9th June, 2014
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RICE NEWS
Thailand Anti Graft Commission to Probe Assets of Former Prime Minister and Four Other Ministers Jun 06, 2014
Thailand's National Anti Corruption Commission (NACC) will probe assets and liabilities of the former Prime Minister, Yingluck Shinawatra, two of her former Commerce Ministers and two of her Deputy Commerce Ministers who were involved in framing policy for rice pledging scheme as well as sale of rice stocks, according to local sources. The probe is to find out if the former Prime Minister and other ministers had resorted to accumulation of unusual wealth from handling the rice pledging scheme. The five former Ministers are required to furnish details of their assets by June 5, 2014 and details of their liabilities by June 20, 2014, said local sources. The NACC sources said the details of the former ministers' assets and liabilities would be made public in first week of July. A sub-committee has been appointed to deal with the asset-liability probe and would work in tandem with the other sub-committee, which is already investigating the involvement of the former PM and her ministers in corruption related to the rice pledging scheme. The NACC earlier ruled that the former Prime Minister ignored warnings about loopholes in the rice pledging scheme.The military government, which took over on May 22, 2014 is trying to sort out various issues related to the rice pledging scheme. Rice farmers are now urging the military government to find an alternative to the abandoned rice pledging scheme to ensure stability in prices.
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Meanwhile, Thai rice exports have also recovered after slowing down for two consecutive years due to the rice pledging scheme.Data from the Thai Rice Exporters Association (TREA) show that Thailand exported 3.93 million tons of rice January 1 - May 20, 2014 period. The TREA has estimated Thailand's rice exports to reach 9 million tons in 2014, revising its earlier estimate of 7.5 million tons. Tags: Thailand rice exports, Thailand rice pledging scheme, Thailand's National Anti-Corruption Commission (NACC)
Government Failed to Honour Commitment to Rice Exporters in Federal Budget, Says REAP Vice-Chairman Jun 06, 2014
The Rice Exporters Association of Pakistan (REAP) has expressed dissatisfaction over not including its proposals in the federal budget 2014-15, according to local sources.Senior Vice-Chairman (SVP) of the REAP has told local media sources yesterday that the country's rice sector has been ignored in the recently announced budget despite it being the second largest foreign exchange earner. He noted that the REAP has presented a list of proposals to the Finance Minister recently but none of them has been taken into consideration in the budget. The government had not honoured its commitment to the rice exporters, he adds. The REAP SVP noted that Pakistan's rice exporters have been facing considerable losses since the beginning of this year due to appreciation of Pakistani rupee against the dollar and the Finance and Commerce Ministries have assured to compensate rice exporters in the federal budget. However, the budget lacked such components, adding that the rice exporters were disappointed as they could not get any relief from the budget .He also told that rice exporters have been facing serious issues with the government departments and law and order situation. Recently, the Union of Small and Medium Enterprises (UNISAME) also urged the government to dissolve the Quality Review Committee (QRC) as it neither has requisite quality control infrastructure and expertise, nor it cares for commercial interests of rice exporters. He urged the government to look into the above issues and provide them some relief.Pakistan has exported around 2.66 million tons rice, including basmati and non-basmati, in the first ten months of the current fiscal year (FY) 2013-14 (July 2013 - June 2014), down about 5% from around 2.74 million tons exported during the same period in FY 2012-13, according to provisional data from Pakistan Bureau of Statistics (PBS). Pakistan exported about 3.4 million tons of rice worth about $1.92 billion in FY 2012-13.USDA estimates Pakistan to export around 3.9 million tons of rice in 2014, up about 8% from an estimated 3.6 million tons exported in 2013.
Vietnam Exports 538,623 Tons of Rice in April 2014; Down 9% m/m and 20% y/y
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Vietnam's rice exports declined to around 583,623 tons in April 2014, down about 9% from around 590,329 tons exported in March 2014, and down about 20% from around 673,550 tons exported in April 2013, according to USDA.Asia accounted for about 352,778 tons or about 65% of total rice exports by Vietnam in April 2014. Rice exports to Asia in April 2014 have declined around 24% from about 464,111 tons in March 2014, and around 5% from about 371,699 tons in April 2013.Vietnam exported around 101,779 tons of rice to Africa in April 2014, up about 115% from around 47,279 tons in March 2014, but down about 51% from around 209,191 tons in April 2013.ietnam exported around 71,693 tons to American destinations in April 2014, up about 14% from around 62,726 tons in March 2014, and up about 1% from around 70,850 tons in April 2013.Vietnam's exports to Europe and CIS countries accounted for around 10,660 tons, up about 26% from around 14,450 tons in March 2014 and down 50% from around 21,152 tons in April 2013. Vietnam's exports to Australia declined by about 2% to 1,713 tons in April 2014 from 1,745 tons in March 2014 and increased by about 160% from around 658 tons exported in April 2013.
