2013, about 119,000 tons or 29% more than the targeted 413,000 tons, according to local sources.Guyana has few export partners and exports around 110,000 tons of milled rice and 80,000 tons of paddy rice every year to Venezuela under its compulsory export quota. However, Guyana is still left with over 100,000 tons of surplus rice, according to the General Secretary of Guyana's Rice Producers Association (RPA). Guyana’s Agriculture Minister says that the government wants to expand its export destinations to Haiti, Brazil, Belize, Guatemala, Jamaica, Trinidad and Tobago, and some European countries. The Caribbean countries and Venezuela currently import rice from other countries besides Guyana, and there is an opportunity to secure greater shares in these markets, the minister says. He adds that while the government is in talks with several countries to secure new export agreements, it is also encouraging private sector to undertake exports. Meanwhile, private traders in Guyana have struck a deal with Haiti to export 50,000 tons with the first shipment due in this week. In addition to this, the government is planning to export 100,000 tons of rice to Haiti this year, and may soon finalize a deal to export around 50,000 tons of rice to Haiti through the public sector. The Guyana Rice Development Board (GRDB), which markets Guyana's rice overseas, is persuading Belize to buy Guyana's rice, according to local sources. Guyana's rice production increased by 25% to 532,000 tons in 2013 from about 425,000 tons in 2012, according to the Agriculture Minister. However, the USDA estimates the country to produce 470,000 tons in the MY 2013-14 and export about 345,000 tons. The country's consumption needs during the year are estimated at 130,000 tons. Tags: Guyana rice exports, Haiti rice imports, venezuela rice imports
Oryza Global Rice Quotes March 13th, 2014 Long grain white rice - high quality Thailand 100% B grade 425-435 Vietnam 5% broken 370-380 ↔ India 5% broken 420-430 ↔ Pakistan 5% broken 400-410 ↔ Cambodia 5% broken 450-460 ↔ U.S. 4% broken 580-590 ↔ Uruguay 5% broken 620-630 ↔ Argentina 5% broken 615-625 ↔
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Long grain white rice - low quality Thailand 25% broken 350-360 ↔ Vietnam 25% broken 345-355 ↔
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Pakistan 25% broken 355-365 ↔ Cambodia 25% broken 420-430 India 25% broken 360-370 ↔ U.S. 15% broken 555-565 ↔
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Long grain parboiled rice Thailand parboiled 100% stxd 410-420 Pakistan parboiled 5% broken stxd 420-430 India parboiled 5% broken stxd 405-415 U.S. parboiled 4% broken 660-670 ↔ Brazil parboiled 5% broken 590-600 ↔ Uruguay parboiled 5% broken NQ ↔ Long grain fragrant rice Thailand Hommali 92% 960-970 Vietnam Jasmine 485-495 ↑ India basmati 2% broken 1515 -1525 Pakistan basmati 2% broken NQ ↔ Cambodia Phka Malis 885-895 ↔ Brokens Thailand A1 Super 305-315 ↔ Vietnam 100% broken 330-340 Pakistan 100% broken stxd 330-340 Cambodia A1 Super 350-360 ↔ India 100% Broken stxd 300-310 Egypt medium grain brokens NQ ↔ U.S. pet food 470-480 ↔ Brazil half grain 345-355 ↔ Medium grain milled U.S. Calrose 4% broken Egypt medium grain 6%
620-630 NQ ↔
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↔ All prices USD per ton, FOB vessel, oryza.com
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