Vietnam May Reconsider Provincial Stock
Allocations as Businesses Oppose Current Plan
Mar 06, 2015
Vietnam
businesses in the Mekong River Delta (MRD) region but are opposing the
government's stock allotment to various provinces in the region, according to
local sources. They have started purchasing for the 2015 rice stockpiling plan,
which the government approved to prevent prices from falling during the harvest
of the winter-spring crop.The Vietnam Food Association (VFA) has allotted stock
collection quotas to various provinces based on the storage capacities of
businesses in a particular province, their capacity to export as well as their
participation in large-scale rice fields, according to the VFA Vice-Chairman.
He
noted that the VFA allocated 251,433 tons for An Giang Province, 175,696 tons
for Can Tho City, 155,474 tons for Dong Thap Province, 118,757 tons for Long An
Province, over 83,000 tons for Tien Giang Province, 79,000 tons for Kien Giang
Province, 2,400 tons for Ca Mau Province and 8,000 tons for Bac Lieu. He added
that the allocations for only two provinces had increased compared to that in
last year and allocations of others have considerably declined.Businesses have
been expressing concern over reducing allocations for local firms in many
provinces. For instance, in An Giang province, of the total allotted stocks of
about 251,433 tons, local firms are allowed to buy only 137,000 tons and the
remaining is allotted to outside enterprises. The same is the case with
many other provinces, they said.Firms also noted that the VFA has allotted
smaller volumes to firms with considerably big storage capacities while it
allotted reasonably big volumes to new firms which had not participated in last
year's stockpiling program. Exporters have therefore urged the VFA to
reconsider increasing stock allocations to provinces as well as local firms. The
VFA Vice-Chairman hinted that the VFA may reconsider increasing stock
allocations for provinces.
Vietnam Rice Exports to Asian Destinations Decline Sharply in January 2015
Mar 06, 2015
Vietnam has exported
around 320,750 tons of rice in January 2015, down about 12% from around 366,130
tons exported in December 2014, and down about 3% from around 331,480 tons
exported in January 2014, according to USDA. While share of Vietnam's rice exports
to Asia and Australia declined m/m in January 2015, its share of exports to ,
Africa, Europe and Americas increased.
Asia accounted for
around 132,097 tons (about 41% of total rice exports by Vietnam in January
2015), down about 47% from around 247,999 tons exported in December 2014, and
down about 54% from around 286,135 tons exported in January 2014.
Vietnam exported
around 114,912 tons of rice to Africa (about 36% of total January 2015
exports), up about 49% from around 76,888 tons exported in December 2014, and
about 7 times higher from around 16,022 tons exported in January 2014.
Vietnam
exported around 62,625 tons of rice to American destinations (about 20% of
January 2015 exports), up about 98% from around 31,684tons exported in December
2014, and about 2.5 times more from around 25,148 tons exported in January
2014.Vietnam's exports to Australia (about 0.4% of January 2015 exports)
declined about 77% to around 1,429 tons in January 2015
from
around 6,375 tons exported in December 2014 and increased about 77% from around
804 tons exported in January 2014.Vietnam's exports to Europe and CIS countries
(about 3% of total January 2015 exports) accounted for around 9,687 tons, about
3 times higher than around 3,164 tons exported in December 2014 and about 2.8
times higher than around 3,371 tons exported in January 2014.In terms of grade,
5% broken rice exports accounted for around 127,905 tons (or, about 40% of
total January 2015 exports); Jasmine rice exports accounted for around 100,052
tons (or, about 31% of total January 2015 exports); 15% broken rice exports
accounted for around 34,709 tons (or, about 11% of total exports in January
2015); 25% broken rice exports accounted for around 14,091 tons (or, about 4%
of total exports in January 2015); glutinous rice exports accounted for around
13,116 tons (or, about 4% of total January 2015 exports); and 10%, 100% and
other varieties accounted for around 30,877 tons (or, about 10% of total
exports in January 2015).
