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TOP Contents - Tailored for YOU Latest News Headlines… Rice Exporters Association of Pakistan Faces Opposition over Hike in Membership Fees Oryza U.S. Rough Rice Recap – Prices Hold Steady as Standoff Continues; Weekly Export Sales Decline Oryza Rice Currency Analysis for Today – Pakistan Rupee Falls 1% Oryza Afternoon Recap – Chicago Rough Rice Futures Slip Slightly, but Nearby Support Holds; Wheat, Corn Reverse Direction as Traders Book Profits following Recent Rally U.S. 2014 Rice Production Likely to Decline Due to Drought India Rice Stocks in Central Pool Decline to 31.26 Million Tons in March 2014; Down 13% from Last Year USDA Forecasts Global Rice Trade to Increase to 41 Million Tons in 2014; Up 6% from Last Year Thailand Sells 730,000 Tons of Stockpiled Rice to Exporters at Low Prices Thailand Rice Production Forecast to Decline 2% in 2014-15 Due to El Nino, Low prices USDA Forecasts MY2013-14 Global Rice Production at 474.8 Million Tons; Up 1% from Previous Year Oryza Overnight Recap – Chicago Rough Rice Futures Bounce Higher on Light Volume Overnight Following Yesterday’s Move Towards Underlying Technical Support Myanmar Rice Industry Expects Parboiled Rice Exports to Increase by Nine Times in FY 2014-15 Vietnam Rice Sellers Increase Some Their Quotes Today; Other Asia Rice Quotes Unchanged Oryza Global Rice Quotes
NEWS DETAILS: Rice Exporters Association of Pakistan Faces Opposition over Hike in Membership Fees Mar 13, 2014
Pakistan’s Union of Small and Medium Enterprises (Unisame) has opposed the Rice Exporters Association of Pakistan (REAP) recent decision to hike its membership fees from Rs. 3,000 (about $30) to Rs. 14,000 (about $142) and has requested the Commerce Minister to intervene.Unisame says that a steep increase of around 465% in the membership fees by REAP will burden small exporters. It says that such a move is unreasonable and should be revised. Unisame also says that most rice exporters are members of their respective chambers of
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commerce and industries and making it compulsory for them to be members of REAP is unfair and illogical. “Many exporters are exporting multiple items and it is unwise to compel them to become members of several associations,” Unisame says. The SME forum has urged the Commerce Minister to act soon as the last date for renewal of REAP membership is March 31, 2014.According to local sources, REAP members say that the hike is the first in four years, and higher fees is aimed to help the association meet increasing costs. Tags: Union of Small and Medium Enterprises (Unisame), Rice Exporters Association of Pakistan (REAP)
Oryza U.S. Rough Rice Recap – Prices Hold Steady as Standoff Continues; Weekly Export Sales Decline Mar 13, 2014
As of today, old crop offers were unchanged near $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 could still be seen around $14.75 per cwt (about $325 per ton) for March-April delivery which continues to generate zero interest while bids for exporters were seen steady near $15.55 per cwt (about $343 per ton), for the same delivery period, and although there were no trades reported today.In the meantime, today the USDA reported that cumulative net export sales for the week ending on March 6th, totaled 48,500 tons, which was 27% lower than last week and 33% lower than the prior 4-week average. Increases were reported for the following destinations including: 20,300 tons to Libya, 7,700 tons to unknown destinations, 6,000 tons to Japan, 4,800 tons to Honduras, and 2,900 tons to Canada. There were also decreases of 100 tons reported for Indonesia.U.S. rice exporters shipped 139,100 tons, which was 98% higher than the
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previous week and considerably higher than the prior 4-week average. The primary destinations included: 56,600 tons to Turkey, 31,500 tons to Iraq, 20,300 tons to Libya, 19,400 tons to Mexico, and 2,700 tons to Canada. Tags: U.S. rice prices, U.S. rice market
Oryza Rice Currency Analysis for Today – Pakistan Rupee Falls 1% Mar 13, 2014
U.S. dollar index was up +0.01% from the open today, when it traded at 79.611 at the close. Euro was weaker -0.28% by the close, trading around 1.3865 by end of day, after trading between an intraday high of 1.3967 and low of 1.3846. Thai baht was stronger +0.08%, trading at 32.365 at the close of business. Indian rupee was +0.07% stronger at 61.1800. Brazilian real was -0.25% weaker at the close of trading today, trading at 2.3612 reais per dollar. Pakistan rupee was -0.93% weaker at 98.8325. Vietnamese dong was unchanged at 21100. Mexican peso was weaker -0.26% today, when it traded at 13.2781 pesos per dollar by the close of business. Chinese yuan was stronger +0.13%, trading at 6.1373. Argentine peso was weaker -0.19% at 7.8897 pesos per dollar. Tags: foreign exchange rates
Oryza Afternoon Recap – Chicago Rough Rice Futures Slip Slightly, but Nearby Support Holds; Wheat, Corn Reverse Direction as Traders Book Profits following Recent Rally Mar 13, 2014
Chicago rough rice futures for May delivery settled 3 cents per cwt (about $1 per ton) lower at $15.225 per cwt (about $336 per ton). Rough rice futures remain trapped between downward trending overhead resistance and the nearby low of $15.200 per cwt (about $335 per ton) which acts as underlying support.
