Cambodia Seeks $300 Million Loan
from China to Develop Rice Warehouses
Jan
16, 2015
A major quantity of Cambodian
paddy/rice is exported to Vietnam and Thailand through unofficial channels
during the harvest season as the country lacks proper storage facilities. Due
to this, millers and exporters have been facing severe shortages of paddy for
milling during lean months of April and May. A proper warehousing system is
expected to address this issue, said the SNEC Senior Advisor.He noted that the
government would build the warehouses but the private sector would be involved
for running and maintaining them. He added that farmers and millers would be
encouraged to store paddy in warehouses for a fee and also use it as collateral
for bank loans. This would help farmers prepare for next season planting as
well as millers for procuring paddy from farmers.
The Vice-President of the Cambodia
Rice Federation said apart from ensuring availability of paddy for millers and
exporters throughout the year, the warehousing system would also help in
prioritizing sales of various types of rice depending on their demand.However,
an independent economist warned that the government should take adequate care
in setting the fee for storing paddy/rice in warehouses. It should be affordable
by all farmers and millers, lest they would not use the system. He also noted
that country still lacks a proper rice processing sector and the government
should focus on this issue as well.
In August last year, the Cambodian
Rice Bank was started with a view to address the storage issue.Cambodia has
exported about 387,100 tons of rice in 2014, up about 2% from around 378,856
tons exported in 2013, according to local sources. USDA estimates Cambodia to
export 1.2 million tons of rice (including official and unofficial exports to
Vietnam and Thailand through borders) in 2015, up about 20% from around 1
million tons in 2014.
Oryza Afternoon Recap - Chicago
Rough Rice Futures Fail to Find Follow-through Buying Interest, End the Day
Flat and Week Lower
Jan
16, 2015
Chicago rough rice futures for Mar
delivery settled 0.5 cents per cwt (about $0.11 per ton) lower at $11.325 per
cwt (about $250 per ton). Rough rice futures failed to follow-through on
yesterday’s momentum and despite trading higher for most of the day closed with
a slight loss. Although the market managed to trade above yesterday’s high its
inability to close above is seen as a bearish sign. Today’s action left prices
21 cents per cwt (about $5 per ton) lower on the week.
The other grains finished with mixed results
today; Soybeans closed about 0.1% higher at $9.9175 per bushel; wheat finished
unchanged at $5.3275 per bushel, and corn finished the day about 1.8% higher at
$3.8700 per bushel.U.S. stocks rose on Friday after a five-session losing
streak, with energy leading gains as U.S. crude rose and as investors
considered a mixed bag of economic reports. The stock market offered little or
no reaction to a series of apparently untrue tweets sent by hackers on the New
York Post Twitter account. The University of Michigan's preliminary consumer
sentiment index climbed to 98.2 from a final 93.6 December reading. The
consumer-price index declined 0.4% in December, with the cost of living falling
by the most in half a dozen years following a 0.3% fall the month before, the
Labor Department reported. A third report had factory production slowing in
December, up 0.3% versus a 1.3% increase in output in November.
The Dow Jones Industrial Average was
lately up 52.34 points, or 0.3%, at 17,373.05. The S&P 500 added 12.55
points, or 0.6%, to 2,005.22, with energy leading gains and industrials the
sole sector of 10 in decline. The Nasdaq gained 30.45 points, or 0.7%, to
4,601.28. Gold is trading about 1% higher, crude oil is seen trading about 3.5%
higher, and the U.S. dollar is seen trading about 0.4% higher at about
1:00pm Chicago time.Thursday, there were 409 contracts traded, down from 658
contracts traded on Wednesday. Open interest – the number of contracts
outstanding – on Thursday decreased by 11 contracts to 8,597.
Oryza Overnight Recap - Chicago
Rough Rice Futures Little Changed as Traders Weigh the Importance of
Yesterday's Recovery
Jan
16, 2015
Chicago rough rice futures for Mar
delivery are currently listed 0.5 cents per cwt (about $011 per ton) higher at
$11.335 per cwt (about $250 per ton) ahead of floor trading in Chicago. The
other grains are seen mixed morning: soybeans are currently seen 0.1% lower,
wheat is listed about 0.6% higher and corn is currently noted about 0.5%
higher.U.S. stock-index futures fell on Friday, with the losses lessening a bit
after the Consumer Price Index fell 0.4 percent in December, in line with
estimates.