In terms of grade, 15% broken rice exports accounted for 154,486 tons (or, about 28% of total exports in April
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2014); 5% broken rice exports accounted for 136,180 tons (or, about 25% of total April exports); Jasmine rice exports accounted for 104,224 tons (or, about 19% of total April exports) ; 25% broken rice exports accounted for 54,153 tons (or, about 10% of total exports in April 2014), glutinous rice exports accounted for 44,737 tons (or, about 8% of total April exports); and 10%, 100% and other varieties accounted for 44,843 tons (or, about 8% of total exports in April 2014). Tags: Vietnam rice exports, Vietnam Food Association
Oryza Overnight Recap - Chicago Rough Rice Futures Paused Higher as Market Searches for Bottom Jun 06, 2014
Chicago rough rice futures for Jul delivery were paused 9.5 cents per cwt (about $2 per ton) higher overnight at $14.175 per cwt (about $313 per ton) as of 8:00am Chicago time. The other grains are seen higher as well this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.1% higher, wheat was paused about 0.7% higher, and corn is noted about 0.3% higher. U.S. stock index futures ticked higher on Friday after the government reported nonfarm payrolls rose 217,000 in May, with the unemployment rate at 6.3%. Economists surveyed by Reuters had expected 218,000 jobs were created last month, down from April's 288,000 addition. The unemployment rate was seen climbing one-tenth of a percentage point to 6.4%, up from April's more-than-five-year low. No major companies are seen reporting quarterly results on Friday. The Federal Reserve's consumer credit report for April is out during the day. Wall Street closed at a record high on Thursday, with both the Dow and the S&P 500 advancing further into uncharted territory. U.S. stock index futures are currently trading about 0.2% higher, gold is currently trading about 0.3% higher, crude oil is seen trading about 0.5% higher, and the U.S. dollar is currently trading about 0.1% lower at 8:00am Chicago time. Tags: U.S. rice prices; U.S. rice market; Chicago rough rice futures
India Rice Stocks in Central Pool Decline to 28.03 Million Tons on June 1, 2014; Down 16% from Last Year India’s rice stocks in the central pool as of June 1, 2014 were about 28.03 million tons (including a milled equivalent of around 11.361 million tons of paddy), down about 16% from about 33.306 million tons recorded during the same time last year, according to data from the Food Corporation of India (FCI). Month-over-month, India's rice stocks in the central pool are down by about 1% from about 28.41 million tons recorded on May 1, 2014. However, current rice stocks are about double the required buffer and strategic reserve norms of around 14.2 million tons for this time of the year, according to the
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FCI.Total food grain stocks (including rice and wheat) in the central pool stand at around 71 million tons as of June 1, 2014, down about 9% from last year's stock and up about 11% from last month. Wheat stocks stand at about 41.586 million tons, down about 6% from last year and up about 21% from a month ago.
China Continues to be Largest Buyer of Vietnam Rice in January - April 2014, Says MARD Jun 06, 2014
China has emerged largest buyer of Vietnam rice in January - April 2014, according to data from Vietnam's Ministry of Agriculture and Rural Development (MARD).MARD said China accounted for around 913,957 tons of rice or about 42% of total rice exports of about 2.1 million tons from Vietnam in the first four months of
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2014. Vietnam's exports to China in January - April 2014 increased by about 2.4% from around 892,536 tons exported during the same period in 2013.Actually, Vietnam's exports to China were expected to decline due to ongoing tensions in East Sea regarding an oil rig. Experts say China will have to depend on Vietnamese rice because Thai rice is expensive and importing from Vietnam involves easy procedures. Unofficial exports through cross-borders are increasing and Vietnam’s Ministries of Agriculture and Trade are keen on increasing exports through official channels to China.Vietnam exported around 2.65 million tons of rice in January - May 2014, down about 10% from around 2.4 million tons exported during the same period in 2013, according to the MARD. The Vietnam Industry and Trade Information Center (VITIC) under the Ministry of Industry and Trade attributes this decline to reduced demand from Vietnam's traditional markets such as Malaysia, Ivory Coast and Singapore.Vietnam exported 6.72 million tons of rice in 2013, according to the MARD.
