4th August, 2014
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Latest News Headlines… IGC Estimates 2014 World Rice Trade at Record 40 Million Tons; Up 5% from Last year Farmers Group Favours Move to Put GM Trials on Rice, Cotton On Hold India Main Rice Crop Planting Reaches 22.156 Million Hectares as of August 1, 2014; Down 7% from Last Year Japan Buys 9,703 Tons of Thai Long-Grain Milled Rice in Tender Oryza Afternoon Recap - Chicago Rough Rice Futures Tumble to End Week in the Red; Corn and Beans Slide Oryza Rice Currency Analysis for Today – India Rupee Plunges 1% Say Cheese!: Copa-Cogeca Hosts Family Farming Photo Competition Vietnam Rice Sellers Lower Some of Their Quotes; India Rice Sellers Increase Some of Their Quotes When It Rains, It Pours Locusts in Madagascar STRASA: A Climate-Smart Green Revolution Oryza White Rice Index – Vietnam Prices Lifted by Exports and Cross Border Trade
News Detail…
IGC Estimates 2014 World Rice Trade at Record 40 Million Tons; Up 5% from Last year Aug 01, 2014
The International Grains Council (IGC) has estimated 2014 world rice trade at a record 40 million tons, up about 5% from 38 million tons in 2013 due to increased imports by Far East Asian countries such as China, Indonesia and the Philippines, as well as the African nations.The IGC expects total rice imports by Far East Asian countries including Bangladesh, Malaysia, Indonesia, China and the Philippines, to increase to around 12.7 million tons, up about 20% from around 10.58 million tons last year. It expects China to remain
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largest importer in 2014 with 3.2 million tons. The IGC reports that China imported around 1.32 million tons of rice in January - June 2014. The IGC expects the Philippines to import around 2 million tons of rice to ensure adequate supplies and curb price hikes. It expects Indonesia to more than double its imports to around 1.4 million tons as its state Logistics Agency Bulog is planning to build enough reserves in the light of an expected reduction in production. It estimates shipments to sub-Saharan Africa at an above-average level. Nigeria's imports are forecasted to increase about 16% to around 3.1 million tons from last year's 2.7 million tons. On the exports side, the IGC estimates India to export around 9.4 million tons of rice, about 11% lower than around 10.54 million tons exported last year due to increasing concerns of the impact of a weak monsoon on the country's production. India exported around 3.6 million tons of rice in January - April 2014, slightly above last year. The IGC expects Thailand's rice exports to increase substantially to around 9.3 million tons, up about 41% from around 6.6 million tons exported last year. It expects Vietnam's rice exports to decline to around 6.4 million tons, down about 6% from around 6.7 million tons last year. The IGC estimates 2013-14 global rice production at around 476 million tons, up about 1% from around 472 million tons in 2012-13 mainly due to improved harvests in in Pakistan, Brazil, Philippines, Bangladesh and Indonesia.. It expects global rice consumption in 2013-14 to increase to around 476 million tons, up about 2% from around 472 million tons in 2012-13 due to expected increased consumption in Asian countries including India and China. The Council expects world rice ending stocks in 2013-14 to decline to around 109 million tons from around 110 million tons in the previous year. It expects inventories of major rice exporters to decline slightly to around 39.4 million tons, down 1% from from around 39.9 million tons last year mainly due to higher stock depletion in India and Thailand.
Farmers Group Favours Move to Put GM Trials on Rice, Cotton On Hold Aug 01, 2014
Indian farmers are happy that the Ministry of Environment, Government of India, has decided to put field trials of genetically modified (GM) crops especially on cotton and rice on hold. The farmers body - All India Kisan Sabha (AIKS). Earlier in July, the Genetic Engineering Approval Committee (GEAC) had cleared 15 proposals for field trials for rice, eggplant, chickpea, mustard and cotton. Now, the government has announced that it will take decisions on GM only after great deliberation."The wider resistance from peasantry, scientists and other sections have compelled the government to step back from its own pro-corporate move. It is a victory for larger democratic resistance movement against corporate hegemony. However, it is only a temporary relief and the resistance must be further intensified till a permanent solution evolves�, the AIks said in statement.The farmers’ body maintained that it was not against GM crops but against the idea of any scientific innovation that has not undergone requisite scientific trials and may put humans,animals and the environment in danger. It also said that the trials should be conducted by responsible government institutions on not third party private entities as a lot is at take.
