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Share developments in RICE and allied sectors, TOP Contents - Tailored for YOU Latest News Headlines…
Milltec Machinery: Spreading Wings With Rice Mill Machines Nagpur Foodgrain Prices - APMC & Open Market-July 25 TABLE-India's poor monsoon slows summer crop sowing Markets See Quick Spike in Rice Prices Korea seeks approval for rice “tarrification” Kenya's decision of increasing import duty affects rice industry 20% discount on rice, flour, oil Commerce to propose resuming rice sale next month Monsoon revival keeps rain above average Pakistan. Rice export decreased by 8.44 percent in June Rice export decreased by 8.44 percent in June Rice Leadership program accepting applications SunRice looking to expand production into Queensland
News Detail… Milltec Machinery: Spreading Wings With Rice Mill Machines by Harichandan Arakali
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A company that manufactures R Ravindranath (left) and J Rajendran
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Jul 24, 2014 | 1535 views by Harichandan Arakali A company that manufactures rice mill machines is ready to spread its wings R Ravindranath (left) and J Rajendran Alarge Ganesha idol still in its polythene wrap is the lone fixture in an otherwise Spartan boardroom at the Bangalore headquarters of Milltec Machinery. It is an appreciation award from the Rice Millers Association of Tumkur, a neighbouring district of Bangalore. Certificates for quality excellence and achievements occupy most of the wall behind the idol. Milltec deserves the accolades: For 16 years it has been making rice-milling machines, used by a third of mid-market rice millers across India. The milling process involves removing husk, polishing and grinding grains. When R Ravindranath and J Rajendran—two of the four original founders—started the company in 1998, they made only rice milling equipment. Over the years, they broadened the range of machines in the agri-processing industry and now manufacture roller flour and maize mills and plants to process pulses. Today, it dominates a segment that once relied solely on less organised and hyper-local suppliers with no guarantee of after-sales support.Milltec caught the attention of private equity investor Multiples Alternate Asset Management only last year when the founders were unable to agree on the company’s growth plans. With Multiples investing Rs 180 crore, Ravindranath and Rajendran bought out their partners for Rs 250 crore. (They took a Rs 35 crore loan from L&T Finance.) Multiples—founded by Renuka Ramnath—has a 49 percent holding. The deal left the duo with a 51 percent stake. The men behind itMilltec was born out of water-cooler chats and tea-break conversations between Ravindranath and Rajendran, engineers and colleagues at Bühler Holding AG’s India unit in Bangalore. Their conversations became more specific, and the idea of Milltec was born: It would steer clear of large millers that companies like Bühler cater to, and small home-grown millers. Instead, it identified the untapped Rs 600 crore mid-segment market, which it now dominates. Colleagues and industry experts were sceptical, which made the founders all the more determined.
Milltec started at a time when the technology that the founders had seen at Bühler—sheet-metal technology and laser cutting tools—was hard to come by. “It’s not like we built a machine and installed it and everything was fine. Things went wrong, we had to tweak the design, even take back the machines sometimes, until we finally
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got them working,” the founders said. Rajendran, 48, drives operations while his fellow MD, Ravindranath, 51, is responsible for galvanising millers to buy their machinery. “I didn’t want to work for other people. I wanted to be my own boss,” says Ravindranath, who can look back at the 15 years of toil with justifiable pride. Milltec made revenues of Rs 190 crore in FY2014, and targets Rs 275 crore for FY2015.