Oryza White Rice Index – Thailand Rice Prices Have Yet to Stage Anticipated Rebound The Oryza White Rice Index, a weighted average of global white rice export quotes, ended this week at $462
per ton, up about $2 per ton from a week ago, up about $12 per ton from a month ago and down about $23 per ton from a year ago.The UN’s Food and Agriculture Organization (FAO) estimates global milled rice production to increase to 503 million tons in 2014, up 1.2% from 2013. Decreases are expected in Thailand, Sri Lanka, and Australia, with increases expected in China, India, Indonesia, Myanmar, and Oceania countries. The FAO also estimates 2015 global milled rice trade at 39 million tons, .3 million tons lower than in 2014, and the FAO expects milled rice ending stocks globally to reach 182.2 million tons in 2015, slightly
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higher than 2014’s expected ending stocks. The FAO All Rice Price Index declined by about 2 points to 235 points in May 2014, from about 237 points in April, due to a decline in the Japonica price index by about 6 points. While El Niño has about a 70% chance of occurring, two U.S.-based weather agencies have joined the chorus predicting a weak El Niño pattern in 2014. Thailand Thailand 5% broken rice today quoted at about $380 per ton, unchanged from week ago, up about $5 per ton from a month ago and down about $130 per ton from a year ago. During the period from January to April, Thailand exported about 2.9 million tons of rice, about 45% more than the same period in 2013, according to the Thai Rice Exporters Association. In terms of value, exports have earned Thailand about $1.5 billion during that time, about 10% more than earnings from the same period in 2013. Thailand’s current military government has raised 50 billion baht (about $1.12 billion) to pay farmers who are still waiting for payments under the abandoned Rice Paddy Pledging scheme, according to local sources. The Thai Rice Exporters Association (TREA) has proposed a market-based and transparent audit of all government rice stocks in the country in hopes that this would alleviate concerns about the quality and quantity of remaining stocks, according to local sources. The TREA hopes that this move will help Thailand regain its status as the world’s top rice exporter. Bangkok’s farmers are urging the National Council for Peace and Order to adopt a policy guaranteeing paddy sales at 10,000 baht ($303) per ton for the next crop. Meanwhile, the assets of former PM Yingluck are under investigation. India India 5% broken rice is today quoted at about $440 per ton, up about $10 per ton from a week ago, up about $20 per ton from a month ago and down about $5 per ton from a year ago. So far in the Kharif Marketing Season (October 2013-September 2014), the Indian government’s rice procurement has reached about 28.64 million tons, according to the country’s Ministry of Consumer Affairs, Food and Distribution. The government of Punjab in northern India has directed the agriculture department to allow farmers to sow non-basmati varieties starting June 10. In the fiscal year 2014-15 (July 2014-June 2015), Bangladesh is expected to import 200,000 tons of rice in
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efforts to replenish rice reserves and ensure food security, according to Reuters. Rice imports to Bhutan are expected to decline to 58,000 tons in MY 2013-14 (July 2013-June 2014), about 9% less than MY 2012-13, according to the UN’s FAO. The decline is anticipated due to increased domestic production. The UN’s Food and Agriculture Organization (FAO) estimates Nepal’s paddy rice production to decline to about 4.8 million tons in 2014, about 5% less than 2013’s production, due to declining yields. Vietnam Vietnam 5% broken rice is today quoted at about $410 per ton, up about $5 per ton from a week ago, up about $20 per ton from a month ago and up about $35 per ton from a year ago. Two state-owned Vietnam rice export companies are planning to renegotiate the scheduled delivery dates for 800,000 tons of rice to the Philippines. They were planning on delivering 200,000 tons per month between May and August, but will ask the National Food Authority in the Philippines to consider different dates, according to local sources. Pakistan Pakistan 5% broken rice is today shown at about $450 per ton, down about $10 per ton from a week ago, up about $30 per ton from a month ago and up about $10 per ton from a year ago. The Rice Exporters Association of Pakistan (REAP) has expressed dissatisfaction over not including its proposals in the federal budget 2014-15, according to local sources. Even though the holy month of Ramadan doesn’t begin until June 28 this year, rice prices have spiked 4.5% per kilogram in the last two weeks in Saudi Arabia, say local traders. Brazil Brazil 5% broken rice quotes are still not available; it was last shown around $665 per ton. Meanwhile, 5% broken rice from Uruguay and Argentina is quoted at about $625 per ton, unchanged from a week and a month ago and down about $5 per ton from a year ago. The Brazilian paddy rice index maintained by CEPEA reached around 36.83 real per 50 kilograms as of June 2, 2014, up about 0.6% from around 36.6 real per 50 kilograms recorded on May 26, 2014. In terms of USD per ton, the index reached at about $329 per ton (using historical exchange rates) on June 2, 2014, down about 0.3% from about $330 per ton (using historical exchange rates) recorded on May 26, 2014. U.S.