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India Main Rice Crop Planting Reaches 22.156 Million Hectares as of August 1, 2014; Down 7% from Last Year Aug 01, 2014
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Planting for kharif rice crop, or main rice crop (June – December; harvesting begins in October) in India has reached around 22.156 million hectares of rice area as of August 1, 2014, down about 7% from around 23.887 million hectares planted during the same time last year, according a statement released by the Indian Agriculture Ministry. Kharif rice planting in India started late due to delayed rains since the onset of monsoon season in June. Rainfall occurred in many parts of Central and Eastern India after mid-July leading to improved water levels in several reservoirs as well as helped the agriculture sector to revive. The Agriculture Ministry has already advised state governments to be ready with contingency plans to minimize the effect of El Nino-triggered low monsoons. It has also suggested some relief measures such as subsidies on seeds for re-sowing and on diesel for irrigation to rice farmers. Analysts are now hopeful that India's production may be close to last year's level. Tags: India rice production, India rice planting, Kharif, sowing
Japan Buys 9,703 Tons of Thai Long-Grain Milled Rice in Tender Aug 01, 2014
Japan has purchased 9,703 tons of long-grain milled rice from Thailand in a tender (issued on July 29, 2014), according to official sources. Japan bought 6,700 tons of non-glutinous milled (long-grain) rice and 3,003 tons of glutinous milled (long-grain) rice from Thailand at an average price of JPY 62,106 (around $604 per ton). A total of 12 bidders participated in bidding that took place today.This is the first ordinary import tender issued by Japan in 2014 and Rice is expected to be delivered between October 1, 2014 to November 10, 2014. Oryza Overnight Recap - Chicago Rough Rice Futures Remain under Pressure as Bears Mount Renewed Selling Campaign Aug 01, 2014
Chicago rough rice futures for Sep delivery were noted 11.5 cents per cwt (about $3 per ton) lower at $12.870 per cwt (about $284 per ton) during early trading in Chicago. The other grains are seen mostly lower this morning during early floor trading in Chicago: soybeans are currently seen about 1.7% lower, wheat is listed about 1.8% higher and corn is noted about 0.5% lower. U.S. stocks turned higher on Friday, reclaiming a small portion of the prior day's steep decline, as data that included the July jobs report tempered market concerns that the Federal Reserve would hike interest rates sooner instead of later. Ahead of Wall Street's open, stock-index futures scaled back their drop in the wake of the data, which found nonfarm payrolls rose by a less-thanexpected 209,000 last month and the jobless rate rose to 6.2%. Wall Street offered muted reactions to other economic reports on Friday. The ISM manufacturing index hit 57.1 in July; construction spending fell 1.8% in June and a gauge of consumer sentiment from the University of Michigan/Thomson Reuters declined slightly in
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July. Benchmark indexes ran on either side of unchanged, with the Dow Jones Industrial Average off 18.94 points, or 0.1%, at 16,544.36. The S&P 500 rose a 1 point to 1,931.70, with consumer staples leading sector gains and energy hit the hardest. The Nasdaq added 9.15 points, or 0.2%, to 4,378.99. Gold is currently trading about 0.8% higher, crude oil is seen trading about 0.8% lower, and the U.S. dollar is currently trading about 0.1% lower at 9:15am Chicago time. Tags: U.S. rice prices; U.S. rice market; Chicago rough rice futures
Oryza Afternoon Recap - Chicago Rough Rice Futures Tumble to End Week in the Red; Corn and Beans Slide Aug 01, 2014
Chicago rough rice futures for Sep delivery settled 19.5 cents per cwt (about $4 per ton) lower at $12.790 per cwt (about $282 per ton). The other grains finished the day mostly lower; soybeans closed about 2.2% lower at $10.5850 per bushel; wheat finished about 0.8% higher at $5.3425 per bushel, and corn finished the day about 1.3% lower at $3.6225 per bushel.U.S. stocks declined on Friday, with the S&P 500 on track for its worst week this year, as investors reacted to concerns about Europe amid ongoing downward momentum from the prior day's rout. Several market strategists said there was few fundamental reasons driving the market lower, other than it's been a long while since equities had a sizable pullback.