Nagpur Foodgrain Prices - APMC & Open Market-July 25 Fri Jul 25, 2014 2:41pm IST Nagpur, July 25 (Reuters) - Gram prices in Nagpur Agriculture Produce and Marketing Committee (APMC) firmed up again on renewed demand from local millers amid weak supply from producing regions. Estimate of weak gram production in this season, healthy rise in Madhya Pradesh gram prices and reported demand from South-based millers also boosted prices, according to sources. * * * * FOODGRAINS & PULSES GRAM * Gram varieties remained steady in open market here on subdued demand from local traders amid ample stock in ready position. TUAR * Tuar gavarani recovered strongly in open market here on good demand from local traders amid thin supply from producing regions. * Moong Chamki zoomed up again in open market on increased buying support from local traders amid tight supply from producing regions. * In Akola, Tuar - 4,200-4,400, Tuar dal - 6,000-6,400, Udid at 7,000-7,200, Udid Mogar (clean) - 8,000-8,500, Moong - 7,200-7,600, Moong Mogar (clean) 8,600-9,300, Gram - 2,500-2,800, Gram Super best bold - 3,400-3,700 for 100 kg. * Wheat, rice and other commodities remained steady in open market in thin trading activity, according to sources. Nagpur foodgrains APMC auction/open-market prices in rupees for 100 kg FOODGRAINS Available prices Previous close Gram Auction 2,500-2,600 2,410-2,600 Gram Pink Auction n.a. 2,100-2,600 Tuar Auction n.a. 4,300-4,500 Moong Auction n.a. 4,400-4,700 Udid Auction n.a. 4,300-4,500 Masoor Auction n.a. 2,600-2,800 Gram Super Best Bold 3,900-4,200 3,900-4,200 Gram Super Best n.a. Gram Medium Best 3,500-3,600 3,500-3,600 Gram Dal Medium n.a. n.a. Gram Mill Quality 3,250-3,350 3,250-3,350 Desi gram Raw 2,900-3,000 2,900-3,000 Gram Filter new 3,000-3,200 3,000-3,200
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Gram Kabuli 8,000-9,500 8,000-9,500 Gram Pink 7,200-7,400 7,200-7,400 Tuar Fataka Best 6,800-6,950 6,800-6,950 Tuar Fataka Medium 6,500-6,600 6,500-6,600 Tuar Dal Best Phod 6,100-6,250 6,100-6,250 Tuar Dal Medium phod 5,700-5,950 5,700-5,950 Tuar Gavarani 4,600-4,700 4,500-4,600 Tuar Karnataka 4,650-4,850 4,600-4,800 Tuar Black 8,000-8,300 7,900-8,200 Masoor dal best 6,200-6,450 6,200-6,450 Masoor dal medium 6,000-6,300 6,000-6,300 Masoor n.a. n.a. Moong Mogar bold 9,600-10,100 9,500-10,000 Moong Mogar Medium best 8,500-8,700 8,400-8,600 Moong dal super best 8,100-8,700 8,000-8,600 Moong dal Chilka 7,900-8,400 7,800-8,300 Moong Mill quality n.a. n.a. Moong Chamki best 8,000-9,100 7,800-9,000 Udid Mogar Super best (100 INR/KG) 8,600-9,000 8,600-9,000 Udid Mogar Medium (100 INR/KG) 7,700-7,900 7,700-7,900 Udid Dal Black (100 INR/KG) 6,100-6,900 6,100-6,900 Batri dal (100 INR/KG) 4,200-5,000 4,200-5,000 Lakhodi dal (100 INR/kg) 2,750-2,900 2,750-2,900 Watana Dal (100 INR/KG) 3,100-3,300 3,100-3,300 Watana White (100 INR/KG) 3,500-3,600 3,500-3,600 Watana Green Best (100 INR/KG) 5,000-5,600 5,000-5,600 Wheat 308 (100 INR/KG) 1,200-1,500 1,200-1,500 Wheat Mill quality(100 INR/KG) 1,600-1,850 1,600-1,850 Wheat Filter (100 INR/KG) 1,200-1,400 1,200-1,400 Wheat Lokwan best (100 INR/KG) 1,900-2,200 1,900-2,200 Wheat Lokwan medium (100 INR/KG) 1,600-1,800 1,600-1,800 Lokwan Hath Binar (100 INR/KG) n.a. n.a. MP Sharbati Best (100 INR/KG) 2,600-3,300 2,600-3,300 MP Sharbati Medium (100 INR/KG) 2,100-2,500 2,100-2,500 Wheat 147 (100 INR/KG) 1,100-1,300 1,100-1,300 Wheat Best (100 INR/KG) 1,500-1,800 1,500-1,800 Rice BPT (100 INR/KG) 2,900-3,200 2,900-3,200 Rice Parmal (100 INR/KG) 1,600-1,800 1,600-1,800 Rice Swarna old (100 INR/KG) 2,700-2,900 2,600-2,800 Rice HMT (100 INR/KG) 4,000-4,300 4,000-4,300 Rice HMT Shriram (100 INR/KG) 4,700-5,200 4,700-5,200 Rice Basmati best (100 INR/KG) 10,400-13,000 10,400-13,000 Rice Basmati Medium (100 INR/KG) 7,300-10,000 7,300-10,000 Rice Chinnor (100 INR/KG) 5,200-5,600 5,200-5,600 Jowar Gavarani (100 INR/KG) 1,300-1,500 1,300-1,500 Jowar CH-5 (100 INR/KG) 1,600-1,700 1,600-1,700
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WEATHER (NAGPUR) Maximum temp. 26.9 degree Celsius (80.4 degree Fahrenheit), minimum temp. 23.3 degree Celsius (73.9 degree Fahrenheit) Humidity: Highest - n.a., lowest - n.a. Rainfall : n.a. FORECAST: Generally cloudy sky. Rains or thunder-showers likely. Maximum and Minimum temperature likely to be around 32 and 23 degree Celsius respectively. Note: n.a.--not available (For oils, transport costs are excluded from plant delivery prices, but included in market prices.)
