26th June, 2014
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TOP Contents - Tailored for YOU Latest News Headlines…
Spanish Paddy Rice Prices Soften from Last Year Oryza U.S. Rough Rice Recap - Prices Weaken as Iraq Overlooks U.S. Origin in Latest Tender Oryza Rice Currency Analysis for Today – Brazil Real Advances 0.9% Oryza Afternoon Recap - Chicago Rough Rice Futures Break Below Nearby Technical Support as Lack of Demand Continues to Weigh on Prices South Korea Issues Tender for 60,369 Tons of Non-Glutinous Rice Winning World Cup Recipes: France vs Ecuador Iraq Issues Tender to Buy 15,000 Tons of Basmati Rice from India How Effective is India Government Decision to Release 5 Million Tons of Rice in Open Market? Future of Italian Rice Growing Sector Bleak, Says Italy Farmers Union India Increases Minimum Support Price for Paddy Rice for 2014-15 Crop Year FAO Estimates Venezuela 2014 Paddy Rice Production at 940,000 Tons; Unchanged from Last Year Oryza Overnight Recap - Chicago Rough Rice Futures Look to Mount a Recovery Following Multiple Sessions of Losses Brazil Exports 557,063 Tons of Rice in January - May 2014; Up 35% from Last Year Thai Court Sentences Three-Year Jail to Rice Exporter for Failing to Deliver Government Contract to Iran Cambodia Fears Tough Competition for Long-Grain Rice Exports from India Asia Rice Quotes Unchanged Today
Spanish Paddy Rice Prices Soften from Last Year Jun 25, 2014
The Ministry of Agriculture has published the latest quotations for paddy and milled rice. The average price for Spanish Japonica paddy rice on June 15 was fixed at 270 euros (about $ 368) per ton in Sevilla grain exchange, both for Indica and Japonica varieties, unchanged from a week prior; at the Valencia grain exchange Japonica rice was quoted 285 euros (about $ 388) per ton, unchanged from a week prior. Milled rice on the Tarragona stock exchange was quoted 550 euros (about $ 749) per ton and in Valencia 530 euros (about $ 722) per ton, both unchanged from a week prior.
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Average national prices for paddy rice stand at 274.48 euros (about $ 374) per ton as of June 15, unchanged from a week prior.The average paddy price for the week of June 8 was 274 euros (about $ 373) per ton, well below the 310 euros (about $ 422) the same week two years ago and below the average price of 293 euros (about $ 399) the same week a year ago.
Oryza U.S. Rough Rice Recap - Prices Weaken as Iraq Overlooks U.S. Origin in Latest Tender Jun 25, 2014
The U.S. cash market was softer today after the Iraqi Grain Board decided to pass up on the US origin offer for their latest tender, choosing instead to buy 40,000 tons from Uruguay. mmediately after awarding this tender, the Iraqi Grain Board issued another tender for at least 30,000 tons of long grain white rice of either U.S., Uruguayan, Argentine, or Brazilian origin as well as fragrant rice from Vietnam and 100% white rice from Thailand with offers to be submitted no later than July 2nd and must remain valid through July 6th. As of today, old crop offers could still be found around $15.75 per cwt fob farm (about $347 per ton) for July shipment although some sellers are still holding out for at least $16.11 per cwt fob farm (about $355 per ton) before the end of the marketing year. However, as the days pass analysts believe that the likelihood of that being paid will diminish.Bids from exporters were unchanged near $15.15 per cwt (about $334 per ton) for July delivery while some smaller mills are still said to be bidding around $16.00 per cwt (about $353 per ton) for the same delivery period however there were reports of barges trading around $15.40 per cwt (about $340 per ton) for prompt delivery.
Oryza Rice Currency Analysis for Today – Brazil Real Advances 0.9% Jun 25, 2014
U.S. dollar index was down -0.14% from the open today, when it traded at 80.218 at the close. Euro was weaker -0.03% by the close, trading around 1.3600 by end of day, after trading between an intraday high of 1.3651 and low of 1.3601. Thai baht was almost unchanged, trading at 32.451 at the close of business. Indian rupee was weaker -0.02% at 60.1325. Brazilian real was stronger +0.89% at 2.2053 reais per dollar. Pakistan rupee was -0.03% weaker at 98.6737.
