Global Rice Quotes
January 22nd, 2015
Long grain white rice - low quality
India 25% broken 360-370
↔
U.S. 15% broken 485-495
↓
Thailand 25% broken NQ ↔
Vietnam 25% broken 340-350 ↔
Pakistan 25% broken 320-330 ↔
Cambodia 25% broken 430-440
↔
Brokens
Cambodia A1 Super 355-365 ↔
India 100% broken stxd 300-310
↔
Egypt medium grain brokens NQ
↔
U.S. pet food 405-415 ↔
Brazil half grain NQ ↔
Thailand A1 Super 320-330
↔
Vietnam 100% broken 315-325
↔
Pakistan 100% broken stxd 290-300
↔
Long grain parboiled rice
Thailand parboiled 100% stxd 405-415
↔
Pakistan parboiled 5% broken stxd 400-410
↔
India parboiled 5% broken stxd 390-400
↔
U.S. parboiled 4% broken 550-560
↓
Brazil parboiled 5% broken 570-580
↔
Uruguay parboiled 5% broken NQ
↔
Long grain white rice - high quality
Thailand 100% B grade 415-425
↔
Vietnam 5% broken 365-375 ↔
India 5% broken 395-405
↔
Pakistan 5% broken 360-370 ↔
Cambodia 5% broken 440-450
↔
U.S. 4% broken 495-505
↓
Uruguay 5% broken NQ ↔
Argentina 5% broken NQ ↔
Long grain fragrant rice
Thailand Hommali 92% 920-930
↔
Vietnam Jasmine 500-510
↔
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Mails 805-815
↔
All prices USD per ton, FOB vessel,
oryza.com
India
Government Receives Recommendations for FCI Restructuring
Jan 22, 2015
The High Level Committee set up
the Government of India to look into the present structure and operational
aspects of the Food Corporation of India (FCI) and make necessary
recommendations has today submitted its recommendations to the Prime Minister,
according to a press release by the Ministry of Consumer Affairs, Food &
Public Distribution. The government is keen on making the food grain
procurement and management more efficient by streamlining the role of FCI in
procurement, storage and distribution of grains under Targeted Public
Distribution System (TPDS). The Committee recommends that the FCI hand
over all procurement operations of paddy, rice and wheat to states, including
Andhra Pradesh, Chhattisgarh, Haryana, Madhya Pradesh, Odisha and Punjab, that
have requisite infrastructure; and focus on procurement in states such as
Eastern Uttar Pradesh, Bihar, West Bengal, Assam, where farmers suffer from
distress sales.
It also suggested that surplus in
any state should be moved to deficit states.It suggested the Centre to enter
into agreement with states before every procurement season regarding costing
norms and procurement rules, including bonus over minimum support price (MSP)
and statutory levies and commissions. It recommends to remove levy rice procurement. The
Committee also recommended the government to relook at the commitments and
implementation of the National Food Security Act (NFSA).It recommends to set up
Negotiable Warehouse Receipt System (NWRs) on a priority basis. The system
allows farmers to deposit their output with registered warehouses and get 80%
advance from banks against their output valued at MSP, and later sell at prices
agreeable to them. It also suggested the government to reframe the basis for
MSP formulation.
It suggested the FCI to
outsource stocking operations through competitive bidding process to create
competition and bring down costs. It recommended proper liquidation process for
the buffer stocks of the FCI as well as proper streamlining of worker policies,
including the number of permanent and contract workers and their pay.The
Committee recommended that the government provide direct cash subsidies to
farmers rather than subsidies on fertilizers in order to help them deal with
cash crunches. Finally, it recommended a total computerization of all FCI
operations for effective implementation of policies and monitoring for any
deviations.
