Bangladesh Offers to Sell Rice to India at $425-$430 per Ton
Jan 09, 2015
Bangladesh has
sent its intent to sell rice to India through its Ministry of Foreign Affairs
and is awaiting India's response on the same, according to local sources.A
Joint Secretary of the Ministry of Food (MoF) told local sources, Bangladesh
acted to India's interest to import around 20,000 - 30,000 tons of rice from
the neighboring country. He noted that they received India's interest through a
letter on December 17, 2014 and they responded with price proposals on December
21, 2014. Bangladesh has reportedly proposed to export coarse variety boiled
rice to India at about $425-$430 per ton (CIF basis).
Bangladesh
has recently signed a government-to-government (G2G) agreement with Sri Lanka
to export 50,000 tons of rice at around $450 per ton.The government has assured
that the current rice stocks are adequate to meet the country's consumption
needs despite exporting rice to Sri Lanka and India. According to the Ministry
of Food, the country has around 1.17 million tons of rice stocks as on January
5, 2014, up about 73% from stocks of about 677,930 tons during same period last
year. Bangladesh produced around 34.449 million tons of rice, basis milled, in
FY 2013-14 (July - June), up about 2.7% from around 33.833 million tons
produced in FY 2012-13, according to Department of Agriculture Extension (DAE)
data.
India
is planning rice to import rice to overcome shortages due to transportation
disruptions from the proposed railway conversion works on a 220-kilometer line
between the North-eastern states Assam and Tripura, according to official
sources. Earlier, officials from the Food Corporation of India (FCI) officials
noted that transporting rice within India would prove costlier than importing
from Myanmar or Bangladesh.
India Rice Sellers Increase Most of Their Quotes; Pakistan Rice Sellers
Lower Some of Their Quotes Today
Jan 09, 2015
India rice sellers
increased most of their quotes by about $5 per ton today. Pakistan rice sellers
lowered their quotes for 5% broken rice and parboiled rice by about $5 per ton
each to around $370 - $380 per ton and around $400 - $410 per ton
respectively. Other Asia rice sellers kept their quotes mostly unchanged today.
5% Broken Rice
Thailand 5% rice is
quoted at around $405 - $415 per ton, about $30 per ton premium on Vietnam 5%
rice shown at around $375 - $385 per ton. India 5% rice is quoted at around
$390 - $400 per ton, up about $5 per ton from yesterday and about $20 per ton
premium on Pakistan 5% rice quoted at around $370 - $380 per ton, down about $5
per ton from yesterday.
25% Broken Rice
Thailand 25% rice
was last quoted at around $350 - $360 per ton, about $5 per ton premium on
Vietnam 25% rice shown at around $345 - $355 per ton. India 25% rice is
quoted at around $355 - $365, up about $5 per ton from yesterday and about $30
per ton premium on Pakistan 25% rice quoted at around $325 - $335 per ton.
Parboiled Rice
Thailand parboiled
rice is quoted at around $405 - $415 per ton. India parboiled rice is quoted at
around $380 - $390 per ton, up about $5 per ton from yesterday and about $20
per ton discount to Pakistan parboiled rice quoted at around $400 - $410 per
ton, down about $5 per ton from yesterday.
100% Broken Rice
Thailand broken
rice, A1 Super, is quoted at around $330 - $340 per ton, about $5 per ton
premium on Vietnam 100% broken rice shown at around $325 - $335 per ton.
India's 100% broken rice is shown at around $300 - $310 per ton, up about
$5 per ton from yesterday and about $10 per ton premium on Pakistan broken
sortexed rice quoted at around $290 - $300 per ton, down about $10 per ton from
yesterday.
Falling Oil Prices May Impact 2015 Thai Rice Exports to Africa
Jan 09, 2015
A
report by the Thai National Shippers Council (TNSC) noted that relentlessly
falling oil prices may lead to a decline in Thai rice exports to African
countries like Nigeria, 90% of whose national income depends on oil exports,
according to local sources.Oil prices have been falling since October 2014 due
to increasing production and supplies. WTI crude oil price fell to around
$48.79 per barrel from around $85 per barrel three months ago; and Brent crude
oil price fell to around $50.96 per ton from around $91.6 in October 2014.
Analysts are expecting further fall in oil prices as North American shale
producers and OPEC countries are reluctant to cut production for the next few
months.
In this
scenario, the report predicted that Thai rice exports in 2015 are likely to
fall below the 2014 level of around 10.5 million tons due to an expected
decline in exports of parboiled rice to Nigeria and other African countries. It
noted that low oil prices are impacting the purchasing power of major rice
importers. Exporters are particularly concerned of fall in shipments to
Nigeria, which is a major rice importer in Africa, says the report.Thailand’s
rice exports to Nigeria also assume significance in the light of a bilateral
agreement between Thailand and Nigeria under which both the countries have
agreed under a to double trade, including rice, between them from around $1.5
billion to around $3 billion over the next five years.On the other hand Nigeria
is also keen on achieving self-sufficiency in rice production and reducing rice
imports over the next few years. The government has been encouraging public and
private investments in the country's rice sector to achieve the target.
Thailand
targets to export around 11 million tons of rice in 2015. The South-east
nation’s rice exports bounced back in 2014 after being severely impacted in
2012 and 2013 by a controversial rice pledging scheme introduced by the
previous government in October 2011. The former Prime Minister facing charges
of dereliction of duty in the implementation of the scheme.
Brazil Paddy Rice Index Declines Slightly
from Last Week
The Brazilian paddy
rice index maintained by CEPEA reached around 38 real per 50 kilograms as of
January 8, 2015, down about 0.11% from around 38.04 real per 50 kilograms
recorded on January 2, 2015.In terms of USD per ton, the index reached around
$282.4 per ton on January 8, 2015, down about 0.07% from around $282.6 per ton
recorded on January 2, 2015.
FAO Global Rice Price Index Declines 4% m/m to 224 Points in December 2014
Jan 09, 2015
The FAO All
Rice Price Index declined to around 224 points in December 2014, down about 4%
from around 233 points in November 2014 due to decline in all sub indices,
including Higher and Lower Quality Indica as well as Aromatic and Japonica
sub-indices.
Aromatic
sub-index witnessed highest decline of about 24 points, or 11% reaching to
around 187 points in December 2014 from around 211 points in November 2014. The
decline is largest since November 2007, according to the FAO. Japonica
sub-index declined about 2% or 6 points to around 283 points this month from
around 289 points last month. Higher Quality Indica sub-index declined by about
4 points, or about 2% to around 195 points in December 2014, from around 199
points last month. Lower Quality Indica sub-index declined by about 9 points,
or about 4.5% to around 191 points this month from around 200 points last
month.
