Egyptian Rice Exporters Complain of High Export Tariffs and Increasing
Contraband Trade
Feb 09, 2015
Egyptian rice
exporters are not able to export high amounts of rice this year due to high
export tariffs imposed by the government, according to Reuters.In October 2014,
the government removed the ban on rice exports, which it first imposed in 2008
to save rice for local consumption. But it required the exporters to sell one
ton of medium-grain rice at about 2,000 Egyptian pounds (around $279) to the
General Authority for Supply Commodities (GASC) for every ton of rice they
export, as well as pay an export tariff of around $280 per ton of rice
exported.
The
exporters are complaining that a export tariff of about $480 per ton for a ton
of rice worth $400 is forcing them to set the export prices at about $880 per
ton (including cost and freight) and is leaving little scope for profits.While
the government is targeting to export around one million tons of rice before
September 2015, exporters are worried if they can reach the target. They say
Egyptian rice competes with the U.S., Russian and Italian rice in the
international market and all those are selling at around $750 per ton.
They
are worried that the Egyptian rice is becoming uncompetitive in the global
market due to high export tariffs.They also expressed concern that contraband
trade with the neighboring countries has been increasing. They noted that
smugglers have been selling rice at around $750 per ton in those countries and
are making huge profits.Egypt is expected to produce around 4.3 million tons of
rice this year, while the country's consumption needs are at around 3.3 million
tons. Therefore the country has around 1 million tons of surplus rice, which
can be exported.USDA estimates Egypt to produce 4.5 million tons of milled rice
and export around 500,000 tons in MY 2014-15 (October - September).
Global
Rice Quotes
February 9th, 2015
Long grain white rice - high quality
Thailand 100% B grade 415-425
↔
Vietnam 5% broken 350-360
↔
India 5% broken 395-405
↔
Pakistan 5% broken 345-355
↔
Myanmar 5% broken 410-420
↔
Cambodia 5% broken 430-440
↔
U.S. 4% broken 495-505
↔
Uruguay 5% broken NQ
↔
Argentina 5% broken NQ
↔
Long grain white rice - low quality
Thailand 25% broken 365-375
↔
Vietnam 25% broken 325-335
↔
Pakistan 25% broken 310-320
↔
Cambodia 25% broken 415-425
↔
India 25% broken 360-370
↔
U.S. 15% broken 485-495
↔
Long grain parboiled rice
Thailand parboiled 100% stxd 405-415 ↔
Pakistan parboiled 5% broken stxd 395-405 ↔
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 fragrant rice
Thailand Hommali 92% 925-935
↔
Vietnam Jasmine 450-460
↔
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Mails 785-795
↔
Brokens
Thailand A1 Super 320-330
↔
Vietnam 100% broken 305-315
↔
Pakistan 100% broken stxd 290-300
↔
Cambodia A1 Super 340-350
↔
India 100% broken stxd 295-305
↔
Egypt medium grain brokens NQ
↔
U.S. pet food 405-415
↔
Brazil half grain NQ ↔
All prices USD per ton, FOB vessel, oryza.com
Indonesia Steps Up Efforts to Increase Rice Production Amid Drought
Concerns; Zero Imports and Price Control High on Agenda
Feb 06, 2015
Oryza.com -
Indonesia's 2015
paddy rice production is expected to reach about 71.28 million tons, up about
0.95% from around 70.6 million tons produced in 2014, local sources quoted
Agriculture Ministry officials as saying.
The Ministry lowered
estimates for 2015 paddy rice production from its earlier estimations of around
73.4 million tons due to a forecast of long dry season, which is likely to
result in lower output, according to the Ministry's Director General for food
crops.
He was quoted as
saying that the government is planning to step up efforts to ensure production
does not fall significantly due to drought conditions. He noted that the
Agriculture Ministry has set aside about Rp 30 trillion (around $2.38 billion)
to finance programs such as development and improvement to irrigation
infrastructure, distribution of seeds and fertilizers, pest control as well as
expansion of planting area in order to boost production. The government is
planning to increase paddy rice acreage by around 2.6 million hectares to
around 15-16 million hectares.
The government is
also concerned of increasing prices in case of a decline in production.