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The negative slope of the 10-day moving average has forced the market into a period of congestion and has limited upward price movement over the past three trading sessions. Although price action has remained sideways for the most part over the past two weeks, traders will keep a keen eye on the previously mentioned points of technical significance as an indicator future price direction. Given firm price expectations in the cash market, many traders feel that directional price risk is skewed to the upside. The other grains finished mixed once again, but with corn and wheat retracing while soy looks to correct following two sessions of steep losses; soybeans closed about 0.7% higher at $13.9625 per bushel; wheat finished about 1.5% lower at $6.7475 per bushel, and corn finished the day about 0.7% lower at $4.8500 per bushel.U.S. stocks declined on Thursday, after the S&P 500 came less than four points from its record close, as worries mounted about China's economy. Reuters cited banking and industry sources in reporting increasing concerns about the financial health of bloated industries in China have caused many banks to reduce lending in these sectors up to 20%. Market strategists have recently cited the slowdown in China's economy in January and February as cause for concern, and unease over the ongoing standoff between Russia and Ukraine over the Crimea peninsula. After a 64-point rise and 209-point fall, the Dow Jones Industrial Average was lately down 166.30 points, or 1 percent, at 16,173.78. The S&P 500 shed 16.14 points, or 0.9 percent, to 1,851.06, with technology falling hardest and utilities the sole sector on the rise among its 10 major sectors. The Nasdaq declined 52.50 points, or 1.2 percent, to 4,271.83. Gold is trading about 0.1% higher, crude oil is seen trading about 0.1% higher, and the U.S. dollar is seen trading unchanged at about 1:00pm Chicago time.Wednesday, there were 844 contracts traded, up from 439 contracts traded on Tuesday. Open interest – the number of contracts outstanding – on Wednesday increased by 121 contracts to 7,891. Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market
U.S. 2014 Rice Production Likely to Decline Due to Drought Mar 13, 2014
Rice production in the U.S. may decline significantly in 2014 due to ongoing drought conditions in two major rice growing states of California and Texas.California is the second largest rice producing state in the U.S. after Arkansas, and contributes around 2 million tons of paddy rice annually or about 25% of the total rice grown in the U.S. However, over 94%of California remains
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under drought and rice plantings in the state could decline sharply this year due to shortage of water. Planting usually begins in April- May, but farmers in California say that officials are likely to provide only 40% of the water that is normally supplied due to the ongoing drought. Farmers say that lower rice production will lead to higher prices and may lead to job cuts as well.Meanwhile, most farmers in downstream of Austin in Texas will go without water from Highland Lakes in 2014 for the third consecutive year due to drought, according to the Lower Colorado River Authority (LCRA) which manages water supply in Texas. Texas produces over 500,000 tons of rice annually and ranks fifth among rice producing states in the U.S. after Arkansas, California, Louisiana and Missouri.According to the USDA, milled rice production in the U.S. is expected to decline to around 6.1 million tons (around 8.6 million tons, basis paddy) in MY 2013-14, down about 3% from around 6.3 million tons (about 9 million tons, basis paddy) in the previous year. Rice area is estimated at below one million hectares for the first time in at least 10 years, while exports are forecast to decline to around 3.2 million tons in MY 2013-14, down about 6% from around 3.4 million tons in the previous year. Tags: U.S. rice prodution
