Government of Pakistan Fixes 2015 Milled Rice Production Target at 7
Million Tons
May 01, 2015
Pakistan's
Federal Committee on Agriculture (FCA) has set new production targets for this
year's rice, sugarcane and maize crops, according to local sources.For rice,
the FCA has fixed a target of 7 million tons, basis milled, (around 10.35
million tons, basis paddy) from an area of around 2.8 million hectares. It aims
to produce 68 million tons of sugarcane and 4.6 million tons of maize this
year.Speaking at a conference after the FCA meeting, the Minister for National
Food Security and Research told local sources that the volume of irrigated
water would be adequate in all area except in some areas of Sindh. The Met
Office also reported that water levels in all reservoirs and expressed
confidence that rainfall would be normal in all parts of the country.
The
Minister noted that last year the availability of certified seeds had increased
during the Kharif sowing season. A representative of the State Bank added that
the allocation of institutional credit also increased substantially last year.
USDA
estimates Pakistan's MY 2014-15 (November - October) milled rice production to
increase about 3% to around 6.9 million tons (around 10.35 million tons, basis
paddy) from around 6.7 million tons (around 10.05 million tons, basis paddy) in
MY 2013-14. However, the National Space Agency of Pakistan (SUPARCO) and
UN’s Food and Agriculture Organization (FAO have estimated Pakistan FY 2014-15
(July - June) milled rice production to decline about 19% to around 5.65
million tons (around 8.437 million tons, basis paddy) from around 6.72 million
tons (around 10.04 million tons, basis paddy) produced last year.
Weekly Recap: Oryza White Rice Index Slips amid May Day Holiday
May 01, 2015
The Oryza White Rice
Index (WRI), a weighted index of global rice export quotes, ended the week at
$408 per ton, down $1 per ton from week ago, down $3 per ton from a month ago,
and down $42 per ton from a year earlier. News this week was slow amid
holidays across the world.
Thailand
Thailand 5% broken
rice ended the week around $385 per ton, unchanged from last week, but down $5
per ton from a month ago and up $10 per ton from a year prior.
The government of
Thailand has approved a 460 million baht (about $14 million) rice protection
program for 2015.
Vietnam
Vietnam 5% broken
rice was today indicated around $360 per ton, unchanged from last week, but
down about $5 per ton from a month ago and down about $30 per ton from a year
ago.
The Vietnam Food
Association has cut the floor price of the lower quality 25% broken rice
exports to around $340 per ton, down about 3%, due to subdued demand for
Vietnamese rice.
Authorities in China have reportedly tightened control over unofficial rice
imports from Vietnam.
Vietnam plans to
build thermal power plants using rice husks.
India
India 5% broken rice
finished this week shown around $365 per ton, down about $5 per ton from a week
earlier, down about $10 per ton from a month earlier, and down about $35 per
ton from a year earlier.
India exported about
11.65 million tons of rice in FY 2014-15 (April-March), up about 8% from the
same period in FY 2013-14.
India’s 2014-15 rabi
rice crop (November-May) stands at around 4.066 million hectares as of May 1,
down about 9% from the same period last year.
The government is
promoting climate smart rice varieties in order to boost production and
consequently farmers’ income in drought and flood prone states.
Pakistan
Pakistan 5% broken
rice ended the week quoted around $380 per ton, up around $5 per ton from a
week earlier and up about $25 per ton from a month earlier but down about $40
per ton from this time last year.
The government of
Pakistan has set a new production target of 7 million tons for 2015.
Central & South America
Brazil 5%
broken rice is today shown about $565 per ton, unchanged from week ago, down
about $10 per ton from a month ago, and down $60 per ton from a year ago.
Argentina and Uruguay 5% broken rice ended the week quoted around $550 per ton
unchanged from the week and month earlier but down around a whopping $115 per
ton from a year ago.
A former Central
Bank Co-Director says that Colombia’s rice import barriers have increased domestic rice
prices and inflation rates.
U.S.
U.S. 4% broken rice
is today shown around $485 per ton, about unchanged from a week and a month
ago, but down around $100 per ton from this time last year.
The U.S. cash market
weakened late this week after it was reported that the Iraqi Grain Board
delayed announcing any winners in their latest tender.
Chicago rough rice
futures for July delivery saw a boost on Wednesday and Thursday but dropped
again after the IGB announcement. After opening at $10.145 per cwt (about
$224 per ton) on Tuesday, they reached a high of $10.475 per cwt (about $231
per ton) on Wednesday but dropped on Friday to close at $10.200 per cwt (about
$225 per ton).