Already, prices are on an uptrend since September 2014. Indonesia imported
around 425,000 tons of rice from Thailand and Vietnam last year to boost stocks
and control price hikes. However, this year, the government is bent on
maintaining zero import policy and focus on increasing rice production to meet
increasing consumption needs. The Ministry's Director General also noted that
the government is keen on achieving surplus rice this year in line with its
policy.
USDA estimates
Indonesia to produce around 36.5 million tons of rice, basis milled (around
57.4 million tons, basis paddy), and import around 1.3 million tons of rice in
MY 2014-15 (January 2014 - December 2014. Consumption in 2015 is estimated at
around 39.2 million tons.
Guyana Targets to Export 521,000 Tons of Rice in 2015; Up 4% from Last Year
Feb 08, 2015
The Guyana
government is targeting to export around 521,000 tons of rice in 2015, up about
4% from an estimated 501,208 tons exported in 2014, local sources quoted the
Agriculture Minister as saying.The Agriculture Minister told local sources that
Guyana currently has export agreements with Venezuela, Panama and several other
Caribbean countries, and the government is pursuing sales agreements with
Nicaragua and other Central American countries such as Belize. He also noted
that shipping rice to West African countries is being delayed due to the
outbreak of the Ebola Virus Disease (EVD).
The
government has set the 2015 milled rice production target at around 618,000
tons, about 3% below an estimated 635,238 tons produced in 2014, according to
the Agriculture Minister.
Guyana's rice sector
has seen consistent improvements over the last few years. The production
increased from around 317,323 tons in 2012 to around 635,238 tons in 2014
mainly due to the government's support in providing fertilizers at subsidized
prices and ensuring timely payments to farmers.
Log in Oryza Afternoon Recap - Chicago Rough Rice
Futures Pull off First Weekly Gain Since mid-Dec as Crude Continues to Provide Support
Feb 06, 2015
Chicago
rough rice futures for Mar delivery settled 29 cents per cwt (about $6 per ton)
higher at $10.740 per cwt (about $237 per ton). Rough rice futures saw
follow-through buying today, adding to gains earned yesterday and even managed
to pull off a higher close on the week. Prices moved from their open at $10.570
per cwt (about $233 per ton) for Monday’s session, to their closing price 17
cents per cwt (about $4 per ton) higher today, marking the first weekly gain in
8 weeks. Today’s action is seen as a positive development and is seen by many
as confirmation that a near-term bottom has indeed been put in place and
expectations are now for a run higher in prices. Gains will likely be
attributed to short covering as speculative shorts have grown to record levels
in recent weeks. However; fundamentally very little has changed and some trade
insiders expect a period of back-and-forth trade in coming sessions as the
market attempts to establish a firm floor.
The
other grains finished the day with mixed results as corn and wheat managed to
pull out gains while the soy complex remains under pressure; Soybeans closed
about 0.8% lower at $9.7350 per bushel; wheat finished about 0.2% higher at
$5.2700 per bushel, and corn finished the day about 2.8% higher at $3.8575 per
bushel.U.S. stocks pared gains to trade in a narrow range on Friday on news the
S&P downgraded its rating on Greece to "B-" from "B."
Earlier, stocks traded moderately higher as cheer over a strong jobs report was
slightly offset by increased potential for an earlier Fed interest rate hike.
Financials, a likely beneficiary of higher interest rates, rose by as much as
more than 1.5% as a leading sector in the S&P 500, which declined on Greek
news but still held near the key 2,060 level.
On
the flip side, utilities traded lower, losing more than 2% as the weakest
sector in the S&P 500. Atlanta Fed President Dennis Lockhart on Friday said
he thinks the U.S. economy continues to grow strongly enough to justify an
initial interest rate hike later this year, but that weak inflation and wage
growth were "worrisome." The Labor Department said the United States
created 257,000 jobs in January, beating estimates of about 230,000. More
importantly, average hourly earnings grew by 0.5%, above estimates.
The Dow Jones Industrial Average fell 15
points, or 0.09%, at 17,868. The S&P 500 traded up 1 point, or 0.05%, at
2,063, with utilities leading decliners and telecoms and financials leading
advancers. The Nasdaq traded down 5 points, or 0.11%, at 4,759. Gold is trading
about 2.3% lower, crude oil is seen trading about 2.3% higher, and the U.S.
dollar is seen trading about 1.2% higher at about 1:00pm Chicago
time.Thursday, there were 359 contracts traded, down from 649 contracts traded
on Wednesday. Open interest – the number of contracts outstanding – on Thursday
decreased by 78 contracts to 10,244.