Italy's Fashion City to Catch A Glimpse
of Rice Fields
Mar 06, 2015
Rice is all set to
steal the show during the International Expo Fair in Italy's fashion city Milan
from May 1 to October 31, 2015. Italian artist Michelangelo Pistoletto is
designing a rice field on the roof top of Superstudio Più located in Milan
under a project called "Terzo paradiso - vivere la città " (Third
paradise - living the city).The project seeks to transform a town vegetable
garden into a real rice field. A rice straw hut is also being planned, which
will be used for hosting cultural events as well as serve as a meeting and
training place for artists and creatives, architects and designers, and social
community workers.
Oryza Overnight Recap – Chicago Rough Rice Futures Continue to Sell Off as
US Dollar Rallies
Mar 06, 2015
Chicago
rough rice futures for May delivery are currently listed 8 cents per cwt (about
$2 per ton) lower at $10.490 per cwt (about $231 per ton) during early floor
trading in Chicago. The other grains are seen trading mixed this morning: soybeans
are currently seen about 0.4% lower, wheat is listed about 0.5% higher and corn
is currently noted about 1.2% lower.U.S. stocks traded lower on Friday amid
corporate news, as investors digested February's jobs report that indicated an
interest rate hike could come sooner rather than later. The jobs report showed
a gain of 295,000, above expectations of 240,000 in February, down from 257,000
in January.
The unemployment rate fell to 5.5 percent,
while hourly wages ticked up 0.1 percent, below consensus and off the surprise
0.5 percent gain in January. Bond yields rose, with the U.S. 10-year Treasury
note yield at 2.20 percent, on increased anticipation of an interest rate hike
sooner rather than later. The U.S. dollar rose 1% against major world currencies.
The Dow briefly fell more than 100 points in the open, down 0.54% at 18,039.
The S&P 500 opened down 9 points, or 0.43%, at 2,091, with utilities
leading all sectors except financials lower. The Nasdaq opened down 10 points,
or 0.22%, at 4,972. Gold is currently trading about 1.9% lower, crude oil is
seen trading about 0.7% lower, and the U.S. dollar is currently trading
about 1.2% higher at 9:30am Chicago time.
Oryza U.S. Rough Rice Recap - Slightly Weaker Market as Export Bids Drop on
Firming USD
Mar 06, 2015
The U.S. cash market
was slightly weaker today as bids continue to fall, especially bids on the
river as the dollar firms, however sellers show little interest in letting go
at these prices.Analysts note that most farmers are still hoping to net around
$11.11 per cwt fob farm (about $245 per ton) and there are some domestic buyers
paying close to that for small quantities for prompt shipment however most of
the buy interest is about $1.00 per cwt (about $22 per ton) below that level.
Eating Rice With Chopsticks Holds Health Benefits
Mar 06, 2015
A
study carried out by the Singapore Institute for Clinical Sciences, the
National University of Singapore and the Clinical Nutrition Research Centre
(CNRC) found that eating rice with chopsticks rather than with spoons or hands
can control blood sugar level. The a team of local nutrition experts
investigated the eating habits of 11 people to analyze the differences between
those who use chopsticks, spoons and hands to eat rice. They observed significantly
lower glucose response in those who used chopsticks to eat rice compared to
those who ate rice with spoons or their hands. The CNRC Director
explained that when one uses chopsticks, they pick up less amount of rice
compared to that when they use spoons or hands and as a result of that they
tend to eat less in a mouthful and take more time to eat the food. This
tendency helps in better digestion of carbohydrate particles leading to a lower
increase in blood sugar after eating. He added that a slower rate of glucose
response was more effective in reducing the risk of Type 2 diabetes.He advised
people who do not have a habit of using chopsticks to eat less in each
mouthful and enjoy their food slowly to avoid the risk of diabetes.He also noted
that basmati rice is low in glycemic index (GI), the extent to which a
carbohydrate rich food increases level of blood glucose, and it can be
considered to lower glucose response. Other ways to lower glucose response is
to eat rice with vegetables or meat and not eating very hot rice, he said.