Ahead of Wall Street's open, stock-index futures scaled back their drop in the wake of the data, which found nonfarm payrolls rose by a less-than-expected 209,000 last month and the jobless rate rose to 6.2%. Benchmark indexes ran on either side of unchanged for much of the morning, before taking a more decisive turn lower, with the Dow Jones Industrial Average lately down 105.57 points, or 0.6%, at 16,457.73. The S&P 500 dropped 11.80 points, or 0.6%, to 1,918.87, with energy hardest hit and consumer staples faring best among its 10 major sectors. The Nasdaq shed 41.61 points, or 0.9%, to 4,328.02. Gold is trading 1% higher, crude oil is seen trading about 0.7% lower, and the U.S. dollar is seen trading about 0.2% lower at about 1:00pm Chicago time.Thursday, there were 1,350 contracts traded, up from 929 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday increased by 208 contracts to 9,233.
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Oryza Rice Currency Analysis for Today – India Rupee Plunges 1% Aug 01, 2014
U.S. dollar index was weaker -0.17% from the open today, when it traded at 81.312 at the close. Euro was stronger +0.24% by the close, trading around 1.3423 by end of day, after trading between an intraday high of 1.3445 and low of 1.3379. Thai baht was +0.14% stronger, trading at 32.145 at the close of business. Indian rupee was weaker -1.02% at 61.1850. Brazilian real was stronger +0.12% at 2.2609 reais per dollar. Pakistan rupee was +0.10% stronger at 98.7100. Vietnamese dong was -0.04% weaker at 21225. Mexican peso was stronger +0.18% today, when it traded at 13.1931 pesos per dollar by the close of business. Chinese yuan was weaker -0.09% at 6.1795. Argentine peso was weaker -0.29% at 8.2357 pesos per dollar. Oryza U.S. Rough Rice Recap - Little Trading as Market Transitions to New Crop The U.S. cash market was quiet today as it transitions from limited old crop stocks to ample new crop supplies.Currently, there is very little new crop trading as buyers expect prices to decrease as rice comes off the fields while sellers are content in waiting until prices increase above their cost of production. As of today, offers could be found close to $13.33 per cwt fob farm (about $294 per ton) while buyer interest is closer to $12.85-$13.25 per cwt (about $282-$292 per ton) for September-October shipment.
Say Cheese!: Copa-Cogeca Hosts Family Farming Photo Competition Aug 01, 2014
Copa-Cogeca, the European agricultural association that includes farmers and agri-cooperatives and is based in Bruxelles, has launched a photo competition open to the public. The competition is soliciting photos which show the importance and reality of family farms and agricooperatives and comes in the midst of the 2014 United Nations International Year of Family Farming. Copa-
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Cogeca encourages entrants to showcase regional specialties, such as rice. The winners will be presented in the European Parliament at a special reception on September 22. The reception will offer the opportunity for winners to meet the new members of European Parliament, who will share their views on the future of continental agriculture. The event forms part of Copa-Cogeca’s 2014 “CAP Counts!” Campaign, which focuses on the new Common Agricultural Policy (CAP) and examines whether the new CAP is strong enough to respond to family farmers’ and agri-cooperatives’ needs. The Campaign also seeks to identify what further measures are needed to make the CAP most effective. Entries to the competition should be emailed to Amanda.cheesley@copa-cogeca.eu by August 20, along with the submitter’s contact information. The winner will receive a weekend trip for two to Barcelona, and runners-up will receive a hamper of quality farm produce.
Vietnam Rice Sellers Lower Some of Their Quotes; India Rice Sellers Increase Some of Their Quotes Aug 01, 2014
Vietnam rice sellers lowered their quotes for 5% broken rice and 25% broken rice by about $5 per ton each to around $460 - $470 per ton and around $405 - $415 per ton respectively today. India rice sellers increased their quotes for parboiled rice and 100% broken rice quotes by about $5 per ton and about $10 per ton respectively to around $425 - $435 and around $330 - $340 per ton respectively today. Thailand rice sellers kept their quotes mostly unchanged. 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 $30 per ton discount to Vietnam 5% rice quoted at around $460 - $470 per ton, down about $5 per ton from yesterday. India 5% rice is quoted at around $435 - $445 per ton, on par with Pakistan 5% rice 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 $55 per ton discount to Vietnam 25% rice quoted at $405 - $415 per ton, down about $5 per ton from yesterday. India 25% rice is
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quoted at around $390 - $400 per ton, about $15 per ton premium on Pakistan 25% rice 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 $425 - $435 per ton, up about $5 per ton from yesterday and about $25 per ton discount to Pakistan parboiled rice 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. India broken sortexed rice is quoted at around $330 - $340 per ton, up about $10 per ton from yesterday and about $5 per ton premium on Pakistan broken sortexed rice last quoted at around $325 - $335 per ton.