Oryza
Afternoon Recap - Chicago Rough Rice Futures Slide as Dollar Strength Punishes
US Grain Prices
Jan 22, 2015
Chicago rough rice futures for
Mar delivery settled 21 cents per cwt (about $5 per ton) lower at $11.160 per
cwt (about $247 per ton). Rough rice futures erased gains earned yesterday and
once again confirming a bearish tilt to the market. Prices are now within 10
cents per cwt (about $2 per ton) of the contract low of $11.060 per cwt (about
$244 per ton), and appear prepared to ultimately test the psychologically
significant $11.000 per cwt (about $243 per ton) level.
Rice futures felt downward
pressure from the other grains as announcements made by the ECB pulled the Euro
lower and strengthened the USD, making US grain exports effectively more
expensive; Soybeans closed about 0.7% lower at $9.7775 per bushel; wheat finished
about 0.6% lower at $5.3475 per bushel, and corn finished the day about 1.1%
lower at $3.8475 per bushel.U.S. stocks climbed on Thursday, extending gains
into a fourth session, after the European Central Bank unfurled expanded
stimulus. ECB President Mario Draghi said the central bank would make monthly
bond purchases of as much as $70 billion starting in March, and running through
September of next year.
Draghi's announcement came after
the ECB held benchmark rates unchanged at record lows. After falling 71 points
and jumping 155, the Dow Jones Industrial Average was lately up 150.72 points,
or 0.9 percent, at 17,705.00. The S&P 500 gained 17.82 points, or 0.9%, to
2,049.94, with financials leading sector gains and telecom faring the most
poorly among its 10 major industries. The Nasdaq rose 45.81 points, or 1%, to
4,713.24. Gold is trading about 0.6% higher, crude oil is seen trading about
3.8% lower, and the U.S. dollar is seen trading about 1.2% higher at
about 1:00pm Chicago time.Wednesday, there were 240 contracts traded,
down from 312 contracts traded on Tuesday. Open interest – the number of
contracts outstanding – on Wednesday increased by 49 contracts to 8,756.
Oryza
U.S. Rough Rice Recap - Prices Continue Downward Slide amid Limited Trade Interest
Jan 22, 2015
The U.S. cash market fell today
in tandem with the futures market as bids and offers dropped in lock
step; as a result there were no trades to report.Buyers remain
hand-to-mouth and are showing very little interest inland or on the river while
most sellers are still hopeful that prices will recover, especially if the U.S.
snags some of the Iraqi Grain Board business.In the meantime, USDA export sales
data will be reported tomorrow instead of today due to the Martin Luther King,
Jr., Holiday on Monday.
Former
Thai Premier Impeached in Rice Case; Faces Criminal Charge
Jan 22, 2015
Thailand's
National Legislative Assembly (NLA) members have voted to impeach the former
Prime Minister (PM) Yingluck Shinawatra for encouraging corruption in the
controversial rice pledging scheme introduced by her government in October
2011, according to Reuters. The government offered to pay 50% above market
prices under the scheme, which brought losses of about 518 billion baht (around
$16 billion) to the exchequer.While the decision required three-fifths of
majority , 190 of 220 members voted to impeach the former PM, eighteen voted
against her impeachment and twelve abstained from voting.
The decision of impeachment bans
her from politics for five years. Just hours before impeachment voting, the
Office of the Attorney General (OAG) announced that it will file criminal
charge against the former PM for her role in the corruption-plagued
rice-pledging scheme. The Director-General of the OAG's Litigation Department
told local sources that the Attorney General has agreed to prosecute the
ex-Premier for her negligence to honour the NACC's suggestions to halt the
program after finding irregularities in it.
The OAG has announced its
intention to present Ms.Yingluck before the Supreme Court's Criminal Division
for Political Office Holders. She could face a jail term up to ten years if
found guilty. The former PM also defended herself and the rice pledging scheme
twice before the NLA.
Meanwhile, the Thai Prime Minister
clarified that he hadn’t influenced any NLA member before voting. However,
Yingluck's supporters blame the NLA for being biased and politically aligned
with the interests of the military coup. The military government has reportedly
taken necessary actions to control protests from Yingluck’s supporters.
