Indonesia May Not Import Rice in 2016 if Weather Improves, Says
Vice-President
Nov 18, 2015
Indonesia may not need
to import rice if weather improves, Bloomberg quoted the Indonesian
Vice-President as saying.
Addressing the
Asia-Pacific Economic Cooperation (APEC) forum in Manila, the Vice-President
noted that Indonesia had to import 1.5 million tons of rice, including 1
million tons from Vietnam and 500,000 tons from Thailand, this year due to El
Nino-induced drought conditions in the country.
Rice imports this year
have become a contentious issue as the Indonesian President has aimed at
achieving self-sufficiency in rice production and avoiding imports. However,
the country's rice production has been severely impacted due to prolonged
drought conditions leading to depletion of stocks and an increase in
prices.
He told the forum that
the imports would act as a buffer and protect prices from increasing.
However, weather
bureaus have been warning that the El Nino weather phenomenon may last till
March 2016.
Oryza CBOT Rough Rice Futures Recap - Chicago Rough Rice Futures Erase
Previous Day's Gains as Market Continues Back-and-Forth Action
Nov 19, 2015
Chicago rough rice
futures for Jan delivery settled 22.5 cents per cwt (about $5 per ton) lower at
$11.840 per cwt (about $261 per ton). The other grains finished the day mostly lower;
Soybeans closed about 0.7% lower at $8.5775 per bushel; wheat finished about
0.4% lower at $4.8500 per bushel, and corn finished the day about 0.1% higher
at $3.6825 per bushel.
U.S. stocks traded
higher on Wednesday as investors digested the release of the Federal Reserve's
October meeting minutes. The minutes showed that the central bank's most
important members believe a rates hike next month would be appropriate. On the
data front, U.S. housing starts for October fell 11%, while building permits rose
4.1%. Single-family building permits rose 2.4% to their highest level since
December 2007. European and Asian equities closed mixed amid security concerns.
The Dow Jones industrial average traded 172 points higher, or 0.98%, at 17,661.
The S&P 500 traded 21 points higher, or 1.11%, at 2,073, with health care
leading all sectors higher. The Nasdaq rose 64 points, or 1.3%, to 5,051. Gold
is seen trading about 0.2% higher, crude oil is seen trading about 0.3% higher,
and the U.S. dollar is seen trading marginally higher about 1:00pm
Chicago time.
Tuesday, there were
829 contracts traded, up from 681 contracts traded on Monday. Open interest –
the number of contracts outstanding – on Tuesday decreased by 66 contracts to
12,435.
Thai Government Decision to Use Liability Law in Rice Pledging Case is
"Fair," Says Deputy PM
Nov 18, 2015
The Deputy Prime
Minister of Thailand has defended the government stance to employ the liability
law/administrative order to seek financial compensation from the accused in the
rice pledging case, including the former Prime Minister, as "fair"
and straightforward, according to local sources.
The Dy.PM was
responding to calls by the former Prime Minister and other critics for the
government to opt to file a civil suit against the accused. He noted that the
liability law, which holds state officials to account for their decisions in
office, has been around for the past 19 years and has been used in a number of
cases. "It is not a new legal mechanism created to treat any particular
party in an unfair manner," he said.
Explaining why the
government chose the liability law option, he noted that taking action under
administrative law, and filing a civil suit have their own advantages and
disadvantages. "The committee pursuing liabilities against wrongdoers in
the state sector is more familiar with the liability law, having processed more
than 5,000 such cases in the past years, so it went for this option," he
said.
He also noted that
those affected by the government's decision to take action under the liability
law feel they are being treated unfairly, they can appeal in the Administrative
Court. They can also appeal to the Supreme Administrative Court, if they lose
their fight in a lower Administrative Court, he said.
He noted that "if
the government doesn't address the losses incurred by the rice-pledging
scandal, it will be ultimately held responsible for the losses."
Meanwhile, responding
to an open letter by the former PM on her Facebook saying "judicial
power" is being prioritised over the courts, earlier this week, the Thai
Premier also noted that the accused can appeal to the Administrative Court if
they have enough evidence to prove the government's decision is unfair.
Thai Police Detain Convicted Rice Trader Trying to Flee Country
Nov 18, 2015
The Thai police have
detained a convicted rice trader, Wittayakorn Thongsean, at the Suvarnabhoomi
airport after getting information that he was fleeing to Laos, Reuters quoted
Bangkok Post.
In 2006, Wittayakorn,
along with some associates, was found guilty of violating the Rice Trading Act
and deceiving farmers in Roi Et province into selling their rice to them. All
the three were sentenced to five years imprisonment. But were granted bail
later.
The Police noted that
the trio owned a rice export business, Wittaya Group International, and they
negotiated with farmers of an agricultural cooperative to buy 236 tons of rice
for 4.3 million baht (around $118,195). However, they paid about 970,000 baht
(around $26,926) less than the agreed price. Therefore, he
He reportedly missed a
recent court appearance and the Roi Et Provincial Court issued an arrest
warrant on May 25.
Wittayakorn, however, denied of
fleeing the country. He reportedly told police that he was going abroad on a
personal work.
Global Rice Quotes
November 19th, 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 315-325
↔
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% 725-735
↔
Vietnam Jasmine 450-460
↔
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Mails 830-840
↔
Brokens
Thailand A1 Super 325-335
↔
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
Oryza U.S. Rough Rice Recap - Prices Weaken ahead Of Iraqi Grain Board
Tender Announcement
Nov 19, 2015
The U.S. cash market
was weaker today ahead of the Iraqi Grain Board’s tender award announcement
expected sometime tomorrow.
Most analysts are
skeptical that the U.S. will be awarded given that there were 350,000 MT of long
grain milled rice offered out of South America at cheaper levels compared to
the best offer from the U.S.
However, others note that with
logistics sometimes being problematic in South America, the IGB may prefer to
buy one or some cargos from the U.S. despite the higher cost.
Vietnam Rice Sellers Lower Some of Their Quotes Today; Other Asian Quotes
Remain Unchanged
Nov 18, 2015
Vietnam rice sellers
lowered their quotes for glutinous rice by about $5 per ton to around $455 -
$465 per ton today. Other rice quotes remain unchanged today.
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 $30 per ton premium on Pakistan 5% rice shown
at around $315 - $325 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 $40 per ton premium on Pakistan 25% rice
shown at around $285 - $295 per ton.
Parboiled
Rice
Thailand parboiled
rice is indicated at around $350 - $360 per ton. India parboiled rice is
indicated at around $335 - $345 per ton, about $70 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 $325 - $335 per ton, about $5 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.
Contents have been shared with permission of ORYZA.com with thanks
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