Malaysia May Not Join TPP Due to GI Obligations, Says Trade Minister
Nov 09, 2015
Malaysia may not ratify
the final Trans-Pacific Partnership (TPP) Agreement due to the TPP obligations
on geographical indications (GI), the Malaysian Trade Minister was quoted as
saying.
In a side letter to
the U.S., the Minister noted that "Malaysia will comply with the object
and purpose of the procedural disciplines that apply to GIs recognized under
other international agreements even after the TPP is signed." He also
noted that the government is keen on publishing a GI application though it can
also reject it based on stakeholder opposition.
The Minister also
noted that signing of the final Agreement means that they cannot resort to
acts, which would defeat the object and purpose of the TPP. The letter is
understood to send signals that Malaysia may not join the TPP on these grounds.
It is understood that
the governments of Chile, Mexico and Vietnam have indicated to the U.S. that
"they will honour the procedural disciplines on GIs recognized under
international agreements from the time the TPP is signed until it enters into
force for them."
EU Imports from Asian LDCs Decline About 7% y/y in First Two Months of
2015-16
Nov 09, 2015
The European Union's
(EU) rice imports from the Least Developed Countries (LDCs) of Asia such as
Cambodia and Myanmar under the Everything But Arms (EBA) Agreement have reached
around 42,916 tons in the first two months of the crop year 2015-16(September
2015 - August 2016), down about 7% from around 45,975 tons imported during the
same period last year, according to data from the European Commission (EC).
The EC data shows that
imports from Cambodia (which account for about 81% of total imports from Asian
LDCs in September – October 2015) declined about 4% to around 34,880 tons from
around 36,297 tons during the same period last year. On the other hand, rice
imports from Myanmar (which account for about 17% of total imports from Asian
LDCs in the first two months of 2015) have declined about 15% to around 7,387
tons from around 8,677 tons during the same period last year.
Decline of EU rice imports
from Myanmar is more pronounced due to the temporary ban imposed by the Myanmar
government on rice exports following the occurrence of floods in the northern
part of the country. The government lifted the ban in mid-September 2015.
Vietnam, Pakistan Rice Sellers Increase Some of Their Quotes Today; Other
Quotes Remain Unchanged
Nov 09, 2015
Vietnam rice sellers have increased their quotes for jasmine rice
by about $5 per ton to around $470 - $480 per ton today. Pakistan
rice sellers have increased their quotes for 5% broken, 25% broken and 100%
broken rice varieties by about $5 per ton each to around $320 - $330 per ton,
$290 - $300 per ton and $280 - $295 per ton respectively.
5% Broken Rice
Thailand 5% rice is
indicated at around $350 - $360 per ton about $20 per ton discount on Vietnam
5% rice shown at around $370 - $380 per ton. India 5% rice is indicated at
around $345 - $355 per ton, about $25 per ton premium on Pakistan 5% rice shown
at around $320 - $330 per ton.
25% Broken
Rice
Thailand 25% rice is
indicated at around $345 - $355 per ton, about $10 per ton discount on Vietnam
25% rice shown at around $355- $365 per ton. India 25% rice is indicated at
around $325 - $335 per ton, about $35 per ton premium on Pakistan 25% rice
shown at around $290 - $300 per ton.
Parboiled
Rice
Thailand parboiled
rice is indicated at around $350 - $360 per ton. India parboiled rice is
indicated at around $340 - $350 per ton, about $65 per ton discount to Pakistan
parboiled rice last shown at around $405 - $415 per
ton.
100% Broken
Rice
Thailand broken rice,
A1 Super is indicated at around $320 - $330 per ton, about $10 per ton discount
to Vietnam 100% broken rice shown at around $330 - $340 per ton. India's 100%
broken rice is shown at around $285 - $295 per ton, about $5 per ton premium on
Pakistan broken sortexed rice shown at around $280 - $290 per ton.
Argentina Rice Sector Faces Challenges Amid Low Global Prices and High
Domestic Costs, Says USDA Post
Nov 09, 2015
The USDA Post reports
that Argentina's local rice sector is facing problems due to slow export sales
as well as high domestic costs. They are not able to compete internationally
due to these reasons, it says.
Meanwhile, beginning
stocks from MY 2014-15 (April 2015 - March 2016) are high at around 2.49
million tons but the pace of exports is very less due to lower shipments to
Iraq, according to the Post. Exporters are reportedly waiting for Iraq to open
bids in November.
Amid these concerns,
the Post expects Argentina's MY 2014-15 paddy rice production at around 1.491
million tons, down from around 1.58 million tons in the previous year and down
from USDA's official estimates of around 1.56 million tons. The Post is
expecting Argentina to export 450,000 tons of rice in 2015, down from 465,000
tons in 2014.
Despite expected lower
returns, most of the rice producers have reportedly completed planting for the
2015-16 crop with an expectation that the government would introduce some
policy changes that would bring profitability to the sector.
