Bangladesh to Allow Aromatic
Rice Exports Until December 31, 2015
Sep
01, 2015
The government of Bangladesh has
extended the time limit for aromatic rice exports until December 31, 2015 in
order to enhance the share of the country's brands in foreign markets,
according to local sources.The time limit for aromatic rice exports expired on
June 30 this year, but the Commerce Ministry issued a notice on August 31, 2015
extending the time frame till December 31.
However, some exporters expressed
concern that the government should have extended the time limit until June 30,
2016 to strengthen exports. They noted that a delay in the announcement had led
to losses to some exporters as they had to either cancel the orders or hold off
shipments. The added that the most of their orders were taken up by the Indian
and Pakistan exporters.
In June 2015, the government extended the time frame for aromatic rice
exports by an year but maintained ban on parboiled rice exports in order to
keep prices stable. The government actually banned exports of all kind of rice
in November 2008, but resumed aromatic rice exports in mid-2012.
Exporters reportedly wanted the government to resume aromatic rice exports
as the grain is quite popular among Bangladeshis and other South Asians living
in Europe, North America, Australia and the Middle East. Fragrant rice exports
earned about $7.34 million in FY 2013-14 , up about 51% from the previous year.
Italian Expo to Focus on
Boosting Organic Rice Yields
Sep
01, 2015
The Second International Conference on Systems of Organic Rice Production
(ORP), which is to begin today in Italy as part of the Milan Rice Expo, will
focus on boosting organic rice yields in Italy, according to local sources.
The conference will particularly highlight on various methods of
cultivation that will increase organic rice production in the country. It will
also highlight the latest research, technological and agronomic innovations
related to organic rice sector.
The organic rice sector is reportedly growing very fast in Italy. The area
under the organic rice in Italy has reached around 9,000 hectares especially in
Lombardy and Piedmont. Also consumption of organic rice and organic rice
products such as pasta and bread substitutes increased about 73% between 2012
and 2014.
The Conference is being sponsored by the University of Milan and the Local
Action Group Lomellina.
EU Trade Commissioner Defends
Zero Duty Rice Imports from Asian LDCs
Sep
01, 2015
Responding to a written interrogation by an Italian MEP, the EU Trade
Commissioner defended the EU's stance to import rice at zero-per cent duty from
the Asian Least Developed Countries (LDCs) under the Everything But Arms (EBA)
agreement.
She noted that the EBA initiative was meant to help LDCs integrate in the
global economy. The main aim of the EBA was to increase exports and thereby
help generate growth and reduce poverty in the LDCs.
The Commissioner noted that the European Commission (EC) is well aware of
the importance of the EU rice industry in the light of imports from the LDCs.
However, she said the increasing imports from the Asian LDCs should be assessed
considering the overall situation in the rice market. She stated that imports
from LDCs such as Myanmar have replaced EU rice imports from non-EBA origins
meaning that the EU market has so far been able to absorb these
additional rice import volumes. She reiterated that the EU has been importing
only those qualities of rice, for which the demand exceeds production.
She also noted that the EU price levels are currently high and there are no
signs of serious disturbances to the EU rice market. However, she assured that
the EC will continue to monitor the EU rice market in close cooperation with
the member states' customs authorities.
The Association Italian Rice Milling sector (AIRI) have replied to the
Commissioner's response saying that only multinational companies that have
invested in those countries are substantially benefiting from the EBA rule. The
Association also noted that Cambodian and Myanmar rice growers are not getting
any positive consequence from increased exports. It reiterated that the
Cambodian press has repeatedly reported that the EBA agreement has encouraged
the circumvention of rules of origin, with a flow of rice from other countries
where there is no exemption of duty to EU.
Responding to a written interrogation by an Italian MEP, the EU Trade
Commissioner defended the EU's stance to import rice at zero-per cent duty from
the Asian Least Developed Countries (LDCs) under the Everything But Arms (EBA)
agreement.
She noted that the EBA initiative was meant to help LDCs integrate in the
global economy. The main aim of the EBA was to increase exports and thereby
help generate growth and reduce poverty in the LDCs.
The Commissioner noted that the European Commission (EC) is well aware of
the importance of the EU rice industry in the light of imports from the LDCs.
