Global
Rice Quotes
June 24th, 2015
Long grain white rice - high quality
Thailand 100% B grade 375-385
↔
Vietnam 5% broken 345-355
↔
India 5% broken 385-395
↔
Pakistan 5% broken 385-395
↔
Myanmar 5% broken 415-425
↔
Cambodia 5% broken NQ
↔
U.S. 4% broken 450-460
↔
Uruguay 5% broken 565-575
↔
Argentina 5% broken 555-565
↔
Long grain white rice - low quality
Thailand 25% broken 345-355
↔
Vietnam 25% broken 325-335
↔
Pakistan 25% broken 340-350
↔
Cambodia 25% broken NQ
↔
India 25% broken 350-360
↔
U.S. 15% broken 440-450
↔
Long grain parboiled rice
Thailand parboiled 100% stxd 365-375 ↔
Pakistan parboiled 5% broken stxd 395-405 ↔
India parboiled 5% broken stxd 365-375 ↔
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% 815-825
↔
Vietnam Jasmine 480-490
↔
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Mails NQ
↔
Brokens
Thailand A1 Super 315-325
↔
Vietnam 100% broken 310-320
↔
Pakistan 100% broken stxd 285-305
↔
Cambodia A1 Super NQ
↔
India 100% broken stxd 280-290
↔
Egypt medium grain brokens NQ
↔
U.S. pet food 350-360
↔
Brazil half grain NQ ↔
All prices USD per ton, FOB vessel, oryza.com
Myanmar Exporters Struggle to Meet European Rice Standards
Jun 24, 2015
-
Currently
Myanmar exports milled rice to the European Union (EU) at zero percent duty
under the Everything But Arms (EBA) agreement, which was extended in 2012, and
the EU has been assisting the South east Asian nation to develop its rice
sector and supply them quality rice.In order to export to quality rice to the
EU, the government of Myanmar needs to invest sufficiently in expanding and
upgrading domestic mills and other domestic infrastructure, according to a
World Bank report released last year.
The
Secretary General of the Myanmar Rice Federation (MRF) told local sources that
Myanmar's rice lacks quality compared with some neighboring countries. “We need
to think about quantity and quality to promote exports. But quantity is tough
to increase, so we should look at improving quality and exporting Europe to
receive a good price,” he was quoted as saying.Experts have suggested that
though Myanmar seeks to improve the quality of rice, certain practical
challenges have been arising in upgrading rice mills and improvement of quality
checks in line with international demands.
Recently,
a delegation from the EU reportedly visited Myanmar seeking to purchase
fragrant rice. “If there is market interest, we will grow fragrant rice and
export it to Europe,” said the Vice Chair of the MRF.According to the MRF data,
Myanmar exported around 100,000 tons of rice to the EU in 2014 and the
government is targeting to export 200,000 tons this year.The EU statistics show
that Myanmar's rice exports to the EU increased about 81% to around 144,552
tons during September 2014 - April 2015 from around 79,942 tons during the same
period last year.
Government of Togo Takes Measures to Boost Rice Production
Jun 24, 2015
The
government of the West African nation Togo has distributed 300 tons of improved
rice seeds to farmers as part of efforts to increase rice production in the
country, Bloomberg quoted the Agriculture Minister.The Togo government
also provided 300 tons or improved corn seeds to the farmers. It reportedly spent
about 600 million CFA francs (around $1.023 million) on the operation.
Togo
is a net importer of rice and imports about half of its rice consumption needs
annually. USDA estimates Togo to produce about 95,000 tons of milled rice and
import about 100,000 tons of rice in MY 2014-15 (October- September) to meet an
annual consumption of about 195,000 tons.
Oryza Overnight Recap – Chicago Rough Rice Futures Continue to Drift
Sideways on Lack of Fundamental News
Jun 24, 2015
Chicago
rough rice futures for Jul delivery are currently seen trading 2.5 cent per cwt
(about $1 per ton) lower at $9.810 per cwt (about $216 per ton) during early
floor trading in Chicago. The other grains are seen trading lower this
morning; soybeans are currently seen trading about 0.2% lower, wheat is listed
about 0.7% lower and corn is currently noted about 0.4% lower.U.S. stocks
traded lower on Wednesday as discouraging developments in the Greece
debt talks weighed on investor sentiment, amid domestic data. A Greek
government official said that Prime Minister Alexis Tsipras had told associates
that Greece's proposed measures had not been accepted by creditors, Reuters
reported on Wednesday. Prior to the news, recent reports had indicated
progress towards a resolution ahead of Greece's June 30 payment
deadline to the International Monetary Fund on June 30.
The
Eurogroup meets in Brussels on the matter at 1 p.m. ET Wednesday. In
U.S. economic news, the final read on first-quarter gross domestic product
(GDP) data showed a decline of 0.2%, in-line with expectations and above a
previous estimate of a 0.7% contraction. The improved read supports the
improving trend in more recent economic reports that indicate moderate growth
in the second quarter. Better performance strengthens the Federal Reserve's
case for raising short-term interest rates as early as September. The Dow Jones
Industrial Average opened down 67 points, or 0.37%, at 18,077. The S&P 500
opened down 3 points, or 0.18%, at 2,120, with materials leading nine sectors
lower and utilities the only gainer. The Nasdaq opened down 10 points, or
0.20%, at 5,150. Gold is currently trading about 0.3% lower, crude oil is seen
trading about 0.3% higher, and the U.S. dollar is currently trading about
0.1% lower at9:00am Chicago time.
