Global
Rice Quotes
July 22nd, 2015
Long grain white rice - high quality
Thailand 100% B grade 390-400
↓
Vietnam 5% broken 345-355
↔
India 5% broken 385-395
↔
Pakistan 5% broken 370-380
↔
Myanmar 5% broken 400-410
↔
Cambodia 5% broken 425-435
↔
U.S. 4% broken 470-480
↔
Uruguay 5% broken 535-545
↔
Argentina 5% broken 530-540
↔
Long grain white rice - low quality
Thailand 25% broken 360-370
↔
Vietnam 25% broken 325-335
↔
Pakistan 25% broken 330-340
↔
Cambodia 25% broken 410-420
↔
India 25% broken 350-360
↔
U.S. 15% broken 445-455
↔
Long grain parboiled rice
Thailand parboiled 100% stxd 390-400 ↓
Pakistan parboiled 5% broken stxd 415-425 ↔
India parboiled 5% broken stxd 380-390 ↔
U.S. parboiled 4% broken 555-565
↔
Brazil parboiled 5% broken 545-555
↔
Uruguay parboiled 5% broken NQ
↔
Long grain fragrant rice
Thailand Hommali 92% 855-865
↔
Vietnam Jasmine 485-495
↔
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Mails 835-845
↔
Brokens
Thailand A1 Super 320-320
↔
Vietnam 100% broken 315-325
↔
Pakistan 100% broken stxd 285-295
↔
Cambodia A1 Super 350-360
↔
India 100% broken stxd 305-315
↔
Egypt medium grain brokens NQ
↔
U.S. pet food 325-335
↔
Brazil half grain NQ ↔
All prices USD per ton, FOB vessel, oryza.com
Drought, Sluggish
World Economy Threatening Thai Rice Exports, Say Exporters
Jul 21, 2015
The Thai Rice
Exporters Association (TREA) is expecting this year's rice exports to be lower
than their target of 10 million tons due to extending drought conditions and
sluggish world economy, according to local sources.
The President of the
TREA told local sources that they are expecting Thailand to export around 9.5
million tons of rice this year, including 4.8 million tons of white rice, 2.2
million tons of Hom Mali fragrant rice, 200,000 tons of glutinous rice and
100,000 tons of Pathum Thani fragrant rice.
The 5% cut in
expected export is due to a prolonged drought that curtailed 2015 second crop
production and delayed main crop planting, he said. Lack of demand from most of
the importing nations is also understood to be impacting Thai rice exports.
The TREA President
also noted that drought conditions may continue for next one year and a decline
in global economy would further impact Thai rice exports. He suggested that the
government should focus more on quickly releasing the government rice stocks to
meet the market demand.
The TREA President
also noted that the paddy output from the 2015 main crop would decline by about
10% or by about 3 million tons to around 24 million tons due to
drought. However, he expressed optimism that a decline in supplies would
push up Thai rice prices, which have reached their lowest levels since seven
years due to excess stocks, lack of demand and stiff competition from India and
Vietnam. Currently, Thai 5% broken rice is quoting at around $390 per ton.
Earlier this month,
the Agriculture Ministry has estimated that about 1.4 million rai (around
560,000 hectares) of rice fields are affected by drought. The Office of
Agricultural Economics (OAE) has estimated that the output from 2015 main rice
crop, which contributes to around 70% of the country's total rice output, to
decline about 14% to around 23.3 million tons from around 27.1 million tons
last year.
Meanwhile, the National
Disaster Warning Center noted that drought conditions in most parts of the
country are over and the wet season in underway, but the country still faces
water shirt-supplies. "The drought situation is over as we saw
rainfall consecutively over the past week. However, there are seven provinces,
mostly in the north, that are experiencing no rainfall still," Reuters
quoted the Deputy Director-General of Thailand's Department of Disaster
Prevention and Mitigation. He noted that an emergency fund in these provinces
would help address the water shortages as well as support for the
implementation of short-term relief measures.
Seperately, the Agriculture
Minister also announced that the government would release some water from dams
to help farmers who have already planted their crops
High Input Costs,
Low Crop Prices Reducing Export Competitiveness of Pakistan Rice, Say Experts
Jul 21, 2015
Pakistan rice sector
is currently facing excess stocks problem as its exports have been impacted by
a stiff competition from other rice exporting nations such as Thailand, India
and Vietnam; falling global rice prices and low demand from rice importing
countries.
Experts say
Pakistan's rice stocks have been increasing for the last couple of years as the
country has not been able to increase exports significantly. Meanwhile,
increased production is adding to the surplus rice stocks. Currently, Pakistan
is said to have 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. The situation is leading to unnecessary
increase in stock maintenance costs as well.
The inherent reason
for Pakistan's failure in increasing exports is that input costs borne by rice
farmers is much high compared to the prices they get. For instance, farmers
spend about Rs.67,200 per acre (around $1,650 per hectare) but get only
Rs.36,000 per acre (around $880 per hectare), according to local sources.
Farmers' incomes are severely impacted due to this huge gap, according to an
article in Dawn.com.
