Vietnam, Thailand Plan to Jointly Develop Sustainable Rice Markets
Mar
16, 2015
Agriculture Ministers of Thailand
and Vietnam, who met in Hanoi on March 12, 2015, have decided to work closely to
develop sustainable rice markets in order to increase the quality and value of
rice production in the long-run, according to local sources.
Thailand and Vietnam together
contribute to over half of global rice exports.The Thai Agriculture Minister
noted that rice prices in both Thailand and Vietnam have been declining despite
both being the world's biggest rice exporters due to competitive global prices.
Since Vietnam and Thailand grow similar types of rice, the Thai Minister
suggested that both the governments could work together and design a long-term
strategy by defining common grain standards, quality and prices.The Vietnam
Agriculture Minister reiterated the government's intention to jointly work with
Thailand to derive long-term benefits.
EU Project Uses Space and
Sensory Technology to Boost Rice Yields
Mar
16, 2015
The European Union (EU) funded
project ERMES is developing new models for monitoring rice crops through
advanced information, including early warnings of possible threats, and there
by boost rice yields, according to a notice on the EU website.The project aims
at integrating innovative remote sensing and crop modelling techniques to
assist farmers and authorities in rice cultivation and monitoring activities.
The data collected will be used to develop two web-based services - Local Rice
Service (LRS) and a Regional Rice Service (RRS) - to improve rice production in
Europe.
The project mainly aims to reduce
production costs, achieve efficiencies and minimize the impact of rice
production on environment.The LRS provides value added information for farmers
on yields ad crop damages to farmers as well as help them in using the right
amount of fertilizers depending on the variety of rice seed used. Customized
smart applications for mobile phones and tablets are being developed to aid the
farmers benefit from these services.The RRS is a customized agro-monitoring
resource for crop mapping, yield estimating and risk forecast for a particular
region.
The project is coordinated by the
Institute on Electromagnetic Sensing of Environment (CNR-IREA), and involves
partners of four European countries (Greece, Spain, Italy, Switzerland) with
strong expertise in different scientific domains, such as: Remote Sensing, Crop
Modelling, Agronomy and Information and Communication Technology.
USDA Forecasts 2014-15 Global
Milled Rice Production at 474.9 Million Tons, Slightly Down from Previous Year
Mar
16, 2015
In its March Rice Outlook report, USDA has forecasted 2014-15 global milled rice production at around 474.9 million
tons, slightly down from an estimated 476.96 million tons in 2013-14, and
slightly up from its last month's estimates of around 474.6 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 or near-record rice crops in 2014-15, while
it forecasts a little change in production levels of South America and
Sub-Saharan Africa.
In the latest report, USDA increased
its production estimates for India 2014-15 rice production by around 500,000
tons to around 102.5 million tons due to expected larger Rabi crop (November -
May), which accounts for about 15% of India's total production. Harvesting of
Rabi crop is likely to begin this month. USDA also raised its production
estimates for Sri Lanka based on government's reports of a higher Maha crop
(September - March), which accounts for nearly 70% of Sri Lanka's rice
production. However, USDA lowered its production estimates for Thailand due to
a reduction in harvested area of dry season crop, which accounts for about
25-30% of Thailand's total production, by about 18%, due to ongoing drought
conditions.
USDA forecasts 2014-15 global rice acreage at around 159.6 million hectares, slightly down from
last year's 160.8 million hectares, and slightly down from its previous month's
estimates of around 160.2 million hectares due to an expected y/y decline in
Thailand and India rice acreage. It has forecasted the average global yield at 4.43 tons per hectare (on
rough rice basis), almost unchanged from last year as well as last month's
projections.
USDA estimates 2014-15 global rice consumption and residual use at a record 483.7 million tons, up
about 2.9 million tons from last year, and up about 500,000 tons from an
estimated 483.2 million tons last month. Major increases in consumption and
residual use are expected in Bangladesh, China, India, Indonesia, Nigeria, the
Philippines, and the U.S.
The U.S. agency estimates 2014-15 global rice ending stocks at around 97.6 million
tons, down about 8% from an estimated 106 million tons last year and down about
600,000 tons from last month's projection of about 98.2 million tons. USDA
estimates lower ending stocks in India, Indonesia and Thailand but higher
stocks in the Philippines and the U.S. It estimates 2014-15 global
stocks-to-use ratio at 20.2%, down from last year's 22.1%.