India Rice Stocks in Central Pool Decline to 31.26 Million Tons in March 2014; Down 13% from Last Year India’ s rice stocks in the centra l pool have declin ed to aroun d 31.26 millio n tons (inclu ding a milled equiv alent of aroun
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d 19.04 million tons of paddy) as of March 1, 2014, down about 13% from about 35.77 million tons recorded during the same time last year, according to data from the Food Corporation of India (FCI).Month-over-month, India's rice stocks in the central pool are down slightly from around 31.27 million tons in February 2014. Rice stocks are lower compared to last year due to late harvest in 2013 and high market prices which slowed down government procurement of rice. However, current rice stocks are more than double the required buffer and strategic reserve norms of around 13.8 million tons for this time of the year.Total food grain stocks (including rice) with the FCI stand at around 53.19 million tons as of March 1, 2014, down about 15% from last year. Wheat stocks in the central pool at about 20.84 million tons are down about 23% from last year. Tags: India rice stocks
USDA Forecasts Global Rice Trade to Increase to 41 Million Tons in 2014; Up 6% from Last Year Mar 13, 2014
The USDA says that global rice trade in the calendar year 2014 is likely to increase by about 6% to 41 million tons over 38.7 million tons in 2013, helped by higher imports by China and West Africa.The USDA expects India to retain the largest rice exporter status in 2014 with around 10 million tons of rice exports. Rice exports by Myanmar, Cambodia, Thailand and Vietnam are also expected to increase in 2014. Myanmar’s 2014 rice exports are forecast at 1.3 million tons, up 12% from an estimated 1.16 million tons in 2013 based on much larger supplies and upward revisions in export levels for previous years. The USDA also increased the forecast for Peru's 2014 rice exports to 70,000 tons, about 40% more than an estimated 50,000 tons in 2013 based on larger supplies. However, the USDA lowered Australia's 2014 rice export forecast to 500,000 tons based on smaller supplies. On the import side, Peru's rice imports are forecast at 220,000 tons in 2014, down about 18% from the previous year, based on a larger crop. Australia’s rice imports are expected to increase to 150,000 tons in 2014, up about 7% from an estimated 140,000 tons in 2013 based on tighter supplies. Tags: Global rice trade, Rice imports, Rice exports
Thailand Sells 730,000 Tons of Stockpiled Rice to Exporters at Low Prices Mar 13, 2014
The Thailand caretaker government has sold 730,000 tons of rice worth about 9 billion baht (around $277 million) of its stockpiled rice to exporters, according to Reuters.Of the 730,000 tons, the government sold 180,000 tons through auctions and 550,000 tons directly to exporters who have overseas orders and were seeking rice for delivery, the Commerce Minister told Reuters. He says that the selling price was around current market prices.However, it is likely that the government sold the rice at a loss.