Indonesia Plans Rice Planting and Harvesting Cycle to Ensure Continuous
Stocks and Curb Imports
Mar 06, 2015
The
government of Indonesia is planning to design a cycle of rice plant of
harvesting covering the entire nation to maintain continuous stocks in the
country, according to Reuters.The President was quoted as saying that
simultaneous harvesting across the country has been leading to excessive stocks
during the harvesting season leading to price falls. A cycle of rice planting
and harvesting will help to increase farmers' yields, maintain continuous
stocks throughout the year thus stabilize rice prices. Such as system will also
help to curb rice imports, he said.He also urged the farmers to increase the
paddy yields from the current 5 tons per hectare to 9-10 tons per hectare. He
noted that the government would support the farmers by providing the adequate
infrastructure, including irrigation systems, seeds and rice machinery.The
President also noted that the government would announce the paddy price next
week and it would be in line with market conditions and farmers'
expectations.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 (October - September).
Weekly Recap: Index Steadies as Quotes Firm
Mar 06, 2015
The Oryza White Rice
Index (WRI), a weighted average of global white rice export quotes, ended the
week at about $422 per ton, up about $3 per ton from a week ago, up about $2
per ton from a month ago and down about $35 per ton from a year ago.The UN’s
FAO has forecasted 2014-15 global rice production to be about 495.9 million
tons, down slightly from both last year and previous forecasts for this
year. The FAO estimates global rice utilization at around 500 million
tons, up about 1.7% from 2013-14, and global rice stocks at about 176.2 million
tons, down about 2% from last year. The FAO expects 2014-15 global rice
trade to reach around 41.4 million tons, down about 1.4% from last year but up
about 1% from earlier forecasts for this year.The FAO All Rice Price Index
continued its six-month decline, reaching about 220 points in February, down
about 1% from January due to declines in the Higher and Lower Quality Indica
and Japonica sub-indices.
Thailand
Thailand 5% broken
rice is today shown at about $405 per ton, unchanged from a week and a month
ago and down about $15 per ton from a year ago.
Thailand has
received 45 bids for the one million tons of rice it plans to auction on March
6.
Thailand may sell
poor quality rice after August 2015, as local and overseas buyers are looking
to buy it for use in the non-food sector.
A delegation of Thai
rice exporters met with Namibia’s
President to discuss ways the country can help the South West African nation
start and sustain rice production.
Vietnam
Vietnam 5% broken
rice is today shown at about $370 per ton, up about $5 per ton from a week ago,
up about $20 per ton from a month ago and down about $15 per ton from a year
ago.
The Deputy Head of
the Department of Cultivation stated that dry weather and crop diseases are
expected to reduce the rice output in Vietnam’s northern provinces, and salt
water intrusion is likely to impact rice production in the southern Mekong
River Delta.
The Vietnam Food
Association has cut the floor price (minimum export price) of lower quality 25%
broken rice exports to around $350 per ton. 
Businesses in the
country have started purchasing and stockpiling one million tons of
winter-spring crop in Vietnam’s Mekong Delta during March 1 to April 15, in
line with the government’s directions to control price falls during the harvest
season.
In January, Vietnam
exported about 320,750 tons of rice, a decrease of about 12% from December and
about 3% from January 2014. The decline is due to decreased exports to
Asia and Australia; exports to Africa, Europe and the Americas increased.
India
India 5% broken rice
is today shown at about $395 per ton, unchanged from a week ago, down about $5
per ton from a month ago and down about $25 per ton from a year ago.
The USDA Post
estimates India’s MY 2014-15 (October-September) rice exports at about 9
million tons (about 5.8 million tons of basmati and 3.2 million tons of
non-basmati), a decrease of about 13% from last year, due to anticipated
decline in supplies from low production and competition from other countries.
Planting for the
2014-15 rabi (secondary) rice crop (November-May) has reached 3.2 million
hectares as of March 5, down about 14% from the same period last year.
The decrease is mostly due to untimely rains in rabi rice growing regions.
The government is
working hard to ensure that rice and wheat farmers are paid the minimum support
price as specified by the government, according to the Minister of State and
Consumer Affairs, Food and Public Distribution.
Indian rice
exporters expect 2015 rice exports to decline by about 20% from last year to 8
million tons (about 5 million tons of non-basmati and about 3 million tons of
basmati), due to cheaper supplies from Thailand.