In
January - December 2014, the FAO All Rice Price Index averaged 235 points,
slightly up from around 233 points during the same period in 2013. Sub index
for higher quality Indica rice prices declined about 5.7% y/y and sub index for
lower quality Indica prices declined about 11% y/y. Aromatic rice price sub
index declined about 5% y/y. However, sub index for Japonica rice prices
increased about 15.6% y/y.
According
to the FAO, rice export prices in the Asian origins such as Vietnam, India and
Pakistan declined in December 2014 due to increased supplies from new harvest
and stiff competition between them. However, Thai rice export prices remained
relatively stable during the month, says the FAO. Export prices of U.S. origin
rice declined and Uruguay origins remained unchanged.
During
December 2014, average rice export prices of Thai 100% broken remained
unchanged at around $427 per ton; Thai 5% broken prices also remained unchanged
around $418 per ton; Prices of Thai parboiled rice, Thai 25% broken rice, Thai
fragrant rice and Thai A1 Super declined slightly to around $418 per ton, $398
per ton, $1,058 per ton and $332 per ton respectively.
Export prices of Vietnam and India 25% broken rice declined
about 6% m/m and 3% m/m to around $355 per ton and $350 per ton respectively.
Rice export prices in of Pakistan 25% broken rice declined by about 6% m/m to
around $331 per ton; and export prices of the U.S. rice declined about 4% to
around $518 per ton. However, those in Uruguay remained unchanged at around
$600 per ton
Niger Government Collaborates with IFAD to Develop Rice Value Chain
Jan 09, 2015
The
government of Niger has collaborated with the International Fund for
Agriculture Development (IFAD) to develop rice production and value chain,
according to local sources.The IFAD would provide N328 million (around
$591,741) annually for next six years, while the government would budget around
N79.4 million (around $143,245) per annum for the next six years towards the
development of rice and cassava value chain in the country, according to the
Commissioner for Agriculture and Rural Development.
He
told media reporters that the collaboration would improve standard of living of
farmers in the country. He noted that the three local governments of Katcha,
Bida and Wushishi would actively participate in the project.Niger is a net
importer of rice and imports about 92% of its annual rice consumption needs.
USDA estimates Niger to produce around 26,000 tons of rice, basis
milled, and import around 310,000 tons of rice in MY 2014-15 (October -
September) to meet a consumption demand of around 336,000 tons.
Italy Rice Exports to Non-EU Countries Reach 54,611 Tons in September 1,
2014 - January 6, 2015; Up 69% from Last Year
Jan 09, 2015
Italy's rice
exports to non-EU countries in the period September 1, 2014 - January 6, 2015
have reached around 54,611 tons, up about 69% from around 32,325 tons exported
during the same period last year, according to data from the Ministry of
Economic Development. Turkey, Switzerland and the U.S. accounted for most of
the exports so far in 2014-15. Italy's rice exports to Turkey so far this year
increased by about 3.5 times to around 28,219 tons from around 8,311 of rice
exported last year. Exports to Switzerland during the period increased about
19% to around 5,309 tons from around 4,463 tons last year. However, Italy's
exports to the U.S declined about 6% to around 3,912 tons from around 4,167
tons last year.Exports of Long A varieties in September 1, 2014 - January 6,
2015 almost doubled to around 43,251 tons from around 22,373 tons last year.
Exports of round varieties increased about 11% to around 6,242 tons from around
5,609 tons last year. Exports of medium varieties increased about three times
to around 2,141 tons from around 757 tons last year. However, exports of Long B
varieties declined about 17% to around 2,977 tons from around 3,592 tons last
year.
Oryza Overnight Recap - Chicago Rough Rice Futures Look to Rebound from
Steep Losses Sustained Yesterday on Support from Firmer Grains and Softer
Dollar
Jan 09, 2015
Chicago
rough rice futures for Mar delivery are currently trading 5.5 cents per cwt
(about $1 per ton) higher at $11.580 per cwt (about $255 per ton) during early
floor trading in Chicago. The other grains are seen trading mostly higher:
soybeans are currently seen 0.1% higher, wheat is listed about 0.3% lower and
corn is currently noted about 0.6% higher.U.S. stocks opened little changed to
slightly higher on Friday as the December jobs report topped expectations and
hourly earnings declined, furthering the argument for the Federal Reserve to
keep interest rates low even as economy grows.
The
figures from the Labor Department had the U.S. economy adding 252,000 to
payrolls last month, and prompted stock-index futures to reverse higher ahead
of the open. The Dow Jones Industrial Average opened near unchanged. The
S&P 500 added about 0.2%, and the Nasdaq gained 0.3%. U.S. stocks surged
for a second day on Thursday, with benchmarks turning higher for the year, as
oil steadied and on thinking the Federal Reserve and the European Central Bank
would buttress the global economy. Gold is currently trading about 0.4% higher,
crude oil is seen trading about 0.6% lower, and the U.S. dollar is
currently trading about 0.1% lower at 10:10am Chicago time.
Oryza U.S. Rough Rice Recap - Subdued Market amid Limited Buy/Sell Interest
Jan
09, 2015
The
U.S. cash market was subdued today with little to no trading to report as buyer
and seller price ideas remain at odds ahead of the USDA’s WASDE report due out
on Monday.Analysts contend that farmers who have yet to sell are waiting for
prices improve while buyers continue to be hand to mouth as it has paid them
well to do so this year.
Most
farmers are still hoping to net $12.22 per cwt fob farm (about $270 per ton)
while buyers are bidding closer to $11.50-$11.75 per cwt (about $254-$259 per
ton) which is generating limited sell interest.
Indonesia Begins Bulog Operational Restructure; Reinstates Older Duties
Jan 09, 2015
The Indonesian
government has extended the responsibilities of its State Logistics Company
Bulog by reinstating some of its older duties and responsibilities, which were
removed under a reform program as mandated by the International Monetary Fund
(IMF), according to local sources.Bulog will now again continue to function as
a buffer stock agency like pre-1998 period and will involve in buying rice and
other agricultural products at reasonable prices (to ensure sufficient incomes
to farmers) as well as maintain price stability of these products, according to
the State-Owned Enterprises (SOEs) Minister.
Bulog is now
obligated to maintain supply and price stability of prices of seven
commodities, including rice, corn, soybeans, sugar, chilli and beef. The
number of commodities has been raised to seven from five, according to the
Minister. Chilli and onions have been added newly to Bulog's commodity list.
Bulog is also entrusted with the responsibility of importing a particular
commodity if need arises. Imports are mainly for ensuring adequate stocks and
stabilizing prices.
As part of the
efforts to widen the scope Bulog's duties and restructure its operations, the
Indonesian government has appointed a new President, who said she will
particularly focus on rice, soybeans and onions.