Crude-oil futures were up 1.2% at
$46.82 a barrel on the New York Mercantile Exchange. Wall Street stock indexes
fell for a fifth straight session on Thursday after the news, and looked set
for a lower open on Friday. Other data out on Friday include monthly industrial
production at 9:15 a.m. and the Michigan consumer sentiment index at 9:55 a.m.
Gold is currently trading about 0.2% higher, crude oil is seen trading about 1%
higher, and the U.S. dollar is currently trading about 0.2% higher at
8:30am Chicago time.
Cuba Agrees to Import 300,000
Tons of Vietnamese Rice in 2015
Jan
16, 2015
Given Cuba's current annual import
requirements of over 400,000 tons, Vietnam is likely to emerge as largest
supplier to Cuba this year.Leaders of the two nations also struck several
bilateral trade deals in the meeting, according to local sources.Cuba imports
about 50% of its annual rice consumption needs of around 890,000 tons. Cuba
currently imports rice from Brazil, India and Thailand. Recent trade financing
relaxation by the U.S. for Cuban firms is expected to increase Cuba's rice
imports from the U.S.USDA estimates Cuba to produce around 440,000 tons of
milled rice and import around 450,000 tons of rice in MY 2014-15 (July - June).
Rice Farms, Wildlife, Waterfowl
and Ecological Balance
Jan
16, 2015
U.S. rice farms are hailed for not
only feeding many with highly nutritious staple but also for protecting the
ecological balance. Flooded rice farms in the U.S. are homes for several
migrating and wintering dabbling ducks, and are important contributors of
entire ecosystem.The U.S. Department of Agriculture, through its Regional
Conservation Partnership Program (RCPP), is supporting conservation projects
designed by local collaborating partners. RCPP is administered by the Natural
Resources Conservation Service (NRCS).A grant of $10 million has been awarded
to “Rice Stewardship Partnership – Sustaining the Future of Rice” project
designed by the USA Rice Federation, Ducks Unlimited, Inc, (DU) and 40 more
collaborating partners. The project will work towards conserving the
Mississippi Alluvial Valley, Texas’ and Louisiana’s Gulf Coast, and
California’s Central Valley, which are valuable rice producing regions as well
as critical landscapes for waterfowl and wildlife.
The RCPP selected the project in a
very competitive manner. While some projects were partly funded, the “Rice
Stewardship Partnership – Sustaining the Future of Rice” project received the
highest grant, according to the DU President. “This is a giant step forward for
conservation in rice lands with many more steps to come,” said the President
& CEO of USA Rice.The USDA NRCS Chief applauded rice producers who have
been integrating extra conservation measures, such as maintaining water
quality, into their rice production and contributing to the best waterfowl
habitat. He expressed confidence that the partnership between DU, USA Rice and
USDA would help producers accomplish their wildlife and waterfowl conservation
goals and at the same achieve some tangible benefits from rice production.
Pakistan Must Strengthen
Bilateral Relations with Potential Rice Importing Nations
Jan
16, 2015
He also noted that Thailand and
Cambodia proactively signed government-to-government (g2G) deals with China and
this would eventually lead to reduction of the share of Pakistani rice in the
country's overall rice imports as the total rice import quota of China is
limited. He therefore urged the government to strike such G2G deals with China
in order to stabilize rice trade between the two countries. Pakistan exported
around 353,673 tons of rice worth $128 million in FY 2013-14. With adequate
initiation from the government, Pakistan can export an additional 200,000 tons
of rice to China every year, he added.The REAP Chairman also reminded that
Pakistan could strengthen rice trade with Malaysia as well as Pakistan imports
huge quantities of palm oil from Malaysia every year.
Pakistan has exported around 3.16
million tons of rice in FY 2013-14, down about 7% from around 3.4 million tons
of rice exported in FY 2012-13. The South Asian nation exported around 1.35
million tons of rice (around 239,773 tons of basmati and around 1.11 million
tons of non-basmati) in the first five months of FY 2014-15, up about 16% from
around 1.16 million tons exported during the same period in FY 2013-14.