TABLE-India's poor monsoon slows summer crop sowing Fri Jul 25, 2014 6:34pm IST July 25 (Reuters) - India's poor monsoon has delayed sowing of summer crops such as rice, corn, cotton, pulses and oilseeds, government data showed on Friday. The parched rice, soybean, cotton growing areas will receive more rainfall next week as the monsoon is expected to continue its wet revival phase. The table below shows the area sown with main summer crops between June 1 and July 24, in million hectares. Figures are provisional. --------------------------------------CROP Normal Area 2014 2013 --------------------------------------* Rice 19.75 16.57 19.00 * Corn 6.34 4.33 7.12 * Pulses -Tur -Urd
6.66 4.45 7.33 2.32 1.63 2.88 1.52 0.95 1.73
* Oilseed 13.04 10.79 15.31 -Soybean 9.06 7.78 11.00 -Groundnut 2.93 2.26 3.34 * Cane 4.84 4.64 5.03 * Cotton 10.22 7.61 10.50 --------------------------------------Source: Agriculture Ministry ----------------------------------------
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(Reporting by Ratnajyoti Dutta in NEW DELHI; editing by Malini
Markets See Quick Spike in Rice Prices Kang Mi Jin | 2014-07-25 18:10
Market rice prices in North Korea held steady throughout the “farming hardship period” in April and May; however, prices have recently started to rise. In towns near the border, including those in the provinces of Yangkang and North Hamkyung, rice has reached 6,000 KPW per kilo, inside sources report.“From the end of last week, the cost of rice began to rise, reaching 6,000 KPW,” a source in North Hamkyung Province reported to Daily NK on the 25 th. “All five of the markets in Hyesan, including Yunbong, Masan and Hyesan, have seen the same sudden leap.”“People are used to small fluctuations in rice prices, but they don't often see a quick 1,000 KPW increase,” she went on. A source in Yangkang Province confirmed the increase. “Just a few days ago, rice was 5,000 KPW, so imagine my surprise when I went to buy it yesterday,” she said. “It seems that even the sellers don’t know why it happened.”“They don't need to be sure why prices have risen; simply, if one raises the price of her rice, the rest will follow suit,” she added.The source went on to say that she examined conditions across the city on Daily NK’s behalf, checking markets in areas that could have been in a different condition. “Because miners are receiving their rations, I thought maybe prices around mines would be stabler,” she reported, “but in Masan, one of those areas, it was also 6,000 KPW.”Last month, rice cost 4,300 KPW in Pyongyang, 4,500 KPW in Sinuiji and 5,050 KPW in Hyesan. Moreover, prices actually went down last week, to 4,250 KPW, 4,380 KPW and 4,800 KPW respectively. But now they have increased by 1,000 KPW within a week.Daily NK sources speculate that the reason for the sharp increase is due to reduced distribution of rice and below-average yield of early new potatoes. Of course, April and May are called the “farming hardship period” for a reason; in other words, supply-side limitations could simply be filtering down to the retail market.According to the source, local people are concerned that prices could rise to 7,000 KPW, the high point reached during the mourning period for Kim Jong Il at the start of 2012. However, others are less worried, saying, “Since fall is right in front of us, prices won't rise any more.”Although rice prices usually vary in accordance with fluctuations in currency exchange rates, recent ups and downs have not followed this pattern. Despite the fact that the North Korean Won is currently 30 KPW stronger per Chinese Yuan higher than it was last month, rice prices have sharply increased.“In fifteen days, people will harvest barley and have corn that was planted earlier. So rice prices won’t go up any more,” the source in Yangkang Province said. However, the source in
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North Hamkyung Province voiced the concern that “flooding from the monsoon may influence yields of barley, corn and other grains. ”Analyzing the situation, Kwon Tae Jin of GS&J Institute said, “Rice is never abundant in Hyesan; it must have been affected by drought in eastern parts of China. Travel restrictions put in place to prevent the spread of diseases may have contributed to the increase as well.”“Once the corn is harvested in August, prices will stabilize for a while. But a poor yield overall could cause them to start rising later,” he predicted.