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U.S. 4% broken rice is today quoted at about $580 per ton, down about 45 per ton from a week and a month ago and down about $50 per ton from a year ago. Chicago rough rice futures for July delivery took a pounding this week, dropping steadily from $15.000 per cwt at open on Monday to $14.070 per cwt on Thursday. They recovered some on Friday, closing at $14.180 per cwt (about $313 per ton). The U.S. cash rice market weakened this week as both buyer and seller price ideas decreased in tandem with the futures market. Old crop offers decreased throughout the week, starting at about $16.33 per cwt fob farm (about $360 per ton) for June shipment on Monday and dropping to $15.75 per cwt fob farm (about $347 per ton) later in the week. Sellers were asking $16.66 per cwt fob farm (about $367 per ton) for July and August shipment throughout the week, but they seem to be re-evaluating their price ideas as buyers at these rates are hard to find right now. Bids from larger mills dropped this week, too, starting at about $14.60 per cwt (about $322 per ton) on Monday and falling to about $13.85 per cwt (about $305 per ton) on Thursday. Bids for exporters and small mills followed this same declining pattern: they started at $16.00 per cwt (about $353 per ton) on Monday but dropped to about $15.25-$15.50 per cwt (about $336-$342 per ton) after receiving little interest. The USDA estimates that as of June 1, 89% of the U.S. rice crop had emerged and 69% of it is in good to excellent condition. The USDA reported that net export sales for the week ending on May 29 totaled 36,200 tons, which was 17% higher than the previous 4-week average. U.S. rice exporters shipped 71,000 tons, which was 21% higher than the prior 4-week average. Other Markets Iraq has purchased 120,000 tons of rice from Uruguay (60,000 tons at $717 per ton), Vietnam (30,000 tons at $668 per ton), and the U.S. (30,000 tons purchased at $717.75 per ton), according to European trade sources. The countries of Burundi, Kenya, Rwanda, Tanzania, and Uganda, collectively known as the East African Community (EAC), has increased the import tariff on rice by 10% to 35% in efforts to protect local rice farmers and prevent cheap imports from Asia, according to local sources. Myanmar is promoting parboiled rice over white rice for local consumption, citing health and cost benefits, according to local sources. Separately, The Myanmar Rice Millers Association has stressed the need for modernized rice milling units if the country is going to increase exports of high quality 5% brokens, according to local sources. Cambodia 5% broken rice is today shown at about $440 per ton, unchanged from a week and a month ago. During the period January to May, Cambodia exported about 148,262 tons of rice, up about 1% from the same period in 2013, according to the Secretariat of One Window Service of Rice Export Formality. Separately,
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The UN’s FAO estimates Cambodia’s rice exports will increase slightly to 1.2 million tons in 2014. In 2014, Taiwan will export more rice than last year due to a deal to provide rice for China’s lunchbox market, according to the Council of Agriculture. South Korea has passed on offers for 69,437 tons of rice under its tender to buy 73,476 tons of brown rice, according to Bloomberg. Separately, South Korea may face a rice surplus this year as domestic consumption continues to decrease and import pressure increases based on minimum market access (MMA). At the end of 2014, South Korea’s agreement under the World Trade Organization to postpone opening its rice market will expire, and it’s not yet clear whether the ministry will open its rice market at that time. Contradicting nearly all previous studies done on the topic, Chinese researchers have found that temperature changes and solar radiation caused by climate change have caused losses worth $38 million to China’s rice sector in the last decade. The Committee of Professional Agricultural Organizations (Copa) and the General Confederation of Agricultural Cooperatives (Cogeca) has predicted milled rice imports to the European Union to increase 2% and exports to decline 7% in 2013-14 compared to 2012-13, due to a decline in milled rice production during the year. Italy will make 22.6 billion euros (about $30.7 billion) available for Italian rice growers next year. The funds will come from the new Common Agricultural Policy, and although these payments are 2 billion euros (about $2.7 billion) higher than originally proposed, sources say it is still unlikely this will increase rice production. Tags: Oryza White Rice Index (WRI), global rice rices, global rice news, Global rice trade
Oryza Rice Currency Analysis for Today – Brazil Real Advances 0.6% Jun 06, 2014
U.S. dollar index was up +0.08% from the open today, when it traded at 80.428 at the close. Euro was weaker -0.14% by the close, trading around 1.3641 by end of day, after trading between an intraday high of 1.3677 and low of 1.3621. Thai baht was stronger +0.48%, trading at 32.485 at the close of business. Indian rupee was stronger +0.25% at 59.1825. Brazilian real was stronger +0.63% at the close of trading today, trading at 2.2480 reais per dollar. Pakistan rupee was -0.02% weaker at 98.5283. Vietnamese dong was stronger +0.09% at 21205.
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Mexican peso was weaker -0.48% today, when it traded at 12.9287 pesos per dollar by the close of business. Chinese yuan was stronger +0.06% at 6.2506. Argentine peso was weaker -0.01% at 8.1297 pesos per dollar. Tags: foreign exchange rates, rice currencies, Global rice trade
Oryza U.S. Rough Rice Recap - Market Stabilizes After Big Drop This Week Jun 06, 2014
The U.S. cash market stabilized today after tumbling roughly $0.50 per cwt (about $11 per ton) this week in tandem with the futures market.As of today, old crop offers could be found around $15.75 per cwt fob farm (about $347 per ton) for June shipment while others are still holding out for at least $16.33 per cwt fob farm (about $360 per ton).Bids from most larger mills increased today to around $13.95 per cwt (about $308 per ton) for June delivery while bids for exporters and smaller mills were unchanged near $15.25-$15.50 per cwt (about $336-$342 per ton) for the same delivery period; however, no trades were reported. Tags: U.S. rice prices; U.S. rice market
How Tanzanian Farmers Used ‘SRI’ To Double Rice Production With Less Water Jun 06, 2014
Tanzanian farmers have stated they have managed to double their rice production from four to eight tonnes per acre, and that too using less water! They attributed the success to the practice to an innovative farming method designed by researchers at Sokoine University of Agriculture (SUA).The method, known as System of Rice Intensification (SRI), funded by Commission for Science and Technology (COSTECH), aimed at investigating the performance of System of Rice Intensification.Since 2012, local farmers have been adopting this practice in which the number of days of planting rice seeds is reduced from 21 days to eight, uses fewer rice seeds and lesser water utilization in fields. SRI had educated and instructed farmers in Mvomero district in the method to help them increase productivity. According to a post in the Cornell University website about SRI, the method has been successful in over 50 countries. They include: 20%-100% or more increased yields, up to a 90% reduction in required seed, and up to 50% water savings.SRI principles and practices are ideal for rain-fed rice as well as for wheat, sugarcane etc with yield increases and associated economic benefits. Tags: Tanzania, farmers, SRI, Rice