India Government Decides to
Revise Buffer Norms of Food Grains in Central Pool
Jan
16, 2015
The Cabinet Committee on Economic
Affairs (CCEA) decided that if the existing buffer norms for food grains is
higher than the revised norms, the excess food grains would be offloaded by the
Department of Food and Public Distribution through open sale or through
exports, according to the press release.A new Inter-Ministerial Group (IMG)
consisting of Secretary, Department of Food & Public Distribution; and
Secretary, Expenditure and Secretary, Consumer Affairs has been set up to
manage food stocks in the country.
Indonesia Increases Government
Rice Purchasing Price by 10%
Jan
16, 2015
The country's state Logistics Agency
Bulog procured around 2.4 million tons of rice (as of November 2014) as against
targeted 3.2 million tons in 2014 prompting it to import around 425,000 tons of
rice during the year.The Indonesian Coordinating Minister for the Economy was
quoted as saying that the new HPP would protect farmers from low market prices.
The increase in HPP was expected to be welcomed by farmers' associations. But,
the Chairman of the Indonesian Rice and Rice Mill Association noted that the
HPP hike would alone not increase farmers' incomes.
He noted that the government should
also focus on lowering production costs. He said the government could have
planned to give direct subsidies on fertilizers, seed and good irrigation
facilities to farmers to help them lower production costs and make profits.Last
year, the USDA Post reported that Bulog is forced to import rice due to low and
uncompetitive HPP.Recent floods in the country may play spoilsport on the
government's aim to achieve a 4% increase in 2015 paddy production and curtail
imports.
Around 1,148 hectares of paddy
fields in about 10 districts have been submerged by floods leading to
substantial losses in the output. The government is aiming to increase
2015 paddy rice production by about 4% to around 73.4 million tons (around
48.44 million tons, basis milled) from an estimated 70.61 million tons (around
46.65 million tons, basis milled) in 2014.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).
Vietnam Rice Sellers Lower Some
of Their Quotes; Other Asia Quotes Unchanged
Jan
16, 2015
Vietnam rice sellers lowered their quotes for 100% broken rice by about $5
per ton to around $320 - $330 per ton today. 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 $395 - $405 per ton, about $25 per ton premium on Pakistan
5% rice quoted at around $370 - $380 per ton.
25% Broken Rice
Thailand 25% rice was last quoted at around $350 - $360 per ton, about $10
per ton premium on Vietnam 25% rice shown at around $340 - $350 per
ton. India 25% rice is quoted at around $360 - $370, about $35 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 $385 - $395 per ton, about $15 per ton
discount to Pakistan parboiled rice quoted at around $400 - $410 per ton.
100% Broken Rice
Thailand broken rice, A1 Super, is quoted at around $320 - $330 per ton, on
par with Vietnam 100% broken rice shown at around $320 - $330 per ton, down
about $5 per ton from yesterday. India's 100% broken rice is shown at around
$300 - $310 per ton, about $10 per ton premium on Pakistan broken
sortexed rice quoted at around $290 - $300 per ton.
South Korea Seeks to Buy 40,000
Tons of Non-Glutinous Rice in International Tenders
Jan
16, 2015
South Korea's state run Agro
Fisheries & Food Trade Corporation (KAFTC) is seeking to buy about 40,000
tons of non-glutinous rice in four international tenders for delivery between
April and June 2015, according to a statement on its website.KAFTC seeks to buy
5,000 tons of brown short non-glutinous rice for delivery by April 30, 2015;
15,000 tons of brown long non-glutinous rice for delivery by April 30, 2015;
5,000 tons of brown medium non-glutinous rice for delivery between May 31,
2015; and 15,000 tons of brown long non-glutinous rice for delivery by June 30,
2015 in four different tenders.
Registration of tenders will close
at 4.00 p.m on January 27, 2015 and electronic bidding will take place on
January 28, 2015 between 10.00 - 11.00 a.m.KAFTC bought 90 tons of
non-glutinous milled long grain rice from Thailand at $1,045 per ton (for
delivery by January 31) in a tender on December 9, 2014.
