China Rice Imports Increase Sharply y/y in January 2016
Feb 22, 2016
China imported around
287,200 tons of rice in January 2016, about 2.3 times from around 122,400 tons
imported during the same period last year, according to data from China Customs
General Administration.
Month-on-month,
China's rice imports in January 2016 declined about 27% m/m from around 395,500
tons in December 2015.
In January 2016, China
exported around 22,200 tons of rice, down about 20% from around 27,900 tons
exported in December 2015 and up about 15% from around 19,300 tons exported in
January 2015.
China imported about
3.35 million tons of rice in 2015, up about 31% from around 2.56 million tons
imported in 2014. China exported about 285,800 tons of rice in 2015, down about
32% from around 419,069 tons in 2014.
USDA estimates China
to produce around 145.77 million tons of milled rice in MY 2015-16 (July -
June). It estimates China to import around 4.7 million tons and export around
450,000 tons of rice in 2016.
El Niño Damages $24 Million Worth Rice Crops So Far in Philippines, Says
Agriculture Department
Feb 22, 2016
Extending dry
conditions due to the El Niño phenomenon have damaged about 94,934 tons of rice
worth P1.62 billion (around $24 million) as of February 18, 2016 in the
Philippines, Business Mirror quoted a report by the Department of Agriculture
(DA).
The report showed that
about 59,463 hectares of paddy are affected, but about 40,221 hectares have a
chance of recovery. Based on the latest projections by the Philippine
Statistics Authority (PSA),the DA Field Operation Service Officer in Charge
told reporters that the effects of El Niño to rice production in the first half
of 2016 would be “minimal.”
The PSA estimates the
Philippines 2016 first half paddy rice production at around 8.2 million tons,
down about 1.5% from around 8.32 million tons in 2015. The Philippines paddy
production in 2015 declined about 4.31% to around 18.15 million tons, down from
around 18.97 million tons in 2014 due to the El Niño phenomenon.
Around 304,104 tons of
total crops worth P4.002 billion (around $84 million) from around 194,056
hectares are affected by the El Nino, according to the report.
Meanwhile, the Philippine
Atmospheric, Geophysical and Astronomical Services Administration is expecting
the El Niño to gradually weaken from March to May this year, while El
Niño-Southern Oscillation (Enso)-neutral is likely between May to July 2016.
Enso-neutral refers to a period when neither El Niño nor La Niña is present
FAO Forecasts Japan MY 2015-16 Rice Imports at 700,000 Tons
Feb 22, 2016
The UN's Food and
Agricultural Organization (FAO) forecasts Japan's MY 2015-16 (April - March)
rice imports at around 700,000 tons. It estimates the country's total cereal
imports at around 24 million tons. Cereal imports cover nearly 60% of the total
domestic cereal utilization.
The FAO forecasts Japan's
2015 paddy rice production at around 10.2 million tons, down about 5% from
10.77 million tons in 2014 due to a reduction in the paddy area reflecting a
decline in prices.
European
Commission Reduces Maximum Residue Level of Pirimiphos-Methyl Insecticide in
Rice Cultivation Feb 22, 2016
The European
Commission (EC) has reduced the maximum residue level (MRL) for the
pirimiphos-methyl insecticide to 0.5 parts per million (ppm/milligrams per
kilogram) for rice cultivation under the regulation Reg.53/2016 from the
earlier 5 ppm under the previous regulation Reg.396/2005 in accordance with the
guidance provided by the European Food Safety Authority (EFSA), according to
local sources.
The pirimiphos-methyl
insecticide used to prevent and combat infestations by storerooms and stored
products, contained in various commercial products authorized for the treatment
of foodstuffs or for storage rooms.
The EC has also
allowed for similar reduction of MRL for the insectide in corn, rye and
buckwheat cultivation, while it as retained at the earlier level for other
cereals.
The Reg. 53/2016 EU
came into force on February 9, 2016, but under the article 2, it apples to
agricutlural products marketed after August 9, 2016. Until then the MRLs
will be applicable under the Reg. 396/2005.