Korea seeks approval for rice “tarrification” 25.07.2014 The highly political nature of rice in Korea had prevented the government from moving to tariffs, and Korea negotiated a 10-year extension of special treatment with WTO members in 2004.As expected, the Korean government announced late last week that the country would seek approval in the World Trade Organization (WTO) to move to rice "tariffication" beginning on Jan. 1, 2015. For 20 years, Korea has enjoyed an exemption from WTO rules that require members to use a tariff-based system for imports. This special treatment has allowed Korea to fix the absolute maximum amount of rice imports — currently 408,700 metric tons in a calendar year — in exchange for not setting up a tariff-based system. The highly political nature of rice in Korea had prevented the government from moving to tariffs, and Korea negotiated a 10-year extension of special treatment with WTO members in 2004. As a result of this negotiation, the United States, China, Thailand, and Australia received country-specific tariff rate quotas (CSQ) which in effect committed Korea to import a minimum amount of rice from those countries. The U.S. CSQ is 50,076 MT per year. U.S. rice exports to Korea averaged just under 90,000 MT in 2004-2013.
WTO rules provide guidelines for how Korea will transition to the new system. Korea will establish a tariff rate quota (TRQ) that will provide at least as much access as provided for in 2014 at a zero, or very low duty rate, and establish a tariff rate that will apply to imports above the TRQ. Korean media has reported over-quota duty rates ranging from 200 to 700 percent. The USA Rice Federation has been in close contact with the Obama Administration on both the within quota level and out-of-quota duty. "Going forward, the size of Korea's tariff rate quota, import duties inside and outside of the TRQ, and the future of country-specific quotas are going to be established through negotiations with affected suppliers," said Bob Cummings, USA Rice COO. "We are looking to U.S. negotiators to be aggressive to make sure that Korea lives up to its WTO obligations, and that the new tariff-based regime provides meaningful and real access for U.S. exporters, particularly in the all-important table rice market. All parties will need to move quickly if Korea is to meet the Jan. 1 deadline."
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Kenya's decision of increasing import duty affects rice industry July 24, 2014 RECORDER REPORT
Rice industry has suffered huge losses in the wake of doubling of import duty on all varieties of rice by Kenya. A rice exporter told Business Recorderthat purchasing power of Kenya's rice importers had been reduced to half following doubling of import duty on rice by Kenya, thereby badly affecting small and medium enterprises involved in the business of exporting rice to Kenya. "Kenya has now fixed the import duty at 35 per cent or US $200, whichever is higher, on all varieties of rice," he said, adding that export of only long grain white rice (non-Basmati) to Kenya is around 0.4 million tons every year, with a revenue of $180million and, as such exporters, will have to pay a tax of $80m annually to Kenya. He said: "Although Pakistan has been importing a substantial quantity of tea from Kenya, our country has not increased the import duty on the Kenyan tea merely because Kenya is a regular importer of rice from Pakistan. " Besides, all the landlocked countries neighbouring Kenya were also facilitated by Kenya for transit goods, he added. Meanwhile, rice exporters have urged the Kenyan government to reconsider its decision of increasing import duty on all varieties of rice, or else it would badly affect the rice business of both the countries. They also demanded of the Commerce Minister to take up the matter with his Kenyan counterpart so that small and medium enterprises of both Kenya and Pakistan could carry on their business smoothly. Commenting on the situation, industrial sources said: "The demand of Pakistan's rice in Kenya is very high because of its quality but this import duty can reduce its export considerably."
20% discount on rice, flour, oil PM: Specials for Eid, Emancipation... By \\\\\ Ria Taitt Political Editor Story Created: Jul 24, 2014 at 9:35 PM ECT Story Updated: Jul 25, 2014 at 10:56 AM ECT
Prime Minister Kamla Persad Bissessar yesterday announced a 20 per cent discount on rice, flour and oil in celebration of Eid and Emancipation.Eid is being celebrated on July 29 and Emancipation on August 1.The discounts apply only to National Flour Mills (NFM) products. Government had provided a similar concession on oil, rice and flour last Christmas. Speaking at the postCabinet news conference at her St Clair office, the Prime Minister said: “Government, with the support of the National Flour Mills, is pleased to announce that in celebration of festivals Eid-ul-Fitr and Emancipation,
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citizens will be provided with a 20 per cent discount on the following products during the period Saturday July 26 (tomorrow) to Friday August 1.”Persad-Bissessar said NFM, which would facilitate this initiative on behalf of the Government, would not be compromised in its financial performance. “Government will reimburse the company in respect of all expenses incurred in the process of effecting this initiative,” she said. She said the measure was a “temporary stop-gap measure to allow for ease of living while Government actively pursues measures to ensure our food security”.