Oryza U.S. Rough Rice Recap - Prices Firm on New Export Sales, but More
Still Needed to Sustain Price Level
Feb 06, 2015
The U.S. cash market
was firmer today as fresh demand from Colombia dried up most selling interest
that the market saw earlier in the week. However, the buy interest also remains
limited.Analysts continue to note that without purchases from Iraq or Venezuela
the market will have trouble sustaining the rally seen today.
Oryza Overnight Recap - Chicago Rough Rice Futures Find Buying Interest
despite Softer Grains this Morning
Feb 06, 2015
Chicago rough rice
futures for Mar delivery are currently listed 19.5 cents per cwt (about $4 per
ton) higher at $10.645 per cwt (about $235 per ton) during early floor trading
in Chicago. The other grains are all seen trading lower: soybeans are currently
seen about 0.5% lower, wheat is listed about 1.3% lower and corn is currently
noted about 0.6% lower.
U.S. stocks struggled for direction after opening slightly
higher on Friday, as initial cheer over a strong jobs report turned to concerns
of an earlier Fed interest rate hike. Financials rose more than 1% to lead
gains on the S&P 500, which traded up marginally above the key 2,060 level.
The Labor Department said the United States created 257,000 jobs in January,
beating estimates of about 230,000.
More importantly, average hourly earnings grew by 0.5%,
above estimates. The unemployment rate rose to 5.7%, above estimates. In
Europe, equities traded lower after Greece's talks with Germany—the euro zone's
largest economy—over the future of its bailout program had mixed success.
Futures turned higher on the news with Dow futures extending gains from 9
points to as much as more than 80 points. The U.S. 10-year Treasury note yield
rose from about 1.80% to as high as 1.91%. Gold is currently trading about 1.6%
lower, crude oil is seen trading about 2% higher, and the U.S. dollar is
currently trading about 0.9% higher at 8:30am Chicago time.
Thailand On-Farm Pledging Program for 2014-15 Main Crop Fragrant and
Glutinous Paddy Receives Lukewarm Response, Says USDA Post
Feb 06, 2015
The
on-farm pledging program for 2014-15 main crop fragrant and glutinous paddy
rice introduced by the military government has not received expected response
as the intervention price set by the government to buy fragrant and
glutinous paddy rice is much below the market prices. At the time of
introducing the scheme, the government claimed that it has set the intervention
price for fragrant rice paddy at about 23% higher than market prices and that
for glutinous rice paddy was set at about 41% higher than market price.
According to
the Post, the government has so far received only 80,000 tons of fragrant paddy
and it expects to receive another 200,000 - 300,000 tons before the close of
the program on February 28, 2015. The Post reports that most of the glutinous
rice paddy is being used for domestic consumption. The program was meant to
encourage farmers to delay sales of around 2 million tons of rice to control
price falls during the harvest season.
The Post estimates
2014-15 (January 2015 - December 2015) milled rice production to decline to
around 19.7 million tons, down about 4% from around 20.46 million tons last
year due to an expected decline in off-season rice planting following drought
forecasts.
It estimates
Thailand to export around 11 million tons of rice in 2015, slightly above 10.97
million tons exported in 2014 as the government is keen on selling around 10
million tons of rice from its stockpiles this year. The government has
reportedly eased the terms and conditions for new tenders to speed up sales.
The government is also trying to clinch government-to-government (G2G)
contracts to increase exports. Estimated shipments under G2G contracts in 2014
is shown below.
USDA Post Forecasts Oil Price Decline to Affect Venezuelan Rice Imports
Feb 06, 2015
The
USDA Post reports that world oil price falls have led to a significant
reduction in Venezuela's foreign exchange reserves and consequently less dollar
availability. This situation is expected to impact rice and other commodities
importers, says the Post.USDA Post estimates Venezuela's MY 2014-15 paddy rice
production at around 380,000 tons, down about 1.2% from around 385,000 tons
produced last year due to severe drought conditions during the first crop
season.