However, she said the increasing imports from the Asian LDCs should be assessed
considering the overall situation in the rice market. She stated that imports
from LDCs such as Myanmar have replaced EU rice imports from non-EBA origins
meaning that the EU market has so far been able to absorb these
additional rice import volumes. She reiterated that the EU has been importing
only those qualities of rice, for which the demand exceeds production.
She also noted that the EU price levels are currently high and there are no
signs of serious disturbances to the EU rice market. However, she assured that
the EC will continue to monitor the EU rice market in close cooperation with
the member states' customs authorities.
The Association Italian Rice Milling sector (AIRI) have replied to the
Commissioner's response saying that only multinational companies that have invested
in those countries are substantially benefiting from the EBA rule. The
Association also noted that Cambodian and Myanmar rice growers are not getting
any positive consequence from increased exports. It reiterated that the
Cambodian press has repeatedly reported that the EBA agreement has encouraged
the circumvention of rules of origin, with a flow of rice from other countries
where there is no exemption of duty to EU.
The European Commissioner for Agriculture also reassured the EU
rice sector that rice imported under the EBA agreement won't affect the EU
rice sector. "I think we had a reasonable outcome on rice, that in no way
will damage the market situation neither in Italy and in Spain, which is
another of those producers of rice. I dont'hear those vices resulting on the
market place anticipated, arising from the modest amount of import of rice into
the European Union as parte of this agreement,” he said.
Indonesia Allocates $258 Million
to Support Rice Production During Drought
Sep
01, 2015
The government of Indonesia has
allocated about Rp 3.5 trillion (around $258 million) to support rice
production during the drought conditions, local sources quoted the Finance
Ministry's Director General for Budgeting.The official told local sources that
the fund would be used in case the drought conditions worsen leading to a drop
in rice production. He noted that of the allocated amount, around Rp 1.5
trillion (around $105 million) would be used to ramp up the rice reserves at
Bulog and use the remaining Rp 2 trillion (around $153 million) to help
stabilize prices.
The Central Statistics Agency (BPS)
estimated the El Nino-induced drought to peak from October to the beginning of
next year. Paddy rice planting in Indonesia usually begins in October followed
by harvests in January next year.The state logistics agency Bulog has ruled out
any rice shortages within the country until December 2015. Bulog reportedly has
a rice reserve of 1.5 million tons. The reserves are expected to reach 2
million tons by the end of the year.
One of the Bulog officials noted
that the agency is continuing to procure rice and targets to buy between 15,000
and 20,000 tons of rice every day.Meanwhile, the government is optimistic of
achieving surplus rice production in 2015 despite concerns of drought affecting
the rice output and has ruled out imports this year. The BPS is estimating 2015
paddy rice output to reach around 75.55 million tons (around 47.6 million tons,
basis milled) in 2015. The government is keen on achieving self-sufficiency in
rice production and stop imports over the next few years.USDA estimates
Indonesia to produce around 36.3 million tons of rice, basis milled (around
57.17 million tons, basis paddy), and import around 1.25 million tons of rice
in MY 2014-15 (October - September). Some analysts are forecasting imports to
reach about 1.6 million tons.
Oryza Overnight Recap – Chicago
Rough Rice Futures Tumble along with Corn and Beans
Sep
01, 2015
Chicago rough rice futures for Nov
delivery are currently trading 26 cents per cwt (about $6 per ton) lower at
$11.900 per cwt (about $262 per ton) during early floor trading in
Chicago. The other grains are seen trading mostly lower in early morning
action; soybeans are currently seen trading about 1.4% lower, wheat is listed
about 0.7% higher and corn is currently noted about 0.9% lower.
U.S. stocks fell about 2% on Tuesday, the first day of trade
for September, as weak Chinese data pressured global markets. The Dow Jones
industrial average briefly traded more than 400 points lower in correction
territory. The Nasdaq Composite wiped out gains for 2015 and struggled to stay
out of correction. The index traded about 1.9% lower after earlier falling more
than 2%.The S&P 500 was within 0.5% of correction territory. Two sets of
key Chinese data disappointed traders on Tuesday.