According to the
article, experts are urging the government to urgently address the issue as it
has also been making Pakistani rice uncompetitive in the international market.
Falling global rice prices are adding to the troubles of Pakistan rice sector,
they say. They also stressed that if the situation continues for long, farmers
may lose interest in cultivating the crop leading to food security in the
country.
They noted that the
government could help farmers reduce their production input costs by cutting
down billions of subsidies, which have not been benefiting small farmers. It
should help them to increase competitiveness of Pakistani rice in the global
market by modifying its monetary and fiscal policies accordingly.
Oryza Afternoon
Recap - Chicago Rough Rice Futures Bounce Back Above $11.000 per cwt on Outside
Support
Jul 21, 2015
Chicago rough rice
futures for Sep delivery settled 11.5 cents per cwt (about $3 per ton) higher
at $11.005 per cwt (about $243 per ton). The other grains finished the day
mostly higher; Soybeans closed about 0.5% higher at $10.0475 per bushel; wheat
finished about 1.5% lower at $5.2475 per bushel, and corn finished the day
about 0.4% higher at $4.1725 per bushel.
U.S. stocks traded
mostly lower on Tuesday as investors reacted to lackluster earnings reports in
some Dow components. Earnings so far have mostly beat expectations. Google
surged more than 16% on Friday to push the Nasdaq to a record high. The tech
and biotech-heavy index ended at another record on Monday. No economic data is
due Tuesday. The only reports expected for the week are in the housing market,
with the FHFA home prices and existing home sales scheduled for Wednesday.
Commodities remained in focus, with gold struggling to hold above $1,100 an
ounce after falling below that psychologically key level to a five-year low on
Monday. European stocks closed lower, with the DAX off more than 1 percent, as
investors focused on earnings. Greece's stock exchange remained closed, while
the local banks reopened on Monday for the first time in three weeks. The Dow
Jones Industrial Average traded down 196 points, or 1.09%, at 17,903. The
S&P 500 traded down 8 points, or 0.39%, at 2,120, with telecommunications
leading nine sectors lower and energy the only advancer. The Nasdaq traded down
9 points, or 0.19%, at 5,209. Gold is trading about 0.4% lower, crude oil is
seen trading about 0.4% higher, and the U.S. dollar is seen trading at about
0.8% lower at about 1:00pm Chicago time.
Monday, there were
474 contracts traded, down from 701 contracts traded on Friday. Open interest –
the number of contracts outstanding – on Monday increased by 69 contracts to
8,690.
Oryza Overnight
Recap – Chicago Rough Rice Futures Silent Overnight as Traders Look for Change
in Fundamental Demand
Jul 21, 2015
Chicago rough rice
futures for Sep delivery are currently seen paused 2 cents per cwt (about $0.44
per ton) higher at $10.910 per cwt (about $241 per ton) ahead of floor trading
in Chicago. The other grains are seen trading mixed this morning; soybeans
are currently seen trading about 0.2% higher, wheat is listed about 0.8% lower
and corn is currently noted about 0.5% lower.
U.S. stock index
futures indicated a flat to lower open on Tuesday, as the second-quarter
earnings season gets into full swing with the likes of Apple, Microsoft and
Yahoo reporting this session. Volatility in commodity markets is also likely to
get some attention, with U.S. oil prices slipping back below the $50-a-barrel
mark on the back of a stronger dollar and worries about a supply glut. U.S.
stocks closed mildly higher on Monday, with the tech-heavy Nasdaq hitting
another record high. In Europe, regional stock markets gave up early gains and
moved into negative territory and Asian shares ended the day higher. Gold is
currently trading about 0.4% lower, crude oil is seen trading about 0.6%
higher, and the U.S. dollar is currently trading about 0.2% lower
at 8:15am Chicago time.
Ecuador Winter Rice
Output Expected to Increase on Higher Acreage, Says BCE
Jul 21, 2015
Ecuador's winter
rice crop (December - June) output is expected to increase about 3% y/y due to
an increase in the acreage by about 3% y/y, local sources quoted a report by
the Central Bank of Ecuador (BCE).
The Bank based its
analysis on a survey of rice farmers in the provinces of Manabi, Guayas, Los
Ríos, Loja, El Oro and Cañar. While 15% of surveyed farmers said the rice
acreage was higher from last year, 76% said it was same as last year and 9% of
said it was lower from last year's.
When asked about
investment in this year's winter crop, about 54% of surveyed farmers said they
invested more compared to last year, 19% said they maintained last year's level
of investment and 27% said they made no investment this year.
The Bank expects an
increase in the winter rice crop harvest, which declined for three consecutive
years. The South American nation's 2014 winter rice output declined by about 8%
y/y while the area sown to the crop declined about 2% y/y.
Ecuador has been
self-sufficient in rice production for the last two years, according to
USDA.
USDA estimates
Ecuador's MY 2015-16 (April - March) paddy production at around 1.26 million
tons (around 794,000 tons, basis milled), up about 3% from an estimated 1.225
million tons (around 772,000 tons, basis milled) in MY 2014-15.