The development may
demand more attention in the management of warehouses and stored paddy.
Government of South Korea Plans to Use Black Rice in Medicines, Health
Products
Feb 22, 2016
South Korea's Rural
Development Administration is planning to encourage local companies to produce
medicines and other health products using black rice as it contains one of the
highest levels of anthocyanin antioxidants, which act as anti-cancer agents,
according to Arirang News. Black rice is also known to act as an anti-ageing
agent and prevent various diseases.
A recent research
report also proved that black rice also fights against obesity. Researchers
noted that substances found in the outermost layer of black rice are found to
inhibit lipogenesis and fat absorption. They conducted a study in which they
fed ten out of 20 mice with black rice extract for three months, and found that
the mice that were fed with the extract saw a nearly 26% reduction in obesity
index and 27% reduction in abdominal fat. They also found that the blood
cholesterol in the experimental group of mice was reduced by about 10%.
Recently, another
study also showed that post-menopausal women who took black rice extract
capsules for 12 weeks could see more than 5% reduction in abdominal fat.
Considering the
various health benefits associated with black rice, Korea’s rural department
has decided to transfer its extraction technology to companies to help then
produce and promote medicines and other health products.
Oryza U.S. Rough Rice Recap - Prices Fall after Iraqi Tender Offers
Revealed
Feb 23, 2016
The U.S. cash market
was seen softer today after offers on the latest Iraqi tender were revealed,
leading some market participants to believe Iraq will scrap the tender for U.S.
origin only.
It was reported that
30,000 tons of U.S. origin was offered at $597 PMT CIF free out while another
90,000 tons were offered at $597.86 PMT CIF free out.
Although the tender
only called for U.S. origin, one company offered 60,000 tons from Uruguay at
$511 PMT CIF free out and 60,000 tons from Argentina at $501.50 PMT CIF free
out.
Analysts note that no
purchase decision has been made as of yet and that the offers remain valid
until February 25th, however the Iraqi Grain Board regularly extends
tender deadlines.
FAO Forecasts Malaysia 2015-16 Rice Imports to Increase on Strong Domestic
Demand
Feb 22, 2016
The UN's Food and
Agriculture Organization (FAO) forecasts Malaysia's MY 2015-16 (July-June) rice
imports to increase despite an estimated record rice production in 2015 due to
a strong Domestic Demand. The FAO estimates Malaysia's 2015-16 total cereal
imports, including rice, to increase about 2% y/y to around 6.5 million tons.
The FAO forecasts
Malaysia's 2015 paddy rice production at a record 2.7 million tons, up about 2%
from around 2.645 million tons in 2014 despite a slight contraction in paddy
area due to favourable weather conditions, increased yields and continued
government support to the rice sector.
Planting of the 2016
paddy crop is nearing completion. However, concerns of El Nino induced dry
conditions during the northeast monsoon period (December-March) are
likely to impact the potential of the 2016 paddy crop.
Oryza CBOT Rough Rice Futures Recap - Chicago Rough Rice Futures Tumble as
Offers on Iraqi Tender Revealed
Feb 23, 2016
Chicago rough rice
futures for Mar delivery settled 31.5 cents per cwt (about $7 per ton) lower at
$10.705 per cwt (about $236 per ton). The other grains finished the day with
mixed results; Soybeans closed about 0.4% higher at $8.8425 per bushel; wheat
finished about 0.6% lower at $4.6400 per bushel, and corn finished the day
about 0.8% higher at $3.7225 per bushel.
