31st July, 2014
India Exports Rice Worth $7.78 Billion in FY 201314, Up 25% from Last Year Jul 30, 2014
India has exported rice worth around $7.78 billion during FY 2013-14 (April - March), up about 25% from around 6.215 billion worth rice exported in FY 201213, according to official sources.The Middle East remains India’s biggest rice market in FY 2013-14. Iran and Saudi Arabia accounted to about 40% of India's total rice exports. India has exported rice worth around $1.92 billion to Iran in FY 2013-14, up about 60% from around $1.2 billion exported in FY 2012-13. India’s rice exports to Saudi Arabia stand at around $1.2 billion in FY 2013-14, up about 59% from around $753 million worth rice exported in FY 2012-13. India’s other major rice export destinations in FY 2013-14 include Benin (about $488 million), UAE (about $314 million), Iraq (about $283 million), Kuwait (about $266 million), Bangladesh (about $246 million), Yemen (about $223 million), Senegal (about $196 million), and South Africa (about $175 million).India’s rice exports to Côte d'Ivoire and Nigeria declined significantly in this year. India exported about $78.58 million worth rice to Nigeria in FY 2013-14, down about 77% from about $339.4 million worth rice exported in FY 2012-13. India exported about $98.74 million worth rice to Côte d'Ivoire in FY 2013-14, down about 54% from about
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$216.41 million worth rice exported in FY 2012-13. However, India’s rice exports to Benin (neighbor of Nigeria) continue to surge. India has exported rice worth around $488 million to Benin in FY 2013-14, more than twice over rice exports worth around $240.93 million in FY 2012-13. Tags: India rice exports, All India Rice Exporters Association (AIREA), India government, basmati rice exports, non-basmati rice exports, Middle East
Oryza Afternoon Recap - Chicago Rough Rice Futures Erase Majority of Gains Earned Yesterday as Sellers Return to Market Jul 30, 2014
Chicago rough rice futures for Sep delivery settled 16 cents per cwt (about $4 per ton) higher at $12.970 per cwt (about $286 per ton). Rough rice futures retraced a good portion of yesterday’s gains as the market faced renewed selling. Prices dropped back below $13.000 per cwt (about $287 per ton) reducing the significance of the reversal pattern charted yesterday. The market now appears to have settled into a sideways trading range bound by support around $12.800 per cwt (about $282 per ton) and overhead resistance at $13.250 per cwt (about $392 per ton). The other grains finished the day with mixed results with soy continuing lower while wheat and corn made an attempt at a recovery; soybeans closed about 1.3% lower at $10.8125 per bushel; wheat finished about 0.1% higher at $5.2725 per bushel, and corn finished the day about 0.1% higher at $3.7150 per bushel. U.S. stocks turned mostly lower on Wednesday after a report that had the economy bouncing back at a fasterthan-estimated clip in the second quarter fueled speculation that the Federal Reserve could move on rates more quickly than anticipated. Treasuries rose, with the yield on the two-year note rising to its highest since May 2011 and the benchmark 10-year yield used to figure mortgage rates and other consumer loans surging 9 basis points to 2.55%. The Commerce Department reported the U.S. economy grew 4% in the second quarter, with the data coming ahead of a monetary-policy decision from the Federal Open market Committee at 2 p.m. Eastern. Separately, ADP reported the private sector added 218,000 jobs in July. After a 71-point rise, the Dow Jones Industrial Average was lately off 71.28 points, or 0.4%, to 16,840.83. The S&P 500 slid 5.04 points, or 0.3%, to 1,964.91, with utilities falling the most among its 10 major industry groups as rising Treasury yields curbed the appeal of their dividends. The Nasdaq climbed 11.24 points, or 0.3%, to 4,453.94. Gold is trading 0.3% lower, crude oil is seen trading about 0.8% lower, and the U.S. dollar is seen trading about 0.3% higher at about 1:00pm Chicago time.Tuesday, there were 512 contracts traded, up from 376 contracts traded on Monday. Open interest – the number of contracts outstanding – on Tuesday increased by 46 contracts to 8,767.