Government of Nigeria Seeks to Attain Rice Self-Sufficiency in Two Years
Nov 09, 2015
The government of
Nigeria is aiming to attain self-sufficiency in rice production in the next two
years and stop imports, Reuters quoted a policy document by the President's
Office.
The agriculture section
of the document, which was reportedly circulated among the Minsters on the last
weekend, stated that the government aims to achieve 'self-sufficiency in rice
production in 24 months' and 'self-sufficiency in wheat production in 26
months'. It also calls for 'market guarantee for farm produce'.
Recently, the Central
Bank of Nigeria (CBN) also restricted foreign exchange to importers of 41
categories of items, including rice, to stop the depreciation of naira against
the U.S. dollar. The CBN Governor emphasized that the Central Bank would not
support the importation of items such as rice, which have a huge potential to
be grown locally.
Earlier, the Nigerian
government had targeted to achieve self-sufficiency in rice production and end
imports by 2015. In that direction, the government launched the Agriculture
Transformation Agenda (ATA) in 2012 and raised import duties on polished and
milled rice to 40% and 110% respectively. But high rice import tariffs have led
to informal cross-border imports from neighboring coastal countries. In order
to reduce rice smuggling, the government has lowered import duties on polished
and milled rice to 30% and 70% respectively in July 2014.
Nigeria is the world's
second largest importer of rice and imports over half of its annual rice
consumption demand. Nigeria produced around 2.9 million tons in 2014, about 52%
higher than around 1.9 million tons produced in 2013.
USDA estimates Nigeria
to produce around 2.709 million tons of rice and import around 3 million tons
of rice in MY 2015-16 (October – September) to meet a consumption demand of
around 6 million tons.
Oryza U.S. Rough Rice Recap - Prices Sink as Futures Crash; Still No
Farmers Selling
Nov 10, 2015
The U.S. cash market
was materially weaker today despite limited sell interest from farmers as both
bids and offers from resellers dropped with the futures market.
Analysts insist that
export demand will need to pick up if we are to see higher prices this
marketing year and this break in prices might just be what the market needs to
get more rice moved.
Vietnam Rice Exports Increase Sharply in October 2015 on Increased Demand
from Philippines, Indonesia
Nov 09, 2015
Vietnam rice exports,
which have been sluggish for the last three months, have increased sharply in
October 2015 following increased demand from the Philippines and Indonesia.
However, the total rice exports are still lagging behind last year, according
to the Vietnam Food Association (VFA)
According to the data
from the VFA, Vietnam exported about 687,663 tons of rice in October 2015, up
about 29% from about 532,267 tons rice exported in September 2015, and up about
20% from about 570,769 tons rice exported in October 2014. The average export
price so far in October stands at about $391.9 per ton, down about 3.5% per ton
from a month ago and down about 16% from a year ago.
Vietnam exported about
5.036 million tons of rice in January 1 - October 31, 2015, down about 6% from
about 5.374 million tons of rice exported in first ten months of 2014,
according to data from the Vietnam Food Association (VFA). The average rice
export price so far in this year stands at about $417.89 per ton (FOB), down
about 4% per ton from about $435.6 per ton recorded during same last year.
Oryza CBOT Rough Rice Futures Recap - Chicago Rough Rice Futures Tumble as
Dollar Strength Leads to Weaker U.S. Grain Prices; Traders Turn their Eyes to
Tomorrow's USDA S&D Update
Nov 10, 2015
Chicago rough rice
futures for Jan delivery settled 38.5 cent per cwt (about $9 per ton) lower at
$12.055 per cwt (about $266 per ton). The other grains finished the day lower;
Soybeans closed about 0.1% lower at $8.6625 per bushel; wheat finished about
4.1% lower at $5.0175 per bushel, and corn finished the day about 1.7% lower at
$3.6675 per bushel.
U.S. stocks traded
sharply lower Monday as investors weighed a possible Federal Reserve rate hike
in December. The odds of the Fed raising rates for the first time in about a
decade rose dramatically after the October nonfarm payrolls report — released
Friday — showed the U.S. economy added 271,000 jobs. U.S. stocks opened lower
and soon proceeded to extend losses, with the Dow Jones industrial average
falling over 200 points at its lows.
The S&P 500 held
over 1% lower as consumer discretionary fell about 1.5%.Overnight, China said
October exports fell 6.9 percent from a year ago, while imports dropped 18.8%,
both missing expectations. The major indexes posted a six-week winning streak
on Friday, gaining at least 1%.There are no major economic data points due
Monday, but Friday will feature October retail sales. Investors also kept an
eye in oil, after OPEC said it expected global demand to remain strong next
year. European equities closed lower on weak Chinese export data. In Asia,
equities in China and Japan rose their highest levels in over two months. The
Dow Jones industrial average traded down 198 points, or 1.11%, at 17,711. The
S&P 500 traded 22 points lower, or 1.07%, at 2,076, with consumer
discretionary leading nine sectors lower and utilities the only advancer. The
Nasdaq traded down 61 points, or 1.2%, at 5,086. Gold is trading about 0.2%
higher, crude oil is seen trading about 0.9% lower, and the U.S. dollar is seen
trading about 0.2% lower about 1:45pm Chicago time.
