Wednesday, July 15, 2015

10th July(Friday),2015 Daily Exclusive ORYZA Rice E-Newsletter by Riceplus Magazine

Indian Court to Hear Plea on Chinese Plastic Rice
Jul 09, 2015 -
The Delhi High Court has accepted a public interest litigation (PIL) that has alleged that the rice made out of plastic, which is imported from China, is being sold in the country along with real rice and has sought testing of samples, according to the Economic Times.
The PIL stated that plastic rice when mixed with real rice cannot be identified and when consumed, it may lead to serious gastric ailments. The petitioner urged the court to allow for raiding rice traders and testing the samples in order to protect the consumers.
The Court will reportedly hear the case on August 20, 2015.
Global Rice Quotes
July 10th, 2015
Long grain white rice - high quality
Thailand 100% B grade 390-400
Vietnam 5% broken 345-355
India 5% broken 380-390
Pakistan 5% broken 375-385
Myanmar 5% broken 415-425
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 355-365
Vietnam 25% broken 325-335
Pakistan 25% broken 335-345
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 375-385
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% 865-875
Vietnam Jasmine 490-500
India basmati 2% broken NQ
Pakistan basmati 2% broken NQ
Cambodia Phka Mails 835-845
Thailand A1 Super 315-325
Vietnam 100% broken 310-320
Pakistan 100% broken stxd 285-295 ↔Cambodia A1 Super 350-360
India 100% broken stxd 295-305
Egypt medium grain brokens NQ
U.S. pet food 350-360
Brazil half grain NQ
 All prices USD per ton, FOB vessel,
Oryza Overnight Recap – Chicago Rough Rice Futures Continue to Trend Higher; Grains Higher on Improvement in Chinese Economy
Jul 09, 2015
Chicago rough rice futures for Sep delivery are currently seen paused 5.5 cents per cwt (about $1 per ton) higher at $11.065 per cwt (about $244 per ton) ahead of floor trading in Chicago. The other grains are seen trading higher this morning; soybeans are currently seen trading about 1.7% higher, wheat is listed about 0.8% higher and corn is currently noted about 0.8% higher.
U.S. stocks were tipped to open higher on Thursday, as a recovery in battered Chinese stocks lifted sentiment, while focus remained on efforts to avert the collapse of Greece. China's benchmark Shanghai Composite stock index jumped almost 6% after Beijing delivered its latest salvo of measures to prop up a market that has crashed nearly 30% in the past month. The Chinese Securities regulator on Thursday banned shareholders from selling large stakes in listed firms in a bid to stem a slide in Chinese stocks that has sparked fears across the globe about a protracted slowdown in the world's second-biggest economy. In fact, the sharp selloff has put China risks firmly back in the spotlight, helping send Wall Street shares down almost 1.5% on Wednesday. On the domestic front, weekly jobless claims data showed a slight increase to 297,000. There are several Federal Reserve speakers on the calendar, while Fed Chair Janet Yellen speaks on Friday. Gold is currently trading about 0.1% higher, crude oil is seen trading about 2.4% higher,  and the U.S. dollar is currently trading about 0.2% higher at 8:30am Chicago time.

Will Deteriorating Thai Rice Stocks Divert Export Demand to India?
Jul 09, 2015

A combination of external factors are likely to be favourable to India's non-basmati rice exports in FY 2015-16 (April - March), according to the HinduBusinessLine.
After selling around 1.14 tons of rice in the latest tender on July 7, the Thai government is holding about 14.3 million tons of rice in its stockpiles. Of this around 4.6 million tons are declared as rotten and the government is planning to sell them to the industrial sector by the end of this month. About 8 million tons of rice have reportedly passed standard testing and could be sold for domestic consumption and export.
However, quality concerns still persist among buyers and they are expected to turn to India to meet their buying needs. Since India is said to have good quality white rice, parboiled rice and 100% broken rice, demand for these could be expected to increase in this year.
An India-based grains analyst told local sources that since prices of Indian rice are also competitive, exports are expected to be stable in FY 2015-16 unless the rupee strengthens against the dollar or the government intervenes. The monsoons, which are feared to be impacted by the El Nino weather pattern, should not play a spoil sport on Indian rice production else the government may decide to place restrictions on rice exports.
India 5% rice, parboiled rice and 100% broken rice currently stand at $385 per ton, $375 per ton and $300 per ton respectively compared to Thailand's $385 per ton, $320 per ton and $390 per ton.
India exported around 1.05 million tons of non-basmati rice in the first two months of FY 2015-16 (April - March), up about 13% from around 929,552 tons during the same period in FY 2014-15, according to data from the Agricultural & Processed Food Products Export Development Authority (APEDA). India's total rice exports in April - May 2015 stood at around 1.83 million tons compared to around 1.55 million tons last year.  

Venezuela to Cancel 'Rice for Oil' Deal with Guyana, Says Finance Minister
Jul 09, 2015