During the period
from July 1, 2014 to March 3, 2015, Bangladesh imported 875,350 tons of rice, more than double the
amount imported in all of 2013-14 fiscal year. Meanwhile, the government of
Bangladesh plans to procure one million tons of 2015 Boro (January-May) paddy
and 100,000 tons of Boro rice between May 1 and August 31.
Pakistan
Pakistan 5% broken
rice is today shown at about $350 per ton, up about $10 per ton from a week
ago, unchanged from a month ago and down about $50 per ton from a year ago.
Central & South America
Brazil 5%
broken rice is today shown at about $550 per ton, unchanged from a week ago, up
about $10 per ton from a month ago and down about $115 per ton from a year ago.
The Brazilian paddy
rice index maintained by the Center for Advanced Studies on Applied Economics
(CEPEA) reached around 36.13 real per 50 kilograms as of March 02, 2015, down
about 2% from around 36.78 real per 50 kilograms recorded on February 23,
2015. In terms of USD per ton, the index reached around $252 per ton on
March 02, 2015, down about 1.23% from around $255.4 per ton recorded on February
23, 2015.
The USDA Post
forecasts Peru’s MY 2014-15
(April-March) rice imports at around 220,000 tons, up about 22% from 2013-14,
but down about 8% from USDA’s official estimates.
U.S.
U.S. 4% broken rice
is today shown at about $485 per ton, up about $5 per ton from a week ago, down
about $15 per ton from a month ago and down about $100 per ton from a year ago.
The U.S. cash market
was mostly unchanged this week with buyers and sellers still failing to come to
an agreement on prices.
Chicago rough rice
futures for May delivery were mostly sideways this week, finding underlying
support at $10.600 per cwt (about $234 per ton) and overhead resistance around
$10.800 per cwt (about $238 per ton). They hit a high on Monday, reaching
$10.910 per cwt (about $241 per ton), before hitting the weekly low of $10.395
per cwt (about $229 per ton) on Friday and closing just up from that at $10.515
per cwt (about $232 per ton).
Other Markets
Cambodia 5% broken rice is today shown at about $435 per ton,
unchanged from a week ago and a month ago and down about $20 per ton from a
year ago. Separately, the Cambodia Rice Federation (CRF) has asked the
government to strictly implement the Code of Conduct, devised in February 2014,
in order to prohibit local trading firms from exporting cheap rice from
neighboring countries under the Cambodian brand.
Total rice acreage
in Italy for crop year 2015
(September-August) is expected to increase slightly to about 220,150 hectares
in CY 2014, according to the Ente Nazionale Risi. Separately, Italy’s rice
exports to EU countries in the first three months of the crop year 2014-15
(September-August) are up about 8.6% from the same period last year, reaching
about 143,861 tons.
The government of Ghana has received a grant of about $145 million (with $100
million of it coming from World Bank and $45 million coming from the United
States Agency for International Development) for the development and
commercialization of the country’s rice sector.
The Philippines plans to increase hybrid rice acreage in efforts to
achieve self-sufficiency in rice production, according to the Department of
Agriculture.
Thailand Receives Bids for 780,000 Tons
of Rice
Mar 06, 2015
The
government of Thailand received bids for around 780,000 tons from 40 firms for
the one million tons it auctioned today, Reuters quoted the Commerce Ministry
as saying.The Deputy Director of Foreign Trade Department was quoted as saying
that all the bids were above the floor price set by the government and that the
Department is expecting to raise more than 8 billion baht (around $247 million)
from today's auction.She noted that the response to today’s tender signifies a
strong demand for stockpiled rice and that the result of the auction would be
finalized next week.
The
military government sold about 1.18 million tons of rice from five auctions
raising around 17.21 billion baht (around $528 million) since it seized power
in May 2014.The government currently holds 17.8 million tons and is planning to
sell around 10 million tons this year and around 7 million tons next
year.Meanwhile, the government is planning to sell the degenerated rice after
August 2015 when the investigation against those involved in the sales of
low-grade rice is expected to be over. Local and foreign companies are reportedly
interested in buying the low grade rice for use in non-food industries.