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The government received 9 billion baht (around $277 million) for the 730,000 tons of rice, which suggests an average price of around 12,300 baht (about $380) per ton. This is much less than the 15,000 baht (about $462) per ton price that the government for paddy rice during 2011-2013. The President of Thai Rice Exporters Association (TREA) says the sale price could be lower at around 10,000 baht (around $308) because traders usually don’t buy rice from the government at market prices. The market price of the common 5% white rice stands at around $410 per ton this week, down about 2% from last week's $420 per ton.The government is under pressure to make payments to the farmers who had pledged their rice under the rice pledging scheme. It is planning to sell one million tons of rice each month to accelerate payments to the farmers. It sold 517,000 tons of rice through the Agricultural and Futures Exchange of Thailand (AFET) last week and is planning to auction 250,000 tons of rice on March 26 through the AFET. The government is also reportedly in talks with the Qatar government to sell rice under a government-to-government deal. Tags: Thailand rice auctions, Thailand rice prices, Thailand rice exports
Thailand Rice Production Forecast to Decline 2% in 2014-15 Due to El Nino, Low prices Mar 13, 2014
Thailand's milled rice production may decline to 20.1 million tons in MY 2014-15 (beginning January 2015), down about 2% from around 20.5 million tons produced in MY 2013-14 due to the adverse impact of El Nino weather pattern and low prices, according to the USDA Post in Thailand.The Thai Meteorological Department
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(TMD) expects below normal average precipitation in 2014 due to high probability of the El Nino phenomenon in the latter half of 2014. The Post expects rice production from the off-season crop (March - September, 2014) to decline significantly due to drought conditions. The average yield of the early off-season crop, which accounts for around 15-20% of total off-season rice production, dropped significantly due to the cold weather conditions during the flowering stage. Lower prices and payment delays under the MY 2013-14 main-crop paddy pledging program and the suspension of the MY 2013-14 off-season crop are also likely to discourage rice acreage expansion this year, the Post says. Farm-gate prices for white rice paddy (14% moisture content) currently stand at around 7,000 – 8,000 baht (around $220 – $250) per ton, down around 33% from prices during the same time last year.The Post forecasts MY 2014-15 rice exports to increase to 9 - 10 million tons, which is up about 30% compared to 6.7 million tons in MY 2012-13 due to release of rice from government stocks. The Post expects the Thai Parboiled rice exports to become more competitive compared to Indian parboiled rice in 2014.The Post also estimates government rice stocks at around 20 million tons, of which 12 - 13 million tons are old-crop rice stocks, which are carried over from the MY 2011-12 and MY 2012-13 rice programs and the remainder are from the current MY 2013-14 pledging program. The Post estimates rice stocks to decline to approximately 13-14 million metric tons by the end of MY 2013-14 due to the sales of the government stocks. Tags: Thailand rice production, Thailand rice exports
USDA Forecasts MY2013-14 Global Rice Production at 474.8 Million Tons; Up 1% from Previous Year Mar 13, 2014
The USDA says that global rice production is likely to increase to a record 474.8 million tons (milled basis) in MY 2013-14 (June - May), up about 1% from 470 million tons of rice produced in 2012-13, partly due to near record crops in East Asia and Sub-Saharan African countries.The USDA estimates the global rice area in MY 2013-14 to increase by 2.4 million hectares to 160.6 million hectares from 158.2 million hectares in 2012-13, helped by higher government support prices in several Asian countries and Nigeria. However, global rice yield is expected to decline to around 4.41 tons per hectare in MY 2013-14, down about 1% from around 4.45 tons per hectare in MY 2012-13, mainly due to adverse weather conditions in China and India.The USDA increased China's MY 2013-14 production forecast to 142.3 million tons, due to slightly higher area and yields. However, it is still down about 700,000 tons or 1% from around 143 million tons produced in 2012-13. The USDA increased India's MY 2013-14 rice production forecast to 105 million tons due to higher than expected kharif crop (July – December) rice yields. The USDA also increased MY 2013-14 rice production forecast for Argentina to 1.01 million tons, for Myanmar to 12 million tons, and for Peru to a record 2.16 million tons. The USDA lowered its MY 2013-14 production estimates for Indonesia, Sri Lanka and Australia mainly due to lower than expected yields. Indonesia's MY 2013-14 production is estimated at 37.34 million tons, down about 2% from MY 2012-13. Sri Lanka's rice production is expected to decline to around 2.75 million tons, down about 3% from the previous year, while Australia's MY 2013-14 rice production is forecast at 653,000 tons,