When It Rains, It Pours Locusts in Madagascar Aug 01, 2014
Locusts swarming over the land devouring everything growing in the fields sounds like a story out of the bible but it is a real threat for millions of Madagascan farmers. The Food and Agricultural Organization (FAO) has estimated that locust plagues threaten the food security of 13 million Madagascan farmers – most of whom grow rice as their staple crop.Madagascar is not only vulnerable to pest infestations but other natural disasters like droughts and cyclones. In fact, it is believed there is a direct link between cyclones and the locust plague in Madagascar. Widespread, heavy rains make a perfect breeding ground for locusts. Cyclone Haruna, which hit Southwestern Madagascar in February in 2013 not only destroyed much of the rice crop due to its high winds, but provided the perfect conditions for a locust outbreak which persisted until the summer and led to food shortages. Cyclone Haruna and the following locust plague in 2013 were estimated to have created rice crop losses from 10 and 40 percent in 17 of Madagascar’s 22 regions with the southern regions being the hardest hit areas. FAO has estimated that national rice losses in 2013/14 due to locusts alone would have been 184,000 tons or the equivalent of 168% of how much rice Madagascar imported in 2012 if no action was taken to control the pest. FAO is therefore assisting in national locust control campaigns. The timing of locust control seems to be key, where it is recommended that control operations begin at the beginning of the rainy season in October when smaller groups of locusts start appearing and are more sensitive to pesticides.
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STRASA: A Climate-Smart Green Revolution Aug 01, 2014
Stress-Tolerant Rice for Africa and South Asia (STRASA) began in 2008 and aims to provide higher yielding rice varieties suitable for rain-fed rice farmers in Africa and South Asia which can grow in areas already affected by climate change. Whereas the NERICA rice varieties, developed by the Africa Rice Center, are better adapted to upland rice farming, STRASA rice varieties are better suited for lowland rain-fed ecosystems – 80% of rice farming in Africa is lowland rain-fed. STRASA is a joint project between researchers from the International Rice Research Institute (IRRI) and the Africa Rice Center. The aim isn’t just to increase yields but to ensure farmers have more reliable rice yields which can withstand climatic shocks such as droughts and floods. STRASA focuses on five climate-related factors which are a major problem for farmers growing rice in rain-fed systems. These are drought, flooding, salinity, cold temperatures, and iron toxicity. The project’s mission is nothing short of an agricultural revolution for rain-fed rice farming as STRASA aims to achieve a 50% increase in rice yields for 20 million rice farmers across Africa and South Asia through a combination of providing suitable stress-tolerant rice varieties and improving farm management practices by the end of the 10 year project. An important component for the success of STRASA is its numerous breeding stations across Africa and South Asia which exchange their developed varieties. Varieties are then tested for their suitability in different climatic conditions so STRASA is able to build up a record of the most suitable growing locations for each of their varieties. The STRASA rice varieties possess one stress-tolerant feature; however there is a variety which is tolerant to both cold temperatures and iron toxicity. The goal of the next phase of the project is to develop more varieties with multiple stress tolerance as many rice farmers are faced with various climate stresses at the same time.
Oryza White Rice Index – Vietnam Prices Lifted by Exports and Cross Border Trade Aug 01, 2014
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The Oryza White Rice Index, a weighted average of global white rice export quotes, ended this week at $482 per ton, up about $2 per ton from a week ago, up about $13 per ton from a month ago and up about $7 per ton from a year ago.The International Grains Council (IGC) estimates that 2014 world rice trade will reach a record 40 million tons, an increase of about 5% from 2013, due to increased imports by Far East Asian countries and African nations. The IGC estimates global rice production will reach 476 million tons in 2013-14, about 1% more than in 2012-13, due to improved harvests in Pakistan, Brazil, the Philippines, Bangladesh, and Indonesia. The IGC expects global rice consumption in 201314 to increase to about 476 million tons, about 2% more than in 2012-13, and rice ending stocks in 2013-14 to decline to 109 million tons (from 110 million tons in the previous year).