Vietnamese dong was +0.11% stronger at 21330. Mexican peso was stronger +0.38% today, when it traded at 13.0124 pesos per dollar by the close of business. Chinese yuan was weaker -0.06% at 6.2346. Argentine peso was weaker -0.01% at 8.1313 pesos per dollar
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Oryza Afternoon Recap - Chicago Rough Rice Futures Break Below Nearby Technical Support as Lack of Demand Continues to Weigh on Prices Jun 25, 2014
Chicago rough rice futures for Sep delivery settled 2 cents per cwt (about $0.44 per ton) lower at $13.675 per cwt (about $301 per ton). Rough rice futures settled slightly lower near the session low after trading to a tight 9 cent per cwt (about $2 per ton) range for the day. The market has now closed below $13.700 per cwt (about $302 per ton) a level that had been seen as nearby technical support. Today’s action is seen as a further bearish development and could trigger additional technical selling tomorrow in coming sessions. The other grains finished the day mostly higher; soybeans closed about 0.4% higher at $12.2900 per bushel; wheat settled about 0.6% higher at $6.6375 per bushel, and corn finished the day about 0.2% lower at $4.000 per bushel.U.S. stocks rose on Wednesday after a two-session decline as Wall Street took the view that the economy is bouncing back after shrinking more than expected in the first-quarter. Equities had fluctuated amid data that had June expansion in the service sector countering worse-than-anticipated reports on the economy's performance in the first quarter and an unexpected drop in orders for durable goods in May. Separate reports from the government had the economy contracting 2.9% in the first quarter, the economy's worst performance in five years, and durable goods declining 1.0% last month. Also helping sentiment, a survey found the U.S. services sector in June expanded at its fastest clip in more than four years. After an 18-point drop, the Dow Jones Industrial Average advanced as much as 65 points, and was lately up 27.71 points, or 0.2%, to 16,845.84. The S&P 500 added 5.62 points, or 0.3%, to 1,955.60, with health care the best performing and consumer staples hardest hit of its 10 major industry groups. The Nasdaq climbed 17.90 points, or 0.4%, to 4,368.25. Gold is trading about 0.1% higher, crude oil is seen trading about 0.4% higher, and the U.S. dollar is seen trading about 0.2% lower at about 1:00pm Chicago time.Tuesday, there were 1,058 contracts traded, up from 702 contracts traded on Monday. Open interest – the number of contracts outstanding – on Tuesday decreased by 52 contracts to 9,147.
South Korea Issues Tender for 60,369 Tons of Non-Glutinous Rice
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Korea Agro-Fisheries has issued a tender to purchase around 60,369 tons of non-glutinous rice, according to tender notice on its website today. The company seeks to buy around 31,250 tons of non-glutinous brown rice and around 29,119 tons of non-glutinous milled rice. The company seeks to receive bids by July 7, 2014 and conduct bidding on July 8, 2014. It wants the rice to arrive between October 31, 2014 and December 31, 2014.
Winning World Cup Recipes: France vs Ecuador Jun 25, 2014 What better way to celebrate the World Cup festivities from afar than with some regionally-themed rice dishes!
For Wednesday’s match, traditional French Rice Pilaf encounters Ecuadorean Christmas Rice (because the World Cup comes around less often than Christmas, you know!). We’re keeping it simple and traditional to represent France. A Julia Childs staple, traditional rice pilaf is braised – sautéed in butter and onions before being cooked in seasoned liquid. However, we’re modernizing the recipe by using a rice cooker for the second step. Ecuadorean Christmas Rice is a traditional holiday dish that features some typical ingredients in unexpected ways. The sweetness from the Coke and raisins, the saltiness from the ham, the spiciness from the peppers – all come together to make this a unique dish. And its colorful presentation is just as appropriate for the World Cup as it is Christmastime!