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India Average Wholesale Rice Prices Increase Sharply in July 2014 Jul 30, 2014
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India average wholesale rice prices increased sharply in July 2014 due to poor monsoons and expected decline in rice production from the kharif (June - December) main rice crop, according to official sources.Average monthly wholesale rice prices in India increased to around Rs.3,255 per quintal in July 2014, up about 12% from around Rs.2,901 per quintal in June 2014, and up about 22% from around Rs.2,668 per quintal in July 2013.In terms of USD per ton, wholesale rice prices in India stand at around $543 per ton (using current exchange rates) in July 2014, up about 12% from around $483 per ton (using historical exchange rates) in June 2014, and up about 20% from around $452 per ton (using historical exchange rates) in July 2013. The average wholesale rice price in January - July 2014 stands at around Rs.2,905 per quintal, up about 10% from around Rs.2,643 per quintal during the same period in 2013. In USD per ton terms, the average wholesale price in January - July 2014 stood at around $479 per ton (using historical exchange rates), slightly up from around $474 per ton during the same period in 2013. Analysts are expecting further increase in prices if monsoon rains do not pick up over the next few weeks. India's main rice crop relies heavily on monsoon rainfall between June - September. Indian has been experiencing 24% deficit rainfall as of July 29, 2014, according to the Indian Meteorological Department (IMD).
Oryza Rice Currency Analysis for Today – Brazil Real Down 0.7%; Mexico Peso Down 0.6% Jul 30, 2014
U.S. dollar index was stronger +0.27% from the open today, when it traded at 81.438 at the close. Euro was weaker -0.11% by the close, trading around 1.3394 by end of day, after trading between an intraday high of 1.3415 and low of 1.3367. Thai baht was -0.41% weaker, trading at 31.970 at the close of business. Indian rupee was stronger +0.13% at 60.0575. Brazilian real was weaker -0.68% at 2.2461 reais per dollar. Pakistan rupee was +0.06% stronger at 98.7780. Vietnamese dong was unchanged at 21230. Mexican peso was weaker -0.60% today, when it traded at 13.1458 pesos per dollar by the close of business. Chinese yuan was stronger +0.16% at 6.1720. Argentine peso was weaker -0.11% at 8.2004 pesos per dollar.
Punjab To Help Ghana Increase Rice Production Jul 30, 2014
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African country Ghana has sought North-Indian state Punjab's help to increase its rice production and quality of grain. Energy and Petroleum Deputy Minister of Ghana, Benjamin Dagadu met Punjab Food and Supplies Minister Adesh Partap Singh Kairon to seek Punjab's expertise on better agricultural infrastructure, latest farming techniques, setting up of online post-procurement operations besides expertise in milling and preservation operations, a press release said.Under the 2009 National Rice Development Strategy (NRDS), Ghana wants to double rice production by 2018. Punjab alone produces 15% of India's rice (2013 data) and 1% of the world's rice.
Thailand, Vietnam Rice Quotes Up Today; Other Asia Rice Quotes Unchanged Jul 30, 2014
Thailand rice sellers increased their quotes for Hommali rice by about $10 per ton to around $1,010 - $1,020 per ton today. Vietnam rice sellers increased most of their quotes by about $5 per ton. India rice sellers kept their quotes mostly unchanged today. Pakistan rice sellers are out today due to national holiday. 5% Broken Rice Thailand 5% rice (of new crop) is quoted at around $430 - $440 per ton, about $35 per ton discount to Vietnam 5% rice quoted at around $465 - $475 per ton, up about $5 per ton from yesterday. India 5% rice is quoted at around $435 - $445 per ton, on par with Pakistan 5% rice was last quoted at around $435 - $445 per ton. 25% Broken Rice Thailand 25% rice (of the old crop) was last quoted at around $350 - $360 per ton, about $60 per ton discount to Vietnam 25% rice quoted at around $410 - $420 per ton, up about $5 per ton from yesterday. India 25% rice is quoted at around $390 - $400 per ton, about $15 per ton premium on Pakistan 25% rice was last quoted at around $375 - $385 per ton. Parboiled Rice Thailand parboiled rice (of the old crop) is quoted at around $440 - $450 per ton. India parboiled rice is quoted at around $420 - $430 per ton, about $30 per ton discount to Pakistan parboiled rice was last quoted at around $450 - $460 per ton. 100% Broken Rice Thailand broken rice, A1 Super, (of the old crop) was last quoted at around $310 - $320 per ton, about $50 per ton discount to Vietnam broken rice quoted at around $360 - $370 per ton, up about $5 per ton from yesterday.
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India broken sortexed rice is quoted at around $315 - $325 per ton, about $10 per ton discount to Pakistan broken sortexed rice last quoted at around $325 - $335 per ton.