The Bulog revamp is
part of the new government's efforts to achieve self-sufficiency in basic food
items such as rice, corn and sugar. The new President is keen on ending rice
imports within the next two years. In line with its targets, the government is
planning to rehabilitate around one million hectares of tertiary irrigation
channels for paddy production and distribute 25,000 tons of subsidized seeds
and subsidized fertilizer for around one million hectares of paddy fields. The
government has allocated around Rp 2 trillion ($163.8 million) for the purpose.
USDA estimates Indonesia
to produce around 36.5 million tons of rice, basis milled (around 57.48 million
tons, basis paddy) and import around 1.3 million tons of rice in MY 2014-15
(January 2015 - December 2015).
Oryza Afternoon Recap - Chicago Rough Rice Futures Finish the Day Slightly
Higher but End Week with a Loss
Jan 09, 2015
Chicago
rough rice futures for Mar delivery settled 2 cents per cwt (about $0.44 per
ton) higher at $11.545 per cwt (about $255 per ton). Rough rice futures moved
slightly higher today as traders took advantage of yesterday’s decline in
prices to make last minute adjustments to their holdings ahead of Monday’s USDA
S&D update. Technically the market shows little signs of upward potential
and the bearish tilt remains in effect. The other grains closed mostly higher
today; Soybeans closed about 0.4% higher at $10.5225 per bushel; wheat finished
about 0.6% lower at $5.6375 per bushel, and corn finished the day about 1.5%
higher at $4.0025 per bushel.
U.S.
stocks dropped on Friday, pulling benchmarks back into the red for the year, as
the December jobs report topped expectations but hourly earnings declined, with
crude falling nearly 2%.Investors also tracked events in France after
Wednesday's massacre at Charlie Hebdo magazine in Paris. The figures from the
Labor Department had the U.S. economy adding 252,000 to payrolls last month,
and the November already robust gain revised higher, to 353,000, prompting
stock-index futures to reverse higher ahead of the open. But the enthusiasm
proved short lived. Another economic report had wholesale inventories climbing
0.8% in November, above estimates. Quickly erasing a 7-point opening gain, the
Dow Jones Industrial Average dropped as much as 221 points, and was lately down
126.12 points, or 0.7%, at 17,781.35. The S&P 500 shed 13.13 points, or
0.6%, to 2,049.01, with financials and energy leading declines among its 10
major sectors, all of which fell. The Nasdaq declined 23.51 points, or 0.5%, to
4,712.68. Gold is trading about 0.7% higher, crude oil is seen trading about
0.8% lower, and the U.S. dollar is seen trading about 0.5% lower at about
1:00pm Chicago time.
Thursday, there were
388 contracts traded, up from 255 contracts traded on Wednesday. Open interest
– the number of contracts outstanding – on Thursday increased by 1 contract to
8,764.
Oryza December 2014 Rice Market Review
Jan 08, 2015
The Oryza White Rice
Index (WRI), a weighted average of global white rice export quotes, ended the
month of December at about $431 per ton, down about $6 per ton from a month ago
and down about $32 per ton from a year ago.
Thailand
Thailand 5%
broken rice ended the month of December at about $410 per ton, unchanged from a
month ago, and down about 4% per ton from a year ago.
FAO has forecast
Thailand will reclaim the world's top rice exporter status in 2014. According
to the agency, Thai rice exports to West and Southern African countries and Far
Eastern nations have increased significantly. FAO is estimating Thailand's rice
exports will increase about 53% y/y to about 10.2 million tons in 2014. The
agency noted that Thai exports will further increase to 11 million tons in 2015
despite a likely dent in local production due to water shortages.
Meanwhile, the Thai Rice Exporters Association (TREA) President said that
Thailand's rice exports would reach about 10.2-10.5 million tons in 2014 and
expressed confidence that the Southeast Asian nation would reclaim the world's
top rice exporter this year. Thailand exported about 10.07 million tons of rice
between January 1 - December 2, 2014, up about 67% over 6 million tons exported
last year, according to TREA.
Thailand has also
signed a memorandum of understanding (MoU) with China to export two million
tons of rice next year in Bangkok during the two-day Greater Mekong Sub-region
(GMS) summit December 2014, according to local sources.
While Thailand’s
rice stocks remain high, Thailand sold about 348,000 tons of rice worth 3.6
billion baht (about $81 million) in the last three auctions. Meanwhile, the
Thai Commerce Ministry has also approved to sell about 273,295 tons of rice
worth 2.22 billion baht (about $67.5 million) in fourth auction, which was
scheduled in late December, according to Bloomberg. The government still has
about 17.8 million tons of rice in its stockpiles. Of the stockpiled rice,
about 16.7 million tons of rice is fit to be sold, the Thai Prime Minister
said.
The Thailand
government is planning to speed up the stockpiled rice sales process, according
to local sources. The Commerce Ministry has reportedly submitted a rice sales
framework for 2015 to the National Rice Policy and Management Committee
(NRPMC). It is keen on selling the entire stock of rice as early as possible as
well as increasing the efficiency of rice management.
Separately, the Rice
Policy and Management Committee, headed by the Thai Prime Minister, has
approved the on-farm pledging program for paddy main-crop (October 2014 -
September 2015) for fragrant and glutinous rice on November 5, 2014, to
limit downward pressure on prices during the harvest time, according to the
USDA. The program is called “Farmer Loans to Delay the Sales of Rice Paddy for
MY2014/15 Main-Crop Fragrant and Glutinous Rice Paddy” and is open till
February 2015. The government expects to collect about 2 million tons of paddy
under the program due to high intervention prices. The government is planning
to buy fragrant rice paddy at prices about 23% higher than market prices and
glutinous rice paddy at prices about 41% higher than market prices and auction
the collected rice in after February 2015 when the program ends. The government
is expected to spend about 29 billion baht (about $921 million) on the program.
A “nail-in-the
coffin” statement says, the recent government intervention schemes in Thailand
have proved to be short-term measures to appease farmers and lacked focus on
sustainable long-term measures to increase competitiveness of the sector, said
experts from the International Trade Studies Center of the University of the Thai
Chamber of Commerce (ITSC-UTCC) and the Thailand Development Research Institute
(TDRI).
India
India 5% broken rice
ended the month of December at about $390 per ton, down about 1% per ton from a
month ago and down about 5% per ton from a year ago.
India average
wholesale rice prices have declined in December 2014 for the second consecutive
month amid increasing supplies from the ongoing harvests of the kharif main
rice crop (June - December). Average monthly wholesale rice prices in India
declined to about Rs.2,730 per quintal (about $427 per ton) in December 2014,
down about 1.8% from about Rs.2,779 per quintal (about $448 per ton) in
November 2014, and down about 7% from about Rs.2,941 per quintal (about $476
per ton) in December 2013.