The PetroCaribe Deal between Venezuela and Guyana is coming to an end as Venezuela has not agreed to renew it after it expires in November this year, according to local sources. Venezuela sells oil to Guyana and buys rice from Guyana under the deal.
Guyana's Finance Minister told local sources that Venezuela has decided to cancel the deal with Guyana as it has secured shipments from Suriname and has enough local production to meet the domestic demand. Local media is also reporting that Venezuela has signed a new rice deal with Uruguay, and the deal would help Uruguay to clear off its $400 million debt it accumulated from taking Venezuela's oil at concessionary rates.
The Minister also noted that Venezuela has hinted that it may buy rice from Guyana next year to support its buffer stocks. He said that Venezuela has shown interest in working with Guyana to pursue rice markets together. For instance, the Venezuelan authorities have proposed that they would help Guyana in shipping its rice to other countries. Guyana will be allowed to bring rice to an office set in Venezuela's borders and from there, it could ship rice to its destination markets. However, the destination markets should have a good relation with Venezuela.
He noted that though the two options proposed by Venezuela are difficult to get into action, a team from Guyana has been invited to discuss the options.
However, with the expiration of the PetroCaribe deal, Guyana is under pressure to find new markets for its rice. Under the existing oil for rice agreement, Guyana is expected sells about 210,000 tons of paddy and polished rice annually to Venezuela.
Thailand Rice Exports Increase Sharply in May 2015
Jul 09, 2015
Thai rice exports increased sharply in May 2015 after declining about 11% m/m in April 2015, according to data from Thai Rice Exporters Association (TREA). Thailand has exported around 945,597 tons of rice in May 2015, up about 35% from around 700,011 tons exported in April 2015, and up about 7% from around 881,212 tons exported in May 2014, according to TREA. The increase is attributed to an expected decline in supply in Thailand as well as globally owing to drought-inducing El Nino weather pattern.
In value terms, Thailand’s rice exports earned about $416.22 million from total rice exports in May 2015, up about 22% from around $340.10 million earned in April 2015, and down about 2.5% from around $427.12 million earned in May 2014.
In May 2015, white rice exports accounted for around 416,991 tons (about 44% of total May 2015 exports), Hom Mali rice exports accounted for about 106,731 tons (about 11% of total May exports), brokens accounted for 182,796 tons (about 19% of total May 2015 exports), glutinous  variety accounted for 20,688 tons (about 2% of total May 2015 exports), parboiled rice accounted for about 211,696 tons (about 22% of total May 2015 exports) and husked/brown rice accounted for about 6,695 tons (about 0.7% of total May 2015 exports).
Average export prices of all varieties of rice except husked rice have declined during the month. Average export prices of broken rice witnessed the highest decline of about 10% month-on-month in May 2015, while average export prices of husked rice increased by about 6% month-on-month during the month.
Thailand exported around 3.77 million tons of rice in the first five months of 2015, down about 1.3% from around 3.82 million tons exported during the same period last year. Thai government is keen on exporting over 10 million tons of rice this year.

India Basmati Rice Exports May Increase by 10% in FY 2015-16 Due to Steady Demand, Says APEDA Official
Jul 09, 2015

India, which exported around 3.7 million tons of basmati rice in FY 2014-15 (April - May), is expected to export around 4 million tons of basmati in FY 2015-16 due to a steady demand, local sources quoted the Director of the Basmati Export Development Foundation, Agricultural & Processed Food Products Export Development Authority (APEDA).
He noted that India's basmati rice exports were affected in FY 2014-15 due to Iran imposing a temporary ban on imports citing surplus domestic availability. Iran imported around 900,000 tons of basmati rice from India in FY 2014-15 compared to 1.44 million tons in FY 2013-14.
However, he noted that this year, the situation has stabilized and export demand from other countries like Saudi Arabia is expected to compensate for the Iran shortfall. Saudi Arabia remained the top importer of Indian basmati rice in FY 2014-15 with around 966,931 tons, according to the APEDA data.
India exported around 780,090 tons of basmati rice in the first two months of FY 2015-16, up about 25% from around 622,135 tons during the same period in FY 2014-15, according to APEDA, though it started on a low note in April.
However, farmers are expected not to increase basmati rice acreage in this kharif season based on last year's experience of low demand and low prices, according to the Executive Director of the All India Rice Exporters' Association (AIREA). Basmati rice acreage increased about 31% to around 2.1 million hectares in 2014-15 from around 1.6 million hectares in 2013-14.
In 2014-15, domestic basmati paddy prices fell to around Rs.2,300-2,500 per quintal (around $362-$394 per ton) from around Rs.3,500-4,000 (around $551-$630 per ton) in 2013-14 mainly due to low shipments to Iran.
Separately, following an impleading petition by the Patiala Basmati Growers Association, Punjab in the Intellectual Property Appellate Board (IPAB) in the ongoing litigation between the APEDA and the GI Registry in the issue of including more areas to be recognized under GI for basmati, the IPAB has posted the case for final hearing on November 3 and ordered all the parties to file their written arguments by October. Already, the IPAB has accepted impleading cases by a farmers' group in Madhya Pradesh and Pakistan Basmati Growers Association (BGA).
Oryza Afternoon Recap - Chicago Rough Rice Futures Supported by Rising Grains as Chinese Markets Stabilize and as Traders Prepare for Tomorrow's USDA Reports
Jul 09, 2015
Chicago rough rice futures for Sep delivery settled 4 cents per cwt (about $1 per ton) higher at $11.050 per cwt (about $244 per ton). The other grains closed higher as well today; Soybeans closed about 2.8% higher at $10.1575 per bushel; wheat finished about 0.1% higher at $5.7800 per bushel, and corn finished the day about 1% higher at $4.2875 per bushel.
U.S. stocks more than halved gains on Thursday as optimism faded after an opening rebound on the jump in Chinese stocks overnight. The Dow Jones industrial average traded about 70 points higher after surging as much as 249 points in the open as the major averages briefly jumped nearly 1% or more. Germany's Finance Minister Wolfgang Schaeuble conceded on Thursday that Greece would need some debt restructuring as part of any new loan program to make its economy viable, Reuters reported. The cash-strapped government is expected to submit proposals by midnight Thursday. The Shanghai Composite shot 5.8% higher on Thursday for its best day in six years after China instituted new supportive measures, including restrictions on short selling and loosening of margin lending regulations. European stocks also surged, with the DAX up more than 2.5%, as investors remained hopeful of a Greece proposal before the Friday deadline. Political talks over Greece must produce a strong outcome on Sunday for the European Central Bank to provide continued support, while there's only "very low" leeway to reprofile Greece's debt, euro zone leaders said, according to Reuters. On the domestic front, weekly jobless claims gained slightly to 297,000, the highest level since February. There are several Federal Reserve speakers on the calendar ahead of Fed Chair Janet Yellen's speech Friday. The Dow Jones Industrial Average traded up 125 points, or 0.72%, at 17,641. The S&P 500 traded up 15 points, or 0.71%, at 2,061, with financials leading eight sectors higher and utilities and telecommunications the only decliners. The Nasdaq traded up 45 points, or 0.92%, at 4,955. Gold is trading about 0.3% lower, crude oil is seen trading about 2.5% higher, and the U.S. dollar is seen trading at about 0.4% higher at about  1:15pm Chicago time.
Wednesday, there were 1,173 contracts traded, up from 1,033 contracts traded on Tuesday. Open interest – the number of contracts outstanding – on Wednesday increased by 49 contracts to 9,351.
FAO Global Rice Price Index Declines for Tenth Consecutive Month
Jul 09, 2015