The Prime Minister also noted that for the first time in 21 years the food price inflation rate had been kept at single digits for the first five consecutive months of the year. “So some progress has been made. However we recognise that much still needs to be done. The Ministry of Food Production’s National Action Plan has the following objectives: to reduce the food import bill, to further reduce inflation primarily driven by food prices, to create sustainable long term productive employment, to contribute to the diversification of the economy, to increase the country’s food security,” she said. The Prime Minister said her Government aimed to reduce food price inflation and make it easier for people to afford healthier food for their families. She said there was a Standing Committee on Food Prices, chaired by Minister Vasant Bharath, which seeks to provide practical ways to bring comfort to consumers. The Committee consists of representatives of stakeholder groups and held its first meeting on Tuesday. The discount will apply to the following products:
\ Ibis Brand all purpose flour \ Lotus Brand Whole Wheat Bakers and Cake Flour \ Good and Natural Brand of Whole Wheat flour \ Lotus Brand, Soyabean oil—all sizes \ Lotus Brand Rice—all sizes \ Cuisine All Purpose Flour (two kilogramme pack) \ Club Select all purpose flour (10 kilogramme pack)
Commerce to propose resuming rice sale next month Friday, 25 July 2014 By NNT -
BANGKOK, 24 July 2014, - The Commerce Ministry yesterday said it propose that the Rice Policy Committee allow the Ministry to resume its plan to sell about 500,000 tons of stockpiled rice monthly through all available channels, beginning next month. The Ministry is considering selling the grain through general auctions, Government-to-Government deals, and auctions through the Agricultural Futures Exchange of Thailand.
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According to the Ministry, third party inspectors from government agencies such as the Finance Ministry and the Prime Minister’s Office will be needed in order to ensure transparency in all transactions. In addition, the Ministry, in its quest to reclaim the nation's export market share, will enlist the help of Thai Rice Exporters Association. It would also lend a helping hand to the private sector in selling the grains in particular markets.Meanwhile, rice prices have gained a bit of momentum as the global rice production declined due to drought. The price of 5% rice was quoted at 427 dollars a ton FOB, on July 16th, a fair jump from the 410 dollars a ton quoted a week earlier.
Monsoon revival keeps rain above average BY RATNAJYOTI DUTTA NEW DELHI Thu Jul 24, 2014 6:52pm IST Reuters) - India's parched rice, soybean, cotton growing areas will receive more rainfall next week as the monsoon is expected to continue its wet revival phase.Rains in the northwest India grain bowl as well as in soybean belts of western-central parts are expected speed up summer planting activities.India's farm sector accounts for around 14 percent of the economy but twothirds of the country's 1.2 billion people depend on farming for their livelihood, and more than half of its arable land needs monsoon rains. "The monsoon has improved but still needs to be watched how the rainfall shapes up during August," Farm Minister Radha Mohan Singh told Reuters.A month and half-long weak phase in the monsoon pushed rainfall a quarter below the average so far for the season that started in June. But a revival after mid-July pushed the rain level to above average last week.Rainfall was 24 percent above average in the week ended July 23, the first week of surplus for this year's monsoon season.Poor rain levels since the start of the June-September season raised concerns that India would face its first drought in five years, with coverage for most of the main summer crops slipping below the halfway mark. A weak monsoon cuts exports, stokes food inflation and can hit demand for products ranging from cars to consumer goods."No dry phase in the monsoon is expected until the month's end," said a weather official who did not wish to be identified.A poor monsoon could raise imports of cooking oil to India, the world's leading buyer of vegetable oils. The country could also cede its position as top rice exporter to Thailand.
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(Editing by David Evans) Photo: A woman signals for a bus to stop as she walks under an umbrella during rainfall in New Delhi July 17, 2014.