The USDA has estimated
India's MY 2014-15 (October - September) rice exports at about 8.7 million
tons, down about 16% from an estimated 10.3 million tons last year due to
anticipated decline in supplies from low production and competition from other
rice exporting countries. Based on preliminary export figures, India's rice
exports during January-October 2014 stood at about 8.8 million tons, down about
1% from about 8.9 million tons exported during the same period last year.
Separately, Iran
imposed ban on rice import in November citing excess stocks as reason which
hurt Indian exporters very badly. Iran's basmati rice exports from India have
been increasing significantly for the last few years. In 2013-14, Iran's
basmati rice imports from India accounted for about 1.45 million tons or about
85% of its total rice imports of about 1.7 million tons. Indian Basmati rice
export prices this year fell to about $900 per ton, down about 36% from about
$1,400 per ton last year, according to local sources. The decline is largely
attributed to an expected increase in basmati rice production and decline in
export demand, particularly from Iran.
Separately, the USDA
estimates MY 2014-15 rice production at about 102 million tons based on
government procurement and early market arrival trends. Harvesting of the
Kharif rice crop is almost complete and planting for Rabi rice crop is just
beginning in north-eastern states. The government of India procured about
14.918 million tons of rice as of January 1, 2015 in KMS 2014-15 (October 2014
- September 2015). The government is targeting to procure 30.05 million tons of
rice, from the Kharif crop only, during the KMS 2014-15.
Meanwhile, India’s
rice stocks in the central pool as of December 1, 2014 stood at about 21.57
million tons (including a milled equivalent of about 16.89 million tons of
paddy), down about 23% from about 28.19 million tons recorded during the same
time last year, according to data from the Food Corporation of India (FCI).
However, current rice stocks are about 45% more than the required buffer and
strategic reserve norms of about 11.8 million tons for this time of the year,
according to the FCI.
Vietnam
Vietnam 5% broken
rice ended the month of December at about $385 per ton, down about 1% per ton
from a month ago and down about 6% per ton from a year ago.
Vietnam exported
about 6.036 million tons of rice during January 1 - December 26, 2014, down
about 10% from about 6.71 million tons of rice exported in full year of 2013,
according to data from the Vietnam Food Association (VFA). The average rice
export price so far in this year stands at about $440 per ton (FOB), up about
1.6% per ton from about $433 per ton recorded same time last year.
The VFA is targeting
to export between 7 million tons and 7.5 million tons of rice (including about
6.7 million tons of official and about 300,000 - 800,000 tons of non-official
exports to China) in 2015, according to Reuters. According to the information
on the Vietnam Customs Department website, Vietnam is expected to export about
2.4 million tons of rice to China (both official and unofficial), about 1
million tons to Indonesia, about 500,000 tons - 1.1 million tons to Malaysia
and about 1.5 million tons of rice to the Philippines this year. Meanwhile, the
Agriculture Ministry of Vietnam said that Vietnam's total paddy production in
2014 would reach about 44.84 million tons (about 28 million tons, basis
milled), up about 1.8% from about 44 million tons (about 27.5 million tons,
basis milled) produced in 2013. The Ministry added Vietnam's rice exports in
2014 are expected to reach about 6.53 million tons, down about 0.9% from about
6.59 million tons in 2013 due to a stiff competition from other exporting
nations such as Thailand and India.
Separately, the
World Trade Organization (WTO) Center in Vietnam has urged the government of
Vietnam to reduce and eventually stop cross-border export and import transaction
with China in order to reduce its ballooning trade gap with China, according to
local sources.
Pakistan
Pakistan 5% broken
rice ended the month of December at about $385 per ton, unchanged from a month
ago and down about 1% per ton from a year ago.
Pakistan exported
about 459,419 tons of rice in November 2014, up about 58% from about 289,884
tons exported in October 2014, according to provisional data from the Pakistan
Bureau of Statistics (PBS). In terms of value, Pakistan's rice export
earnings increased to about $221.2 million in November 2014, up about 43% from
about $154.7 million earned in October 2014. Meanwhile, the National Space
Agency of Pakistan (SUPARCO) and FAO have estimated Pakistan FY 2014-15 (July -
June) paddy rice production to decline about 19% to about 8.437 million tons
(about 5.65 million tons, basis milled) from about 10.04 million tons (about
6.72 million tons, basis milled) produced last year. The decline is attributed
to floods that hit the Punjab state in the month of August having damaged about
116,700 hectares of paddy fields. Over 217,000 tons of paddy was said to be
lost in the Punjab state.
Separately, Pakistan
rice exporters are hopeful of resuming basmati rice exports to Mexico, which
banned basmati rice shipments from Pakistan in June 2013 after finding traces
of Khapra beetle in some shipments of Pakistan, according to local sources.
The Rice Exporters
Association of Pakistan (REAP) is also seeking government support to increase
rice exports to existing markets such as China, Malaysia, Indonesia, Kenya,
Iran and Iraq as well as in exploring new markets, according to local sources.
Cambodia
Cambodia 5% broken
rice ended the month of December at about $465 per ton, up about 1% per ton
from a month ago and unchanged from a year ago.
Cambodia exported
about 387,061 tons of rice in calendar year 2014, up about 2% from about
378,856 tons rice exported in the same period last year, according to local
sources. Cambodia is targeting to export about one million tons rice in 2015.
However, Price Minister of Cambodia said that the country is unlikely to
achieve the self-imposed target due to a lack of milling capacity and funding.
South & Central America
Brazil 5%
broken rice ended the month of December at about $550 per ton, unchanged from a
month ago and down about 20% per ton from a year ago. Brazil’s National Grains
Supply Company (Conab) has forecasted the country's 2014-15 paddy rice
production at about 12.21 million tons, slightly up from about 12.12 million
tons in 2013-14. Conab lowered its projections for Brazil 2014-15 paddy rice
production by about 2.3% from its last month's projection of about 12.51
million tons. Separately, Brazil has exported about 1.19 million tons of rice
in January - November 2014, according to data released by the country's Rice
Institute Rio Grande do Sul.
Five percent broken
rice from Uruguay and Argentina ended the month of December at about $600 per ton,
unchanged from a month ago and down about 5% per ton from a year ago. Argentina has exported about 447,333 tons of rice in the first
nine months (January – September) of 2014, up about 9% from about 411,294 tons
exported during the same period in 2013, according to data from the Ministry of
Agriculture in Argentina. The USDA estimates Argentina's milled rice production
at about one million tons in MY 2014-15 (April – March), against consumption of
about 440,000 tons. It estimates Argentina will export about 600,000 tons of
rice in MY 2014-15.