The FAO All Rice Price Index declined to around 213 points in June 2015, down about 0.9% from around 215 points in May 2015 due to a decline in all sub-indices. The market weakness was pervasive, dominating all market segments and virtually all origins, says the FAO.
The FAO index has been declining continuously since September 2014. It declined about 11% during the 10-month period.
The Higher Quality sub-index declined about 2 points or about 1% to around 184 points, while the Lower Quality Indica sub-index declined about 2 point, or about 1% to around 188 points in June 2015. Japonica sub-index declined by about 1 points, or about 0.3% to around 265 points this month from around 266 points last month. The Aromatic sub-index declined by about 3 points or about 1.6% to around 182 points in June 2015. The decline in Aromatic sub-index is mainly due to large production surpluses and a continued subdued import demand, according to the FAO.
In January - June 2015, the FAO All Rice Price Index averaged 218 points, down about 7.3% from around 235 points during the same period last year. Sub-index for higher quality Indica rice prices declined about 9.6% y/y and sub-index for lower quality Indica rice prices declined about 5.4% y/y. Aromatic rice price sub-index declined about 28% y/y. However, sub-index for Japonica rice prices increased about 4% y/y.
According to the FAO, rice export prices in the Asian origins such as Vietnam, India, Pakistan and Thailand declined due to continued strong competition for markets. Export prices in the U.S., Argentina and Uruguay also declined due to slow export sales.
During June 2015, average rice export prices of Thai 100% broken rice, Thai parboiled rice, Thai fragrant rice, Thai 5% rice and Thai 25% rice declined to around $385 per ton, $382 per ton, $1,048 per ton, $376 per ton and $365 per ton respectively. Average export prices of Thai A1 Super increased slightly to $327 per ton. Export prices of Vietnam 25% broken rice remained firm this month while those of Pakistan and India declined to around $346 per ton and $344 per ton  respectively. Export prices of the U.S. and Uruguay rice declined to around $485 per ton and around $538 per ton respectively.
Iraq Seeks to Purchase 30,000 Tons of Rice in International Tenders
Jul 09, 2015
Iraq has invited international tenders to purchase about 30,000 tons of rice from U.S., Uruguay, Argentina and India, Bloomberg quoted a statement from the Iraq's Trade Ministry.
Last date for submitting bids is July 15, 2015 and offers remain valid till July 21, 2015.
Oryza U.S. Rough Rice Recap - Prices Continue to Firm as Futures Rally; Iraq Issues New Tender
Jul 09, 2015
The U.S. cash market was firmer today despite disappointing export sales as the futures market remains on fire and sellers are holding out in expectation of higher prices before the end of the marketing year.
Today the USDA reported that cumulative net export sales for the week ending on July 2nd, totaled 9,400 tons, which was 86% lower than last week and the prior 4-week average.
Increases were reported for the following destinations including: 10,600 tons to Guatemala including 6,000 tons unknown destinations, 1,700 tons to Canada, 900 tons to Mexico, 600 tons to Libya, and 300 tons to the United Arab Emirates. Net sales of 1,200 tons were reported for 2015/2016 including 700 tons to the United Arab Emirates and 500 tons to Jordan.
U.S. rice exporters shipped 104,400 tons, which was considerably higher than last week and  52% higher than the prior 4-week average. The primary destinations included:  24,700 tons to South Korea, 24,100 tons to Japan, 23,500 tons to Turkey, 7,300 tons to Mexico, and 7,100 tons to Libya.
 In the meantime, The IGB is seeking to buy either U.S., Uruguayan, Argentine, or Indian origin and offers need to be submitted no later than July 15th and must remain valid through July 21st.

EU 2015-16 Rice Imports to Increase 3.5% y/y to 1.18 Million Tons
Jul 09, 2015
The European Union's 2015-16 (September - August) rice imports are forecasted to increase about 3.5% to around 1.18 million tons from an estimated 1.14 million tons, , according to the report "Rice Market", issued by EU Committee for the Common Organisation of Agricultural Markets on June 25 2015.
While Japonica rice imports are forecasted to decline about 11% y/y to around 80,000 tons, Indica rice imports are forecasted to increase about 5% y/y to around 1.1 million tons.
The EU's 2015-16 rice exports (to third countries) are forecasted to increase about 2% to around 270,000 tons from an estimated 265,000 tons. Exports of Japonica rice varieties are forecasted to increase to 245,000 tons from an estimated 240,000 tons and exports of Indica rice varieties are forecasted to remain stable at 25,000 tons.
The EU's 2015-16 rice production is forecasted to increase to around 1.715 million tons, up about 5% from an estimated 1.637 million tons in 2014-15. Production of Japonica rice varieties is forecasted to increase about 9% to around 1.19 million tons from an estimated 1.089 million tons last year; and production of Indica rice varieties is forecasted to decline about 4% to around 525,000 tons from an estimated 548,000 tons last year.
Total area under rice is forecasted at around 423,000 hectares, up about 2% from an estimated 414,000 hectares last year. While area under Japonica varieties is forecasted to increase about 8% y/y to around 313,000 hectares, area under Indica varieties is forecasted to decline about 10% y/y to around 111,000 hectares.
More than half of European area is located in Italy, with 220,000 hectares (190,000 has sowed with Japonica, the rest with Indica varieties), followed by Spain, (110,220 hectares, half Japonica and half Indica),  Greece (28,690 hectares, of which 20,060 has Japonica and 8,600 Indica), Portugal (27,940 hectares, of which 17,000 hectares are Japonica and 10,940 hectares are Indica), France (12,000 hectares), Romania (11,500 hectares), Bulgaria (9,870 hectares) and Hungary (3,000 hectares). The data about areas and production are estimates by EU member states, apart from Bulgaria (same data as a year prior) and Hungary (estimates by Copa-Cogeca).
Brazil Rice Stocks Decline Slightly to 127,970 Tons in June 2015
Jul 09, 2015
Brazil rice stocks stood at around 127,970 tons in June 2015, slightly down from around 128,120 tons in May 2015 and down about 76% from around 540,961 tons in June 2014, according to the country's national grain supplying agency Conab.
According to Conab, rice stocks with the Selling Option Contract of Agricultural Products (OPCAO) as well as Federal Government Acquisition (AGF) have remained unchanged at last month's level of around 75,732 tons and 52,213 tons respectively. They were down about 77% and 75% respectively from their year ago levels. Rice stocks with farmers (Agricultural Familiar) stood at around 25 tons in June  2015, down 86% from around 175 tons in May 2015 and down about 96% from around 595 tons in June 2014. In June 2015, Brazil’s National Grains Supply Company (Conab) has forecasted the country's 2014-15 paddy rice production at around 12.544 million tons (around 8.53 million tons, basis milled), up about 3.5% from around 12.121 million tons (around 8.24 million tons, basis milled) in 2013-14, and slightly up from its May forecast of around 12.399 million tons