Other Markets
Cambodia 5% broken rice ended the week around $435 per ton,
unchanged from last week, but down around $5 per ton from a month ago and down
about $5 per ton from this time last year.
The National Board
of Revenue in Bangladesh
will likely impose duty on rice imports in efforts to help stabilize domestic
prices. Separately, the Bangladesh Bureau of Statistics estimates milled rice
output from the Aman (July-December) and Aus (February-August) crops to
increase significantly in financial year 2014-15.
Bhutan
plans to provide farmers with newer varieties of rice that are high yielding
and short duration in efforts to boost rice production in the country.
The Agriculture
Minister of South Korea has
said the government will exclude rice from the Trans Pacific Partnership list
of tariff concessions. Meanwhile, South Korea’s state-run Agro Fisheries &
Food Trade Corporation (KAFTC) has purchased 15,000 tons of non-glutinous brown
rice of U.S. and Australian origins.
Rice planting in Nepal may suffer after the recent 7.8 Mw earthquake, as Nepal
typically starts planting its rice crop in May and June.
India 2014-15 Rabi Rice Planting Reaches 4.066 Million Hectares as of May
1, 2015; Down 9% from Last Year
Planting
for India 2014-15 rabi (secondary) rice crop (November - May) stands at around
4.066 million hectares as of May 1, 2015; down about 9% from around 4.485
million hectares planted during the same period last year, according to
preliminary data released by the Indian Agriculture Ministry.
The
decline is reportedly due to untimely rains in some part of the rabi rice
growing areas.The government of India, in its second advance estimates for
major crops, has estimated India's rice production, basis milled, from rabi
crop at around 15.02 million tons and around 88.02 million tons from kharif crop,
according to a statement from the Agriculture Ministry. It estimates total rice
production for 2014-15 marketing year (October 2014 - September 2015) at around
103.04 million tons, down about 3% from an estimated 106.65 million tons in
2013-14.
Government of Thailand Approves $14 Million Rice Protection Program for
2015
The
Thai cabinet has approved a 460 million baht (around $14 million) rice
protection program for the 2015 production season, according to local
sources.The Finance Minister told local sources that the Ministry is expecting
about 1.5 million rice farmers to participate in the program compared to about
800,000 farmers last year. He also noted that the Ministry is planning to issue
10 and 20 year bond notes worth 300 billion baht (around $9.2 billion) and the
funds received from the bond issuance would be used to repay the debt
obligations of the rice pledging scheme and other government programs.
Separately,
the former Commerce Minister, the former Deputy Commerce Minister and the
former Department of Foreign Trade Director-General were reportedly absent at
the questioning session by the Thai National Legislative Assembly (NLA) on
Thursday. They reportedly sent a letter to the NLA saying they intended to be
silent until their trial in the Supreme Court's Criminal Division for Political
Office-Holders, which is scheduled for June 29, 2015. They noted in the letter
that they are concerned that their answers before the legislators would affect
their court trial.The NLA reportedly began impeachment hearing against the
three accused for their alleged corruption in government-to-government (G2G)
rice deals with two Chinese companies on April 23, 2015.
India Rice Sellers Increase Some Quotes Today; Other Asian Rice Quotes
Unchanged
May 01, 2015
Indian rice sellers
increased their quotes for 25% broken rice by about $5 per ton to around $275 -
$285 per ton today. Other Asian rice sellers kept their quotes unchanged from
yesterday. Vietnam and Thailand rice sellers are out today on account of a
public holiday.
5% Broken Rice
India 5% rice is
indicated at around $365 - $375 per ton, a $10 per ton discount to Pakistan 5%
rice shown at around $375 - $385 per ton.
25% Broken Rice
India 25% rice is
indicated at around $340 - $350, about a $10 per ton premium on Pakistan 25%
rice shown at around $330 - $340 per ton.
Parboiled Rice
India parboiled rice
is indicated at around $360 - $370 per ton, about a $25 per ton discount to
Pakistan parboiled rice shown at around $385 - $395 per ton.
100% Broken Rice
India's 100% broken
rice is shown at around $275- $285 per ton, about a $10 per ton discount
to Pakistan broken sortexed rice shown at around $285 - $295 per ton
Oryza Overnight Recap – Chicago Rough Rice Futures Remain Under Pressure
Following Yesterday’s Round of Warehouse Receipt Registrations
May 01, 2015
Chicago
rough rice futures for Jul delivery are currently seen 8 cents per cwt (about
$2 per ton) lower at $10.215 per cwt (about $225 per ton) during early floor
trading in Chicago. The other grains are seen trading mostly lower: soybeans
are currently seen about 0.4% lower, wheat is listed about 0.4% higher and corn
is currently noted 0.8% lower.U.S. stocks traded higher on Friday, rebounding
from Thursday's selloff, as investors kept an eye on higher Treasury yields and
economic reports. The Dow Jones industrial average jumped more than 100 points
soon after the open as all the major indices recovered the prior day's losses.