Thailand to Set Up Two Panels to
Investigate G2G Rice Deals
Mar
16, 2015
The government of Thailand has decided
to set up two investigative panels to probe for alleged corruption in
government-to-government (G2G) deals as part of the rice pledging scheme
introduced by the former Prime Minister Yingluck Shinawatra, according to local
sources. The scheme offered to pay farmers nearly 50% over the market
prices.The probe comes after the National Anti-Corruption Commission (NACC)
advised the Ministry to file civil suits against the 21 accused individuals,
including the former Commerce Minister, the former Deputy Commerce Minister as
well as 19 high-level officers and private sector employees, for alleged
corruption in G2G rice deals with China.
Two panels will be set up within the
next ten days and the investigation is likely to be completed by September 1,
2015. If the panels find the accused officials guilty of "deliberate or
serious reckless acts" aimed at taking advantage of their positions under
the Act on Liability for Wrongful Acts of Officials, compensation would be
sought from them, and if the panels find no grounds of corruption, the
government may not recover any damages from the officials, a Finance Ministry
source was quoted as saying.
One panel is attached to the Finance Ministry and will
carry out probe related to the former PM. The other panel is attached to the
Commerce Ministry and will investigate the case linked to the former Commerce
Minister and his Deputy, according to local sources.The Finance Ministry source
reportedly stated that the case is the first of its kind, which aims to recover
damages from officials executing government policy. It also stated that the
case would create some sort of fear in state officials in the future.
Last month, the Thai Attorney
General has filed criminal charges against the former PM for alleged negligence
in overseeing the rice pledging scheme, which brought losses to the extent of
600 billion baht (around $18 billion) to the government. Estimated losses
include depreciation of rice stocks as well as missing stocks from warehouses,
according to local sources. The Supreme Court will decide on March 19, 2015
whether to pursue the criminal case against the former PM.
Philippines Plans to Review Rice
Import Policy
Mar
16, 2015
The National Economic and Development
Authority (NEDA) has decided to review the government's agriculture policy
especially with regard to rice imports and the quantitative restriction (QR)
regulations, local sources quoted the NEDA Director General (DG) as
saying.Speaking at a media briefing, the NEDA DG, who is also the country's
Chief Economist and Socioeconomic Planning Secretary, reportedly noted that the
decision has been taken by the Economic and Development cluster of the Cabinet.
He noted that the government was considering to repeal the Agricultural
Tariffication Act of 1996, RA No.8178, under which QRs were imposed on rice
imports.
He also noted that the related
government agencies, including the Department of Agriculture (DA) have agreed
to come up with proposals to eventually scrap the QR system. A technical
working group would be set up to study the benefits and risks associated with
the QR regime in rice imports as well as come up with measures to stabilize
prices.The Chief Economic Secretary noted that QRs on rice were leading to
imbalance between demand and supply of rice leading to spike in prices. Last
week, he suggested the government to remove QRs on rice imports to stabilize
rice prices in the country. He slammed the government's decision to seek
extension of the QRs on rice imports at the World Trade Organization (WTO) in
order to protect the local rice sector from foreign competition.
Last year, the WTO allowed the
Philippines to extend the QRs until 2017. Under the new QR policy, the
Philippines can import 805,200 tons of rice under the minimum access volume
(MAV) of at 35% duty. Imports above the MAV will attract 50% duty.He noted that
the government should allow private sector to determine prices and also
suggested that the government needs to monitor the supply of demand for rice to
avert upward pressure on prices. He also noted that the government should focus
on initiatives such has better irrigation systems and latest agricultural
technologies to increase rice production and farmers' incomes.The National Food
Authority (NFA) has decided to import 200,000 tons of rice from Thailand and
300,000 tons of rice from Vietnam under government-to-government (G2G) deals to
ensure adequate stocks ahead of the lean season as well as to curb price hikes.
The NFA imported over 1.4 million tons of rice last year.