Oryza Afternoon Recap - Chicago Rough Rice Futures End the Week on a
Bearish Note as Market Breaks Below Technical Support
Mar 06, 2015
Chicago
rough rice futures for May delivery settled 12 cents per cwt (about $3 per ton)
lower at $10.475 per cwt (about $231 per ton). The other grains finished the
day with mixed results; Soybeans closed about 0.1% lower at $9.8500 per bushel;
wheat finished about 0.4% higher at $4.8250 per bushel, and corn finished the
day about 1.2% lower at $3.8600 per bushel.U.S. stocks traded lower on Friday
as investors digested February's jobs report that indicated an interest rate
hike could come sooner rather than later. The jobs report showed a gain of
295,000, above expectations of 240,000 in February, down from 257,000 in
January.
The
unemployment rate fell to 5.5%, while hourly wages ticked up 0.1%, below
consensus and off the surprise 0.5% gain in January. The Dow briefly fell more
than 275 points, down more than 1.5% to below 18,000. The Dow Utilities fell
below its 200-day moving average for the first time since January 2014. In the
S&P 500, utilities fell more than 3% as the greatest laggard. The U.S.
dollar rose more than 1 percent against major world currencies. On the other
hand, the euro breached $1.09 after the report, extending Thursday's decline
from quantitative easing news in the euro zone. The S&P 500 traded down 23
points, or 1.12%, at 2,077, with utilities falling more than 3% to lead all
sectors lower.
The
Nasdaq traded down 42 points, or 0.86%, to 4,939. Gold is trading about 2.5%
lower, crude oil is seen trading about 2.2% lower, and the U.S. dollar is seen
trading about 1.2% higher at about 1:00pm Chicago time.Thursday, there were
598 contracts traded, up from 517 contracts traded on Wednesday. Open interest
– the number of contracts outstanding – on Thursday increased by 31 contracts
to 9,099.
EU Farmer Unions Seek More Clarity in New
Common Agricultural Policy
Mar 06, 2015
In response to the
European Commission's (EC) call to European Union's (EU) producers and other
key stake holders to provide suggestions for improving and simplifying the new
Common Agricultural Policy (CAP), the COPA-COGECA, the federation of farmers unions
and of agri cooperatives has sent a letter to the EU Farm Commissioner
highlighting the areas that need simplification.The COPA-COGECA
Secretary-General noted that they have specifically sought clarity in
implementing the new CAP, especially the greening rules, and to address some
gaps in the existing rules. He noted that due to lack of clarity in certain
rules, some unintentional errors may crop up in their implementation during the
first three years and may consequently lead to lesser payments to farmers. A
tolerance is needed both for the farmers during the initial years of
implementation, he added.
The farmers union
also stressed for the revision of the whole sanctioning system. The existing
rules seek a lot of information from farmers when they apply for aid from the
EC and the farmers may face difficulty in this regard. Therefore, the
COPA-COGECA requested the EC to provide opportunities for famers to correct
errors in such cases, said its Secretary-General.He also noted that in the
long-term producers need to analyze how the new CAP affects the EU's production
potential as well as the associated environmental benefits. This is important
in the light of rising food demand and limited resources, he said.
Asia Quotes Unchanged Today
Mar 06, 2015
Asia rice sellers
kept their quotes unchanged today.
5% Broken Rice
Thailand 5% rice is
quoted at around $405 - $415 per ton, about $35 per ton premium on Vietnam 5%
rice shown at around $370 - $380 per ton. India 5% rice is quoted at
around $390 - $400 per ton, about $45 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 $20 per ton premium on Vietnam 25%
rice shown at around $345- $355 per ton. India 25% rice is quoted at around
$355 - $365, about $50 per ton premium on Pakistan 25% rice quoted at around
$305 - $315 per ton.
Parboiled Rice
Thailand parboiled
rice is quoted at around $400 - $410 per ton. India parboiled rice is quoted at
around $385 - $395 per ton, about $5 per ton discount to Pakistan parboiled
rice quoted at around $390 - $400 per ton.
100% Broken Rice
Thailand broken
rice, A1 Super, is quoted at around $320 - $330 per ton, about $5 per ton
premium on Vietnam 100% broken rice shown at around $315 - $325 per ton.
India's 100% broken rice is shown at around $280 - $290 per ton, about
$10 per ton discount to Pakistan broken sortexed rice quoted at around $290 -
$300 per ton.
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