Thailand Rice Prices Will Decline over the Next Decade, Even If Thailand Doesn’t Release Rice Stocks, Says World Bank Jul 30, 2014
Thailand 5% broken rice prices will decline continuously for next elven years, the World Bank said in a report. According to the report, Thailand 5% broken rice prices are down 19% y/y in 2014 at $410 per ton. The bank forecasted 5% broken rice price will continue to decline, falling 1.2% y/y in 2015; thereafter prices are expected to decline about 0.6% each year extending to 2025. Thailand 5% broken rice prices averaged at about $393 per ton in Q2 2014, the lowest since $400 per ton in Q1 of 2001, according to the World Bank. It added that if the Thailand government releases rice stocks rice prices will likely face additional downward pressure. The World Bank predicts global rice prices will also decline in the future because markets are so well-supplied. However, upside price risks exist, especially towards the end of calendar year 2014, due to effect of El Nino. The global rice prices in Q2 2014 are down about 11%, from Q1 2014 and declined about 27% from during same time last year.
Unofficial Rice Exports to China Escalating Local Rice Prices, Say Vietnam Exporters Jul 30, 2014
Unofficial rice exports to China through borders has been a major concern for Vietnam officials as well as exporters. Around 2 million tons of rice are exported to China unofficially, according to official sources. In March this year, the Ministry of Trade and Industry (MOIT) tried to legalize rice sales to China through borders. However, not much progress seems to have happened.Of late, Vietnam rice exporters are facing trouble because of these unofficial rice exports to China. They are expressing concern that rice traders
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(who usually sell rice to Chinese customers through land borders) are buying rice in huge quantities from the Mekong River Delta (MRD) provinces. They say traders in north are attracted to high prices offered by Chinese businesses. They noted that the Chinese were offering around VND 11,000 per kilogram (around $514 per ton) of 5% broken rice against the market price of around VND 9,500 per kilogram (around $444 per ton).Owing to this increased demand, prices in MRD are increasing. Local prices increased to around 7,000 per kilogram (around $327 per ton) this week from around VND 6,700 per kilogram (around $313 per ton) last week. One exporter in MRD was quoted as saying that "the rice trade seems to be 'abnormal' this year." Some exporters say they are having to wait for days together for lack of deliveries adding that all the rice husking workshops in the region are working at full capacity.Exporters also cautioned that if this situation continues for long, they may not be able to collect rice for fulfilling their export contracts. According to the Chairman of the Vietnam Food Association (VFA), Vietnam rice exporters have so far signed contracts for around 5.3 million tons of rice in 2014, of which around 3.26 million are delivered. They are planning to sign contracts for another one million tons of rice to meet the country's export target of 6.2 million tons. Tags: Vietnam rice prices, Vietnam rice exports, Vietnam Food Association (VFA), Unofficial rice exports, Mekong River Delta (MRD)
USDA Post Estimates Russia 2014 Rice Imports to Increase 25% y/y, Exports to Decline 43% y/y
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USDA Post has estimated Russia's 2014 rice imports to increase to around 250,000 tons, up about 25% from around 200,000 tons imported in 2013, due to an expected decline in rice production. It estimates Russia's rice imports to remain stable at around 250,000 tons in 2015.The Post estimates Russia to export around 120,000 tons of rice in 2014, down about 43% from around 210,000 tons exported in 2013, and down about 14% from USDA official estimates of around 140,000 tons due to decreased world rice prices and attractive domestic prices. It estimates Russia to export around 150,000 tons of rice in 2015.The Post estimates Russia milled rice production to decline to around 608,000 tons despite no change in area harvested at around 185,000 hectares. Based on preliminary estimates from various rice growing provinces, the Post estimates the area sown for 2014 at around 191,000 hectares, slightly up from around 190,000 hectares in 2013. Considering data from the Ministry of Agriculture, the Post reports that harvesting of grains, including rice began late this year compared to last year due to a cold and rainy weather in June.The Post estimates Russia's 2014 ending stocks at around 60,000 tons, up about 2.5 times from around 22,000 tons in 2013, due to increased imports and lesser exports. It estimates Russia's 2014 rice consumption to decline to around 880,000 tons, down about 3.5% from around 912,000 tons in 2013.The Post also reports that the financing of crop producers is lagging behind last year. The government's "buy-back" of grains policy helped farmers to buy back grains sold from 2013 crop and is supporting prices in 2014.