The Post says generally, government
mismanagement, inadequate agricultural inputs and prevailing price controls
have been hindering rice production in the country.The Post reports that
government promises of increased investment in agricultural infrastructure have
not materialized and rice producers are increasing becoming frustrated. In its
November report, the Post noted that Venezuelan rice farmers have been
demanding that the government increase the fixed retail price for rice from the
current 9.50 bolivars per kilogram (around $1,520 per ton) as it is close to
the control farm-gate price fixed by the government at around 8.6 bolivars/per
kilogram ($1,360 per ton) and they have not been getting decent margins and are
not motivated to grow rice.
Due
to these reasons, Venezuelan farmers are unable to scale up their production
levels and the country is forced to import rice. Venezuela majorly imports rice
from Brazil, Guyana and the U.S. The Post estimates Venezuela rice imports for
MY 2014-15 at around 500,000 ton, down about 2% from around 510,000 tons last
year despite a reduction in production. The decline can be attributed to a
decline in exports by about 16% y/y to about 180,000 tons, which can be used to
service local consumption needs. However, this year, as told above, the
Post reports that Venezuelan importers may face trouble getting dollars to pay
for their imports.
In April 2014,
Venezuela has renewed the 2013 Petro-Caribe Energy Cooperation Agreement with
Guyana under which Venezuela will provide oil to Guyana in exchange for rice.
Under the Agreement, Guyana will export 110,000 tons of white rice and 88,000
tons of paddy to Venezuela. Terms of the deal are expected to be altered due to
a fall in oil prices.
Cambodia May Not Reach One Million Ton Export
Target in 2015, Says Commerce Minister
Feb 06, 2015
Lack
of sufficient milling capacity and funding are major hurdles for Cambodia to
achieve one million ton export target by 2015, local sources quoted the
Commerce Minister as saying.Speaking at the sidelines of the annual conference
of the Cambodia Rice Federation (CRF), he told local reporters that in 2010,
the government set a target of exporting one million tons of rice officially by
2015. But since the country could export only 387,000 tons officially in 2014,
it is very unlikely that it could achieve the target this year, he said. Most of
the rice is exported unofficially to China through northern borders to Thailand
and Vietnam.The Minister also noted that Cambodia produces about 9 million tons
of paddy rice (around 5.8 million tons, basis milled) yearly and after catering
to domestic consumption, about 3 million tons of rice is left for exports.
He
said currently Cambodia has five main buyers - France, Poland, Malaysia, China
and the Netherlands - but the government is exploring new markets such as
Russia. He also noted that China agreed to buy 100,000 tons of rice from
Cambodia between August 2014 - April 2015, and Cambodia has exporeted about
70,000 tons so far.Last month, the Prime Minister also expressed doubt over the
country's capabiltiy in achieving the target.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.
Japan Seeks to Import 50,000 Tons of Rice in Tender
Feb 06, 2015
Japan
is seeking to import about 50,000 tons of rice in 12th ordinary import tender
for FY 2014 (April 2014 - March 2015), according to official sources.Japan
seeks to buy about 24,000 tons of non-glutinous milled rice (medium grain) of
U.S. origin under the U.S. Country Specific Quota (CSQ); and 26,000 tons of
non-glutinous milled rice , including 12,000 tons of medium grain and 14,000
tons of long-grain) under global quota.
Japan
seeks delivery of the U.S. origin rice from July 10, 2015 to August 10, 2015
and August 1-31, 2015; delivery of medium grain non-glutinous rice from August
20, 2015 to September 20, 2015; and delivery of long-grain non-glutinous rice
from June 10, 2015 to July 20, 2015.The tender opens on February 10,
2015.
Pakistan Basmati Rice Export Prices Continue to Decline Amid Increasing
Supplies and Weak Demand
Feb 06, 2015
Pakistan
basmati rice prices, which have been declining since September 2014 have
continued to decline in January 2105 as well due to increasing supplies and
declining export demand. The decline has been in line with the global rice
export prices. Especially rice import ban by Iran has affected both India and
Pakistan basmati rice export prices. In January 2015, Pakistan's basmati
rice export prices have declined about 1% to around $876 per ton from around
$885 per ton in December 2014, and down about 37% from their year-ago levels of
around $1,396 per ton, according to data from the UN's Food and Agriculture
Organization (FAO).
