Govt envisions
increasing rice exports to $5bn: Dawood
July 9, 2019
ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razaq Dawood said on
Tuesday that the incumbent government has envisioned increasing rice exports to
$5 billion in the next five years.
“In order to achieve this target,
the Ministry of Commerce is striving to reclaim the traditional markets,
besides capturing the new markets,” he said while addressing a press
conference.
He said with continuous efforts
of the government, Qatar has now opened its market for Pakistani rice.
Previously, he added, Pakistani rice was not being procured by the state
procurement agency of Qatar.
Dawood informed that Qatar’s
Central Tendering Committee has advertised a tender for the procurement of
100,000 bags from Pakistan, providing a tremendous opportunity to the rice
exporters of Pakistan.
“This initiative will open a new
avenue of market access for Pakistani rice which will significantly contribute
towards enhancing the country’s exports.”
The PM’s adviser termed the
Qatari demand for rice as an important milestone in the export of Pakistan’s
agricultural products. He said that rice exports were on the upward trajectory
in China and Indonesia owing to the additional market access secured by the
current government.
Meanwhile, the Rice Exports
Association of Pakistan (REAP) lauded the government for achieving this
milestone. “REAP is extremely grateful to the PM and his adviser for their
focused efforts in successfully helping the association open up the premium
basmati market in Qatar.
“It is encouraging that the
basmati rice exports have fetched $637.99 million in FY2018-19, as compared to
$581.85 million in the same period last year.”
The association showed optimism
that the Ministry of Commerce’s initiatives like re-negotiating on the
preferential trade agreements and free trade agreements would result in
positive outcomes.
A REAP representative commended
the commerce ministry for securing duty-free market access on the export of
rice to Indonesia and also for getting additional market access to the Chinese
Market.
It is pertinent to mention that
Qatar’s private sector, CTC, used to import rice from Pakistan, but in 2011-12,
it made it’s tender Indian-origin specific, thereby effectively banning the
import of any other origin, including Pakistani rice.
The CTC issued tenders every two
months for the supply of more than 5,000MT of high-quality rice but the
Pakistani rice remained excluded from these tenders. Owing to this, Pakistani
exporters/suppliers were deprived of supplying of about 30,000 to 40,000MT
quality rice to Qatar per annum.
Meanwhile, during the recent
visit of the Iranian commerce minister to Pakistan, Iran offered market access
to Pakistan by resolving to import 500,000 tonnes of rice from Pakistan. The
Iranian delegation also extended its support on the removal of potential
bottlenecks so that trade activities could be increased and a way forward could
be developed.
https://profit.pakistantoday.com.pk/2019/07/09/govt-envisions-increasing-rice-exports-to-5bn-dawood/
Fertiliser prices to rise by Rs100 per bag after hike in gas
tariff
Published: July 10, 2019
ISLAMABAD: The government has hinted at increasing
fertiliser prices by Rs100 per bag following a hike in gas prices.
Speaking at a press conference on Tuesday,
Adviser to Prime Minister on Commerce, Textile, Industries and Production Abdul
Razak Dawood said the production cost of fertiliser had gone up due to a recent
hike in gas prices. However, he said, final decision would be taken on
Thursday, following a meeting with representatives of the fertiliser industry.
The industry had demanded an increase of
Rs200 per bag in fertiliser prices due to the hike in gas prices, the adviser
said, adding that the industry had not yet increased the prices.
He claimed that there was a smooth supply of
fertiliser in line with demand and the government was making efforts to prevent
undue hike in fertiliser prices. The government would safeguard the interest of
farmers, however, subsidy could not be given following a deal with the
International Monetary Fund (IMF) as it would affect the revenue collection, he
added.
Regarding the country’s trade, Dawood said
there had been no change in the volume of exports and imports during 2018-19.
Exports stood at $23 billion against the target of $24 billion.
There had been no increase in exports in
dollars terms, he said. However, a decline of $6 billion was witnessed in the
trade deficit, he said, adding that the deficit stood at $31 billion in
2018-19.
Rice exports to Qatar
In a statement, the Ministry of Commerce
said Qatar had lifted the ban on rice export from Pakistan while Iran would
also import 500,000 tons of paddy. It would lead to an increase in exports from
Pakistan. “Pakistani is set to export rice to Qatar as the latter has advertised
a tender to import 100,000 bags of the commodity,” it said.