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10th July (Friday),2015Daily Global Rice E-Newsletter by Riceplus Magazine

Rain brings drought relief in North Korea
June rainfall eases fears of chronic food shortages although many areas remain extremely short of water, says South Korea
Description: A farmer stands in front of a field in South Hwanghae province North Korea. In other parts of the country, rains have eased the drought that has been called the worst for a century, according to South Korean officials.A farmer stands in front of a field in South Hwanghae province North Korea. In other parts of the country, rains have eased the drought that has been called the worst for a century, according to South Korean officials. Photograph: Wong Maye-E/AP

Friday 10 July 201515.20 BSTLast modified on Friday 10 July 201515.24 BST
North Korea received enough rain in June to ease a drought that had been described by Pyongyang as the worst in a century – although parts of the country remain acutely short of water, the South Korean government said on Friday.The North’s official media said in mid-June the country had been hit by the worst drought in 100 years. The lack of rain is believed to have compounded chronic food shortages in North Korea, which has seen external aid decline in recent years.“We believe the drought was eased considerably in June,” said South Korea’s unification ministry spokesman Jeong Joon-hee. “Rainfall in June rose to almost 90% of the average year.”
Jeong said rainfall in May had been about half that of an average year, and that the drought continued in the main rice farming regions of Hwanghae and some of the northern provinces.The KCNA news agency said in June that paddies around the country, including in Hwanghae and Phyongan provinces in the south, were drying up due to the lack of rainfall.The shortage of rain in May prompted the UN resident coordinator for North Korea, Ghulam Isaczai, to warn of a looming food crisis, especially after rains in 2014 were the lowest in records going back 30 years.
The UN children’s fund, Unicef, released a statement recently calling for urgent action to prevent deaths. “The situation is urgent,” said Unicef east Asia regional director Daniel Toole. “If we delay until we are certain of crop failures it may well be too late to save the most vulnerable children,” pointing to significant increases in cases of diarrhoea.North Korea’s farm production periodically suffers from droughts and floods in the summer, but experts said the state has updated farming methods and allowed the emergence of markets and an unofficial economy to promote food trade.
U.S. Rice Industry United in Efforts to Open Chinese Market
Dow Brantley
Brantley wants a reasonable agreement
DALLAS, TEXAS -- At a meeting here yesterday the USA Rice Producers' Group unanimously passed a motion urging the conclusion of negotiations between the United States and China to establish a phytosanitary agreement that would pave the way for U.S. rice to be exported to China.The group, representing rice farmers in all six rice states covering close to 90 percent of the U.S. rice crop, offered guidance to U.S. negotiators to help them finalize a deal that would be acceptable and manageable to the U.S. industry.The negotiations, between USDA's Animal and Plant Health Inspection Service (APHIS) and their Chinese counterparts (AQSIQ), have dragged on for years and hit snags recently when the Chinese made demands the U.S. industry felt were not based on sound science.
 "The Chinese are demanding our industry set traps for insects that do not exist in the United States, and that we set a totally unreasonable number of traps per square foot of storage space," said John Owen, a Louisiana rice farmer and chairman of the USA Rice Producers' Group.The USA Rice Millers' Association, whose members would be responsible for the trapping, agreed with the producers."We're not opposed to trapping, but, any agreement needs to meet reasonable standards that are consistent with international trade agreement precedents and be based on quantifiable, scientific data consistent with previous USDA/APHIS procedures," said Chris Crutchfield, a California miller and chairman of the USA Rice Millers' Association.
 Chinese negotiators are also demanding very specific package labeling that is both unprecedented and many felt unfeasible."The labeling requirements are not appropriate for inclusion in a phytosanitary protocol at all," said Dick Ottis, chairman of the USA Rice Merchants' Association.The three organizations came together under the industry's national organization, USA Rice, to adopt the joint resolution.Dow Brantley, an Arkansas rice farmer and chairman of USA Rice, was pleased with the industry's unity and strong statement that both supports, and guides, U.S. negotiators.
 "There's no question we'd like to participate in the Chinese market, but these ever-evolving demands being made by the Chinese government were making it ever-less likely we were going to actually gain access to the market," Brantley said.  "We appreciate the efforts of the U.S. negotiators on our behalf, and are happy to provide input as a united industry."
Brantley said the market has great potential for the U.S. industry, and that his group has been working for years to establish trade relationships and line up customers for the day the phytosanitary deal is complete.  However, he says if the final deal is based on unreasonable, unscientific demands that can never be truly satisfied, there's little point to agreeing."The notion that you can agree to something with the Chinese government now and fix it later is very naïve," he said.  "Once the ink dries on that deal, the Chinese are going to hold us to it, so it needs to be a deal we all can live with today and that actually allows us to start sending our rice over there."
 Contact: Michael Klein (703) 236-1458

USA Rice Federation News
WASDE Report Released
WASHINGTON, DC --U.S. 2015/16 all rice supplies are lowered 11.0 million cwt to 278.4 million due to a production decrease. Supplies of long-grain rice are lowered 12.5 million, but medium- and short-grain rice supplies are raised 1.5 million. All rice production is lowered 12.0 million cwt to 207.0 million due mostly to a decrease in area with long-grain production reduced 9.5 million and medium- and short-grain rice lowered 2.5 million. All rice planted area, as reported inAcreage is estimated at 2.77 million acres, with long-grain at 2.07 million, and medium- and short-grain area at 0.69 million. Beginning stocks for 2015/16 are raised 1.0 million cwt to 46.4 million due to revisions made to 2014/15 all rice and rice-by-class supply and use. All rice average yield is estimated at 7,544 pounds per acre. All rice total use is lowered 1.0 million cwt to 240.0 million cwt, with domestic and residual use lowered 1.0 million cwt to 130.0 million, and exports unchanged at 110.0 million cwt. Ending stocks are projected at 38.4 million cwt, down 10.0 million.
U.S. 2014/15 all rice exports are lowered 1.0 million cwt, raising ending stocks by the same amount. Long-grain domestic and residual use and exports are raised; ending stocks lowered; and the season-average price increased. Medium-and short-grain domestic and residual use and exports lowered; ending stocks raised and the average price unchanged. June 1 Rice Stocks implied shifts in the rice-by-class domestic and residual use estimates. Rice-by-class export estimates are based on U.S. Census Bureau trade data through May and the latest export sales data.
U.S. long-grain 2015/16 rice season-average price is projected at $10.90 to $11.90 per cwt, up 90 cents per cwt on each end of the range. Medium- and short-grain price is unchanged at $17.80 to $18.80 per cwt. All rice price is projected at $13.00 to $14.00 per cwt, up 70 cents on each end of the range. California medium- and short-grain price range is raised 50 cents. Other States medium-and short-grain price midpoint is lowered 20 cents per cwt.