Government of Bangladesh Estimates 2014-15 Aman Rice Output at 13.189
Million Tons; Up 1.3% from Last Year
Mar
16, 2015
The government of Bangladesh has estimated
the total output from 2014-15 Aman rice crop (April - December) at around
13.189 million tons, up about 1.3% from around 13.023 million tons produced in
2013-14, according to local sources.The estimates were worked out last week at
a meeting of senior officials of Agriculture Ministry, Department of
Agricultural Extension (DAE), Bangladesh Bureau of Statistics (BBS) and Space
Research and Remote Sensing Organization (SPARSO). The meeting also estimated
the 2014-15 Aman paddy yield at around 2.385 tons per hectare.
Harvesting of 2014-15 Aman rice
completed in December and the government procured around 319,977 tons of
2014-15 Aman (April - December) rice as of February 28, 2015, according to the
Food Ministry data.Harvesting of the ongoing 2015 Boro rice crop (January -
May) will complete by the end of May and the government is expecting a total
output of around 19 million tons, up about 2% from around 18.78 million tons
produced in 2014. The government is planning to procure around one million tons
of Boro paddy and around 100,000 tons of Boro rice between May 1 - August 31,
2015. The government procured around 1.06 million tons of paddy and rice in
2014.
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 DAE data.USDA estimates Bangladesh to produce
around 34.6 million tons of milled rice in MY 2014-15 (May - April), up about
1% from an estimated 34.39 million tons in MY 2013-14. It estimates Bangladesh
to import around 600,000 tons of rice in 2015, down about 20% from an estimated
751,000 tons in 2014.
Thailand, Pakistan Rice Sellers
Lower Their Quotes Today; Other Asia Rice Quotes Unchanged
Mar
16, 2015
Thailand rice sellers lowered their quotes for 5% broken rice and parboiled
rice by about $10 per ton and about $15 per ton respectively to around $385 -
$395 each today. Pakistan rice sellers lowered most of their quotes by about $5
- $10 per ton today. Vietnam and India rice sellers kept their quotes
mostly unchanged today.
5% Broken Rice
Thailand 5% rice is indicated at around $385 - $395 per ton, down about $10
per ton from Friday and about a $20 per ton premium on Vietnam 5% rice
shown at around $365 - $375 per ton. India 5% rice is indicated at around $390
- $400 per ton, about a $45 per ton premium on Pakistan 5% rice shown at around
$345 - $355 per ton, down about $5 per ton from Friday.
25% Broken Rice
Thailand 25% rice is shown at around $370 - $380 per ton, about a $30 per
ton premium on Vietnam 25% rice shown at around $340- $350 per ton. India 25%
rice is indicated at around $360 - $370, about a $50 per ton premium on
Pakistan 25% rice shown at around $310 - $320 per ton, down about $5 per ton
from Friday.
Parboiled Rice
Thailand parboiled rice is indicated at around $385 - $395 per ton, down
about $15 per ton from Friday. India parboiled rice is indicated at around $380
- $390 per ton, about $5 per ton discount to Pakistan parboiled rice shown at
around $385 - $395 per ton, down about $10 per ton from Friday.
100% Broken Rice
Thailand broken rice, A1 Super, is indicated at around $320 - $330 per ton,
about a $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 $275 - $285 per
ton, about a $5 per ton discount to Pakistan broken sortexed rice shown
at around $280 - $290 per ton, down about $10 per ton from Friday.
Oryza Overnight Recap – Chicago
Rough Rice Futures Lower Overnight Despite Firmer Grains to Begin the Weeek
Mar
16, 2015
Chicago rough rice futures for May
delivery are currently listed 11 cents per cwt (about $2 per ton) lower at
$10.470 per cwt (about $231 per ton) during early floor trading in Chicago. The
other grains are seen trading higher this morning: soybeans are currently seen
about 0.2% higher, wheat is listed about 1.1% higher and corn is currently
noted about 0.2% higher.U.S. stocks opened higher on Monday, as investors eyed
weakness in the dollar and oil prices ahead of Wednesday's key Fed meeting.
The U.S. dollar index fell about half a
percent on Monday after gaining nearly 3 percent in the last week as the euro
fell to 12-year lows below $1.05. Crude oil extended losses to dip below $44 a
barrel, a six-year low, while Brent fell below $54 a barrel. U.S. stocks mostly
sold off last week amid more than 1% swings as investors weighed the
implications on an interest rate hike from the dollar surge and mixed economic
data. In the lull before companies begin reporting first-quarter earnings in
mid-April, few firms post results this week. Economic data is also light, with
the housing market index the only key report expected during Monday's trading
session.