The government of Venezuela
has announced it will subsidize paddy rice
prices at about 6.10 bolivars per kilogram (about $960.69 per ton), according
to Bloomberg. The subsidy details have been published in the official gazette
number 40,567 and the subsidy is applicable in the states of Barinas and
Portuguesa. In November, the Venezuelan government fixed maximum retail price
(MRP) of rice at about 9.63 Bolivars per kilogram (about $1,532 per ton) for
the producer in order to help them increase their incomes.
Guyana
has exported about 501,208 tons of rice in 2014, up about 27% from about
394,000 tons exported in 2013, Agriculture Minister said. Guyana produced about
633,000 tons, up about 18% from about 535,212 tons from last year, according to
the Agriculture Ministry.
Mexico
has imposed a 9% tariff on imported paddy rice and a 20% tariff husked, long
grain and other imported rice from all the countries that do not have free
trade agreements (FTAs), according to USDA Post. The U.S. is exempted from the
tariff because of the North America Free Trade Agreement (NAFTA). The
government has decided to reinstate import tariffs as Mexico's paddy rice
production declined by about 50%, while domestic consumption has increased
about 12%, according to the new decree.
Separately, Mexico's
Secretariat of Agriculture, Livestock, Rural Development, Fisheries and
Foodstuffs (SAGARPA) has decided to provide support payments to rice farmers to
help them overcome losses from declining rice prices since August 2012,
according to the USDA. Rough rice prices on the Chicago Board of Trade (CBOT)
have declined about 14% to about $300 per ton in August-September 2014 from
about $350 per ton in August 2012, the USDA said.
U.S.
U.S. 4% broken rice
ended the month of December at about $545 per ton, down about 5% per ton from a
month ago and down about 13% per ton from a year ago. CBOT near month's
rough rice future ended the month at about 11.64 per cwt (about $257 per ton,
down about 6% from a month ago and down about 24% from a year ago.
The USDA has
forecasted U.S. MY 2014-15 all rice exports at about 4.67 million tons, up
about 10% from an estimated 4.24 million tons last year and slightly up from
its last month's forecast of about 4.63 million tons. USDA lowered estimates
for U.S. MY 2014-15 all rice ending stocks by about 3% to about 1.81 million
tons from its last month's estimates of about 1.86 million tons. It estimates
U.S. all rice ending stocks to increase about 21% y/y in MY 2014-15.
The U.S' eased
existing financing and banking restrictions on food items from the 50-year
embargo with Cuba in December. Now from this stance it is likely to increase
U.S. exports of agricultural products, including rice, with the Cuba, according
to local sources. Cuba imported about 30% of its annual rice import needs
from the U.S. between 2001 and 2004.However, U.S. rice exports to Cuba started
declining till 2008 and have stopped since then due to certain financing and
banking restrictions imposed by the U.S. government with Cuba. Cuba imports
about 50% of its annual rice consumption needs.
Africa
The USDA has
forecasted Ghana's MY
2014-15 (October - September) rice imports at about 600,000 tons, down about 7%
from about 644,000 tons last year due to increasing prices of imported rice
resulting from the rapid depreciation of Ghana currency against the U.S.
dollar. The agency finds that demand for rice has been increasing due to
persisting shortfall in production. Share of U.S. rice in Ghana's rice imports
has declined by about 77% to about $16.9 million in 2013-14 from about $73.3
million in 2011-12 due to high prices of U.S. rice, according to the USDA. The
agency forecasts, Ghana's MY 2014-15 rice production at about 300,000 tons, up
about 3% from about 290,000 tons last year and about 9% lower than USDA's
official estimates of about 330,000 tons due to adequate and timely rains in
all rice-growing regions as well as the government support by way of
introducing improved high yielding, disease resistant rice varieties to
producers and assisting them to adopt low cost water management techniques.
Separately, the Ghana Rice Inter-Professional Body (GRIB) has urged the
government to adopt new strategies to boost rice production in the country,
according to local sources.
The FAO has
estimated Sierra Leone's
2015 rice, basis milled, imports at about 215,000 tons, slightly from 2014. The
expected increase in imports is attributed to shortfalls in 2014 production
levels. The FAO estimates Sierra Leone's 2014 milled rice production at about
770,000 tons (about 1.15 million tons, basis paddy), down about 8% from about
831,600 tons (about 1.25 million tons, basis paddy) last year, despite
favorable weather conditions and timely rains due to the Ebola Virus Disease
(EVD) outbreak, which has severely affected the country since the beginning of
this year.
The FAO has
estimated Guinea's 2015
rice, basis milled, imports at about 320,000 tons, up about 7% from about
300,000 tons in 2014. The probable increase in imports is attributed to
shortfalls in 2014 production levels. The UN agency estimates Guinea's 2014
milled rice production at about 1.315 million tons (about 1.976 million tons,
basis paddy), down about 4% from about 1.368 million tons (about 2.075 million
tons, basis paddy) last year, despite favorable weather conditions and timely
rains due to the EVD outbreak, which has severely affected the country since
the beginning of this year. The FAO estimates that the country to have very
little ending stocks in 2014 assuming increased domestic utilization.
China
The USDA has
estimated China's rice imports at about 3.7 million tons in MY 2014-15 (July -
June), down about 3% from an estimated 3.8 million tons in MY 2013-14 due to an
expected increase in production. The agency estimates China to produce 144
million tons of rice in MY 2014-15, up about 1% from an estimated 142.53
million tons in the previous year due to an estimated increase in paddy rice
acreage. Separately, the FAO has forecasted China's rice imports at about
2.4 million tons in calendar year 2014, unchanged from last year due to an
expected increase in production. The FAO estimates China’s paddy rice
production at about 205 million tons (about 143.3 million tons, basis milled)in
calendar year 2014, up about 1% from about 203.6 million tons last year (about
142.3 million tons, basis milled) . The increase is attributed to a slight
increase in area planted, prompted by higher minimum purchase/support prices
(MSP) and other government support measures, including direct payments to
farmers and subsidies for seed and machinery as well as other agricultural
inputs.
China has imported
about 2.014 million tons of rice in the first ten months of 2014 (January -
October), up about 7% from about 1.874 million tons imported during the same
period last year, according to data from China Customs General Administration.
Meanwhile, China has exported about 345,369 tons of rice in January - November
2014, down about 24% from about 455,970 tons exported during the same period
last year, according to data from the Customs.
The government of
China is also planning to take advantage of the prevailing lower global rice
prices by importing more rice at the current lower prices, according to a post
on the government website.
Extra imports would
help in boosting local rice stocks and supplies thereby ensuring food security
in the country, according to National Agricultural Officers.
Separately, China's
Ministry of Agriculture has renewed bio-safety certificates to two varieties of
pest-resistant genetically modified (GM) rice for another five years, according
to Reuters. The Ministry renewed the certificates contrary to its earlier
decision not to renew them.