Oryza
U.S. Rough Rice Recap - Offers Jump with Futures while Bids Hold Steady
Jun 24, 2015
The U.S. cash market was firmer
today with offers increasing in tandem with the futures market while bids
remained at the same levels seen earlier in the week.Analysts note that despite
the run up in the futures today, buyers insist that there is not enough demand
to justify paying the prices farmers are willing to sell at.Analysts remain
doubtful that tomorrow’s USDA exports sales report will show a substantial
increase from the previous three weeks sales figures, all of which were
uninspiring .
Pakistan Rice Exporters Seek Special Package from Government
Jun 24, 2015
Members
of the Rice Exporters Rice Association of Pakistan (REAP) have urged the
government to provide a special package for the rice sector to help alleviate
the problems of rice growers and exporters, according to local sources.At a
meeting in the Ministry of National Food Security and Research on June 23, the
REAP members put forth their demands to the government. In the light of
increasing rice surplus stocks, the exporters sought a subsidy on rice exports
and removal of withholding tax on loans taken by rice growers and
exporters. They also demanded for procurement of surplus stocks by the
Pakistan Agriculture Storage and Services Corporation (PASSCO) Limited.
Pakistan
consistently produces around one million tons of basmati rice annually, but is
unable to export all the produced output due to a competition from India.
Pakistan’s basmati rice exports have declined to around 630,035 tons in 2014
from around 968,941 tons in 2012 and from around one million tons in 2011.
Local sources say the unsold stock is being accumulated as stocks. Currently,
Pakistan has around 600,000 tons of basmati stocks and traders are expecting to
add another 400,000 tons this year taking the stock level to about one million
tons by the end of this year.
Decline
in global rice export prices also contributed to a fall in rice export
earnings. While export prices of Pakistan 5% rice declined about 12% to around
$390 per ton from around $445 per ton last year, basmati rice export prices
declined about 34% to around $895 per ton from around $1,350 per ton last
year.The South Asian nation produced a record 7 million tons of rice in 2014-15
(July - June), up about 3% from last year due to an increased acreage under
high-yielding rice varieties and increased availability of irrigation water.
However, local consumption of rice is only 3 million tons and the remaining is
for export.
Oryza Afternoon Recap - Chicago Rough Rice Futures Rocket Past $10.000 on
Last-Minute Buying Frenzy; Wheat and Corn Unable to Maintain Early Gains and
Slip to a Loss by the Close
Jun 24, 2015
Chicago
rough rice futures for Sep delivery settled 29 cent per cwt (about $6 per ton)
higher at $10.125 per cwt (about $223 per ton). Rough rice futures shot higher
in the closing moments of trading today as aggressive buying pushed price
beyond previous resistance just below $10.000 per cwt (about $220 per ton)
which had held since mid-April. Traders will now watch for follow-through
buying and continue higher as a signal that the recent sideways trend has truly
come to an end and that a bullish move is underway. The other grains closed
lower as afternoon selling saw a day of back-and-forth trading slip into the
red for all products of the complex; Soybeans closed about 0.6% lower at
$9.8175 per bushel; wheat finished about 0.7% lower at $5.1800 per bushel, and
corn finished the day about 0.3% lower at $3.6650 per bushel.U.S. stocks traded
lower on Wednesday as discouraging developments in the Greece debt talks
weighed on investor sentiment, amid domestic data. The Dow Jones industrial
average traded about 150 points lower in early afternoon trade.
The
Dow transports fell more than 2% as railway stocks dragged all components
lower. Euro zone leaders struck a mostly negative tone in their remarks on the
negotiations Wednesday. European Union Vice President Valdis Dombrovskis said
progress is being made but a long night of talks is likely as many issues
remain, Reuters reported. German Finance Minister Wolfgang Schaeuble said he
did not expect an agreement on Greece Wednesday. Speaking before a meeting of
European finance officials in Brussels, he added he didn't feel much had
changed on the Greece issue since Monday. In U.S. economic news, the final read
on first-quarter gross domestic product (GDP) data showed a decline of 0.2%,
in-line with expectations and above a previous estimate of a 0.7% contraction.
Encouragingly,
consumer spending was revised up to 2.1% from the initial 1.8%.The improved
read supports the improving trend in more recent economic reports that indicate
moderate growth in the second quarter. Better performance strengthens the
Federal Reserve's case for raising short-term interest rates as early as
September. The Dow Jones Industrial Average traded down 145 points, or 0.80%,
at 17,998. The S&P 500 traded down 13 points, or 0.60%, at 2,111, with
materials leading all 10 sectors lower. The Nasdaq traded down 31 points, or
0.60%, at 5,129. Gold is trading about 0.3% lower, crude oil is seen trading
about 1.6% lower, and the U.S. dollar is seen trading at about 0.2% lower at
about 1:00pm Chicago time.Tuesday, there were 1,491 contracts traded, up
from 1,167 contracts traded on Monday. Open interest – the number of contracts
outstanding – on Tuesday decreased by 284 contracts to 9,610.