Pakistan. Rice export decreased by 8.44 percent in June 25.07.2014
Pakistan's rice exports during June-2014 registered a decrease of 8.44 per cent as compared to May-2014. Export figures released by Pakistan Bureau of Statistics (PBS) indicated that Pakistan has exported rice worth US $149million down by US $13.75m ie 8.44 per cent and in terms of volume, the country's export of rice went down by 5, 792 metric tons ie 2.3 percent to 248, 789 metric tons, last month.Attributing frequent postponement of shipments of rice to shortage of electricity during June, rice exporters claimed that they had suffered a loss of around $100m as against their monthly target. Rice export suffered badly as exporters could not meet the deadlines of their foreign orders due to prolonged loadshedding and such situation diverted a number of international buyers towards other rice markets," they said. According to PBS data, export of different varieties of rice has decreased by 3pc in June-2014 to US $98m from US $101m in May-2014.Meanwhile, rice exporters have urged the government to bring an end to the menace of prolonged load-shedding or provide separate power connections to each factory. They also demanded of the government to control Karachi's law and order situation to avoid further extension in delivery period of shipments.
Rice export decreased by 8.44 percent in June July 25, 2014 RECORDER REPORT
Pakistan's rice exports during June-2014 registered a decrease of 8.44 per cent as compared to May-2014. Export figures released by Pakistan Bureau of Statistics (PBS) indicated that Pakistan has exported rice worth US $149million down by US $13.75m ie 8.44 per cent and in terms of volume, the country's export of rice went down by 5, 792 metric tons ie 2.3 percent to 248, 789 metric tons, last month. Attributing frequent postponement of shipments of rice to shortage of electricity during June, rice exporters claimed that they had suffered a loss of around $100m as against their monthly target. Rice export suffered badly as exporters could not meet the deadlines of their foreign orders due to prolonged loadshedding and such situation diverted a number of international buyers towards other rice markets," they said. According to PBS data, export of different varieties of rice has decreased by 3pc in June-2014 to US $98m from US $101m in May-2014. Meanwhile, rice exporters have urged the government to bring an end to the
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menace of prolonged load-shedding or provide separate power connections to each factory. They also demanded of the government to control Karachi's law and order situation to avoid further extension in delivery period of shipments.
Rice Leadership program accepting applications Jul 24, 2014 | Delta Farm Press
The Rice Foundation is accepting applications for the 2015 Leadership Development Program. Rice producers or industry-related professionals between the ages of 25 and 45 are eligible to apply for the Program. The application deadline is Oct. 4, 2014.The Rice Leadership Development Program provides a comprehensive understanding of the rice industry, with an emphasis on personal development and communication skills. During a two-year period, class members attend four one-week sessions designed to strengthen leadership skills through studies of all aspects of the rice industry.The class is comprised of five rice producers and two industryrelated professionals chosen by a committee of agribusiness leaders. The committee evaluates the applications of all candidates, reviews letters of recommendation, and conducts personal interviews with the finalists. Interviews will be conducted at the USA Rice Outlook Conference in Little Rock, Arkansas in December 2014.The program is sponsored by John Deere Company, RiceTec, Inc., and American Commodity Company through a grant to the Rice Foundation and is managed by the USA Rice Federation. For additional information on the Rice Leadership Development Program or an application, visit the USA Rice website or contact Chuck Wilson at (870) 673-7541.
SunRice looking to expand production into Queensland ABC Rural Laurissa Smith and Lisa Herbert Updated Fri 25 Jul 2014, 2:18pm AEST PHOTO: Rice processor SunRice wants to increase its domestic supply of speciality rice varieties beyond its main production area of the Riverina. (Laurissa Smith) MAP: Wagga Wagga 2650 Rice food company SunRice is looking to North Queensland to secure additional supplies of speciality rice.
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It's entered into an agreement to acquire Blue Ribbon Rice Group's milling and packaging plant at Brandon in the Burdekin region.SunRice chairman Gerry Lawson says with its climate and secure access to water, the Burdekin region is regarded as one of the most promising ricegrowing areas outside of south-west New South Wales."Local conditions are particularly suited to the growing of speciality rices, including fragrant varieties and specific long grain options, which will complement our Riverina crop and increase the overall competitiveness of Australian rice."The company will carry out further research through its subsidiary, Rice Research Australia, to maximise growing options in the Burkedin.unRice CEO Rob Gordon expects the deal to be finalised by September and is subject to clearance by competition watchdog, the ACCC. AUDIO: SunRice hoping to make north Qld a rice bowl(ABC Rural) Last year the Blue Ribbon plant processed 2,000 tonnes of rice.Mr Gordon expects that tonnage to be quadrupled before too long."We'll try to scale the business to twice it's current size in the next 18 months to two years."And then if things look like they're making sense, we'll look to double it again in the years after that."He says there will be no job losses after the acquisition. "We anticipate offering jobs to all of the current employees. "We anticipate more employment prospects, not less." Topics: rice, wagga-wagga-2650
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