The official manufacturing
purchasing managers' index (PMI) edged down to 49.7 in August from 50 in July,
while the final Caixin/Markit manufacturing PMI came in at 47.3 in August, the
lowest reading since March 2009. Even more worrying, China's services sector,
which has been one of the lone bright spots in the sputtering economy, also
showed signs of cooling, a similar business survey said. In U.S. economic news,
the August ISM manufacturing index fell to 51.1 from 52.7 the prior month for
its weakest read in over two years, according to Reuters. Also in focus will be
a speech on the economic outlook on the U.S. economy from Boston Fed President
Eric Rosengren in New York at 1:10
p.m. ET. Gold is currently trading about 0.8% higher, crude oil is seen
trading about 5% lower, and the U.S. dollar is currently trading about
0.3% lower at 9:15am Chicago
time.
Myanmar to Resume Rice Exports
from Mid-September, Says MRF
Sep
01, 2015
Myanmar, which has imposed a
temporary ban on rice exports after heavy rains and floods hit the northern and
western regions of the nations, is likely to resume rice exports in
mid-September, local sources quoted sources from the Myanmar Rice Federation
(MRF).Myanmar temporarily halted rice exports in the first week of August until
mid-September when the new harvest is expected to reach the markets. The
decision was also taken to prevent price hikes in the flood-affected areas.
However, since about 15% of paddy fields or about 400,000 hectares were
expected to be damaged by the floods, analysts expected the government to
extend the ban until November 2015 in order to ensure sufficient stocks for
domestic consumption as well as stabilize prices.
“New rice will come onto the market
as next month is harvest season, then the market price will be stable,” the
Joint Secretary of the MRF was quoted. “There is enough for local consumption
now, that’s why we will resume exports as scheduled,” he added.The MRF is
expecting this year's rice exports to be lower than last year. “Though we
expected to export about 2 million tons of rice this year, we won’t reach that
[target]. Now we expect to export less than 1.5 million tons,” said the MRF
official.
Myanmar is a net exporter of rice and its exports have been increasing
consistently for the past few years. Myanmar exported around 1.8 million tons
of rice in 2014. The MRF expects a paddy output of around 14 million tons
(around 8.96 million tons, basis milled) in 2015.USDA estimates Myanmar to
produce 20 million tons of paddy rice (around 12.8 million tons, milled basis)
and export around 2.2 million tons of rice in MY 2015-16 (January - December
2015).
Oryza Afternoon Recap - Chicago
Rough Rice Futures Fall as Outside Markets Once Again Weigh on U.S. Grain
Prices
Sep
01, 2015
Chicago rough rice futures for Nov
delivery settled 29 cents per cwt (about $7 per ton) lower at $11.865 per cwt
(about $262 per ton). The other grains finished the day mostly lower; Soybeans
closed about 1.5% lower at $8.7400 per bushel; wheat finished about 0.3% higher
at $4.8625 per bushel, and corn finished the day about 1.7% lower at $3.6900
per bushel.U.S. stocks fell over 2% on Tuesday, the first day of trade for
September, as weak Chinese data pressured global markets. The Dow Jones
industrial average traded about 420 points lower, still in correction, after
briefly falling about 440 points. The Nasdaq composite wiped out gains for 2015
the S&P 500 joined the other indexes in correction territory.
Stocks hit session lows in afternoon trade
after Boston Fed President Eric Rosengren said in a speech that the central
bank's jobs target to raise rates has largely been met, but that its inflation
target is not as clear cut. Rosengren is a nonvoting member. Two sets of key
Chinese data disappointed traders on Tuesday. The official manufacturing
purchasing managers' index (PMI) edged down to 49.7 in August from 50 in July,
while the final Caixin/Markit manufacturing PMI came in at 47.3 in August, the
lowest reading since March 2009. Even more worrying, China's services sector,
which has been one of the lone bright spots in the sputtering economy, also
showed signs of cooling, a similar business survey said. In U.S. economic news,
the August ISM manufacturing index fell to 51.1 from 52.7 the prior month for
its weakest read in over two years, according to Reuters.