Before the bell, the Empire State Index
posted 6.90 for March, below February's 7.78. Industrial production rose 0.1%
in February, below expectations, with capacity utilization slightly lower at
78.9%. Gold is currently trading about 0.4% higher, crude oil is seen trading
about 1.7% lower, and the U.S. dollar is currently trading about 0.7%
lower at 8:00am Chicago time.
Japan Exporters Launch
"This is Japan Quality" Mission to Boost Rice Exports
Mar
16, 2015
The Japan Rice and Rice Industry
Export Promotion Association has launched the "This is Japan Quality"
initiative jointly with the Agriculture Ministry to boost rice exports by
highlighting the merits of Japanese rice, according to local sources.The
exporters are initially focusing on increasing rice exports to Singapore before
expanding exports globally, the Association's Chairman was quoted as saying.
Singapore has been chosen so as to take advantage of the Singaporeans' appetite
for Japanese cuisine, he said. The Chairman added they are planning to use the
high income nation as a "strategic springboard" to expand Japanese
culinary culture in Southeast Asia and spur interest in Japanese rice
products.Japan exported around 1,200 tons of rice worth around 370 million yen
(around $3 million) to Singapore last year.
The Association has also launched a
logo for Japanese rice and rice products as well as website containing
information on Japanese rice. Buyers can track information of various rice
varieties based on the QR codes on the packages.Japan rice export market is
about 1.4 billion yen (around
$11.5 million) and the government is
keen on increasing the export value of rice and rice products to around 60
billion yen (around $495 million) by 2020, the Director General for crop
production at the Agriculture, Forestry and Fisheries Ministry was quoted as
saying. Declining rice consumption in Japan is cited as one of the reasons for
promoting exports of rice and rice products, say local sources.
Oryza U.S. Rough Rice Recap -
Prices Stable amid Limited Trade; Export Bids Getting Zero Attention
Mar
16, 2015
The U.S. cash market was uneventful
today as most buyers and seller remain uninterested in trading this
market.There are reports of some small lots trading around $10.75-$11.00 per
cwt (about $237-$243 per ton) delivered mill for nearby however most sellers
are looking to net $11.11 per cwt (about $245 per ton) fob farm.As for export
bids, most looking to buy around $10.00-$10.15 per cwt (about $220-$224 per
ton) delivered river however there is zero sell interest at that level.
Oryza Afternoon Recap - Chicago
Rough Rice Futures Dragged Lower along with Corn and Beans by Falling Crude;
Wheat Rallies as Traders Turn Attention to Lack of Moisture
Mar
16, 2015
Chicago rough rice futures for May
delivery settled 5.5 cents per cwt (about $1 per ton) lower at $10.525 per cwt
(about $232 per ton). The other grains closed lower except for wheat which
rallied as concerns grow over a lack of moisture in key growing regions;
Soybeans closed about 0.5% lower at $9.6925 per bushel; wheat finished about
2.4% higher at $5.1400 per bushel, and corn finished the day about 0.4% lower
at $3.7900 per bushel.
U.S. stocks traded higher on Monday
as investors eyed weakness in the dollar and oil prices ahead of Wednesday's
key Fed meeting. The U.S. dollar index fell nearly 1% on Monday to trade below
100. The index gained nearly 3% in the last week as the euro dipped to 12-year
lows below $1.05. The Dow Jones industrial average briefly gained more than 200
points as all the major indices advanced to trade in the black for the year.
The Federal Open Market Committee
holds its March meeting over the next two days, with the release of its
statement on Wednesday. Investors are watching to see if the key word
"patient" remains in the statement, an indication of when short-term
interest rates might go up. Before the bell, the Empire State Index posted 6.90
for March, below February's 7.78. Industrial production rose 0.1% in February,
below expectations, with capacity utilization slightly lower at 78.9%.The Dow
Jones industrial average traded up 180 points, or 1.02%, at 17,929.