How Decoding African Rice Genome Can Relieve Global Hunger Jul 30, 2014
Rice researchers have sequenced the complete genome of African rice and this could be the answer to the global hunger problem. They found the genetic information which will decode the growing patterns of African rice while facilitating the cultivation of new rice breeds to end food crisis.African rice is endowed with genes code for traits that make this breed of rice resistant to drought, flooding and high salinity in the soils. Decoding the genome is expected to help researchers identify these traits swiftly and easily through traditional breeding methods. The resultant rice will have higher yield which can handle shortage of water, fertilizer and pesticides. The researchers led by the University of Arizona under the leadership of Dr Rod A. Wing, director of the Arizona Genomics Institute, termed the genome decoding as the answer to the ‘9 billion-people question’. The world population is expected to increase to over 9 billion by 2050 and the problem of food scarcity does loom large. Tags: Rice, rice news, African rice, genome, global hunger, sequencing, Dr Rod A Wing, University of Arizona, solution, how to
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Oryza Overnight Recap - Chicago Rough Rice Futures under Pressure Overnight as Bears Attempt to Erase Yesterday's Gains Jul 30, 2014
Chicago rough rice futures for Sep delivery were noted 10 cents per cwt (about $2 per ton) lower at $13.030 per cwt (about $287 per ton) during early trading in Chicago. The other grains are seen mostly lower this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.7% lower, wheat is listed about 0.1% higher and corn is noted about 0.7% lower. U.S. stock-index futures rose further and Treasuries declined after data showed the U.S. economy grew 4 percent in the second quarter, with the better-than-expected report coming ahead of a monetary-policy decision from the Federal Reserve. Stocks futures added to gains after the GDP report, which exceeded expectations of a 3.2 percent annualized growth rate and also had the Commerce Department revising its take on the first quarter, which it now figures contracted 2.1 percent versus its initial 2.9 percent contraction. The yield on the 10-year Treasury yield used to figure mortgage rates and other consumer loans jumped 5 basis points to 2.508 percent. Analysts had expected the U.S. economy to have grown by an annualized 3.2 percent between April and June, following the 2.9 percent decline in the first three months of the year. The Fed is seen reducing its asset purchases by another $10 billion to $25 billion a month. US stock index futures are currently seen about 0.4% higher, gold is currently trading slightly lower, crude oil is seen trading about 0.4% higher, and the U.S. dollar is currently trading a touch lower at 9:30am Chicago time. Tags: U.S. rice prces; U.S. rice market; Chicago rough rice futures
Oryza U.S. Rough Rice Recap - Bids Drop as Old Crop Export Business Dries up ahead of Discounted New Crop Jul 30, 2014
As of today, old crop offers could still be found near $15.25 per cwt fob farm (about $336 per ton) for August shipment while others are beginning to rethink their prices near $16.00 per cwt fob farm (about $355 per ton).Bids from exporters decreased today to around $14.00 per cwt (about $309 per ton) for August delivery while some smaller mills are said to be bidding near $16.00 per cwt (about $353 per ton) for limited quantities; however, no trades were reported.As for new crop, trade activity is very limited with seller price ideas near $13.33 per cwt fob farm (about $294 per ton) while buyers are looking for prices closer to $12.85-$13.25 per cwt (about $282-$292 per ton) for September-October shipment.
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Oryza Global Rice Quotes July 30th, 2014 Long grain white rice - high quality Thailand 100% B grade 445-455 ↔ Vietnam 5% broken 465-475 ↑ India 5% broken 435-445 ↔ Pakistan 5% broken 435-445 ↔ Cambodia 5% broken 450-460 ↔ U.S. 4% broken 550-560 ↔ Uruguay 5% broken 615-625 ↓ Argentina 5% broken 610-620 ↓ Long grain white rice - low quality Thailand 25% broken NQ ↔ Vietnam 25% broken 410-420 ↑ Pakistan 25% broken 375-385 ↔ Cambodia 25% broken 425-435 ↔ India 25% broken 390-400 ↔ U.S. 15% broken 530-540 ↔ Long grain parboiled rice Thailand parboiled 100% stxd 440-450 Pakistan parboiled 5% broken stxd 450-460 India parboiled 5% broken stxd 420-430 U.S. parboiled 4% broken 630-640 ↔ Brazil parboiled 5% broken NQ ↔ Uruguay parboiled 5% broken NQ ↔ Long grain fragrant rice Thailand Hommali 92% 1010-1020 ↑ Vietnam Jasmine 615-625 ↔ India basmati 2% broken NQ ↔ Pakistan basmati 2% broken NQ ↔ Cambodia Phka Malis 835-845 ↔ Brokens Thailand A1 Super NQ ↔ Vietnam 100% broken 360-370 ↑ Pakistan 100% broken stxd 325-335 ↔ Cambodia A1 Super 350-360 ↔ India 100% Broken stxd 315-325 ↔ Egypt medium grain brokens NQ ↔ U.S. pet food 470-480 ↔ Brazil half grain NQ ↔
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All prices USD per ton, FOB vessel, oryza.com
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