Philippines Weather Agency Expects Onset of Rainy Season Soon
Jun 24, 2015
The
Philippine Atmospheric, Geophysical and Astronomical Services Administration
(PAGASA) has announced on June 23 that it is expecting the onset of the rainy
season within the next few days, according to a news release on its website.It
noted that in the coming days, moderate to heavy rains are expected over most
parts of Western Luzon and Western Visayas due to the Low Pressure Area (Area)
due to the southwest monsoon. However, it noted that monsoon breaks or periods
of no rain are expected during the rainy season. In the first week of June, the
PAGASA predicted a weak El Nino affecting the regualr monsoons.“Farmers should
plant early, they should start the land preparation right now,” the
Agricultural Secretary was quoted as saying.
Currently,
the country's rice self-sufficiency is at 96-97%. In the second week of June,
the Philippines Statistics Authority (PSA) estimated Philippines's 2015 second
quarter (April - June) production to decline by about 4.3% to around 3.898
million tons from last year's 4.073 million tons due to a decline in harvest
area prompted by dry spell and insufficient water supply as well as incidence
of pests and diseases in some rice growing areas
Government of Tanzania Urged to Settle Rice Export Issue with EAC
Jun 24, 2015
The
Chairman of the Rice Council of Tanzania (RCT) has urged the government to
settle the rice export issue with the East African Community (EAC), as Kenya
and Uganda banned rice imports from Tanzania for its rice shipments being mixed
up with low quality Indian and Pakistani rice, according to local
sources.Speaking at a meeting on the challenges faced by the country's rice
sector, the official noted that most of the low quality rice from India,
Pakistan, Thailand and China is smuggled through porous borders. Such
unofficial imports have not only denied requisite tax revenue to the Tanzanian
government but also spoilt the reputation of the Tanzanian rice, he said.
He
also reportedly emphasized that since importers of rice from these countries do
not pay taxes, they sell rice cheaply in the local market depriving requisite
income to farmers, who incur heavy costs to produce their rice. Also rice
production in Tanzania is not subsidized unlike in most of the Asian rice
producing countries.The official reminded that in 2014, Tanzania produced over
700,000 tons of paddy but could not export anything to the EAC markets.
Therefore, he urged the Tanzania Revenue Authority (TRA) to ensure that low
quality rice does not enter the country's borders and also improve its
collection particularly in porous borders.
The
Executive Director of Agricultural non- state actors Forum (Ansaf) added that
if the government does not act promptly, apart from Tanzania further losing its
reputation, its economy might be impacted significantly due to loss of income
for rice producers as well as export revenues for the government.USDA estimates
Tanzania to produce around 1.386 million tons of rice, basis milled, and export
around 30,000 tons in MY 2015-16 (June 2014 - May 2015).
Thailand to Auction One Million Tons of Rice in July
Jun 24, 2015
The
government of Thailand is planning to sell about one million tons of rice in an
open tender in early July as part of its efforts to cut down its rice stocks
accumulated from the rice pledging scheme introduced by the previous government
in October 2011, according to Reuters.The Deputy Director-General of the
Commerce Ministry's Foreign Trade Department told reporters that the exact date
of the tender would be decided on June 26 in a meeting.The upcoming rice
auction is the fourth one this year and the eighth auction since the military
government took over in May 2014. The Commerce Ministry sold about 2.73 million
tons of rice in the first seven auctions since it took power, raising over $888
million.The Thai military government currently holds over 16 million tons of
rice in its warehouses and is planning to sell about 10 million tons this year
about six million tons next year.
Jun 24, 2015
The government
of Thailand has requested farmers in the Central region to further delay rice
planting till August from the earlier set July as 22 of the 76 provinces are
still fighting drought conditions, according to Reuters.The Minister of Natural
Resources and Environment told local sources that the government would dig 500
new wells near the Chao Phraya River, in addition to the 300 wells already in
place, to help store water along the river.The Irrigation Department is
planning to reduce water supply in the Chao Phraya basin due to exceptionally
low levels of water in the Chao Phraya reservoir, according to Bloomberg.
Supply is expected to decline by 5 million cubic feet per day to 28 million
cubic feet per day. On June 12, it reduced water supply to about 30-35 cubic
feet per day from the earlier 62 million cubic feet per day. At this pace the
Department expects to use the available water till August 10, by when it
expects rains to resume.
About 850,000 rai of
rice land (around 136,000 hectares) may be affected due to the additional water
cut. Initially around 3.44 million rai (about 550,400 hectares) of rice land
was expected to be unaffected by the cut in water supplies.A decline in
production in Thailand is expected to push up rice prices, which have declined
significantly since the beginning of the year. Export prices of Thai 5% rice
are currently ruling at about $370 per ton compared to about $410 at the
beginning of the year.
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