The
key monthly jobs report for April comes out next Friday morning and will
indicate whether or not the first quarter slowdown could continue into the rest
of the year. On Thursday, weekly jobless claims came in at 262,000, a 15-year
low. The major indices closed below their 50-day moving average, with biotechs
sending the Nasdaq down 82.22 points, or 1.6%, recovering slightly from a 2%
dip. The Dow Jones Industrial Average closed down 1.1%. Expansion in the U.S.
manufacturing sector weakened in April as growth in output and new orders fell,
according financial data firm Markit. The report said the final U.S.
Manufacturing Purchasing Managers' Index fell to 54.1 in April from 55.7 in
March.
The
preliminary read was 54.2. On the back of disappointing first-quarter GDP data,
the manufacturing ISM index at 10.00 a.m. ET. The report is expected to show a
modest rise to 52 in April that would follow five consecutive months of
weakening. In Europe, U.K. equities wobbled as the majority of European
markets, and many international markets, were closed for the International
Workers' Day holiday. Gold is currently trading about 0.9% lower, crude oil is
seen trading about 1% lower, and the U.S. dollar is currently trading
about 0.2% higher at 9:00am Chicago time.
Seed Research and Development Facility to be built in Arkansas, a Major
U.S. Rice Producing State
May 01, 2015
Plans
are underway to build a 8.6 million new facility for rice, soybean, and wheat
seed research in Arkansas, a major U.S. rice producing state. The goal of
the facility will be to provide collaboration among scientists and researchers
to develop high-yielding quality seeds.Construction of the seed foundation
facility will begin this summer in Stuttgart, Arkansas and construction is
estimated to be complete in 12 months.
Oryza Afternoon Recap - Chicago Rough Rice Futures Continue to Soften as
Market Weighs Huge Supplies and Lack of Demand
May 01, 2015
Chicago
rough rice futures for Jul delivery settled 9 cents per cwt (about $2 per ton)
lower at $10.205 per cwt (about $225 per ton). The other grains finished the
day flat to lower; Soybeans closed about 1.2% lower at $9.6475 per bushel;
wheat finished unchanged at $4.7400 per bushel, and corn finished the day about
0.8% lower at $3.5975 per bushel.U.S. stocks traded higher on Friday,
recovering from Thursday's selloff, as investors kept an eye on higher Treasury
yields and economic reports.
The
Dow Jones industrial average gained more than 150 points. The major indices recovered
the prior day's losses, with the Nasdaq outperforming. The key monthly jobs
report for April comes out next Friday morning and will indicate whether or not
the first quarter slowdown could continue into the rest of the year. Stocks are
still negative for the week, with the Nasdaq tracking a 2% decline and the
S&P and Dow a little less than one percent lower for the week. On Thursday,
weekly jobless claims came in at 262,000, a 15-year low. The major indices
closed below their 50-day moving average, with biotechs sending the Nasdaq down
82.22 points, or 1.6%, recovering slightly from a 2% dip.
The
Dow Jones Industrial Average closed down 1.1%.On the back of disappointing
first-quarter GDP data, April's manufacturing ISM index missed slightly, coming
in at 51.5, unchanged from the previous month. The report was expected to show
a modest rise to 52 that would follow five consecutive months of weakening. The
Dow Jones Industrial Average traded up 119 points, or 0.67%, at 17,958. The
S&P 500 traded up 13 points, or 0.66%, at 2,099, with materials leading
seven sectors higher and telecommunications the greatest decliner. The Nasdaq
traded up 35 points, or 0.71%, at 4,976. Gold is trading about 0.7% lower,
crude oil is seen trading about 1.5% lower, and the U.S. dollar is seen trading
about 0.7% higher at about 1:00pm Chicago time.
Thursday, there were
951 contracts traded, down from 951 contracts traded on Wednesday. Open
interest – the number of contracts outstanding – on Thursday decreased by 609
contracts to 10,769.
Oryza U.S. Rough Rice Recap - Muted Market as Farmers Rush to Plant Crops
May 01, 2015
The
U.S. cash market was muted today as farmers work day and night, taking
advantage of the good weather to get their crops in the ground before another
round of wet weather moves through the U.S. Mid-South late next week.Analysts
expect farmers in Arkansas to plant a considerable amount of rice this weekend,
dissuading fears that there will be a significant decrease in rice acreage due
to delayed planting caused by unseasonably wet weather.
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