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down by about 22% from an estimated 840,000 tons in MY 2012-13.The USDA projects the global rice consumption in MY 2013-14 at 474.1 million tons, up 1% from 469.3 million tons in MY 2012-13 due to higher consumption in Bangladesh, Brazil, Cambodia, China, Egypt, India, Indonesia, the U.S., and Vietnam. Global rice ending stocks in 2013-14 are projected at 111.7 million tons, up 0.7 million tons from 2012-13. The USDA expects Thailand to carry a record 14.7 million tons of rice in 2013-14. The global rice stocks-to-use ratio for MY 2013-14 is estimated at 23.6%, down slightly from last year. Tags: global rice production, Global rice consumption, USDA rice
Oryza Overnight Recap – Chicago Rough Rice Futures Bounce Higher on Light Volume Overnight Following Yesterday’s Move Towards Underlying Technical Support Mar 13, 2014
Chicago rough rice futures for May delivery are currently paused 9 cents per cwt (about $1 per ton) higher at $15.345 per cwt (about $338 per ton) as of 8:00am Chicago time. The other grains are seen mostly higher this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.1% higher, wheat was paused nearly 0.5% higher, and corn is noted about 0.1% higher.U.S. stock index futures added to gains on Thursday after economic reports had retail sales rising a bit more-than-expected in February and jobless claims dipping last week. Retail sales rose 0.3 percent in February. Consensus forecasts had suggested retail sales would climb 0.2 percent last month, after a 0.4 percent decline in January. Weekly jobless claims fell to a three-month low, with initial claims for unemployment benefits dropping by 9,000 to a seasonally adjusted 315,000, the Labor Department reported. Later in the day there will be January's business inventories and the monthly Federal budget statement. Concerns over China's economy and political turmoil in Ukraine continued to weigh on European and Asian markets on Thursday. Official data for Chinese retail sales and industrial output came in below expectations on Thursday, and Chinese Premier Li Keqiang warned at the National People's Congress that defaults in China's financial sector could prove unavoidable. U.S. stock index futures are currently trading about 0.2% higher, gold is currently trading about 0.1% lower, crude oil is seen trading about 0.1% lower, and the U.S. dollar is currently trading about 0.3% lower at 8:00am Chicago time. Tags: chicago rough rice futures
Myanmar Rice Industry Expects Parboiled Rice Exports to Increase by Nine Times in FY 2014-15 Mar 13, 2014
Myanmar's parboiled rice exports are likely to surge to 300,000 tons in the fiscal year 2014-15 (April - March), up almost nine times from a mere 30,000 tons in 2013, according to the Myanmar Rice Industry Association (MRIA).The MRIA Chairman told Reuters that demand for Myanmar parboiled rice is increasing in the European markets, and most of the parboiled rice exports in FY 2013-14 were to the European Markets, mainly to Russia, which is seeing a decline in rice production.
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The MRIA Chairman said Myanmar has built modern mills and factories with a capacity of milling more than 1,000 tons of parboiled rice per day, adding that more mills are under construction. He also said that the country's parboiled rice prices are competitive as the processing is done using modern technology, and they got up to $505 per ton in FY 2013-14.The MRIA Chairman says that Myanmar's total rice exports in FY2013-14 are likely to decline about 29% to one million tons from previous year because of reduced demand in China and political turmoil in Thailand. However, he says that Myanmar would export up to 1.5 million tons of rice in FY 2014-15.According to the USDA, Myanmar is expected to export around 1.3 million tons of rice in calendar year 2014, up about 12% from an estimated 1.16 million tons in 2013. The agency estimates Myanmar’s rice production to grow to 12 million tons in MY 2013-14, up 2% from an estimated 11.7 million tons in MY 201213. Tags: myanmar rice exports, parboiled rice, Myanmar Rice Industry Association (MRIA)
Vietnam Rice Sellers Increase Some Their Quotes Today; Other Asia Rice Quotes Unchanged Mar 13, 2014
Vietnam rice sellers increased their quotes for Jasmine rice by about $10 per ton to about $485 - $495 per ton today. Other Asia 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. 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. 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. 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. 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.
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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. Tags: Asia rice quotes, India rice quotes, Pakistan rice quotes, Thailand rice quotes, Vietnam rice quotes
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 ↔ Long grain white rice - low quality Thailand 25% broken 350-360 ↔ Vietnam 25% broken 345-355 ↔ 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 ↔
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Brokens
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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 620-630 Egypt medium grain 6% NQ ↔
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All prices USD per ton, FOB vessel, oryza.com
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