Can UAE’s Sandy Soil Grow Rice? We’ll Know Next Month Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
Jun 06, 2014
Can one grow rice in a desert? Well, no harm trying thought Sudhish Kumar, an Indian expatriate in Sharjah who has cultivated rice in the United Arab Emirates (UAE) and is waiting for the harvest in July. With his experiment, the world gets to see if the country’s soil, which is primarily sandy and can only grow date palms, acacia and eucalyptus, can yield rice too.Lack of cultivable land, severe heat, locust swarms and lack of water resources in UAE prevent crops like rice from growing. However, none of it deterred the 41-year-old employee of Sharjah Electricity and Water Authority from giving rice a shot. He is also trying to cultivate wheat which he hopes will harvest next month. Sudhish has been featured in the Limca Book of Records for growing the longest ladies finger (41.91cm), and the smallest as well (3.81cm), and believes he will be first in the country to grow rice. A lover of kitchen gardens, besides growing a handful of vegetable in his backyard, the green thumb has spent four hours every day for the past few months in the farm and it took him almost a day to sow 1,300 seeds. Tags: Rice, UAE, sandy, Sudhish, kitchen garden, harvest
What do Philippines Rice Farmers Gain from ASEAN Integration? Jun 06, 2014
The Philippines rice farmers will lose from ASEAN Integration, says the National Confederation of Irrigators Association (NCIA).The NCIA noted that the ASEAN integration would lead to a huge increase in rice imports in the country due to a reduction in the import duty on rice to about 35% as per the ASEAN Free Trade Agreement (AFTA), and Filipino farmers would be losers due to that. The group said the farmers need to be well equipped to face the tough competition from other ASEAN rice producers such as Vietnam, Thailand and Cambodia. It noted that paddy production costs in the Philippines are quite high compared to other ASEAN rice producers. However, the government has been indifferent to helping rice farmers in this regard by providing relevant subsidies on farm inputs and making available non-restrictive loan-facilities to them to mechanize their farms and reduce production costs, said the NCIA.The Philippines Farmers Advisory Board (PFAB), in which the NCIA is a member, has sought assistance of the Presidential Agriculture Secretary in addressing rice farmers' issues ahead of the ASEAN integration in 2015, according to local sources.The PFAB had passed a resolution seeking help from the Presidential Agriculture Secretary in providing support package to rice farmers, which would help them compete with the cheap imported rice. The package will include government subsidy for the farmers, loans from the Development Bank of the Philippines and Land Bank of the Philippines as well as provide rice delivery incentives to the farmers.Rice smuggling in the Philippines has increased in 2013 due to high to high domestic tariffs (40% under MAV and 50% out of MAV), high production costs and increasing milled rice prices due to a decline in rice supplies from
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reduced imports in 2012.The FAO estimates the Philippines to import about 1.2 million tons in 2014. USDA estimates the Philippines to import around 2 million tons of rice, including 550,000 tons of unofficial imports, in 2014. Tags: Philippines Rice Production, Philippines rice imports
Thailand, Vietnam Rice Sellers Increase Their Quotes for Fragrant Rice Today; Other Asia Rice Quotes Unchanged Jun 06, 2014
Thailand rice sellers increased their quotes for Hommali rice by about $5 per ton to about $950 - $960 per ton today. Vietnam rice sellers increased their quotes for Jasmine rice by about $10 per ton to about $535 - $545 per ton. Other Asia rice sellers kept their quotes mostly unchanged. 5% Broken Rice Thai 5% rice (of new crop) is quoted at around $375 - $385 per ton, about $30 per ton lower than Viet 5% rice quoted at around $405 - $415 per ton. Indian 5% rice is quoted at around $435 - $445 per ton, about $10 per ton lower than Pak 5% rice quoted at around $445 - $455 per ton. 25% Broken Rice Thai 25% rice of the old crop is quoted at about $345 - $355 per ton, about $20 per ton lower than Viet 25% rice quoted at around $365 - $375 per ton. Indian 25% rice is quoted at around $390 - $400 per ton, about $5 per ton lower than Pak 25% quoted at around $395 - $405 per ton. Parboiled Rice Thai parboiled rice of the old crop is quoted at around $420 - $430 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 is quoted at around $310 - $320 per ton, about $25 per ton lower than Viet broken rice quoted at around $335 - $345 per ton. Indian broken sortexed rice is quoted at around $310 - $320 per ton, about $15 per ton lower than Pak broken sortexed rice quoted at around $325 - $335 per ton.
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Tags: Fragrant rice, 5% broken rice, Hom Mali rice
Korea-Colombia Free Trade Agreement Excludes Rice and Rice Related Products, Says USDA Post Jun 06, 2014
USDA Post reports that South Korea's National Assembly has ratified the Korea-Colombia Free Trade Agreement (FTA) on April 29, 2014, but the FTA excludes rice and other rice related products.The Post also reports that ratification is pending in the Colombian legislative body. Korea is obligated to import around 400,000 tons of rice annually, or 7.96% of its consumption needs, according to the WTO quota agreement. Korea is struggling to deal with increasing rice supplies from its own production and obligatory imports in the face of declining local consumption. It is now planning to liberalize its rice imports without seeking further extension to the WTO quotas. Colombia produces over 80% of rice needed for consumption and imports a little over 300,000 tons of rice annually. USDA estimates South Korea to produce about 4.15 million tons of rice and import about 410,000 tons in MY 2014-15 (November 2014 - October 2015). It estimates Colombia to produce about 1.3 million tons and import about 350,000 tons in MY 2014-15 (April 2014 - March 2015).