IFAD
Warns of Acute Food Crisis in Ebola Affected Countries
Jan 22, 2015
The UN's International Fund for
Agriculture Development (IFAD) has warned of acute food shortages in Ebola
affected countries such as Guinea, Liberia and Sierra Leone as farmers have
been abandoning their agricultural fields fearing spread of the virus, according
to local sources.Quarantine measures taken by the respective governments have
led to restricted movements by people and there by severe shortages of labor.
Due to this large parts of rice
fields have been left unharvested in all the three countries. Agricultural
lands growing vegetables and other crops have also been left abandoned in many
areas.These developments have led to a huge increase in the retail prices of
rice and other commodities in the local markets. The Food and Agricultural
Organization (FAO) data also shows that prices of food, including rice, have
increased on average from 30% to 75% in the virus affected regions. The IFAD
noted that if the situation continues for a long, time, the virus affected
regions will have to face acute food shortages.Since agriculture accounts for
about 20-40% of gross domestic product (GDP) of the three countries, the IFAD
is urging the respective governments to build food stockpiles to be able to
provide food assistance as and when needed. He noted that the countries should
try to increase production in non-affected areas to compensate for the
shortfall. According to the FAO, about $30 million would be needed to provide
food relief to about 90,000 households in the three countries.
Thai
Rice Losses Estimated to Cross $21 Billion
Jan 22, 2015
Losses from rice subsidy/pledging
schemes between 2004 and 2014 are estimated to cross the earlier estimations of
around $682 billion baht (around $21 billion) if depreciation and missing rice
stocks are also considered, local sources quoted the Finance Permanent
Secretary as saying.
The Finance Secretary noted that
Subcommittee overseeing accounting affairs of all subsidy schemes had not taken
into account depreciation of rice stocks as well as missing stocks from warehouses
while estimating losses from 11 subsidy schemes covering 15 harvests from
2004-14. Earlier, the Thai Finance Ministry had estimated that losses from the
rice pledging scheme introduced by the previous government alone account to
about 518 billion baht (around $15.8 billion).
The Finance Ministry had issued
long-term bonds with three to ten years maturity in the beginning of this year
to clear the debts associated with the rice pledging schemes.According to the
rice stock audit report, of the 17.8 million tons of rice with the government,
only about 2.35 million tons are of standard quality, about 14.4 million tons
are of sub-standard quality, around 694,000 tons of rice are rotten and the
remaining 390,000 tons of rice are missing.
The government is keen on selling
the 17 million tons of rice stocks within the next two years. It already sold
around 681,740 tons of rice in four tenders last year after the military
government took over on May 22, 2014. The Commerce Ministry is planning to sell
around one million tons of rice in a tender on January 29, 2015.Thailand
exported around 10.8 million tons of rice in 2014, up about 64% from around 6.6
million tons in 2013.
Thai
Government Assures Transparency in Future G2G Rice Deals
Jan 22, 2015
The Thailand government would
maintain transparency in all future government-to-government (G2G) contracts
following misdealings that occurred in entering into G2G contracts during the
Yingluck-led government, local sources quoted the Thai Commerce Minister as saying.He
told local sources that the government is striving to ensure that all upcoming
G2G contracts would be conducted legally to provide maximum benefit to the
State.
He noted that currently, the
military government, which took charge on May 22, 2014, has finalized G2G
contracts with China for exporting 1 million tons of rice. The government has
to finalize G2G contracts for another 2 million tons with China and 200,000
tons with Malaysia, according to local sources.The Commerce Minister has urged
the Department of Foreign Trade and the Trade Negotiations Department to
finalize the pending G2G contracts as soon as possible.The government is keen
on selling the 17.8 million tons of rice in its warehouses within the next two
years while ensuring that there is no downward pressure on prices
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