U.S. stocks traded
more than 1% higher Monday, trying to build on their best weekly gain of 2016,
as oil prices climbed. WTI futures for March delivery, which expire after the
settle Monday, traded about 7% higher near $31.70 a barrel after the
International Energy Agency said in its medium-term outlook Monday that U.S.
shale oil production was expected to fall by 600,000 barrels per day (bpd) this
year and another 200,000 bpd in 2017. U.S. crude briefly climbed above $32 a
barrel at session highs. The forecast added to last week's drop in U.S. oil rig
count to their lowest level since December 2009, according to Reuters. OPEC
General Secretary Abdalla Salem El-Badri is scheduled to speak at the CERAWeek
energy conference in Houston later on Monday. Globally stocks gained, with
European stocks more than 1.5% higher and the Shanghai composite jumping more
than 2% to lead gains in Asian equities. The Chinese yuan held steady
overnight. In U.S. economic news, the flash read on Markit Manufacturing PMI
for February was 51.0, down from the final January print of 52.4 and hitting
its lowest since October 2012. In afternoon trade, the Dow Jones industrial
average rose 263 points, or 1.61%, to 16,655. The S&P 500 gained 28 points,
or 1.5%, to 1,946, with energy leading all 10 sectors higher. The Nasdaq
composite rose 71 points, or 1.6%, to 4,575. Gold is seen trading about 1.8%
lower, crude oil is seen trading about 5.8% higher, and the U.S. dollar is seen
trading about 0.9% higher at about 1:00pm Chicago time.
Friday, there were
1,699 contracts traded, up from 1,018 contracts traded on Thursday. Open
interest – the number of contracts outstanding – on Friday decreased by 360
contracts to 12,773.
Iraq Passes On Tenders to Purchase 90,000 Tons of U.S. Rice
Feb 22, 2016
Iraq has passed on
tenders to purchase around 90,000 tons of U.S. non-glutinous rice in tenders,
which closed on February 21, 2016 with the offers having to remain valid till
February 25,2016, Reuters quoted the European traders.
The Iraqi Grain Board
(IGB) reportedly received the lowest offer to supply 30,000 tons of U.S. rice
at $597 per ton (c&f). Though, the tender had sought only the U.S. rice,
the same company that offered lowest bid for 30,000 tons of U.S. rice also
offered to supply 60,000 tons of Uruguay rice at $511 per ton (c&f) and
60,000 tons of Argentina rice at $501.50 per ton (c&f).
Other offers for the
U.S. rice were reportedly made at $597.86 per ton, $612 per ton and $635 per
ton (all c&f).
FAO Forecasts South Korea to Import 440,000 Tons of Rice in 2016
Feb 22, 2016
The UN's Food and
Agriculture Organization (FAO) forecasts South Korea to import 440,000 tons of
rice in 2016. The FAO forecasts South Korea's total cereal imports in MY
2015-16 (October-September) to increase slightly over the previous year due to
an increase in wheat imports.
The FAO estimates
South Korea's 2015 paddy rice production at around 5.8 million tons, up about
2% from around 5.638 million tons in 2014 due to favourable weather conditions,
which boosted yields to an all-time record of 7.2 tons per hectare.
The government is
currently facing problem of increasing supplies (from production and imports)
and falling consumption. It is planning to strike a balance between rice supply
and demand by 2018 through a gradual reduction in paddy production and an
increase in consumption.
USDA estimates South
Korea to produce around 4.3 million tons of milled rice and import around
470,000 tons in MY 2015-16 (November - October).
Pakistan Rice Export Earnings Decline Sharply in First Seven Months of FY
2015-16 Despite Increase in Tonnage
Feb 22, 2016
Pakistan exported
around 2.445 million tons of rice (including 223,634 tons of basmati and 2.22
million tons of non-basmati) in the first seven months of FY 2015-16 (July 2015
- January 2016), up about 11% from around 2.196 million tons (290,013 tons of basmati
and 1.91 million tons of non-basmati) exported during the same period in FY
2014-15, according to provisional data from the Pakistan Bureau of Statistics
(PBS).
However, Pakistan's
rice exports declined in terms of value during the said period. Pakistan earned
around $1,026 million during the seven months of FY 2015-16, down about 13%
from around $1,181 million earned last year. The decline is attributed to a
sharp decline in global rice prices as well as a slow demand.
In January 2016,
Pakistan exported around 390,223 tons of rice, down about 18% from around
475,346 tons exported in December 2015 and down about 6% from around 413,660
tons exported in January 2015. In terms of value, Pakistan earned about $158
million in January 2016, down about 13% from around $180.9 million earned in
December 2015 and down about 23% from their year-ago levels of around $204.6
million.