Reduced global 2015/16 rice production leads to lower ending stocks. World rice production is projected at 480.3 million tons, still a record, down 1.4 million from last month, but up 4.0 million from last year. Rice crops are lowered for Australia, Madagascar, North Korea, Thailand, and the United States. Dry conditions in principal rice growing areas of Thailand led to a 4-percent cut in production to 19.0 million tons, still slightly above 2014/15. North Korea's crop is lowered 6 percent to 1.6 million tons due to dry conditions in the main rice producing region. Australia's rice crop is lowered due to falling reservoir levels and a drop in expected planted area. Global consumption and trade are lowered. Thailand's export projection is reduced 0.8 million tons to 10.2 million because of tighter supplies.  Conversely, export projections are raised for Burma, Pakistan, and Vietnam. Global ending stocks are projected at 90.5 million tons, down 0.9 million, the lowest since 2007/08. The global stocks-to-use ratio at 18.5 percent is the lowest since 2006/07. Ending stocks are lowered for Pakistan, Philippines, Thailand, Vietnam, and the United States.

Read the full WASDE report here.

CME Group/Closing Rough Rice Futures   
CME Group (Prelim):  Closing Rough Rice Futures for July 10.
Net Change

July 2015
+ $0.040
September 2015
+ $0.035
November 2015
 + $0.035
January 2016
 + $0.035
March 2016
+ $0.035
May 2016
+ $0.035
July 2016
+ $0.035

Foodgrain imports rise to four-year high

Farmers hurt by high imports
Sohel Parvez and Ahmed Humayun Kabir Topu
Food grain imports surged to a four-year high of 52.69 lakh tonnes in the just concluded fiscal year owing to low prices of rice and wheat on the international market.In fiscal 2013-14, cereal imports stood at 30.65 lakh tonnes, according to data from the food ministry.Rice imports by private traders soared nearly four times last fiscal year to 14.9 lakh tonnes, while wheat imports rose 40 percent year-on-year to 37.79 lakh tonnes.The private sector accounted for 91 percent of the wheat imports, the data showed.
The latest import figure was one of the highest in the last three decades. Such high imports were recorded earlier in fiscal 2010-11 and 1998-99, when 53.13 lakh tonnes and 54.91 lakh tonnes were brought in.Wheat imports went up due to lower prices on the international market, said Abul Bashar Chowdhury, chairman of BSM Group, a Chittagong-based commodity importer.The demand for wheat flour rises when its prices are lower than that of rice, he said.Both the surging imports and higher domestic production have increased the supply of rice and wheat in the market, leading to a drop in prices -- a situation that benefits consumers but hurt growers.
Description: and wheat are now trading below last year's prices, according to traders and market price data compiled by government agencies.The domestic glut of rice crops and high imports created a surplus in the market, so the demand remained lukewarm, said Md Layek Ali, general secretary of Bangladesh Auto, Major and Husking Mills Association.Subsequently, paddy sold at prices much lower than the farmers' cost of production, he added.Farmers bagged higher paddy in the immediate aman and boro crops, which accounted for over 90 percent of total annual rice production. Additionally, imports rose.“Regular rice imports keep the demand for locally produced rice low. Most of the small millers are not buying paddy,” said Ali.
Though prices rose after the government imposed duty on rice imports, it could not discourage imports to a great extent, he added.Depending on quality, paddy is trading between Tk 510 and Tk 730 each maund now, said Md Sajjad Ali, a farmer as well as a paddy trader at Naogaon, a rice-producing district in the northwest.
The current prices are lower than the prices of last year, he said.To ensure fair prices for farmers, the government buys rice at Tk 32 per kilogram from millers and at Tk 22 per kilogram of paddy.But the ongoing purchase of boro rice could not support farmers to recover their paddy production cost of Tk 20 per kilogram, according to farmers.“Millers are not buying. Instead, many millers are supplying rice to the government warehouses by milling previously bought and stocked paddy.”Apart from rice, wheat growers also suffer for falling prices due to soaring imports and higher domestic production in the immediate season.
The wheat production estimate is yet to be finalised, but the Department of Agricultural Extension forecasts that farmers harvested 14.83 lakh tonnes of the grain this year, up from last year's 13.02 lakh tonnes.The private sector has stocked a huge amount of imported wheat due to lower prices in the international markets and that has affected prices, said SK Wazed Ali, owner of Lakhya Flour Industry.Wheat is now trading at Tk 700-900 each maund, he said, adding that wheat prices were higher last year.Though the quality of locally grown wheat is good, its overall prices have decreased because of increased imports, he said.Each maund of locally grown wheat is selling between Tk 800 and Tk 850 at wholesale level, down from Tk 950 and Tk 1,150 last year, said Md Shohel Hossain, a wheat trader from Pabna, a northwest district.The prices may fall after the end of the government's wheat procurement drive, he said.“The supply of wheat is more than the demand due to the bumper production of the crop. So the prospect of price recovery in the near-term seems gloomy.”