French Rice Pilaf What You Need: 4 tablespoons butter ¼ cup onions, minced 1 ½ cups long-grain white rice, unwashed 2 2/3 cups vegetable stock (you can use chicken stock instead) 1/3 cup dry white wine (optional, but replace with stock if omitting) Salt, to taste
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Ground black pepper, to taste Several sprigs of parsley Bay leaf ¼ teaspoon thyme
What You Do: Melt the butter in a pot on the stovetop (you may also use the inner container of your rice cooker to make clean-up easier). Sauté the onions in the butter for about 5 minutes, until they are tender but not brown. Add the rice to the pot and stir over medium heat for several minutes. Do not let the rice brown, but they should become translucent and then milky-colored – about 3-5 minutes. Once milky, remove from heat. If not already using the inner container of the rice cooker, transfer the mixture to it now and place it on the rice cooker. Add stock and wine, and salt and pepper to taste. Make the Bouquet garni: Gently mix the parsley, bay leaf, and thyme and tie in cheesecloth for easy removal. (You can also substitute saffron for the Bouquet garni.) Add the Bouquet garni to the rice cooker, cover, and start the rice cooker. Rice is finished when rice cooker completes its cycle, although the rice can sit for 15-30 minutes before serving if kept warm.You can of course make this on the stovetop as well. Ecuadorean Christmas Rice Use more or less of each ingredient based on your personal preferences – especially the walnuts, raisins, ham, and peppers can be adjusted to suit your needs. What You Need: 2 tablespoons butter 4 tablespoons canola oil 1 onion, diced 1 green pepper, chopped, divided into 2 parts 1 yellow pepper, chopped, divided into 2 parts 1 red pepper, chopped, divided into 2 parts
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3 cups long-grain white rice 1 ½ cups Coca-Cola (or other dark soda pop) 2 ½ cups water ½ cup walnuts, chopped ½ cup raisins ¼ cup ham, diced (optional, but if omitting you’ll probably need more salt or another salty ingredient to take its place)
What You Do: Melt the butter in a pot on the stovetop. Add the canola oil. Cook the onion, red, yellow, and green peppers for about 2-3 minutes. Add the rice to the pot and sauté for another 2-3 minutes. Add in the Coca-Cola and water. Season with salt, to your preference. Increase the heat to high and let it boil until you can see the rice. Cover the pot, and reduce heat to medium low. Cook another 10-15 minutes. When rice is cooked, remove from the heat and mix in the walnuts, raisins, and ham (if using). When serving, garnish with the remaining fresh chopped peppers for crunch and brightness.
Iraq Issues Tender to Buy 15,000 Tons of Basmati Rice from India
Jun 25, 2014 Iraq's state grains buyer has issued a new tender to purchase around 15,000 tons of basmati rice from India, according to Reuters. European traders told Reuters that the tender is open till June 29, 2014 and the offers must be valid till July 3, 2014. A separate tender for around 30,000 tons of rice from the U.S., Uruguay, Argentina, Brazil or Vietnam closed on June 23 and the results are awaited.
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How Effective is India Government Decision to Release 5 Million Tons of Rice in Open Market? Jun 25, 2014
Referring to Indian government's decision to release around 5 million tons of rice from the Central Pool into the open market to control price hikes, grain analyst Mr.Tejinder Narang says the effectiveness of the decision will depend on procurement and distribution agencies. But, he says since they are rule-bound, they may act slowly and the impact on prices may not be evident immediately.In an article in the Hindu Business Line, Mr.Narang argues that the government’s decision is an effective means of destocking the Food Corporation of India (FCI) warehouses, but he says the government has not specified the details of how it is going to release the said 5 million tons of rice into the market. He says a detailed release plan is necessary to send a "bearish" sentiment in the domestic market. He writes the government has also not declared the release price for the aforementioned rice. As there is no open market sale system (OMSS) for rice in India, fixation of release price is critical, he says. He views that the government should fix the release price somewhere between Rs.18-20 per kilogram (around $299 - $332 per ton) to avoid generation of black money in the economy. He says if the government releases the additional stock at APL/BPL prices at Rs.8 per kilogram (around $133 per ton) or Rs.4 per kilogram (around $133 per ton), beneficiaries may be tempted to sell the rice in the open market at around Rs.24-27 per kilogram (around $399 $448 per ton) through illicit channels.
Future of Italian Rice Growing Sector Bleak, Says Italy Farmers Union Jun 25, 2014
Italy Rice Farmers Union, Agrinsieme, has raised alarm over the future of the Italian rice sector. They are particularly concerned of the increasing rice imports from Least Developed Countries (LDCs) such as Cambodia and Myanmar, which they say are severely impacting local production in Italy, which would in turn affect the hydro-geological balance in the rice-growing areas of Italy, the major rice producing country of the European Union (EU).The Agrinsieme says increased duty-free imports from LDCs are making locally produced rice uncompetitive and consequently affecting farmers' incomes. Recently, the Italian government has submitted a report to the EU saying duty-free Cambodian rice is sold at €438 (around $593) per ton compared to Italian rice sold at around €646 (around $874) per ton. In order to be competitive, Italian farmers are forced to reduce prices of Indica rice, which is comparable to Cambodian rice. Prices of Indica rice have declined from €260 (about $ 353) per ton in February 2014 to current €225 (about $ 306) per ton.Farmers' unions say the stocks are increasing in the country due to lack of buyers at high prices, and the farmers are not able to recover their production costs also and if this trend continues, farmers may lose interest in rice growing. They view rice growing as very important to maintain
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hydro-geological balance in the Padana plane, known as 'rice bowl' of Italy as well as whole Europe. The local regions of Vercelli e Biella, Novara and Pavia, Alessandria, Milan and Lodi of Confagricoltura and Cia together count for about 90% of Italy's rice producing area. The Farmers' Union warned that increased imports would eventually lead to the collapse of the Italian rice sector. They have therefore urged the EU to consider the request made by the Italian government to either apply an import tariff of â‚Ź175 (around $237) per ton or adopt a safeguard clause on imports from LDCs.