Thai Ex-Premier Escapes Second
Impeachment Hearing in Rice Pledging Case
Jan
16, 2015
She attended the first hearing on
January 9, 2014 and defended the rice pledging scheme as well as denied all
charges against her before the NLA. For the second hearing, she reportedly sent
concerned ministers involved in the controversial rice pledging scheme,
including the former deputy Prime Minister, to answer questions on her behalf
by the Parliament members. But the NLA member have rejected their
representation.Therefore, another and last hearing is scheduled for
January 22, 2014 and the NLA members will vote on January 23, 2014 deciding
whether the former PM was guilty of dereliction of duty. The vote requires a
three-fifths majority to pass a judgement.If impeached, the ex-PM would be the
first female PM to be impeached and could face a political ban for five years.
USDA Forecasts 2014-15 Global
Milled Rice Production at 475.5 Million Tons, Slightly Down from Previous Year
Jan
16, 2015
In its January Rice Outlook report, USDA has forecasted 2014-15 global milled rice production at around 475.5 million
tons, down about 1.46 million tons from an estimated 476.96 million tons in
2013-14, and slightly up from its last month's estimates of around 475.2 million
tons.
Most of this year's decline is due to expected decline in South Asia rice
production, according to the U.S. agency. USDA estimates East Asia and
Southeast Asia to harvest record crops in 2014-15. While South America's
production is expected to increase, Sub-Saharan African production is expected
to decline slightly.
USDA forecasts 2014-15 global rice acreage at around 160.6 million hectares, slightly down from
last year. It has forecasted the average global yield at 4.41 tons per hectare
(on rough rice basis), almost unchanged from last year.
According to the latest projections, USDA expects higher output from Guyana
and Paraguay due to a substantial increase in paddy rice acreage. But the
higher output from these countries is likely to be offset by a decline in
output from Brazil. It also expects higher production from Cuba and Dominican
Republic. But USDA has lowered production estimates for the U.S. based on
reports of a slight decline in yield by the government.
The U.S. agency estimates 2014-15 global rice ending stocks at around 99 million tons, down
about 9% from last year's 109.3 million tons and slightly down from last
month's projection of about 99.1 million tons due to a likely decline in India,
Indonesia and Thailand rice stocks. However, USDA estimates higher stocks in
the Philippines and the U.S. It estimates 2014-15 global stocks-to-use ratio at 20.5%, down from last
year's 22.3%.
Weekly Recap: Global Rice Export
Quotes Stabilize; Crude Oil Range Bound
Jan
16, 2015
The Oryza White Rice Index (WRI), a weighted average of global white rice
export quotes, ended the week at about $431 per ton, up about $2 per ton from a
week ago, down about $5 per ton from a month ago and down about $34 per ton
from a year ago.
After steeply falling from over $100 per barrel in July, crude oil prices
seem to have stabilized around $45-$50 per barrel for now.
Thailand
Thailand 5% broken rice is today shown at about $410 per ton, unchanged
from a week and a month ago, and down about $35 per ton from a year ago.
The President of the Thai Rice Exporters Association (TREA) claims that
Thailand’s 2015 rice exports are expected to decline to around 10 million tons,
a decrease of about 6.5% from 10.7 million tons exported in 2014 due to falling
global rice and crude oil prices.
Thai rice exporters will sign a Memorandum of Understanding (MoU) with Hong Kong’s rice importers to export about
100,000 tons of rice to Hong Kong this year.
The Thai Commerce Ministry plans to sell about 10 million tons of
stockpiled rice in 2015 and about 7 million tons in 2016.
The Thai government has begun the sale of bonds through the state-owned and
commercial banks in efforts to clear the debts associated with the rice
pledging scheme. They hope to raise around 100 billion baht (about $3
billion) this year.
India
India 5% broken rice is today shown at about $400 per ton, up about $5 per
ton from a week and a month and down about $10 per ton from a year ago.
Researchers at the Central Rice Research Institute of India have developed
four new drought-resistant paddy varieties that can sustain decreased water
conditions.
India government has decided to revise the buffer norms for food grains,
including rice, in the Central Pool , according to a press release by the
Ministry of Consumer Affairs, Food & Public Distribution.