Philippines
The government of
the Philippines aimed to achieve self-sufficiency in rice production in 2013,
but could achieve only 92% of the self-sufficiency target due to a series of
typhoons that hit the country. Now the government has temporarily put off the
rice self-sufficiency target and is planning to import sufficient rice to
ensure adequate stocks and control price hikes. The Philippines has imported
about 1.8 million tons of rice since the beginning of 2014 to replenish rice
stocks and control price hikes. It has recently allowed the private sector to
import another 187,000 tons of rice under the minimum access volume (MAV)
program, with delivery on or before February 28, 2015.
However, Typhoon
Hagupit (Ruby) which reportedly damaged about 52,034 tons of paddy rice worth
P890.92 million (about $20 million), may not impact the overall paddy rice
output in the first quarter of 2015, the Agriculture Undersecretary said.
Separately, the
Philippines Department of Agriculture (DA) is targeting to produce about 20
million tons of paddy rice in 2015, up about 6% from an estimated 18.8 million
tons in 2014, according to local sources.
Myanmar
Myanmar exported
about 915,000 tons from April 1 - December 15, 2014, up about 75% from about
522,857 tons exported during the same period last year, according to the
Ministry of Commerce. Separately, Myanmar is targeting to export more than 1.5
million tons of rice in FY 2014-15 (April - March), up about 25% from about 1.2
million tons exported last year, the Myanmar Rice Federation (MRF) Joint
Secretary said. Myanmar rice exports to China through its northern borders have
reached about 716,272 tons accounting for nearly 78% of the total rice exports
since the beginning of this fiscal year, which began on April 1, according to
local sources.
The Myanmar
government is also planning to release its National Export Strategy, which aims
to promote the main export commodities, including rice, hotels and tourism
sector and supporting services, in January 2015, according to local sources.
The National Export Strategy, which is prepared by the officials from the
Ministry of Commerce, Customs Department, Myanmar Port Authority and exporters,
will be submitted for government approval in the last week of December 2014,
according to the Advisor to the Commerce Minister.
Europe
The European
Union's (EU) rice imports from the Least
Developed Countries (LDCs) of Asia such as Cambodia, Laos and Myanmar under the
Everything But Arms (EBA) Agreement have increased about 5% to about 65,280 in
first three months of 2014-15, from about 62,253 tons imported during the same
period last year.
Italy
has exported about 632,930 tons of rice, basis milled, in the crop year 2013-14
(September 1, 2013 - October 31, 2014), down about 6.3% from about 675,434 tons
exported in the crop year 2012-13, according to data from the Ente Nazionale
Risi, the National agency for rice. Separately, Italian rice farmers are
reportedly reducing the use of certified seeds for the last couple of years,
according to the data from Nazionale Risi, the use of certified seeds in the
crop year 2013-14 remained unchanged from the previous year despite an increase
in the rice acreage. The data also shows that area for growing certified seeds
in 2013-14 has declined by about 20% y/y due to reduction in the usage of
certified seeds.
Other Markets
The USDA has
estimated Indonesia to
import about 1.225 million tons of rice in MY 2013-14 (January 2014 - December
2014), up about 88% from an estimated 650,000 tons in MY 2012-13. Based on the
forecasts by the Indonesian National Statistics Agency (Badan Pusat Statistik,
BPS), the agency estimates Indonesia's milled rice production at about 36.3
million tons (about 57.16 million tons, basis paddy), slightly down from an
estimated 36.55 million tons (about 57.56 million tons, basis paddy) and up
about 0.8% from USDA's official estimates of about 36 million tons (about 56.69
million tons, basis paddy). Separately, the Agriculture Minister of Indonesia
said that the country needs to produce over 80 million tons (about 52.8 million
tons, basis milled) of paddy rice in 2015 to achieve food self-sufficiency
target in the next three years. The Minister said the government is planning to
increase the allocation for farming in the 2015 budget to about Rp20 trillion
(about $1.6 billion) from the current Rp4.1 trillion (about $330 million) as
part of efforts to achieve the food self-sufficiency target.
Indonesia's new President is targeting to achieve self-sufficiency
in rice, corn and soybean production by 2017 and is accordingly planning to
build 47 water reservoirs as well as renovate the existing irrigation canals.
Indonesia is hoping to import no rice in 2015 given good prospects
for paddy production during the year, according to local sources.
Bangladesh's private sector has imported about 405,000 tons of rice
so far (July - December 9) in FY 2014-15 (July - June), up about 8% from about
374,560 tons imported last year according to local sources. Meanwhile, the
government has so far not imported any rice in this fiscal year. But it has set
a target of importing about 200,000 tons of rice in the fiscal year 2014-15 to
replenish falling stocks in the country, according to the Directorate of Food
of Bangladesh.
Separately, in the
light of increasing rice imports by the private sector, a Parliamentary
Standing Committee advised the Bangladesh government to curb rice imports, particularly from
India, in order to protect the competitiveness of the country's rice sector,
according to local sources. Based on data from the National Board of Revenue,
the Committee noted that the government has been following zero-duty policy for
rice imports since 2006-07 and suggested that the government should withdraw
this policy to encourage rice farmers as well as the other stakeholders.
Bangladesh will receive China’s support to boost rice production in
the country under an agricultural cooperation agreement, according to local
sources. Under the agreement, China has agreed to transfer the technology of
its indigenous high-yielding rice variety to Bangladesh and will also set up a
rice research center in Bangladesh.
The USDA has
forecasted South Korea's rice
imports to more than double to about 560,000 tons in MY 2014-15 (November -
October) from an estimated 240,000 tons last year, and up about 37% from USDA's
official estimates of about 410,000 tons. The South Korean government, which
decided to liberalize its rice import market from the beginning of this year,
seems not to have a smooth going. The government as planned started imposing
513% tariff on imports over and above its minimum market access (MMA) quota of
about 409,000 tons under WTO regulations from January 1, 2015. Imports under
the MMA quota would attract a tariff of 5%.
Separately, the USDA
estimates South Korea's MY
2014-15 milled rice production at about 4.24 million tons, slightly up from an
estimated 4.23 million tons last year; and about 1.4% up from USDA's official
estimates of about 4.18 million tons due to continued favorable weather
conditions until the completion of the harvest.
Mustapha Pakzad,
global business consultant and Chairman of U.K.-based Pakzad Consulting Group,
told Oryza that Iran will
resume rice import from February 2015. He said the ban is due to the fact that
the new government wants to clear the over-stock.