The Ministry of Commerce said the current
government had been working to boost exports of traditional and non-traditional
products. Rice is the largest agro- commodity in the export basket of the
country with exports of over $2 billion.
The government wants to take rice exports to
$5 billion in the next five years. To achieve this target, the Ministry of
Commerce said it was recapturing traditional markets as well as entering new
markets. With continuous effort of the government of Pakistan, Qatar has now
opened its market for Pakistani rice, the statement added. Previously,
Pakistan’s rice was not being purchased by the state procurement agency of
Qatar.
Dawood said rice exports to China and
Indonesia were going up due to the additional market access secured by the
government. Rice Exporters Association of Pakistan (REAP) said it was
encouraging that basmati rice exports had been on an upward trend, fetching
$637.99 million in FY19 compared to $581.85 million in the previous year.
Previously,
the private sector in Qatar continued to import rice from Pakistan, however,
the Central Tendering Committee (CTC), which procures for state-supplied
subsidised rice for Qatari citizens, made its tender Indian-origin specific,
thereby effectively banning the import of any other origin rice including Pakistani
rice into Qatar in 2011-12.
Published in The Express
Tribune, July 10th, 2019.
Pakistan to receive $1bn IMF
instalment on Tuesday
Published
on Tuesday 09th July 2019, 09:42 AM
· IANS
Islamabad, July 9 (IANS) Pakistan
will on Tuesday receive the $1 billion instalment from the International
Monetary Fund’s (IMF) under the recently concluded $6 billion bailout package.
Speaking at a news conference on
Monday, IMF mission chief for the country Ernesto Ramirez-Rigo said the bailout
package for Pakistan was aimed at stability of the nation’s economy and
institutions, Geo News reported.
“Pakistan has paid attention to
economic reforms, he explained, adding that the US dollar exchange rate in the
country was nearer to the reality. It was necessary to bump up tax collection
in order to stabilise the economy,” Ramirez-Rigo said.
Whether the state institutions
were to be operated at a loss or profit was up to the government but the burden
of institutions being run at a loss post-privatisation would be eliminated and
non-tax income increased, the IMF’s mission chief noted.
The IMF’s Executive Board had on
July 3 approved the three-year bailout package worth $6 billion to Pakistan.
IMF’s spokesperson, Gerry Rice,
had confirmed the news on Twitter, saying: “IMF Executive Board approved today
a three-year US$6 billion loan to support Pakistan’s economic plan, which aims
to return sustainable growth to the country’s economy and improve the standards
of living,” reports Geo News.
Furthermore, the Asian
Development Bank (ADB) on Monday announced its plan to support Pakistan with
indicative lending worth up to $10 billion for various development projects and
programmes during the next five years.
The ADB held a series of
consultations with the Pakistani government to “formulate a new Country
Partnership Strategy (CPS), which will guide ADB’s engagement in the country
from 2020 to 2024”, the lender said.
(This story
has not been edited by Newsd staff and is auto-generated from a syndicated
feed.)
Bad weather can reduce rice harvest
Drought in India and worsening
weather conditions in China can reduce yields. Will the rice quotation growth
continue?
According to the Indian Ministry
of Agriculture & Farmers' Welfare as of July 5, 2019, the area of summer
rice crops in the country was 5.2 million hectares. This is almost a quarter
less than last year’s level for the same date. In India, the rainy season began
because of the monsoons. It is usually observed from June to September. Already
the 5th week in a row there is a lack of rain. Moreover, their number for the
week ended July 3 was 6% lower than the average for the last 50 years. Lack of
moisture can be a major factor in reducing the yield of rice and other crops in
India. In China, there is increased heat, but precipitation is still common for
midsummer. Note that the main global rice exporters are located in one region -
in Asia: India, Thailand, Vietnam and Pakistan. China is the world's largest
importer of rice.
On the daily timeframe Rice: D1
is in the mid-term uptrend. The line of the previous neutral trend has now
become a support level that was not broken down during the price correction.
Various technical analysis indicators have generated an uptrend signals.
Further growth of quotations is possible in case of a further reduction in
world yield.
· The Parabolic indicator shows an uptrend signal.
· The Bolinger bands have narrowed, indicating a volatility decrease.
The bottom line of Bollinger has a slope up.
· The RSI indicator is above the 50 mark. It has formed a
divergence to increase.
· The MACD indicator shows a signal to increase.