The Australian government is working
closely with research scientists from Australia, Bangladesh, India, and Nepal
to improve rice productivity and profitability of small scale farmers in the
Eastern Gangetic plains of Nepal, Bangladesh, and India.
The USDA Post estimates Bangladesh will import 500,000 tons of rice in MY 2014-15 (May-April), down about 33%
from last year. Imports were high in 2013-14 due to competitive Indian
prices.
Vietnam
Vietnam 5% broken rice is today shown at about $380 per ton, unchanged from
a week ago, down about $10 per ton from a month ago and down about $25 per ton
from a year ago.
Vietnam exported about 6.316 million tons of rice in 2014, down about 6%
from 2013, according to data from the Vietnam Food Association. Average
rice export price is around $442 per ton (FOB), up about 2% per ton from the
same time last year.
The Vietnam government has allocated about VND322 billion (about $1.1 million)
from the state budget for the development of the rice sector.
Cuba has agreed to import around 300,000 tons of rice from Vietnam in 2015
in a deal last year, according to local sources.
Pakistan
Pakistan 5% broken rice is today shown at about $375 per ton, unchanged
from a week and a month ago and down about $25 per ton from a year ago.
The Pakistan Space and Upper Atmosphere Research Commission (SUPARCO)
estimates that Pakistan FY 2014-15 (July-June) paddy rice production will reach
about 8.437 million tons (about 5.65 million tons, basis milled), a decrease of
about 19% from last year. The decline is largely due to floods in Punjab,
where about 217,000 tons of paddy is said to be lost.
Average basmati rice export prices declined about 4% in 2014 to around
$1,324 per ton, due to increased output and subdued export demand, according to
the UN’s FAO.
Central & South America
Brazil 5% broken rice is today shown at about $540 per ton, unchanged from a week
ago, down about $10 per ton from a month ago and down about $125 per ton
from a year ago.
In 2014, Brazil exported about 1.24 million tons of rice, according to the
Rice Institute of Rio Grande do Sul.
The Brazilian paddy rice index maintained by CEPEA reached around 38.08
real per 50 kilograms as of January 12, 2015, up about 0.40% from around 37.93
real per 50 kilograms recorded on January 5, 2015.
In terms of USD per ton, the index reached around $286.65 per ton on
January 12, 2015, up about 2.4% from around $280 per ton recorded on January 5,
2015.
In December 2014, Brazil’s rice stocks were around 351,860 tons, about 61%
more than in December 2013.
Brazil’s National Grains Supply Company (Conab) forecasted the country’s
2014-15 paddy rice production at around 12.198 million tons, up slightly from
2013-14, but down slightly from last month’s projection.
In the first ten months of 2014, Argentina exported about 458,940 tons of
rice, about 14% less than during the same period in 2013, according to the
Ministry of Agriculture in Argentina.
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.
The USDA, in its January World Agricultural Supply and Demand Estimates
(WASDE) report, forecasts that U.S. MY 2014-15 all rice exports will
be around 4.67 million tons, up about 10% from an estimated 4.24 million tons
last year, due to an increase in U.S. long-grain rice exports. The USDA
estimates all rice imports for 2014-15 at around 1 million tons, down
about 4% from last year. The USDA estimates 2014-15 U.S. all rice production,
basis paddy, to be around 10.02 million tons, up about 16% from last year.
The U.S. cash rough rice market was weaker this week as it fell in sympathy
with the futures market.
Chicago rough rice futures for March delivery started the week low and
dropped even lower. They opened Monday at $11.535 per cwt (about $254 per
ton) and reached a low of $11.065 per cwt (about $244 per ton) on Thursday
before closing at $11.255 per cwt (about $248 per ton) Friday afternoon.
Other Markets
Iraq’s Trade Ministry has invited international tenders to purchase 30,000 tons
of rice from the U.S., Uruguay, Argentina, Brazil, Vietnam, and Thailand, with
bids due January 25.
Cambodia 5% broken rice is today shown at about $445 per ton, down about $10 per
ton from a week ago, down about $20 per ton from a month ago and down about $10
per ton from year ago.