In
terms of local currency, average Pakistan basmati rice prices in January 2015
declined to around PKR 88,305 per ton (using historical exchange rates),
marginally down from around PKR 88,350 per ton in December 2014, and down about
39% from around PKR 145,603 per ton in January 2014.Average basmati rice prices
increased between August and September 2014 and peaked to around $1,450 per ton
in September 2014 due to fears of a fall in production as floods affected large
area of basmati rice acreage in Punjab. However, the overall production
of basmati rice has not been significantly affected by floods. Pakistan basmati
growers associations have been urging the government to provide adequate
support to increase competitiveness of Pakistan's basmati rice in the global
market.
Philippines Rice Stocks Decline Sharply in January 2015
Feb 06, 2015
Total rice
stocks in the Philippines as of January 1, 2015 reached around 2.66 million
tons, down about 12% from around 3.03 million tons recorded in December 2014,
and up about 25% from around 2.13 million tons recorded during the same period
last year, according to the Bureau of Agricultural Statistics (BAS).
According to the
BAS, household stocks (which account for about 49.8% of total rice stocks in
the country) have reached around 1.33 million tons as of January 1, 2015, up
about 5% from year-ago levels of around 1.27 million tons. Commercial warehouse
rice stocks (which account for about 30.5% of total stocks) have reached around
810,000 tons as of January 1, 2015, up about 40% from their year-ago levels of
around 580,000 tons. The rice stocks with the National Food Authority (NFA)
(which account for 19.7% of total stocks) stood at around 520,000 tons, up
about 93% from around 270,000 tons recorded in January 2014.
Month-on-month,
household rice stocks are down about 15%, commercial warehouse rice stocks are
down about 17% and NFA rice stocks - in which about 96.5% are imported rice -
are up about 6%, according to the BAS.
The BAS says that
the Philippines' rice stocks as of January 1, 2015 are enough to last for 78
days (household stocks are enough for 39 days, commercial warehouses stocks are
enough for 24 days and stocks with NFA are enough for 15 days).
The NFA is initially
planning to import 500,000 tons under government-to-government deals in 2015 to
ensure adequate stocks in the lean season (June – August). It imported more
than 1.8 million tons of rice (including 1.5 million tons of 2014 imports and
300,000 tons of 2013 residual imports) in 2014 to replenish rice stocks and control
price hikes.
Total rice stocks in
the Philippines as of January 1, 2015 reached around 2.66 million tons, down
about 12% from around 3.03 million tons recorded in December 2014, and up about
25% from around 2.13 million tons recorded during the same period last year,
according to the Bureau of Agricultural Statistics (BAS).
According to the
BAS, household stocks (which account for about 49.8% of total rice stocks in
the country) have reached around 1.33 million tons as of January 1, 2015, up
about 5% from year-ago levels of around 1.27 million tons. Commercial warehouse
rice stocks (which account for about 30.5% of total stocks) have reached around
810,000 tons as of January 1, 2015, up about 40% from their year-ago levels of
around 580,000 tons. The rice stocks with the National Food Authority (NFA)
(which account for 19.7% of total stocks) stood at around 520,000 tons, up
about 93% from around 270,000 tons recorded in January 2014.
Month-on-month,
household rice stocks are down about 15%, commercial warehouse rice stocks are
down about 17% and NFA rice stocks - in which about 96.5% are imported rice -
are up about 6%, according to the BAS.
The BAS says that
the Philippines' rice stocks as of January 1, 2015 are enough to last for 78
days (household stocks are enough for 39 days, commercial warehouses stocks are
enough for 24 days and stocks with NFA are enough for 15 days).
The NFA is initially
planning to import 500,000 tons under government-to-government deals in 2015 to
ensure adequate stocks in the lean season (June – August). It imported more
than 1.8 million tons of rice (including 1.5 million tons of 2014 imports and
300,000 tons of 2013 residual imports) in 2014 to replenish rice stocks and
control price hikes.
Vietnam Rice Sellers Lower Some of Their Quotes Today; Other Asia Rice
Quotes Unchanged
Feb 06, 2015
Vietnam rice sellers
lowered their quotes for 5% broken rice by about $5 per ton to around $350 -
$360 per ton today. Other Asia rice sellers kept their quotes mostly
unchanged.
5% Broken Rice
Thailand 5% rice is
quoted at around $405 - $415 per ton, about $55 per ton premium on Vietnam 5%
rice shown at around $350 - $360 per ton, down about $5 per ton from yesterday.