In Europe, equities accelerated selling after
the weak Chinese data, with all major bourses in the region down about 2%.As of
early afternoon Tuesday, the Dow Jones industrial average traded down 382
points, or 2.34%, at 16,138. The S&P 500 traded down 46 points, or 2.34%,
at 1,926, with financials and energy the greatest decliners. The Nasdaq traded
down 96 points, or 2%, at 4,680. Gold is trading about 0.7% higher, crude oil
is seen trading about 7.4% lower, and the U.S. dollar is seen trading about
0.5% lower about 1:45pm Chicago time.
Monday, there were 2,361 contracts traded, up from 1,939 contracts traded
on Friday. Open interest – the number of contracts outstanding – on Monday
increased by 17 contracts to 10,963.
Thailand Rice Sellers Lower Most
of Their Quotes Today; Other Asia Rice Quotes Unchanged
Sep
01, 2015
Thailand rice sellers lowered their quotes for 5% broken rice, 25% broken
rice and Hommali rice by about $5 per ton each to around $350-$360 per ton,
$335-$345 per ton and $825-$835 per ton respectively today. Other Asia rice
sellers kept their quotes mostly unchanged today.
5% Broken Rice
Thailand 5% rice is indicated at around $350 - $360 per ton, down about $5
per ton from yesterday and about $25 per ton premium on Vietnam 5% rice shown
at around $325 - $335 per ton. India 5% rice is indicated at around $365 - $375
per ton, about $45 per ton premium on Pakistan 5% rice shown at around $320 -
$330 per ton.
25% Broken Rice
Thailand 25% rice is shown at around $335 - $345 per ton, down about $5 per
ton from yesterday and about $25 per ton premium on Vietnam 25% rice shown at around
$310- $320 per ton. India 25% rice is indicated at around $340 - $350 per ton,
about $45 per ton premium on Pakistan 25% rice shown at around $295 - $305 per
ton.
Parboiled Rice
Thailand parboiled rice is indicated at around $360 - $370 per ton. India
parboiled rice is indicated at around $355- $365 per ton, about $60 per ton
discount to Pakistan parboiled rice last shown at around $415 - $425 per
ton.
100% Broken Rice
Thailand broken rice, A1 Super, is indicated at around $315 - $325 per ton,
about $10 per ton from premium on Vietnam 100% broken rice shown at around $305
- $315 per ton. India's 100% broken rice is shown at around $295 - $305 per
ton, about $15 per ton premium on Pakistan broken sortexed rice shown at around
$280 - $290 per ton.
Global Rice Quotes
September 2nd, 2015
Long grain white rice - high quality
Thailand 100% B grade 360-370 ↔
Vietnam 5% broken 325-335 ↔
India 5% broken 365-375 ↔
Pakistan 5% broken 320-330 ↔
Myanmar 5% broken 415-425 ↔
Cambodia 5% broken 425-435 ↔
U.S. 4% broken 485-495
↔
Uruguay 5% broken 535-545 ↔
Argentina 5% broken 530-540 ↔
Long grain white rice - low quality
Thailand 25% broken 335-345 ↔
Vietnam 25% broken 310-320 ↔
Pakistan 25% broken 295-305 ↔
Cambodia 25% broken 410-420 ↔
India 25% broken 340-350 ↔
U.S. 15% broken 460-470 ↔
Long grain parboiled rice
Thailand parboiled 100% stxd 355-365 ↓
Pakistan parboiled 5% broken stxd 415-425 ↔
India parboiled 5% broken stxd 355-365 ↔
U.S. parboiled 4% broken 570-580 ↔
Brazil parboiled 5% broken 545-555 ↔
Uruguay parboiled 5% broken NQ ↔
Long grain fragrant rice
Thailand Hommali 92% 825-835 ↔
Vietnam Jasmine 455-465 ↔
India basmati 2% broken NQ ↔
Pakistan basmati 2% broken NQ ↔
Cambodia Phka Mails 830-840 ↔
Brokens
Thailand A1 Super 310-320 ↓
Vietnam 100% broken 305-315 ↔
Pakistan 100% broken stxd 280-290 ↔
Cambodia A1 Super 355-365 ↔
India 100% broken stxd 295-305 ↔
Egypt medium grain brokens NQ ↔
U.S. pet food 335-345
↔
Brazil half grain NQ ↔
All prices USD per ton, FOB vessel, oryza.com
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