The S&P 500 traded up 20 points,
or 1.00%, at 2,073, with utilities leading nine sectors higher and materials
the greatest laggard. The Nasdaq traded up 41 points, or 0.84%, at 4,912. Gold
is trading about 0.1% higher, crude oil is seen trading about 2.8% lower, and
the U.S. dollar is seen trading about 0.8% lower at about 1:00pm Chicago
time.Friday, there were 270 contracts traded, down from 610 contracts traded on
Thursday. Open interest – the number of contracts outstanding – on Friday
decreased by 1 contract to 8,978.
Global Rice Quotes
March 16th, 2015
Long grain white rice - high quality
Thailand 100% B grade 400-410
↓
Vietnam 5% broken 365-375 ↔
India 5% broken 390-400
↔
Pakistan 5% broken 345-355
↓
Myanmar 5% broken 415-425 ↔
Cambodia 5% broken 425-435 ↔
U.S. 4% broken 480-490
↔
Uruguay 5% broken 580-590 ↔
Argentina 5% broken 570-580 ↔
Long grain white rice - low quality
Thailand 25% broken 370-380 ↔
Vietnam 25% broken 340-350 ↔
Pakistan 25% broken 310-320 ↓
Cambodia 25% broken 410-420
↔
India 25% broken 360-370
↔
U.S. 15% broken 470-480
↔
Long grain parboiled rice
Thailand parboiled 100% stxd 385-395
↓
Pakistan parboiled 5% broken stxd 385-395
↓
India parboiled 5% broken stxd 380-390
↔
U.S. parboiled 4% broken 555-565
↔
Brazil parboiled 5% broken 570-580
↔
Uruguay parboiled 5% broken NQ
↔
Long grain fragrant rice
Thailand Hommali 92% 895-905
↔
Vietnam Jasmine 455-465
↔
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Mails 790-800 ↔
Brokens
Thailand A1 Super 320-330
↔
Vietnam 100% broken 305-315
↔
Pakistan 100% broken stxd 280-290
↓
Cambodia A1 Super 345-355 ↔
India 100% broken stxd 275-285
↔
Egypt medium grain brokens NQ
↔
U.S. pet food 380-390 ↔
Brazil half grain NQ
↔
All prices USD per ton, FOB vessel,
oryza.com
Oryza Afternoon Recap - Chicago
Rough Rice Futures Dragged Lower along with Corn and Beans by Falling Crude;
Wheat Rallies as Traders Turn Attention to Lack of Moisture
Mar
16, 2015
Chicago rough rice futures for May
delivery settled 5.5 cents per cwt (about $1 per ton) lower at $10.525 per cwt
(about $232 per ton). The other grains closed lower except for wheat which
rallied as concerns grow over a lack of moisture in key growing regions;
Soybeans closed about 0.5% lower at $9.6925 per bushel; wheat finished about
2.4% higher at $5.1400 per bushel, and corn finished the day about 0.4% lower
at $3.7900 per bushel.U.S. stocks traded higher on Monday as investors eyed
weakness in the dollar and oil prices ahead of Wednesday's key Fed meeting. The
U.S. dollar index fell nearly 1% on Monday to trade below 100.
The index gained nearly 3% in the last week as
the euro dipped to 12-year lows below $1.05. The Dow Jones industrial average
briefly gained more than 200 points as all the major indices advanced to trade
in the black for the year. The Federal Open Market Committee holds its March
meeting over the next two days, with the release of its statement on Wednesday.
Investors are watching to see if the key word "patient" remains in
the statement, an indication of when short-term interest rates might go up.
Before the bell, the Empire State Index posted 6.90 for March, below February's
7.78. Industrial production rose 0.1% in February, below expectations, with
capacity utilization slightly lower at 78.9%.
The Dow Jones industrial average
traded up 180 points, or 1.02%, at 17,929. The S&P 500 traded up 20 points,
or 1.00%, at 2,073, with utilities leading nine sectors higher and materials
the greatest laggard. The Nasdaq traded up 41 points, or 0.84%, at 4,912. Gold
is trading about 0.1% higher, crude oil is seen trading about 2.8% lower, and
the U.S. dollar is seen trading about 0.8% lower at about 1:00pm Chicago
time.Friday, there were 270 contracts traded, down from 610 contracts traded on
Thursday. Open interest – the number of contracts outstanding – on Friday
decreased by 1 contract to 8,978.
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