India 5% rice is quoted at around $395 - $405 per ton, about $50 per ton
premium on Pakistan 5% rice quoted at around $345 - $355 per ton.
25% Broken Rice
Thailand 25% rice is
quoted at around $365 - $375 per ton, about $40 per ton premium on Vietnam 25%
rice shown at around $325- $335 per ton. India 25% rice is quoted at around
$360 - $370, about $50 per ton premium on Pakistan 25% rice quoted at around
$310 - $320 per ton.
Parboiled Rice
Thailand parboiled
rice is quoted at around $405 - $415 per ton. India parboiled rice is quoted at
around $390 - $400 per ton, about $5 per ton discount to Pakistan parboiled
rice quoted at around $395 - $405 per ton.
100% Broken Rice
Thailand broken
rice, A1 Super, is quoted at around $320 - $330 per ton, about $15 per ton
premium on Vietnam 100% broken rice shown at around $305 - $315 per ton.
India's 100% broken rice is shown at around $295 - $305 per ton, about $5
per ton premium on Pakistan broken sortexed rice quoted at around $290 - $300
per ton.
Weekly Recap: When Will the Global Rice Market Bottom Out?
Feb 06, 2015
The
Oryza White Rice Index (WRI), a weighted average of global white rice export
quotes, ended the week at about $420 per ton, down about $2 per ton from a week
ago, down about $9 per ton from a month ago and down about $43 per ton from a
year ago.Global rice export quotes remain steady to lower but some analysts are
forecasting that near-term production cutbacks, on account of lower prices,
will set the rice market up for an eventual recover later this year or next.
The
UN’s Food and Agriculture Organization (FAO) estimates 2014-15 global rice
production will decline marginally from last year’s production to around 496.2
million tons; this estimate is up slightly from its previous estimate.
The decline from last year is attributed to decreases in South America, Sri Lanka,
Australia, and Madagascar.
The FAO’s global
rice price index declined 1% from December to January, reaching 222 points in
January.
Thailand
Thailand 5% broken
rice is today shown at about $405 per ton, unchanged from a week ago, down
about $5 per ton from a month ago, and down about $35 per ton from a year ago.
The Thai Rice
Exporters Association (TREA) estimates Thailand’s 2015 rice exports will
decline to about 10 million tons, down about 9% from 2014, due to strong
competition from Vietnam.
In 2015, Thailand is
expected to experience the worst drought in more than a decade, according to
the Irrigation Department Officials. The government has allocated about
6.8 billion baht (about $208.65 million) to help alleviate and endure the
drought.
The Finance Ministry
plans to take over debts associated with the rice pledging scheme from the Bank
of Agriculture and Agricultural Cooperatives (BAAC) to allow the BAAC to take
up more expansion activities.
The current
military-led government plans to reduce paddy rice production to about 33.73
million tons by 2016-17, down about 4% from the average over the last six years
to manage surplus rice stocks and boost prices.
India
India 5% broken rice
is today shown at about $400 per ton, unchanged from a week ago, up about $10 a
month and down about $15 per ton from a year ago.
The western state
Maharashtra has approved field trials of five genetically modified crops,
including rice, maize, chickpea, eggplant, and cotton.
Vietnam
Vietnam 5% broken
rice is today shown at about $355 per ton, down about $5 per ton from a week
ago, down about $25 per ton from a month ago and down about $50 per ton from a
year ago.
During the period
January 1-29, Vietnam exported about 169,358 tons of rice, down about 45% from
January 2014 and down about 64% from December.
Vietnam has agreed
to export about 240,000 tons of 5% broken rice to Malaysia between April and November.
The state-owned
Vinafood 2 (Southern Food Corporation) has changed its rice purchasing model
for export and will now buy paddy directly from farmers and process it for
export instead of buying processed rice from merchants and millers.
Pakistan
Pakistan 5% broken
rice is today shown at about $350 per ton, down about $10 per ton from a week
ago, down about $30 per ton from a month ago and down about $45 per ton from a
year ago.
In January 2015,
Pakistan's basmati rice export prices have declined about 1% m/m to
around $876 per ton from around $885 per ton in December 2014, and down about
37% from their year-ago levels of around $1,396 per ton, according to data from
the UN's Food and Agriculture Organization (FAO). In terms of local
currency, average Pakistan basmati rice prices in January 2015 declined to
around PKR 88,305 per ton (using historical exchange rates), marginally down
from around PKR 88,350 per ton in December 2014, and down about 39% from around
PKR 145,603 per ton in January 2014.