Philippines' rice production under pressure from El Niño


The Philippines is suffering the worst from the effects of the El Niño dry spell and driving up demand for milled rice imports, according to the Food and Agriculture Organisation (FAO)...
See detail…

Move Over Golden Rice: Scientists Claim to Have Invented New Rice “To Feed the World”

July 10, 2015 by Christina Sarich. 
  For more CE articles regarding GMOs please click HERE.
Biotech scientists claim to have created the holy-grail once again after mutating genes of rice to “have longer, hardier grains that cook faster and taste better.” This is the latest GM ‘discovery’ being hailed as a way to feed the world.Rice is a staple food in many countries and has been for thousands of years. That’s also another reason it is a Blue Ribbon prize for biotech. If they can create a genetically modified version of rice and force it into markets as they have already done with soy and corn, they will have monopolized not only the US market, but international markets as well.Somehow biotech thinks that their version of genetically manipulated rice will be better than the over 40,000 varieties that currently exist. The US produces only two percent of the world’s rice, but is the world’s fourth largest rice exporter. They are also quite possibly the only country which has allowed biotech to absolutely dominate their farmland, governmental regulatory agencies, and even universities.
Rice is also the staple food of most low and lower-middle income countries, with Asia consuming 90 percent of all rice grown, and Africa coming second, making it a very attractive option indeed for the biotech industry. You know the saying, beggars can’t be choosers.Entire continents like Africa have even refused donated food though, and in the article titled “Better Dead than GM Fed?” the Economistdetails how Zambia and other countries have refused deliveries of GM corn and soya from the UN World Food Programme, though they face some of the largest populations of the poverty-stricken, arguably, in the entire world.
Golden Rice, involving standard first generation gene technology funded by the Rockefeller Foundation, was also developed to “feed hungry and poor” countries, as well as to eliminate blindness by being genetically modified to have higher levels of Vitamin A, but after 70 patents were filed on the GM genes and constructs used in making the golden rice to protect its creation, this rice failed to feed the poor or reverse blindness.Indeed, the new GM rice could feed “half the entire population,” as some mainstream news headlines suggest, but so could the already existing strains of rice that are currently being grown.Furthermore, the “we need GM to feed the world” propaganda has been exposed for what it truly is. We already produce 17% more food than we did 30 years ago, and food distribution is more at the heart of the problem than food creation. We also throw away tons of the stuff. Americans waste more than $165 billion worth, annually. Power keeps people hungry, not the lack of food – especially not the genetically modified creations of Big Biotech. We simply don’t need them.

Senate Tasks CBN To Recover N30bn Rice Import Waiver

Chinenye Ugonna,
The Senate has tasked the Central Bank of Nigeria (CBN) to return N30bn given by the federal government for rice waiver.The Senate president, Bukola Saraki, has asked the CBN to recover the N30 billion import waiver, especially on rice, given to them by the federal government.This was disclosed on Wednesday, July 8, when the CBN governor, Godwin Emefiele, was invited to the Senate to brief the principal officers on the country’s economic status.

Saraki said that the large amount of money given as waivers is the primary reason for the low progress of the rice industries in the country. He also stressed the need for alteration of the economy asides oil as its primary source.“It has been brought to our notice some of the waivers on duties especially on rice. Over N30bn were given to certain comp
Venezuela to stop buying rice from Guyana amid dispute
By BERT WILKINSON - Associated Press - Thursday, July 9, 2015
GEORGETOWN, Guyana (AP) - Venezuela has decided to stop buying much of Guyana’s rice crop amid an escalating border dispute between the South American neighbors, the Guyanese finance minister said Thursday.Finance Minister Winston Jordan said Venezuelan officials informed him during a visit to Caracas that they will be acquiring rice from other suppliers, including Suriname, by the end of the year.

Description: has in the past four years purchased about 40 percent of Guyana’s rice production, or about 200,000 tons, paying for it with oil that amounts to about half of Guyana’s daily supply needs. “It will be a significant blow to us,” said Peter DeGroot, president of the Rice Millers Association.The exchange of rice for oil was done under the Petrocaribe program, a Venezuelan initiative that provides fuel at generous financial terms to Caribbean and Central American countries. Guyana remains a member of Petrocaribe and will continue toBUY OILDescription: from Venezuela, Jordan said.
Jordan said Venezuela did not disclose the reason for its decision, but the long-running border dispute has been heating up following the recent disclosure of a major oil discovery off Guyana in waters that Venezuela also claims. Venezuelan President Nicolas Maduro announced Monday that he was recalling his ambassador in Guyana for consultations and would review relations between the countries.Venezuela has long refused to recognize a boundary drawn in 1899 and it claims about two-thirds of Guyana’s territory as its own. Venezuela published a new map in May that expanded its maritime territory to essentially leave Guyana landlocked.
Guyana Prime Minister Moses Nagamootoo said the timing of the rice announcement made it at least appear that it is connected to the border fight.“It will have to be considered whether Venezuela’s position of the non-renewal of the Petrocaribe barter agreement is indeed an act of economic sanction against Guyana,” he said in a statement.President David Granger told Parliament on Thursday that Guyana does not have the military capacity to challenge Venezuela and his government would seek an international judicial settlement over the border issue.
“Guyana has never used aggression against any state,” said Granger, a retired army general. “In as much as we are a peace loving state we will not allow our territorial integrity to be violated and threatened.”The finance minister said Venezuela did not rule out future purchases of rice. He also said that Venezuela had previously informed Guyanese officials of the plans to discontinue the bulk purchase of rice but the government of President Donald Ramotar, which lost May elections, did not disclose the information.

UP scientist clarifies she didn't say eat 'fake' rice
Posted at 07/11/2015 10:54 AM
MANILA - A University of the Philippines (UP) food scientist clarified that she did not say that the people should eat the alleged "fake" rice recently discovered in Davao.Ma. Concepcion Lizada, a professor emeritus of Food Science in UP Diliman, said she does not know the nature of the fake rice being sold in Davao.She advised the public not to consume it, and recommended that it be confiscated so that authorities can determine its sources."I did not say we should eat 'fake rice,'" Lizada said in a statement."If it is extruded grain, it should have gone through FDA (Food and Drug Administration) and DTI (Department of Trade and Industry), and its quality and safety checked. If it is from another country, it must have gone through these agencies, and the DA (Department of Agriculture) as well.""At this point, we don't know what it's made of and if it's safe. And I would advise that we don't consume it, that it be confiscated and the source determined," she added.She stressed that any food product sold in Philippine markets should have gone through proper documentation and certification processes required by the FDA.
"If it has plasticizers, I would hope these are not intentionally added. There is also the possibility that these contaminants may have leached out of the packaging materials, especially if the packaged product has been exposed to high temperatures during storage, shipment or handling," she noted.According to Lizada, she was referring to "extruded grains" when she talked during an open forum at the two-day 37th Annual Scientific Meeting of the National Academy of Science and Technology at theMANILA HOTELDescription:"I discussed the possibility of processing different starches (from broken rice, corn, cassava or sweet potato) and shape them like grains. The process is extrusion, which has been around for some time and is the same process for producing snacks, breakfast cereals, etc. The more precise term to use would be 'extruded grains.' Corn rice is locally manufactured and I presume this is extruded corn. Perhaps we should not call it corn rice, but use a more appropriate name to reflect the fact that it is not made from rice," she said.She said the Bureau of Agricultural Research of the DA supported the network of food science, postharvest and nutrition in the early 2000's. Among the projects supported was iron-fortified rice implemented by the Food and Nutrition Research Institute.
The iron was mixed with pulverized rice starch and extruded to produce rice grains. The grains were then mixed with polished rice, she said, adding that was even marketed by the National Food Authority (NFA)."The extrusion process provides the opportunity to produce rice with nutrients that are otherwise absent or found in low levels in rice. This allows us to address the issue of nutrient deficiency. Grains made from high fiber sources, e.g. sweet potato, cassava, would have a lower glycemic index so that blood sugar does not go up as much after eating the grains, compared to polished rice. In terms of health benefits, brown rice is superior to extruded grains. However, it takes longer to cook," said Lizada.