The bullish momentum may develop
in case if Rice exceeds its last maximum: 11.65. This level can be used as an
entry point. The initial stop loss can be placed below the Parabolic signal,
the last 2 lower fractal and the bottom Bollinger line: 11.15. After placing
the pending order, the stop loss shall be moved following the signals of
Bollinger and Parabolic to the next fractal minimum. Thus, we are changing the
potential profit/loss to the breakeven point. More risk-averse traders may
switch to the 4-hour chart after the trade and place a stop loss moving it in
the direction of the trade. If the price meets the stop level (11,15) without
reaching the order (11,65), we recommend to cancel the order: the market
sustains internal changes that were not taken into account.
Technical Analysis Summary
|
Position
|
Buy
|
|
Buy stop
|
Above 11,65
|
|
Stop loss
|
Below 11,15
|
Want to get more free
analytics? to get daily news and analytical materials.
Pakistan to receive $1 billion IMF
instalment on Tuesday
IMF Executive Board approved a three-year US $6 billion loan to support
Pakistan's economic plan, aiming to return sustainable growth to the country's
economy and improve standards of living.
Indo Asian News Agency
Islamabad
July
9, 2019
UPDATED: July 9, 2019 10:41 IST
The IMF's Executive
Board had approved the three-year bailout package to Pakistan. (Image Courtesy:
Reuters)
HIGHLIGHTS
· IMF's Executive Board approved three-year bailout
package worth $6 billion to Pakistan
· IMF mission chief for Pak said bailout package was
aimed at stability
· ADB will also provide loans upto $10 billion to
Pakistan for next 5 years
Pakistan will on Tuesday receive the $1 billion instalments from
the International Monetary Fund's (IMF) under the recently concluded $6 billion
bailout package.
Speaking at a news conference on Monday, IMF mission chief for the
country Ernesto Ramirez-Rigo said the bailout package for Pakistan was aimed at
stability of the nation's economy and institutions, Geo News reported.
"Pakistan has paid attention to economic reforms, he
explained, adding that the US dollar exchange rate in the country was nearer to
the reality. It was necessary to bump up tax collection in order to stabilize
the economy," Ramirez-Rigo said.
Whether the state institutions were to be operated at a loss or
profit was up to the government but the burden of institutions being run at a
loss post-privatization would be eliminated and non-tax income increased, the
IMF's mission chief noted.
The IMF's Executive Board had on July 3 approved the three-year
bailout package worth $6 billion to Pakistan.
IMF's spokesperson, Gerry Rice, had confirmed the news on Twitter,
saying: "IMF Executive Board approved today a three-year US $6 billion
loan to support Pakistan's economic plan, which aims to return sustainable
growth to the country's economy and improve the standards of living,"
reports Geo News.
Furthermore, the Asian Development Bank (ADB) on Monday announced
its plan to support Pakistan with indicative lending worth up to $10 billion
for various development projects and programs during the next five years.
The ADB held a series of consultations with the Pakistani
government to "formulate a new Country Partnership Strategy (CPS), which
will guide ADB's engagement in the country from 2020 to 2024", the lender
said.
https://www.indiatoday.in/world/story/pakistan-to-receive-1billion-imf-instalment-1565069-2019-07-09
First-Ever Sale of US Rice to China
Announced
July 09, 2019
Jim Guinn, Director, Asia Promotion Programs, USA Rice
Federation; William Li, Overseas Director, Shenzhen Yintuo & Vice
President, Dragon Ocean Hing Group, Jim Levy, U.S. Consul General to China,
U.S. Embassy; Chris Zhang, President, Dragon Ocean Hing Group; Erin O’Donnell,
Assistant Vice President of Global Rice Trading, Sun Valley Rice; Bobby Richey
Jr., Minister-Counselor for Agricultural Affairs in China, USDA. Image: Sun
Valley Rice
The door to a promising new market has been cracked open for US
rice exporters with the announcement on July 3 that Dunnigan,
California-based Sun Valley Rice had completed the first-ever sale of
US-produced rice to China.
In a press release, Sun Valley said
it would be providing, "California Calrose medium-grain rice to Shenzhen
Yintuo, part of the Dragon Ocean Hing Group, one of the largest importers of
rice into China." The statement continued, "The private packaged rice
for Shenzhen Yintuo will be delivered in time for the upcoming Mid-Autumn
Festival, held in September in China and available for both retail and food
service distribution." Media reports in the US and China stated that the
first shipment would be comprised of two containers carrying 40 tons of rice.