A Libyan state grain buying agency
has tendered to buy as much as 25,000 tons of 5% broken rice, according to
Reuters.
Indonesia’s state buying agency Bulog hopes to reach rice self-sufficiency in 2015
and plans not to import rice in 2015 due to sufficient stocks.
The government of Myanmar has begun formalities to legally export rice to China.
The Philippines Department of Agriculture
plans to increase investment in rice research and development in efforts to
boost production.
Rice stocks in the Philippines are around 3.03 million tons, up about 3% from November 2014, and up about
22% from the same period last year.
The Maldives is looking to purchase
9,000 tons of parboiled rice in an international tender, with offers due
February 8.
European Commission officers will be in Rome on January 28 to meet with the
Italian rice growing sector and the
Italian government in order to clarify some aspects of the Italian request for
a safeguard clause designed to protect the domestic industry.
Vietnam's 2014 Rice Exports
Lowest in Four Years
Jan
16, 2015
Vietnam exported about 6.68 million
tons of rice in 2013, about 7.72 million tons in 2012, about 7.1 million tons
in 2011 and about 6.75 million tons in 2010, as per VFA data.Vietnam's rice
exports have increased steadily over the last five years making it one of the
top rice exporters of the world. The Southeast Asian nation became world's
second largest rice exporter in 2012 and 2013 after India as Thailand slipped
from the top position as the rice pledging scheme introduced by the
Yingluck-led government in October 2011 made Thai rice uncompetitive in the
world market.
In 2014, Vietnam's rice exports had
to take a toll due to Thailand, which accumulated around 17.8 million tons of
rice from the rice pledging scheme and is keen on selling them within the next
couple of years. Increased supplies from Thailand as well as from harvests of
other exporting nations along with declining demand from importing countries
have pushed down the rice export prices since September 2014.
Now, the government is planning to
expand its efforts on increasing rice exports to Africa and East Asian nations
in order to compete with Thailand, India, Pakistan and Cambodia. The VFA also
cut the floor prices of all quality rice, including 5%, 10%, 15% and 25% broken
varieties to about $385 per ton, $375 per ton, $365 per ton and $360 per ton
respectively to sustain competition.Experts have also been warning Vietnam
government to focus on growing high quality rice varieties as well on clinching
deals with high end consumers to increase competitiveness of Vietnamese rice in
the global market.
USDA Forecasts 2015 Global Rice
Trade at 42.6 Million Tons, Unchanged from 2014
Jan
16, 2015
In its January Rice Outlook report, USDA has forecasted 2015 global rice
trade at around 42.6 million tons, almost unchanged from last year, and
slightly up from the previous month's forecast of around 41.9 million tons due
to likely large purchases by China and Sub-Saharan Africa and large exportable
supplies in most of the Asian and South American exporting countries.
On the exports side, USDA estimates
Thailand to export a record 11.3 million tons in 2015 based on continued
government's efforts to reduce its stocks. USDA expects Myanmar's exports to
increase to around 1.5 million tons based on expected increase in 2014
shipments as well as likely increase in exports to China.
USDA expects Paraguay to export 400,000 tons of rice in 2015, up about 53%
from last year due to expected increase in production and a likely lower
consumption. It expects Guyana's rice exports at around 500,000 tons, almost
unchanged from last year and about 50,000 tons above last month's forecast due
to an expected increase in production and strong exports in 2104.
On the imports side, USDA is estimating
China to import around 4.3 million tons of rice in 2015, up about 10% from an
estimated 3.9 million tons last year and slightly up from last month's forecast
of around 4 million tons based on recent agreements with Myanmar and Thailand.
USDA expects Syria's rice imports to decline about 9% y/y to around 200,000
tons, but up about 33% from last month's forecast of around 150,000 tons based
on larger shipments from India and Vietnam that pass through Turkey as
part of food donations for refugees.
For 2014, USDA has increased its export estimates for India and Myanmar in
Asia; and for Guyana in South America. However, it lowered its estimates for
the U.S. exports due to tighter supplies and a record price difference over
Asian competitors. USDA has increased import estimations for Bangladesh, Sri
Lanka, Saudi Arabia and Syria.
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