Nepal's
2014 paddy rice production is likely to decline about 5.1% to about 4.78
million tons from about 5 million tons last year due to a late monsoon and
untimely rainfall, sources from the Ministry of Agricultural Development (MAD)
said. Separately, The FAO estimates Nepal 2014 paddy production at about 4.6
million tons (about 3.1 million tons, basis milled), down about 9% from about 5
million tons (about 3.35 million tons, basis milled) due to an estimated 6%
decline on planted area as a result of late and below-average monsoon rains,
which delayed sowing process and thereby leading to reduced yields. Meanwhile,
The agency has forecasted Nepal 2014-15 (July - June) rice imports to surge to
about 500,000 Tons, up about 11% from about 450,450 tons in 2013-14 due to an
expected decline in 2014 production and sustained demand.
Research and Scientific
Development:
Scientists
from the Swiss Federal Institute of Technology or Ecole Polytechnique Fédérale
de Lausanne have found that rice is more effective in reducing the toxicity of
cholera bacterium Vibrio cholera.
Scientists
of the Bihar Agriculture University, India, have developed a new
drought-resistant rice variety known as "Sabour Ardhjal" for
rain-deficient areas in the state.
A study
by the India-based Central Rice Research Institute under the Indian Agriculture
Ministry has found that the low land flooded rice ecosystem, which is often
viewed as a source of methane emissions contributing to global warming, can
store carbon in soil and behave a net carbon sink.
The
Philippine Rice Research Institute is developing new rice varieties that can
endure high temperatures and provide high yields.
December Tenders:
South
Korea bought about 90 tons rice in a tender.
Iraq
issued a tender to buy at least 30,000 tons rice.
Vietnam Cuts Floor Price of Lower Quality Rice Exports
Jan 09, 2015
The
Vietnam Food Association (VFA) has cut the floor price of the lower quality 25%
broken rice exports to around $360 per month, down about 5% from around $380
per ton due to subdued demand for Vietnamese rice, according to Reuters. The
new floor price will be effective from January 12, 2015, according to a
statement from the VFA.Vietnam had cut the export floor price of lower quality
25% broken rice variety to $380 per ton from about $410 per ton in November
2014.
The
South-East Asian nation cut export floor prices (minimum export prices) of
higher quality and medium quality rice such as 5%, 10% and 15% broken rice
varieties to around $385 per ton, $375 per ton and $365 per ton respectively on
January 7, 2015 to meet the Philippine demand of about 187,000 tons.Local
sources say exporters are foreseeing a tough year ahead due to a likely stiff
competition this year from Thailand, India and Pakistan.
Vietnam rice
export prices have declined over the last week due to higher supplies from
winter-spring harvest and a sluggish demand from buyers. Export prices of 5%
broken rice currently stand at $380 per ton, down about 1.5% from about $386
per ton in the last week of December 2014. On the other hand, export prices of
25% broken rice currently stand at $350 per ton, down about 1.4% from about
$355 per ton in the last week of December 2014.
Vietnam
exported around 7.5 million tons of rice, including about 6.5 million tons of
official rice exports and around 1 million tons of unofficial rice exports to
China through borders) in 2014, according to the VFA.
Vietnam Exports 495,457 Tons of Rice in November 2014; Down 17% m/m and Up
22% y/y
Jan 09, 2015
Vietnam has
exported around 495,457 tons of rice in November 2014, down about 17% from
around 599,948 tons exported in October 2014, and up about 22% from around
407,724 tons exported in November 2013, according to USDA. While share of
Vietnam's rice exports to Asia, Africa and Europe declined m/m in November
2014, its share of exports to Americas and Australia increased.
Asia accounted for
around 390,058 tons (about 79% of total rice exports by Vietnam in November
2014), down about 22% from around 497,721 tons exported in October 2014, and up
about 35% from around 288,771 tons exported in November 2013.
Vietnam exported
around 72,352 tons of rice to Africa (about 15% of total November exports),
down about 32% from around 54,985 tons exported in October 2014, and down about
5% from around 76,253 tons exported in November 2013.
Vietnam exported
around 4,759 tons of rice to American destinations (about 1% of November
exports), down about 85% from around 31,669 tons exported in October 2014, and
down about 82% from around 26,470 tons exported in November 2013.
Vietnam's exports to
Australia (about 0.4% of November exports) declined about 75% to around 2,130
tons from around 8,688 tons exported in October 2014 and increased about 3%
from around 2,071 tons exported in November 2013.
Vietnam's exports to
Europe and CIS countries (about 5% of total November exports) accounted for
around 26,158 tons, about 4 times higher than around 6,885 tons exported in
October 2014 and up about 85% from around 14,159 tons exported in November
2013.
In terms of grade,
25% broken rice exports accounted for around 81,438 tons (or, about 16% of
total exports in November 2014); 15% broken rice exports accounted for around
108,307 tons (or, about 22% of total exports in November 2014); 5% broken rice
exports accounted for around 64,436 tons (or, about 13% of total November
exports); glutinous rice exports accounted for around 70,914 tons (or, about
14% of total November exports); Jasmine rice exports accounted for around
98,227 tons (or, about 20% of total November exports); and 10%, 100% and other
varieties accounted for around 72,135 tons (or, about 15% of total exports in
November 2014).
Thai Ex-Premier Defends Rice Pledging Case Before NLA; Denies All Charges
Jan 09, 2015
The
Thai ex-Premier Yingluck Shinawatra gave testimony to the National Legislative
Assembly (NLA) today in the Parliament today, according to local sources. The
Thai NLA initiated the impeachment hearing against the former Prime Minister
(PM) based on evidences submitted by the National Anti-Corruption Commission
(NACC).She is facing charges of ignoring warnings against misdealing in the
controversial rice pledging scheme, which brought losses of over 500 billion
baht (around $15.6 billion) to the exchequer.The former PM reportedly denied
all charges of encouraging corruption in the scheme saying that all charges
against her are politically motivated and the
investigation
process by the NACC was not fair. "I was removed from office — the
equivalent of being impeached — three times already. I have no position left to
be impeached from. The impeachment today will affect policies aimed at helping
farmers in the future," she was quoted as saying.She noted that she and
her Cabinet did not ignore warnings and suggestions of the NACC and they rather
introduced anti-corruption measures at all levels. She added that the NACC did
not set up any fact-finding subcommittee and completed the probe in just 21
days. They depended on some old data from a Thailand Development Research
Institute (TDRI) report, she said. The former PM said she was ready for any
fair checks.She defended the rice pledging scheme saying it is the best policy
to protect farmers' interests. She added that policy changes by India and other
countries increased competition and affected prices. She further noted that
Thailand could reclaim its top rice exporter status in 2014 because of the rice
stocks accumulated from the scheme. The NLA members are yet to vote on
whether to impeach her. If impeached, she could face a political ban up to five
years.