Philippines Traders
May Not Import All 805,200 Tons of Rice Under WTO MAV Quota, Says NFA Official
Jul 21, 2015
Private rice traders
in the Philippines are reportedly showing interest to import rice from only
Thailand and Vietnam, while they are also permitted to imports from China,
Australia, India and Pakistan, according to Reuters.
The Philippines'
National Food Authority (NFA) has allowed private traders to import around
805,200 tons of 25% broken rice at 35% tariff under the WTO Minimum Access
Volume (MAV) country specific quota (CSQ) before November 30, 2015.
Under the quota,
Philippines traders can import up to 293,100 tons each from Thailand and
Vietnam; up to 50,000 tons each from China, India and Pakistan; 15,000 tons
from El Salvador and the rest from other countries.
However, so far the
private traders have applied to import only 300,000 tons of rice from Thailand
and Vietnam, Reuters quoted a NFA official. A Manager at NFA's Grains Marketing
Operations Department added that considering the pace and trend of import
applications so far, it is likely that the entire volume may not be imported.
Traders can apply till July 30, 2015.
The NFA has decided
to import 750,000 tons of rice (200,000 tons from Thailand and 550,000 tons
from Vietnam) under government-to-government deals in 2015 to ensure adequate
stocks in the lean season (June – September). It is authorized to import
another 250,000 tons if need arises.
But, local sources
quoted officials from the Department of Agriculture that the Food Security
Committee (FSC) may not approve the additional importation of the 250,000 tons
as there is an oversupply of stocks currently in the country. "the market
is “flooded” with rice despite the prevailing lean season for paddy
production," a DA official told Reuters.
The country's Food
Security Chief, however, said a decision on additional imports may be taken
after receiving projections on the last quarter harvests. The NFA Administrator
said there is no oversupply of rice, but sales of NFA rice slowed down due to a
decline in commercial prices. He noted that the present stocks are in
accordance with the mandate to maintain 15 days buffer stocks in normal months
and 30 days buffer stocks during lean months.
Thailand, Vietnam,
India Rice Sellers Increase Some of Their Quotes Today
Jul 21, 2015
Thailand rice
sellers increased their quotes for Hommali rice by about $25 per ton to around
$855-$865 per ton today. Vietnam rice sellers increased their quotes for 5%
broken rice and $100 broken rice by about $5 per ton each to around $345-$355
and $315-$325 per ton respectively. India rice sellers increased their quotes
for 100% broken rice by about $10 per ton to around $305-$315 per ton. Pakistan
rice sellers are out today due to a national holiday.
5% Broken Rice
Thailand 5% rice is
indicated at around $385 - $395 per ton, about $40 per ton premium on Vietnam
5% rice shown at around $345 - $355 per ton, up about $5 per ton from
yesterday. India 5% rice is indicated at around $385 - $395 per ton, about $15
per ton premium on Pakistan 5% rice was last shown at around $370 - $380 per
ton.
25% Broken Rice
Thailand 25% rice is
shown at around $360 - $370 per ton, about $35 per ton premium on Vietnam 25%
rice shown at around $325- $335 per ton. India 25% rice is indicated at
around $350 - $360, about $20 per ton premium on Pakistan 25% rice was last
shown at around $330 - $340 per ton.
Parboiled Rice
Thailand parboiled
rice is indicated at around $395 - $405 per ton. India parboiled rice is indicated
at around $380- $390 per ton, about $35 per ton discount to Pakistan parboiled
rice was last shown at around $415 - $425 per ton.
100% Broken Rice
Thailand
broken rice, A1 Super, is indicated at around $320 - $330 per ton, about $5 per
ton from premium on Vietnam 100% broken rice shown at around $315 - $325 per
ton, up about $5 per ton from yesterday. India's 100% broken rice is shown at
around $305 - $315 per ton, up about $10 per ton from yesterday and about $20
per ton premium on Pakistan broken sortexed rice last shown at around $285 -
$295 per ton
Thailand Prepares
to Auction 1.29 Million Tons of Spoilt Rice by End of July
Jul 21, 2015
The Thai Commerce
Ministry is planning to auction about 1.29 million tons of spoilt rice for
industrial sectors by the end of July, according to Reuters.
The Commerce
Minister told reporters that as on June 30, 2015, the government stocks
consisted of a total of 15.11 million tons of rice and the rice is divided into
three groups.
The first group
comprises 9.15 million tons of edible rice, including 1.82 million tons of
grade A and B rice, and 7.33 million tons of grade A and B rice mixed with
grade C rice. The second group consists of 5.89 million tons of grade C rice,
including 4.6 million tons of degradable rice and 1.29 million tons of inedible
rice which is now crumbling to powder. The third group consists if about 70,000
tons of rice, which is yet to categorized.
The Minister noted
that the 1.29 million tons of powdery rice will be sold in two or three
auctions for bio-fuel as well as ethanol producers. The price of the spoilt
rice will be reportedly set by a working group later, according to the Commerce
Permanent Secretary.
She also added that
the Ministry would monitor the delivery of the rice to the designated
destinations and ensure that the rice is being used for the said purpose.
The Thai government is
estimating losses from selling the stockpiled rice at around 100 billion baht
(around $2.93 billion), said the Minster
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