Tags: South Korea rice production, South Korea rice imports
Korea-Colombia Free Trade Agreement Excludes Rice and Rice Related Products, Says USDA Post Jun 06, 2014
USDA Post reports that South Korea's National Assembly has ratified the Korea-Colombia Free Trade Agreement (FTA) on April 29, 2014, but the FTA excludes rice and other rice related products.The Post also reports that ratification is pending in the Colombian legislative body.Korea is obligated to import around 400,000 tons of rice annually, or 7.96% of its consumption needs, according to the WTO quota agreement. Korea is struggling to deal with increasing rice supplies from its own production and obligatory imports in the face of declining local consumption. It is now planning to liberalize its rice imports without seeking further extension to the WTO quotas. Colombia produces over 80% of rice needed for consumption and imports a little over 300,000 tons of rice annually. USDA estimates South Korea to produce about 4.15 million tons of rice and import about 410,000 tons in MY 2014-15 (November 2014 - October 2015). It estimates Colombia to produce about 1.3 million tons and import about 350,000 tons in MY 2014-15 (April 2014 - March 2015).
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Tags: South Korea rice production, South Korea rice imports
China Imports 489,700 Tons of Rice in January - March 2014; Down 30% from Last Year
China has imported around 489,700 tons of rice in January - March 2014, down about 30% from around 696,414 tons imported during the same period last year, according to data from China Customs General Administration.In March 2014, China imported around 150,000 tons of rice, up about 7% from around 140,000 tons imported in February 2014 and down about 44% from around 270,601 tons imported in March 2013. China exported 23,541 tons of rice in January - March 2014, down about seven times from around 167,026 tons exported during the same period in 2013. China did not export any rice in February and March 2014. China imported around 2.74 million tons and exported 520,200 tons of rice in 2013.USDA estimates China to import around 3.5 million tons of rice and export 350,000 tons of rice in 2014.
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Tags: China rice imports, China rice exports
Can UAE’s Sandy Soil Grow Rice? We’ll Know Next Month Jun 06, 2014
Can one grow rice in a desert? Well, no harm trying thought Sudhish Kumar, an Indian expatriate in Sharjah who has cultivated rice in the United Arab Emirates (UAE) and is waiting for the harvest in July. With his experiment, the world gets to see if the country’s soil, which is primarily sandy and can only grow date palms, acacia and eucalyptus, can yield rice too.Lack of cultivable land, severe heat, locust swarms and lack of water resources in UAE prevent crops like rice from growing. However, none of it deterred the 41-year-old employee of Sharjah Electricity and Water Authority from giving rice a shot. He is also trying to cultivate wheat which he hopes will harvest next month.Sudhish has been featured in the Limca Book of Records for growing the longest ladies finger (41.91cm), and the smallest as well (3.81cm), and believes he will be first in the country to grow rice. A lover of kitchen gardens, besides growing a handful of vegetable in his backyard, the green thumb has spent four hours every day for the past few months in the farm and it took him almost a day to sow 1,300 seeds. Tags: Rice, UAE, sandy, Sudhish, kitchen garden, harvest
Oryza Afternoon Recap - Chicago Rough Rice Futures Attempt Recovery but Face Steep Challenge as Market Closes Week with Nearly $1.00 per CWT Drop Jun 06, 2014
Chicago rough rice futures for Jul delivery settled 9.5 cents per cwt (about $2 per ton) higher at $14.175 per cwt (about $313 per ton). Rough rice futures finished the day on a positive note, although remains sharply lower on the week as prices had fallen nearly $1.00 per cwt (about $22 per ton) from the open Monday to yesterday’s low. The active front month contract fell from an opening price of $15.000 per cwt (about $331 per ton) on Monday to finish the week with a 82.5 cent per cwt (about $18 per ton) loss. Technically the market is firmly oversold and today’s move may be the initial stage of an attempt at a recovery but this would require strong follow-through buying early next week. Futures remain at a steep discount to the cash market and thus could spur additional buying on the part of commercials looking to fill late season demand as US prices have become competitive with foreign supplies. The other grains finished the day with mixed results as corn and wheat shot higher while soy products were closed lower; soybeans closed about 0.2% lower at $14.5700 per bushel; wheat about 2.1% higher at $6.1825 per bushel, and corn finished the day about 2.2% higher at $4.5900 per bushel.U.S. stocks furthered their record
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climb on Friday, with both the Dow Jones Industrial Average and S&P 500 in uncharted terrain, after the May jobs report showed slow but steady improvement in the labor market. Treasury prices climbed after the jobs report, with the 10-year Treasury note yield which factors into mortgage rates and other consumer loans down 3 basis points to 2.558%. The Dow Jones Industrial Average jumped to an intraday record, and was lately at 16,897.95, up 61.84 points, or 0.4%. The S&P 500 also gained to an all-time high, recently ahead 6.93 points, or 0.4%, at 1,947.39, with energy and industrials the best performing of its 10 major sectors. Lagging sectors included telecommunications and health care. The Nasdaq added 16.91 points, or 0.4%, to 4,313.14. Gold is trading about 0.1% lower, crude oil is seen trading about 0.2% higher, and the U.S. dollar is seen trading about 0.1% higher at about 1:00pm Chicago time.Thursday, there were 1,077 contracts traded, down from 2,371 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday increased by 165 contracts to 8,670. Tags: U.S. rice prices; U.S. rice market; Chicago rough rice futures