Weekly Recap: Oryza White Rice Index Continues Lower as Vietnam, Pakistan
Reduce Quotes
Jan 09, 2015
The
Oryza White Rice Index (OWRI), a weighted average of global white rice export
quotes, ended the week at about $429 per ton, down about $2 per ton from a week
ago, down about $7 per ton from a month ago and down about $30 per ton from a
year ago. The FAO All Rice Price Index declined to about 224 points in
December, down about 4% from November.
Thailand
Thailand 5%
broken rice is today shown at about $410 per ton, unchanged from a week ago, up
about $5 per ton from a month ago, and down about $10 per ton from a year ago.
Thailand exported
about 9.49 million tons of rice in the first eleven months of 2014, up about
60% from 5.92 million tons during the same period in 2013.
Thailand’s National
Legislature Assembly (NLA) will begin impeachment hearings against former Prime
Minister Yingluck Shinawatra on January 9 for her alleged negligence in the
management of the paddy rice pledging scheme introduced under her regime in
October 2011.
Thailand’s Office of
Agricultural Economics (OAE) has estimated the country’s paddy rice output for
2014-15 at around 33.8 million tons, down about 8% from last year. The
OAE attributes the anticipated decline to decreased paddy rice acreage of the
secondary crop.
The Thai Commerce
Minister is expected to visit Hong Kong this month where he will likely sign a
Memorandum of Understanding (MoU) to export about 100,000 tons of jasmine rice
this year, according to Reuters.
India
India 5% broken rice
is today shown at about $395 per ton, up about $5 per ton from a week ago, down
about $5 per ton from a month and down about $10 per ton from a year ago.
Rice stocks in the
central pool as of January 1 were around 22.79 million tons, about 24% less
than the same time last year, according to data from the Food Corporation of
India. However, month-over-month, rice stocks are up by about 6%.
A report by the
Agriculture Ministry recommends increasing the use of hybrid rice seed
varieties in order to increase rice production in the country and meet
increasing demand arising from the National Food Security Mission.
The northeastern
state of Mizoram has decided to import about 200,000 tons of rice from Myanmar.
Bangladesh has offered to sell rice to India at $425-$430 per ton
and is awaiting India’s response.
Vietnam
Vietnam 5% broken rice
is today shown at about $380 per ton, down about $5 per ton from a week ago,
down about $10 per ton from a month ago and down about $30 per ton from a year
ago.
Vietnams has
exported about 495,457 tons of rice in November, down about 17% from October and
up about 22% from November 2013, according to the USDA.
Rice exporters have
clinched export contracts for one million tons of rice for delivery this year,
an increase of about 25% from the same period last year. However,
exporters anticipate stiff competition from Thailand, India,
and Pakistan.
Vietnam has cut
export floor prices (minimum export prices) of higher quality and medium
quality rice such as 5%, 10%, and 15% broken rice varieties to around $385 per
ton, $375 per ton, and $365 per ton, respectively, in order to meet the
Philippine demand of about 18,700 tons. In further efforts to boost
Vietnam’s competitiveness in the world rice market, experts have urged the
government to develop a national brand for Vietnamese rice.
The Vietnam Food
Association (VFA) is targeting to export between 7 million tons and 7.5 million
tons of rice in 2015, with about 2.4 million tons going to China, about 1 million tons going to Indonesia, and about 1.5 million tons to the Philippines this year.
Pakistan
Pakistan 5% broken
rice is today shown at about $375 per ton, down about $10 per ton from a week
ago, down about $5 per ton from a month ago and down about $20 per ton
from a year ago.
Central & South America
Brazil 5% broken
rice is today shown at about $540 per ton, down about $10 per ton from a week
and a month ago and down about $125 per ton from a year ago.
In December, Mexico announced plans to reinstate import tariffs on paddy and
rice, and these tariffs will go into effect Friday, January 9.
Guyana
has exported about 501,208 tons of rice in 2014, up about 27% from about
394,000 tons exported in 2013.
U.S.
U.S. 4% broken rice
is today shown at about $515 per ton, unchanged from a week ago, down about $30
per ton from a month ago and down about $75 per ton from a year ago.
Chicago rough rice
futures for March delivery drifted sideways this week, opening at $11.560 per
cwt (about $255 per ton) on Monday and reaching the weekly high on Wednesday at
$11.730 per cwt (about $259 per ton).
The U.S. cash market
was quiet this week as market participants returned from vacation to find a
market with little-to-no sell or buy interest at current levels. Prices
held around $12.22 per cwt fob farm (about $270 per ton) with most buyers
bidding about $0.50-$0.75 per cwt lower. The market saw a slight uptick
in sell interest on Thursday, but some analysts think the U.S. rice market will
see even lower prices before the end of the marketing year if export demand
doesn’t increase.
Other Markets
Cambodia 5% broken rice is today shown at about $455 per ton, down
about $5 per ton from a week ago, down about $10 per ton from a month ago and
down about $5 per ton from year ago. During 2014, Cambodia exported about
387,100 tons of rice, an increase of about 2% from 2013. About 62% of
rice exports were to Europe, according to the Ministry of Agriculture.
Illegal rice exports
from Myanmar to China reached 800,000 tons in the first nine months of FY
2014-15, as Chinese authorities have reduced seizures, according to local
sources.
The Ministry of
Agriculture in China has
renewed bio-safety certificates to two varieties of pest-resistant genetically
modified rice for another five years.
Indonesia hopes to import no rice in 2015 due to good prospects
for paddy production during the year.
The government of Bangladesh has released two new hybrid rice varieties this week –
BADC Hybrid Dhan 2 and Buyer Hybrid Dhan 4. The hope is that these
varieties will increase production.
The Small Scale Rice
Dealers Association of Ghana
(SSRIDA-GH) has sought the Ministry of Trade and Industry to reconsider the ban
on inland rice importation or consider a total and immediate ban on rice
imports in order to protect the interests of small scale rice traders from
large foreign traders.
Rice grown in the
Fukushima Prefecture of Japan
has been cleared of radiation effects by the government for the first time
since the nuclear disaster in 2011, according to Reuters.
Rice acreage in the European
Union (EU) in 2013/14 crop year reached
425,000 hectares, down from 467,000 hectares in the previous year, according to
data from Copa-Cogeca. EU rice production in the 2013/14 crop year
totaled 1.77 million tons (basis milled), down from 1.89 million tons the
previous year. Forecasts for the 2014/15 marketing year have been
projected downwards, with production anticipated to reach 1.73 million tons
(basis milled) with acreage unchanged from the previous year. Exports to non-EU
countries are expected to fall in 2014/15 to 160,000 tons from 212,000 tons in
2013/14.
About 44.7% of the Italian 2014-15 (September-August) paddy crop has been sold,
totaling about 631,058 tons. This amount is about 17% more than the same
period last year. Italian rice exports to non-EU countries reached 54,611
tons during September 1-January 6, an increase of about 69% from last year.
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