Rice farmers learn global advantages at annual "Field Day"

Posted: Jul 10, 2015 7:23 AM PST

Description: farmers are constantly searching for a cheaper and more effective ways of harvesting their crops, while staying ahead of the "agricultural curve".50 percent of the rice grown in the U.S. is exported, which is why local rice farmers, like Alan Gaulding of Gaulding Farms, comes to the annual "Field Day" program to help get a leg up on agricultural trends and information.Gaulding Farms, located off I-10 near Taylor's Bayou, has been loyal participants of the Texas A&M Agrilife Research Center's "Field Day" research program for generations, which is where they gain a fraction of their information on rice farming trends.Field Day began in 1947 as a way for the Texas A&M Agrilife Research Center to share its scientific research, and assist in rice production.Dr. Ted Wilson, director of the Agrilife program, said that the point of the program is to give rice farmers a broader view of the market, production, and trends.
"We give them a full picture of the different aspects of rice production management research that we have going on the in the state of Texas," Wilson said.Wilson brings rice farming experts, like Dwight Roberts, president of the U.S. Rice Producers Association, to the area to provide a global perspective on the market."We're fortunate to have our next door neighbor as our biggest buyer," Roberts said. "The U.S. ships 800,000 tons a year to Mexico."Researchers credit American farmers for separating the "types of rice" more effectively than farmers in other nations across the world, which is a demand expected to grow.
"As global growth occur, particularly in areas that have a higher population growth rate than ours, we're going to see demand by these countries," Wilson said.Information on the possibility of more demand for products keeps both Roberts and Alan Gaulding, of Gaulding Farms, smiling."Hopefully the future of agriculture is long term profitable and we get to continue to do what we love to due."

UP scientist clarifies fake rice comments

By Rainier Allan Ronda (The Philippine Star) | 
Video grab from ANC shows the styrofoam-like appearance of the synthetic rice, which is reportedly made from potatoes, sweet potatoes and resin.
MANILA, Philippines - A food scientist at the University of the Philippines in Diliman, Quezon City clarified reports yesterday that she recommended the consumption of “fake rice” that has surfaced in Davao.Ma. Concepcion Lizada, professor emeritus of UP Food Science, stressed that she was not familiar with the nature of the “fake rice” being sold in Davao City that has caused a health or nutrition scare.“I did not say we should eat fake rice,” Lizada said in a statement to The STAR, commenting on an article that came out on July 9.The article quoted statements she made on the fake rice scare, giving fabricated rice produced from extrusion technology a bad reputation.
Lizada made the comment at an open forum on the first day of the two-day 37th Annual Scientific Meeting of the National Academy of Science and Technology at the Manila Hotel, where she gave a presentation on “Agriculture-Health Convergence: Synergy in Managing Non-Communicable Diseases.”She stressed that she did not know the nature of the “fake rice” being sold in Davao, if that was what she referred to as fabricated rice produced using extrusion technology.
 “It is extruded grain. It should have gone through Food and Drug Administration and the Department of Trade and Industry, and its quality and safety checked,” she said.“If it is from another country, it must have gone through these agencies, and the DA as well.“At this point, we don’t know what it’s made of and if it’s safe. I would advise that we don’t consume it, that it be confiscated and the source investigated,” Lizada said.She explained that any food product being sold in the market should go through proper documentation and certification processes required by the FDA.“If it has plasticizers, these might have leached out of the packaging materials, especially if it has been exposed to high temperatures during storage, shipment or handling,” Lizada said.
“I would rather not call it fabricated rice. It’s giving fabricated rice a very bad reputation,” Lizada told her fellow scientists, academicians and researchers at the forum.She cited a commercial product called corn rice that is now widely available in the market.“In fact, there was a media blitz about the corn rice. It’s good. I tasted it myself,” Lizada said.Lizada said the fabricated rice or corn rice was a product of food extrusion technology, which she discussed in her presentation as being tapped to fortify food staples.“It’s available. It’s a good technology. The issue is just why did it go through the backdoor rather than it being sold as grains made from different starch sources,” Lizada said in the open forum.In her clarification letter, Lizada recalled that she discussed the possibility of processing different starches from broken rice, corn, cassava or sweet potato and shaping them like grain.
“The process is extrusion, which is the same process for producing snacks, breakfast cereals, etc. The more precise term to use would be ‘extruded grains’,” Lizada said.“Corn rice is locally manufactured and I presume this is extruded corn. Perhaps we should not call it corn rice, but use a more appropriate name to reflect the fact that it is not made from rice,” she said.She reportedly complained of cyber bullying over the story. (The STAR apologizes for the misunderstanding over her remarks.)
Probiotics, Now For Plants