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Global Rice News Rice growers face financial crisis because of neagre wages' June 08, 2014 RECORDER REPORT Following poor wage system adopted by rice exporters, rice growers are facing immense difficulties to run their kitchen. According to rice grower, "exporters deliberately pay a meagre amount for rice paddy, ie Rs 400 to Rs 500 per 40 kilogram which is insufficient for them and the same rice after polished sold out at Rs 113 per kilogram in the market". He said that farmers were facing financial crunch because of little wages. He further said that due to increase in prices up to Rs 800 to Rs 1, 000 per bag of fertiliser and farm-yard manure, some farmers mixed it with low quality of product, resultantly end up in producing low quality of rice which could decrease Pakistan's rice value in international market. Growers claimed that the factory owners did not pay them the required amount at once. Due to which their life suffers badly and if they want to grow some other crop on their land then the government lays pressure on them not to grow any other crop other than rice. On a contrary, Jawed Ghori, rice exporters said: "we are not responsible for wages of farmers as we do not buy paddy directly from growers, middle man or broker buy it from farmers and then sell it to rice exporters." The government has announced different schemes in the proposed budget 2014- 2015 for the betterment of farmers including credit guarantee scheme, crop loan insurance scheme for small farmers, livestock insurance and tractor sales tax reversed to 10 percent. Ayaz Hussain Gad, Deputy Managing Director of East West Insurance Corporation Limited, said: "the steps taken by the government in the budget 2014-2015 will help increase Gross Development Product of Pakistan and people would get jobs".
Foodgrains import shot up 56pc Falling prices in global market fuelled it Rejaul Karim Byron Foodgrain imports have accelerated 56 percent, to 28.95 lakh tonnes in the first 10 months of this fiscal year from that of the previous year with private importers taking advantage of declining prices in the global market.Rice imports jumped 13 times to 3.75 lakh tonnes, with private importers going on a buying spree between July and May, data from the food ministry show. Rice imports by the private sector rose as the price is lower in India than in Bangladesh, said Abul Bashar Chowdhury, chairman of BSM Group, a Chittagong-based foodgrain importer.
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Coarse rice price stood at $400 a tonne in West Bengal, whereas it is $420 a tonne in Dhaka, the Food Planning and Monitoring Unit said in its latest report.Between July and May, wheat imports rose to 25.20 lakh tonnes from 18.22 lakh tonnes of the same period in the previous year. At least 66 percent of the import was done by private traders.US wheat price fell 10.8 percent to $251 a tonne in the 15 days up to May 30. In Dhaka, it was $328 a tonne at wholesale.As the private sector has been doing a lot of the importing, the government has set itself the target of importing 12.1 lakh tonnes of foodgrain, mostly wheat, in the next fiscal year, which is pretty much the same as this year's. However, it has raised the rice import target by 33 percent based on the estimated target of the outgoing fiscal year and lowered the wheat import target by 5.2 percent.Bangladesh is unlikely to face any volatile situation in the next fiscal year as local grain production has been satisfactory and global prices have not been increasing, a food ministry official said.According to the proposed budget, the target of importing 2 lakh tonnes of rice in the next fiscal year was fixed based on the revised estimated target of 1.5 lakh tonnes this year.However, a food ministry official said the government had not imported any rice this year and did not plan to do so in the two remaining months of the year. He said it could import the 2 lakh tonnes of rice in the next fiscal if there was an emergency requirement.BSM Group Chairman Abul Bashar Chowdhury said the private sector had not imported any rice in last two years but in the last four to five months, rice was imported through the land ports.He said rice production in India this year was good and the prices were lower.Zaid Bakht, research director of the Bangladesh Institute of Development Studies, said food stocks in Bangladesh had dropped this fiscal year over the previous year and many had speculated that rice prices would go up, prompting a move toward import. According to a report of the Trading Corporation of Bangladesh yesterday, the price of coarse rice was Tk 34 a kg, which is 12.93 percent more than that of the same day last year.On May 29, the total foodgrain stock was 10.08 lakh tonnes, which was 11 lakh tonnes on April 30, said a food ministry report.A high official of the food ministry said food production was good in Bangladesh this year and with low prices in the global market there was no worry over food security.In the next fiscal year, the government has set a target of distributing 27.4 lakh tonnes of rice and wheat, which was only 7 percent higher than that of the revised estimate of this year.The official said they had achieved 75 percent, 25.58 lakh tonnes, of their target foodgrain distribution through public channels this year.