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.
The Brazilian paddy
rice index maintained by the CEPEA reached around 38.24 real per 50 kilograms
as of February 03, 2015, down about 0.34% from around 38.37 real per 50
kilograms recorded on January 27, 2015. In terms of USD per ton, the
index reached around $282.7 per ton on February 03, 2015, down about 5% from
around $297.4 per ton recorded on January 27, 2015.
The USDA Post
estimates Brazil’s MY 2014-15 (April-March) rice exports will be around 900,000
tons, unchanged from both the previous year and previous estimates.
The USDA Post
anticipates declining oil prices will affect rice imports to Venezuela.
U.S.
U.S. 4% broken rice
is today shown at about $500 per ton, unchanged from a week ago, down about $15
per ton from a month ago and down about $80 per ton from a year ago.
In the U.S. cash
market buying and selling interest were limited throughout the week with prices
mostly unchanged.
Chicago rough rice
futures for March delivery were dropping early in the week, opening at $10.570
per cwt (about $233 per ton) on Monday and reaching a week-low of $10.010 per
cwt (about $221 per ton) on Tuesday before finding support and reversing.
They reached a high of $10.750 per cwt (about $237 per ton) on Friday before
closing just under it at $10.740 per cwt (about $237 per ton).
Other Markets
Paddy rice
production in Mauritania
reached around 202,000 tons in 2013-14, making it sufficient to cover 69% of
the country’s domestic consumption demand. The Agriculture Minister
anticipates production in 2014-15 will meet 90% of the country’s consumption
needs.
Government in China has decided to continue the state stockpiling policy of
rice in 2015 but will maintain last year’s minimum rice purchase prices (MRPP).
Nepal
imported about 97,098 tons of rice from India through the Belhiya transit point
in the first six months of the current fiscal year 2014-15 (August 2014-July
2015), up about 42% from the same period in FY 2013-14.
Japan
has bought and sold around 895 tons of whole grain/brown rice of U.S.,
Australia, Pakistan, Thailand, and Vietnam origins and about 500 tons of broken
rice of Thailand and Vietnam origins in the sixth Simultaneous Buy-Sell
tender. Japan is seeking to import about 30,000 tons of rice in the
tender with the last date for applications February 17.
The USDA Post
estimates Japan’s 2015 rice imports will be about 700,000 tons, up about 8%
from 2014, due to anticipated decline in production.
Cambodia 5% broken rice is today shown at about $435 per ton, down about $10
per ton from a week ago, down about $20 per ton from a month ago and a year
ago. Separately, the Cambodia Rice Federation (CRF) is trying to raise the
requisite funding for the rice sector development through the export fees paid
by the rice exporters. It has decided on an export fee of about $0.50 per
ton for long-grain white rice and about $1 per ton for fragrant rice.
Meanwhile, the Commerce Minister has expressed concern that a lack of
sufficient milling capacity and funding may prevent Cambodia from reaching its
one million ton export target by 2015.
The UN’s FAO has
forecasted the Philippines
2014 rice imports will remain at last year’s level of about 1.8 million tons,
reflecting the government’s efforts to stabilize domestic prices and replenish
public stocks. Meanwhile, total rice stocks in the Philippines as of January 1
had reached about 2.66 million tons, down about 12% from December and up about
25% from the same period last year, according to the Bureau of Statistics.
Separately, the Philippines will export about two tons of organic black rice to
the U.S. this month. The country also plans to export hybrid rice seeds
to Papua New Guinea.
Total milled rice
production in the European Union is expected to decline to around 1.637 million tons in the
marketing/crop year 2014-15 (September-August), a decrease of about 7.5% from
MY 2013-14, according to the EU Directorate General for Agriculture and Rural
Development.
The USDA Post
estimates South Korea will
import about 560,000 tons of rice in MY 2014-15, including 408,000 tons of rice
imports under the WTO’s Minimum Marketing Agreement quota in the 2015 calendar
year.
Paddy rice
production in 2015 in Indonesia
is expected to reach about 71.28 million tons, up about 0.95% from around 70.6
million tons produced in 2014.
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