Pakistan exported
around 34,550 tons of basmati rice in January 2016, down about 13% from around
39,589 tons exported in December 2015, and down about 10% from around 38,517
tons exported in January 2015. In terms of value, Pakistan's basmati rice
exports earned $33 million in January 2016, down about 3% from around $34
million earned in December 2015, and down about 23% from around $43 million
earned in January 2015.
Pakistan exported
around 355,673 tons of non-basmati rice in January 2016, down about 18% from
around 435,757 tons exported in December 2015 and down about 5% from around
375,143 tons in January 2015. In terms of value, Pakistan's non-basmati rice
exports earned $125 million in January 2016, down about 15% from around $147
million earned in December 2015, and down about 22% from around $161 million
earned in January 2015.
Vietnam Rice Sellers Increase Their Quotes Today; Other Asia Rice Quotes
Unchanged
Feb 22, 2016
Vietnam rice sellers
increased their quotes for 5% broken rice, 25% broken rice and 100% broken rice
by about $5 per ton each to around $350-$360 per ton, $340-$350 per ton and $325-$335
per ton respectively today. India and Pakistan rice sellers kept their quotes
unchanged today. Thailand rice sellers are out today due to national holiday.
5% Broken Rice
Thailand 5% rice is
indicated at around $355 - $365 per ton, about $5 per ton premium on Vietnam 5%
rice shown at around $350 - $360 per ton. India 5% rice is indicated at around
$360 - $370 per ton, about $20 per ton premium on Pakistan 5% rice shown at
around $340 - $350 per ton.
25% Broken
Rice
Thailand 25% rice is
indicated at around $345 - $355 per ton, about $5per ton premium on Vietnam 25%
rice shown at around $340- $350 per ton. India 25% rice is indicated at around
$325 - $335 per ton, about $20 per ton premium on Pakistan 25% rice shown at
around $305 - $315 per ton.
Parboiled
Rice
Thailand parboiled
rice is indicated at around $365 - $375per ton. India parboiled rice is
indicated at around $350 - $360 per ton, about $55 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, on par with Vietnam 100%
broken rice shown at around $325 - $335 per ton. India's 100% broken rice is
shown at around $260 - $270 per ton, about $25 per ton discount to Pakistan
broken sortexed rice shown at around $285 - $295 per ton.
Thai Commerce Ministry Confirms No Loss of Stocks Under Rice Pledging
Scheme
Feb 22, 2016
Thailand's Commerce
Ministry has confirmed that there was no loss of rice stocks under the previous
government's rice pledging scheme as testified by an auditor to the court,
according to Bangkok Post.
The Ministry noted
that the difference in figures had occurred due to incorrect bookkeeping method
used. The weight of the rice sacks had not been accounted for by the auditor,
it said.
Separately, a
rice-pledging scheme investigation panel seeking financial compensation from
ex-premier Yingluck Shinawatra has submitted its findings to the government.
The panel found that the former Premier had committed dereliction of duty in
overseeing the implementation of the scheme. But it stated that the scheme
itself did not cause any damage to the state.
Vietnam Rice Exports Increase Sharply y/y in January 1 – February 18, 2016
Feb 22, 2016
Vietnam exported
around 589,646 tons of rice in January 1 - February 18, 2016, up about 40% from
around 421,202 tons of rice exported in first two months of 2015, according to
data from the Vietnam Food Association (VFA). The average rice export price so
far in this year stands at around $400 per ton (FOB), down about 11% per ton
from around $452 per ton recorded during same last year.
During February 1-18,
2016, Vietnam exported around172,875 tons of rice, down about 14% from around
200,814 tons rice exported in full month of February 2015, and down about 59%
from around 416,770 tons rice exported in full month of January 2016. The
average export price so far in February stands at around $382 per ton,
down about 16% per ton from a year ago and down about 6% per ton from a month
ago.
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