By News Staff | July 9th 2015 10:57 AM | Print | E-mail | Track Comments
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Television commercials assure us that probiotic products are good for our health, with claims ranging from improved digestion to managing allergies and colds,
If so, why wouldn't plants also benefit from certain microbes?
In plants, beneficial bacteria and fungi are endophytes. Scientists have known for decades that plants like legumes (peas, beans, and lentils) have beneficial bacteria in nodules attached to their roots. These bacteria "fix" vital nitrogen, turning it into a form the plant can easily use. However, researchers have recently found some nitrogen-fixing bacteria actually live inside plant tissue--in the leaves, stems, and roots--with impressive results. Sharon Doty, an associate professor at the University of Washington, was one of the first to discover these bacteria, and their successful transfer between plants.
A comparison of rice plants grown without the endophyte (E-) and with the endophyte (E+). Photo by Hyungmin
Doty and her team isolated endophytes from poplar and willow trees. These trees thrived despite a rocky, forbidding surround. "All I have to do is look at these trees in their native habitat to see that we are clearly on the right path; simple nitrogen use efficiency cannot explain the continued biomass accumulation of these amazing trees," Doty says.
Doty then transferred the endophytes to rice plants. The result? Larger and taller plants with fuller root systems--despite limited nitrogen conditions in the greenhouse.
This endophyte-plant relationship is partly a matter of speed in adaptation. "Plants have a limited ability to genetically adapt to rapid environmental changes (heat, drought, toxins, or limited nutrients) and so they may use microbes that do have this capacity to rapidly evolve due to their vastly shorter life cycles," she explained. "By having the right microbes for the conditions, the plants are healthier. That is how it is similar to humans taking probiotics to improve their health."
And the environmental payoff? Thanks to these bacteria fixing nitrogen for the plant, farmers could use less chemical fertilizers to give plants the nitrogen they need. Because runoff from these fertilizers can be harmful to surrounding ecosystems, being able to use less is great news and can even decrease greenhouse gas emissions, added Doty. "This research offers the potential alternative for chemical fertilizers in crop production, thus aiding sustainable agriculture with minimum impacts on the environment."
This benefit is not limited to rice. "Research on endophytic nitrogen-fixation has enormous potential benefits since endophytes have a very broad host range," she said. "Unlike root nodules that are limited to [just a few plants], endophytic nitrogen-fixation could be used for any plant species."
The endophytes of poplar and willow can also provide growth benefits for such diverse species as corn, rice, ryegrasses, tomato, pepper, squash, Douglas fir, and western red cedar. "This suggests that the plant-microbe communication is ancient," Doty noted.
The way these bacteria get inside the plant and then live there is still being studied. It most likely differs by the type of bacteria, Doty said. Some may transfer through seeds and others through the environment. Once inside a plant, the bacteria can migrate throughout -- unlike those found in root nodules -- and are often found in the spaces between plant cells and in areas that transport water or sugars.
Doty's work is also a study in long-term commitment. "When I began as an assistant professor in 2003, I always had side projects on nitrogen-fixation but it was impossible to get funding to study it since [this idea] goes against the established dogma that symbiotic nitrogen-fixation can only occur in root nodules," she said. "I continue to fight that battle even now, over a dozen years later."
Other researchers may study how the endophytes interact with the soil, but Doty's research centers on the internal interactions. This, in turn, has external results. "Many of the endophytes produce plant hormones that (help them grow more roots), so they are impacting how the plants interact with soil in that way as well," she added. "It is essential to find environmentally sustainable crop production methods that reduce the demand for nitrogen fertilizers in cultivation."
The next steps in this work have practical applications. Doty's lab is collaborating with an agricultural company to take advantage of these bacteria on a large scale. This could include seed coating or spraying.Doty's research was funded by the United States Department of Agriculture (NIFA grant # 2012-00931) and published in Crop Science.

Forbidden Rice Spring Rolls
By Christine Waltermyer

  2- 2.8 Ounce packages Organic Lotus Foods Forbidden Rice Ramen Noodles
  1 cup grated carrots
  1 thinly sliced avocado
  1/2 cup fresh cilantro leaves
  1/3 cup fresh mint leaves
  8 8-inch, spring roll rice paper wrappers
1.      Cook ramen noodles according to package. Drain and rinse ramen in cold water. Leave ramen to drain in a fine mesh drainer until you roll the spring rolls.

2.      To roll the spring rolls: Immerse the rice paper in a shallow bowl of warm water, one at a time, to soften. Flip the rice paper in the bowl of water after a few seconds and then when it is soft and firm on both sides, spread it out gently on a dry dish towel. In the middle of the rice paper, add some carrots leaving about an inch on the right and left sides. Then sprinkle on the herbs, a few slices of avocado, and then some noodles. Tuck in the right and left sides to wrap around the noodles. Then roll up the spring rolls (away from you). Repeat with the rest of the carrots, noodles, herbs and avocado. Serve immediately with peanut sauce and/or tamari

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Indian businessman’s worry: Sanctions-free Iran
Jul 10, 2015 | Reuters | New Delhi
Indian businessman Pankaj Bansal is losing sleep. He says that any nuclear deal under which global powers lift sanctions against Iran could wipe him out.“I have been forced to take sleeping pills now to avoid nightmares as my business with Iran has drastically come down,” said Mr Bansal, 43, from his base in a teeming commercial district of South Delhi.Mr Bansal’s trading firm, TMA International, has expanded from metals into motors, auto parts and chemicals as rivals were shut out of Iran by Western sanctions aimed at forcing Tehran into a nuclear compromise.Talks to finalise a deal have run deep into overtime but may wrap up on Friday. He is one of thousands of exporters who enjoyed a three-year run because India did not back the sanctions.
In that time, India’s exports to Iran doubled to $5 billion, helping to halve its bilateral trade deficit.Now, they could be forced aside by European and US competitors just as Asia’s third-largest economy reels from a 20 per cent export slump prompted by a global slowdown in trade. The revival of India’s historic friendship with Iran, shared with Russia and Venezuela, does hold the promise of long-term trade gains. Yet short-term pain looms for oil buyers and banks that benefited from sanctions-related payment delays.A delegation of Indian exporters met finance minister Arun Jaitley last week to lobby for support to help them cope with a revival of competition for the Iranian market. They came away empty handed.

“The lifting of Western sanctions on Iran would have an adverse impact, particularly on non-agricultural commodities,” said S.C. Ralhan, president of the Federation of Indian Export Organisations. Yet, millions of farmers too would face a hit from the easing of sanctions on Iran, a buyer of basmati rice, soymeal, sugar, barley and meat.Under sanctions, Iran paid a premium of up to 20 per cent over global prices to buy from India.“Iran is shifting to other suppliers like South American countries. They are supplying at much lower prices compared to India. We cannot compete," said B.V. Mehta, ED, Solvent Extractors’ Association of India.

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