India Increases Minimum Support Price for Paddy Rice for 2014-15 Crop Year Jun 25, 2014
The Indian government has increased the minimum support price (MSP) for paddy rice, the price at which it will procure paddy from farmers to around Rs.1,360 per quintal ($226 per ton), up about 3.8% from around Rs.1,310 per quintal (around $218 per ton) for common grade paddy, for the 2014-15 crop year (October September), according to Reuters.The government also increased the MSP for Grade 'A' paddy to around Rs.1,400 per quintal (around $233 per ton), up about 4% from around Rs.1,345 per quintal (around $223 per ton).
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FAO Estimates Venezuela 2014 Paddy Rice Production at 940,000 Tons; Unchanged from Last Year Jun 25, 2014
The UN's Food and Agricultural Organization (FAO) has estimated Venezuela's 2014 paddy rice production at 940,000 tons (around 639,000 tons, basis milled) due to expected favorable weather conditions and increased planting area.Planting for the first crop (March - October) is going on in the main producing regions of Portuguesa, Guarinas and Barinas. The FAO expects the planted area under paddy to increase due to strong local demand and government farm support programs. The USDA estimates Venezuela to produce around 567,000 tons of rice, basis paddy (around 385,000 tons, basis milled) in MY 2013-14 (April - March). It estimates Venezuela to import around 425,000 tons in 2014. USDA estimates Venezuela paddy rice production to increase to around 575,000 tons (around 390,000, basis milled) in MY 2014-15. It also expects Venezuela rice imports to increase to around 425,000 tons in 2015
Oryza Overnight Recap - Chicago Rough Rice Futures Look to Mount a Recovery Following Multiple Sessions of Losses Jun 25, 2014 Chicago rough rice futures for Sep delivery are currently noted 4 cents per cwt (about $1 per ton) higher at $13.735 per cwt (about $303 per ton) as of 9:00am Chicago time. The other grains are seen mixed this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.1% higher, wheat is trading 0.6% lower, and corn is noted about 0.6% lower. U.S. stock index futures turned lower on Wednesday, after the government reported the economy contracted more than expected in the first quarter and orders for durable goods unexpectedly declined in May. The data had the economy contracting 2.9% in the first quarter, and durable goods off 1% last month. The Treasury is scheduled to auction $35 billion in five-year bonds and $13 billion in two-year floating rate notes (FRNs). This follows a somewhat lackluster sale of two-year fixed-rate notes on Tuesday. Concerns over Iraq continue to weigh on global markets. There is little indication the country's leadership is responding to pressure by foreign leaders to reform government in an attempt to stem the Sunni insurgency. U.S. Secretary of State John Kerry was in Iraq's Kurdistan region on Tuesday, as Iraqi government forces fought militants for control of the country's biggest oil refinery. The Dow Jones Industrial Average posted its biggest one-day drop in a month on Tuesday, despite a raft of positive data. Consumer confidence surged more than expected in June, new home sales for May rose more than forecast and the S&P/Case-Shiller home price index showed a 10.8% annual increase. Gold is currently trading about 0.2% lower, crude oil is seen trading nearly unchanged, and the U.S. dollar is currently trading about 0.3% lower at 8:45am Chicago time.