Thailand Thailand 5% broken rice is today quoted at about $435 per ton, unchanged from a week ago, up about $20 per ton from a month ago and down about $20 per ton from a year ago. Paddy rice production in Thailand is expected to reach about 38.8 million tons in 2014-15, almost unchanged from 2013-14’s production, according to the Office of Agricultural Economics. The IGC anticipates Thailand’s rice exports to increase about 41% from last year to 9.3 million tons. The Thai Commerce Ministry is working to regain its market share in major global markets such as China, Malaysia, Indonesia, and the Philippines. A Thai delegation visited China this week to discuss the completion of their one million ton contract, of which Thailand has so far only shipped 100,000 tons. The National Council for Peace and Order (NCPO) Chief has advised the release of substantial rice stocks from government warehouses for both exports and domestic sales. In early August, the Thai Commerce Ministry will hold its first of a series of rice auctions to sell 200,000-500,000 tons of rice. The World Bank says that Thailand’s rice prices will continue to decline over the next eleven years, even if the country doesn’t release additional rice from its stocks, citing well-supplied markets. Japan has purchased 9,073 tons of long-grain milled rice from Thailand in a tender issued July 29, according to official sources. Delivery is scheduled October 1-November 10.
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India India 5% broken rice is today quoted at about $440 per ton, unchanged from a week ago, up about $5 per ton from a month ago and down about $5 per ton from a year ago. The UN’s FAO estimates that India’s 2014 aggregate paddy rice production (which includes the ongoing 2014 main and the 2014-15 secondary seasons) will reach about 157.5 million tons, down about 1% from 2013’s production, due to the anticipated El Nino’s effect. However, improved rainfall in most rice-growing parts of India has improved hopes for India’s rice production, according to local sources. The IGC estimates that India will export 9.4 million tons of rice, about 11% less than last year. As of August 1, planting for kharif (main) rice crop (June-December) in India had reached 22.156 million hectares, about 7% less than the same time last year, according to the Indian Agriculture Ministry. During FY 2013-14 (April-March), India exported rice worth $7.78 billion, an increase of about 25% from FY 2012-13, according to official sources. Average wholesale rice prices in India increased to about Rs. 3,255 per quintal (about $54) in July 2014, up about 12% from Rs. 2,901 per quintal (about $48) in June 2014 and up about 22% from July 2013. The Reserve Bank of India (RBI) is reluctant to approve the rescheduling of crop loans as the state of Andhra Pradesh requested due to fairly good paddy yields. Typically, the RBI will only reschedule crop loans if the yield is below 50% of targeted paddy. The Ministry of Environment has decided to put field trials of genetically modified crops on hold for now, pleasing Indian rice farmers. Sri Lanka will import 50,000 tons of rice from India in order to make up for shortfalls from production due to drought, according to local sources. Iran increased its import duty on basmati rice from 22% to 40% on July 23. Some anticipate this increase will negatively impact India’s basmati rice exports to Iran. The country of Ghana has sought help from the Indian state of Punjab to help increase its rice production and quality. Ghana hopes to double its rice production by 2018. Vietnam Vietnam 5% broken rice is today quoted at about $465 per ton, up about $10 per ton from a week ago, up about $45 per ton from a month ago and up about $65 per ton from a year ago.