Trade war between Ghana and Ivory Coast The Bureau for Internal Affairs (BIA) an anti-corruption organisation and a centre for information gathering on public concerns, has criticised some policies by the Trade Ministry, which is threatening relationship between Ghana and Cote
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d’Ivoire.BIA’s monitored reports indicate that the tension arising between the two countries is as a result of the ban of inland rice importation by the Ministry for the past seven months. Ms Cynthia Essandoh, BIA Coordinator said in a statement issued in Accra that the decision to ban inland importation of rice was said to have been taken by the Ministry without proper consultation with stakeholders. The Ministry on October 14, 2013 directed that all importation of rice into the country must be done through the airport or by sea.The statement claimed that the Ivorian government retaliated by banning import of cashew into Ghana by road.“On January 4, 2014 the Ministry published that the ban has been lifted. Our investigations revealed that a letter dated on January 6, 2014 was signed by the Acting Chief Director of the Trade Ministry, Mr Dawarnoba Baeka on behalf of the Minister, and was sent to the to the Customs Division of Ghana Revenue Authority to restrict rice importers from bringing in their goods through the Ivorian border. ”The statement said investigations by BIA have revealed that the inland ban of cashew importation and the initial restriction of cargo trucks by Ivory Coast authorities from entering their country from Ghana through their border were fuelled by Ghana’s Trade Ministry’s ban on inland rice importation through the common border of the two countries.The BIA is advocating the lifting of the ban by the Trade Ministry to enhance the free trade relationship between Ivory Coast and Ghana. The bureau says it fears the possibility that other neighbouring French-speaking countries will adopt policies, which can go a long way to worsen the plight of traders in Ghana. BIA claimed that the action of the Trade Ministry is denting the image of the government and is therefore calling on the Ministry to revise the policy amidst the current economic challenges. It said if measures are not taken quickly to reverse it, it would collapse the business of traders.The statement called on President John Dramani Mahama as the Chairman of the Economic Community of West African States to intervene in the uprising trade tension between Ghana and Ivory Coast.
Amira Nature Foods Ltd Announces Fourth Quarter and Fiscal Year 2014 Earnings Release Date and Conference Call DUBAI, United Arab Emirates, Jun 06, 2014 (BUSINESS WIRE) -- Amira Nature Foods Ltd (the “Company” or “Amira”) ANFI +5.38% , a leading global provider of branded packaged Indian specialty rice, will release its fourth quarter and fiscal year 2014 financial results on Monday, June 16, 2014, after market close. The Company will host a conference call to discuss these results with additional comments and details. The conference call is scheduled to begin at 8:30 a.m. ET on Tuesday, June 17, 2014. The dial-in number for this conference call is (877) 407-3982 for North American listeners and (201) 493-6780 for international listeners. Live audio of the conference call will be simultaneously webcast on the investor relations section of the Company's website at www.amira.net .An audio replay will be available following the completion of the conference call by dialing (877) 870-5176 for North American listeners or (858) 384-5517 for international
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listeners (conference ID 13584489). The webcast of the teleconference will be archived and available on the Company’s website.
About Amira Nature Foods Founded in 1915, Amira has evolved into a leading global provider of branded packaged Indian specialty rice, with sales in over 40 countries today. Amira sells Basmati rice, which is a premium long-grain rice grown only in certain regions of the Indian sub-continent, under its flagship Amira brand as well as under other third party brands. Amira sells its products through a broad distribution network in both the developed and emerging markets. Amira’s global headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, Germany, the United Kingdom, and the United States. For more information please visit www.amira.net . SOURCE: Amira Nature Foods Ltd Amira Nature Foods Ltd Bruce Wacha Chief Financial Officer 201-960-0745 bruce.wacha@theamiragroup.com or ICR Katie Turner 646-277-1200 katie.turner@icrinc.com Copyright Business Wire 2014
REAP lashes out at government for ignoring rice exporters in budget June 07, 2014 Export of Pakistan's non-Basmati rice has beaten India, Thailand and Vietnam's non-Basmati rice export in international market. Rice Exporters Association of Pakistan's (REAP) Senior Vice Chairman Chela Ram Kewlani told a news conference at Karachi Press Club on Friday that the demand for long grain white rice has increased in the global market due to its high quality, despite of high rate of $400 per ton as compared to other rice markets including India, Thailand and Vietnam.
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"In fact, buyers from all around the world are ready to pay extra premium of $30 to $40 in order to buy excellent quality Pakistani rice," he said, adding that monthly export of non-basmati rice reached to 0.2 million ton with a revenue of 90 million dollar and around 2.8 billion tons of rice had been exported in the last 10 months. At the outset, Kewlani criticised the government for ignoring the rice exporting sector in the proposed federal budget of 2014-2015. He deplored that the rice exporters had been meted out such a step-motherly treatment despite that fact that the rice export industry stood second in earning much-needed foreign exchange for the country. Regretting that none of the REAP's proposals were incorporated in the budget, he said that the major issue being faced by exporters was the dollar's sudden depreciation from Rs 108 to Rs 96 and, as such, the exporters had to suffer losses up to Rs 6 billion. He demanded of the government to give same relief as they have provided to textile industry in the recently announced budget. He also complained that the REAP's members were not getting their sales tax refunds since long. Kewlani appealed to the president and prime minister to intervene into the matter, ensuring that rice exporters must get their due rights. The REAP's former chairman, Javed Ghori, who was also present on the occasion, said that in spite of high quality of rice, Mexico returned about 100 containers of rice back to Pakistan following pesticide particles were reportedly found in the rice. Complaining that government was not taking the issue seriously, he apprehended that the country's rice industry would collapse if government did not take prompt action in this regard.
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