Friday, there were 357
contracts traded, down from 463 contracts traded on Thursday. Open interest –
the number of contracts outstanding – on Friday decreased by 50 contracts to
11,891.
Global
Rice Quotes
November 10th, 2015
Long grain white rice - high
quality
Thailand 100% B grade 360-370 ↔
Vietnam 5% broken 370-380 ↔
India 5% broken 345-355 ↔
Pakistan 5% broken 320-330 ↔
Myanmar 5% broken 405-415 ↔
Cambodia 5% broken 415-425 ↔
U.S. 4% broken 490-510 ↔
Uruguay 5% broken 535-545 ↔
Argentina 5% broken 530-540 ↔
Long grain white rice - low
quality
Thailand 25% broken 345-355 ↔
Vietnam 25% broken 355-365 ↔
Pakistan 25% broken 290-300 ↔
Cambodia 25% broken 400-410 ↔
India 25% broken 325-335 ↔
U.S. 15% broken 500-510 ↔
Long grain parboiled rice
Thailand parboiled 100% stxd 350-360 ↔
Pakistan parboiled 5% broken stxd 405-415 ↔
India parboiled 5% broken stxd 340-350 ↔
U.S. parboiled 4% broken 590-610 ↔
Brazil parboiled 5% broken 545-555 ↔
Uruguay parboiled 5% broken NQ ↔
Long grain fragrant rice
Thailand Hommali 92% 785-795 ↔
Vietnam Jasmine 470-480 ↔
India basmati 2% broken NQ ↔
Pakistan basmati 2% broken NQ ↔
Cambodia Phka Mails 830-840 ↔
Brokens
Thailand A1 Super 320-330 ↔
Vietnam 100% broken 330-340 ↔
Pakistan 100% broken stxd 280-290 ↔
Cambodia A1 Super 355-365 ↔
India 100% broken stxd 285-295 ↔
Egypt medium grain brokens NQ ↔
U.S. pet food 330-340 ↔
Brazil half grain NQ ↔
All prices USD per ton, FOB
vessel, oryza.com
USDA Post Forecasts Brazil MY 2015-16 Rice Production to Decline on Lower
Yields
Nov 09, 2015
The USDA Post
forecasts MY 2015-16 (April 2016 - March 2017) rice production to decline about
10% to around 8 million tons (basia, milled) from an estimated 8.5 million tons
in MY 2014-15.The decline can be attributed to incessant rains in the country's
main rice producing state of Rio Grande do Sul. Rains have reportedly delayed
planting operations, and may lead to lower yields.
The Post reports that
the Brazilian rice producers are more cautious about investing in inputs and
technology due to the
weakening local currency against the U.S. dollar. These actions could also have
an impact on yields, says the Post.
The Post estimates
Brazil to export about one million tons of rice in 2015, up 18% from last year.
The strong dollar is facilitating exports, says the Post. It estimates Brazil
to import about 500,000 tons of rice in 2015. Mercosul partners Paraguay,
Uruguay and Argentina are the main suppliers of rice imports to Brazil.
South Korea Rice Stocks Increasing on Higher Production, Lower Consumption,
Says Ministry
Nov 09, 2015
South
Korea's government rice stocks at the end of October 2015 have reached around
1.36 million tons, up about 58% 500,000 tons from around 860,000 tons during
the same time last year, and about 70% or about 560,000 tons higher than the
requisite level of around 800,000 tons, local sources quoted the Ministry of
Agriculture, Food and Rural Affairs.
The
sharp increase in the country's rice stocks is attributed to the increase in
production and a decline in consumption. The Ministry and the National
Statistics Office noted on November 8, 2015 that the country's rice production
is expected to increase about 0.4% y/y to around 4.258 million tons despite a
decline in paddy rice acreage by about 2% y/y. The increase is due to an
expected increase in yield per hectare to around 5.33 tons from last year's 5.2
tons per hectare.
Meanwhile,
the country's per capital rice consumption has declined about 19% to around
65.1 kilograms in 2014 from around 80.7 kilograms in 2005, according to the
Ministry.The government is concerned that rising rice inventory levels may lead
to higher maintenance costs. According to the Korea Rural Economic Institute
(KREI), it costs 31.6 billion won (around $27.36 million) annually to store and
maintain 100,000 tons of rice stocks. "Although we are doing everything we
can including nurturing of rice processing industries, development of export
destinations, and looking for foreign assistance programs including that to
North Korea, these measures are simply not enough to exhaust the huge stock of
rice," a government official was quoted.The government is planning to come
up with a long-term plan, by this year-end, to cut down rice output and thereby
stocks from next year onwards.
No comments:
Post a Comment