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During January 1-July 22, Vietnam exported about 3.345 million tons of rice, down about 18% from JanuaryJuly 2013, according to the Vietnam Food Association (VFA). Average rice export price so far this year is about $432 per ton (FOB), an increase of about 1% from the same time last year. During July 1-July 22, Vietnam exported about 355,543 tons, about 38% less than in July 2013. The IGC expects Vietnam to export about 6% less rice than last year, reaching 6.4 million tons. The VFA has increased the minimum support price (MEP) of its low grade or 25% broken rice exports to $410 per ton (FOB) effective July 28, an increase of about 9% from the previous $375 per ton, according to local sources. Local rice prices in Vietnam’s Mekong River Delta are escalating, and officials and exporters say it’s largely due to unofficial rice exports to China through borders. Sources say 2 million tons of rice is exported to China unofficially each year. Pakistan Pakistan rice quotes are not available today. Pakistan 5% broken rice last quoted at about $440 per ton. Central & South America The UN’s FAO forecasts Venezuela will import more rice in MY 2014-15 (July-June) than in the previous year. The Brazilian paddy rice index maintained by CEPEA reached at about 35.76 real per 50 kilograms as of July 28, 2014, down about 0.5% from about 35.93 real per 50 kilograms recorded on July 21, 2014. In terms of USD per ton, the index reached at about $322 per ton on July 28, 2014, down about 0.4% from about $323 per ton recorded on July 21, 2014. Five percent broken rice from Uruguay and Argentina today shown at about $620 per ton, down about $5 per ton from a week, a month and a year ago. U.S. U.S. 4% broken rice is today quoted at about $555 per ton, unchanged from a week ago, down about $20 per ton from a month ago and down about $50 per ton from a year ago. As of July 24, the U.S. has exported about 2.96 million tons of rice in MY 2013-14 (August-July), about 11% less than the same period in the previous year, according to the USDA. Chicago rough rice futures for September delivery were all over the place this week, opening Monday at $12.945 per cwt before jumping to close at $13.130 per cwt on Tuesday, triggering many to view it as a reversal
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signal that the market was moving higher. However, prices dropped back down on Wednesday and stayed there, closing the week at $12.790 per cwt. Old crop offers for rice held steady at around $15.25-16.00 per cwt fob farm (about $336-355 per ton) for August shipment, but there were few offers still around by Thursday. Meanwhile, bids from exporters dropped from $14.25 per cwt (about $314 per ton) early in the week to $13.75 per cwt (about $303 per ton) later in the week with smaller mills consistently bidding about $16.00 per cwt (about $353 per ton) for limited quantities. There has been very little trading of new crop so far, with offers found around $13.33 per cwt fob farm (about $294 per ton) and bids seen closer to $12.85-$13.25 per cwt (about $282-292 per ton) for September-October shipment. Other Markets The UN’s FAO estimates that Indonesia’s 2014 rice imports will reach 1.2 million tons, an increase of 70% from 2013, based on the government’s policy of ensuring adequate stocks to avert the consequences of an impending El Nino effect on production. However, the USDA Post estimates Indonesia will import even more rice than that, reaching 1.4 million tons in MY 2013-14 (January 2014-December 2014). About 1.31 million tons of Italy’s 2013-14 paddy crop has been sold as of July 22. This represents over 92% of the crop, but is about 12% less than was sold during the same period last year. There are two months before the new harvest. The President of the Philippines, Benigno Aquino, declared that the National Food Authority (NFA) had been authorized to import rice in times of need, including in preparation for possible calamities. His declaration comes just ahead of the NFA’s likely open bidding for 500,000 tons of rice imports on August 12. The USDA Post estimates Russia’s 2014 rice imports will increase to about 250,000 tons, about 25% more than the amount imported in 2013, due to an expected decline in production. It estimates Russia’s 2015 rice imports will remain the same at 250,000 tons. The West African country Togo produced 160,939 tons of paddy rice in 2013, an increase of about 43% from 2012’s production, according to the Agriculture Statistics Office. Paddy area has doubled in that time, but yield decreased about 60%. The USDA Post estimates that Turkey’s rice imports will increase to about 330,000 tons in MY 2013-14 (September-August), about 43% more than imported the previous year. South Korea’s Agro-Fisheries & Food Trade Corporation (KAFTC) has purchased 94,812 tons of short-grain rice of Chinese origin from a tender issued on July 25, according to its website. As of July 21, the country has imported about 165,630 tons of rice, or about 40% of the total amount to be purchased under the 2014 minimum market access. Rice farmers in South Korea have begun protests expressing their dissatisfaction with the government’s decision to liberalize the rice market starting next year, according to local sources. Cambodia 5% broken rice today quoted at about $455 per ton, unchanged from a week ago, up about $10 per ton from a month ago.A big banking group in Italy is offering a new financial product called “green credit” to help rice farmers pay debts in a timely manner without resorting to selling their paddy at lower prices.Total milled rice production (Japonica and Indica) in the European Union is expected to decline to about 1.738 million tons in MY 2014-15 (September 2014-August 2015), about 2% less than in MY 2013-14, according to the EU Directorate General for Agriculture and Rural Development.
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