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Brazil Exports 557,063 Tons of Rice in January - May 2014; Up 35% from Last Year Jun 25, 2014
Brazil has exported around 557,063 tons of rice in January - May 2014, up about 35% from around 412,639 tons exported during the same period last year, according to data released by the Rice Institute of Rio Grande do Sul (IRGA).Cuba remained the largest importer of Brazilian rice in January - May 2014 with 115,329 tons, or about 21% of total Brazil's rice exports during the period. Venezuela accounted for 87,494 tons (about 16% of total Brazil's exports during the first five months of 2014); Sierra Leone accounted for 63,151 tons (about 11% of total Brazil's exports during the five-month period); Senegal accounted for 59,692 tons (about 11% of Brazil's exports during the five-month period); and Gambia and Nicaragua each accounted for 7% of total rice
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exports during the period with 38,707 tons and 38,539 tons respectively.Brazil's National Grains Supply Company (Conab) estimates Brazil to produce around 12.2 million tons of paddy rice in 2013-14, up about 4% from about 11.82 million tons produced in 2012-13.
Thai Court Sentences Three-Year Jail to Rice Exporter for Failing to Deliver Government Contract to Iran Jun 25, 2014
A Thai court has sentenced three-year jail term to a private rice exporter for failing to deliver a 20,000 ton government contract to Iran in 2007, according to Reuters.The exporter was handed over a contract by the Commerce Ministry in 2007 to "rebuild" 10% broken rice to 5% broken rice and ship to Iran. But the exporter failed to rebuild and ship the rice at the port twice due to which the Thai government had to pay fines to Iran. The Office of the Attorney-General filed a legal case against the exporter for embezzling the government's rice. Local sources say the accused exporter is the head of an exporting company, which was investigated by the National Anti-Corruption Commission (NACC) as part of a probe into the rice pledging scheme. Earlier, he was summoned by the Military government to report over the failed contract. He is also known to have close linkages with the former Prime Minister Thaksin Shinawatra.The NACC is still continuing its probe into the rice pledging scheme, which led to around 500 billion baht (around $15.4 billion) losses to the government.
Cambodia Fears Tough Competition for Long-Grain Rice Exports from India Jun 25, 2014
Cambodia rice exporters are fearing that the Indian government's decision to release 5 million tons of rice in the open market to control price hikes may have a spill over effect on global rice exports, according to local sources.Since India is competitor for Cambodia's long-grain white rice exports, they are concerned whether India would offload more stock into global markets at cheaper prices thereby impacting global rice prices. The Acting Secretary of the Cambodian Rice Federation (CRF) told local media sources though it is immediately difficult to assess the impact of India's move on Cambodia's exports, he expressed concern of the move affecting global rice prices. Cambodia exported about 148,262 tons of rice in first five months of calendar year 2014, up about 1% from about 146,854 tons rice exported in the same period last year, according to data from the Secretariat of One Window Service of Rice Export Formality (SOWS-REF). Long-grain white rice exports accounted for around 65,460 tons or about 44% of the total exports so far in 2014. Cambodia exported a total of 378,856 tons of rice in 2013, up about 84% from around 205,717 tons exported in 2012.USDA estimates Cambodia to produce
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around 4.9 million tons of rice and export around 1 million tons of rice, including official and unofficial exports, in 2014.
Asia Rice Quotes Unchanged Today Jun 25, 2014 Vietnam, India and Pakistan rice sellers kept their quotes mostly unchanged today. Thailand rice quotes for white rice are not available today. 5% Broken Rice
Thai 5% rice (of new crop) was last quoted at around $380 - $390 per ton, about $25 per ton lower than Viet 5% rice (of new crop) quoted at around $405 - $415 per ton. Indian 5% rice is quoted at around $430 - $440 per ton, about $10 per ton lower than Pak 5% rice quoted at around $440 $450 per ton. 25% Broken Rice Thai 25% rice (of the old crop) was last quoted at around $350 - $360 per ton, about $10 per ton lower than Viet 25% rice (of new crop) quoted at around $360 - $370 per ton. Indian 25% rice is quoted at around $390 - $400 per ton, about $5 per ton above Pak 25% quoted at around $385 - $395 per ton. Parboiled Rice Thai parboiled rice (of the old crop) is quoted at around $425 - $435 per ton. Indian parboiled rice is quoted at around $405 - $415 per ton, about $30 per ton lower than Pak parboiled rice quoted at around $435 - $445 per ton. 100% Broken Rice Thai broken rice, A1 Super, (of the old crop) was last quoted at around $310 - $320 per ton, about $20 per ton lower than Viet broken rice (of new crop) quoted at around $330 - $340 per ton.Indian broken sortexed rice is quoted at around $315 - $325 per ton, about $10 per ton lower than Pak broken sortexed rice quoted at around $325 - $335 per ton
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