Sun Valley stated that it has been
seeking to gain access to the China market since 2004—although China and the US
did not finalize import protocols until 2017.
“We chose Sun Valley Rice because
when we first toured the US, we went to California and witnessed that Sun
Valley Rice had clearly studied Asian cultures deeply (especially Japanese and
Chinese),” said William Li, Overseas Director, Shenzhen Yintuo & Vice
President, Dragon Ocean Hing Group, according to the Sun Valley press release.
"Most rice imported into China
today currently comes from Thailand, Pakistan and Vietnam and is of the
long-grain type," said the statement from Sun Valley. "California
Calrose is a medium-grain varietal, predominately grown in the Sacramento
Valley, and is considered the premium medium-grain rice due to its superior
taste, aroma and texture. "
Despite its domestic production
being dwarfed by Asian countries like China and Thailand, the US is globally
the fifth largest exporter of rice, with almost 3.2 million tons of exports in
2018.
The industry is hopeful this first
deal in one of many to come. “This sale marks a turning point for the U.S. rice
industry and its relationship with China,” says Betsy Ward, President and CEO
of USA Rice, the national trade association representing rice growers, millers
and merchants in the United States. “We’ve spent decades chasing this enormous
market, and the Sun Valley Rice sale is the first ever of U.S. rice to a
private importer. It is truly historic and sets the stage for continued regular
trade with China for U.S.-grown rice.”
Pakistan receives first tranche of IMF loan
KARACHI: Pakistan has received the first
tranche of loan of $991.4 million from the International Monetary Fund (IMF)
under the under Extended Fund Facility (EFF) on Tuesday.
According to the State Bank of Pakistan
(SBP), following the loan from the IMF, the country's foreign exchange reserves
now stand at above $15.0431 billion.
The IMF's Executive Board on July 3 had
approved a three-year bailout package worth $6 billion to
Pakistan.
IMF's spokesperson, Gerry Rice, had
confirmed the news on Twitter, saying, "IMF Executive Board approved today
a three-year US$6 billion loan to support Pakistan’s economic plan, which aims
to return sustainable growth to the country’s economy and improve the standards
of living."
"The country's economic plan seeks to
return sustainable growth to the economy by adopting reforms to foster stronger
and more sustainable growth," Rice had added.
The IMF and Pakistan's government had
earlier already signed a staff agreement on May 12 in this regard.
Furthermore, the Asian Development Bank (ADB) on Monday
announced its plan to support Pakistan with indicative lending worth up to $10
billion for various development projects and programs during the next five
years.
The ADB held a series of consultations with
the Pakistani government on Monday to "formulate a new Country Partnership
Strategy (CPS), which will guide ADB’s engagement in the country from 2020 to
2024", it said.
Fertiliser prices to rise by Rs100 per bag after hike in gas
tariff
Published: July 10, 2019
ISLAMABAD: The government has hinted at increasing
fertiliser prices by Rs100 per bag following a hike in gas prices.
Speaking at a press conference on Tuesday,
Adviser to Prime Minister on Commerce, Textile, Industries and Production Abdul
Razak Dawood said the production cost of fertiliser had gone up due to a recent
hike in gas prices. However, he said, final decision would be taken on
Thursday, following a meeting with representatives of the fertiliser industry.
The industry had demanded an increase of
Rs200 per bag in fertiliser prices due to the hike in gas prices, the adviser
said, adding that the industry had not yet increased the prices.
He claimed that there was a smooth supply of
fertiliser in line with demand and the government was making efforts to prevent
undue hike in fertiliser prices. The government would safeguard the interest of
farmers, however, subsidy could not be given following a deal with the
International Monetary Fund (IMF) as it would affect the revenue collection, he
added.
Regarding the country’s trade, Dawood said
there had been no change in the volume of exports and imports during 2018-19.
Exports stood at $23 billion against the target of $24 billion.
There had been no increase in exports in
dollars terms, he said. However, a decline of $6 billion was witnessed in the
trade deficit, he said, adding that the deficit stood at $31 billion in
2018-19.
Rice exports to Qatar
In a statement, the Ministry of Commerce
said Qatar had lifted the ban on rice export from Pakistan while Iran would
also import 500,000 tons of paddy. It would lead to an increase in exports from
Pakistan. “Pakistani is set to export rice to Qatar as the latter has
advertised a tender to import 100,000 bags of the commodity,” it said.
The Ministry of Commerce said the current
government had been working to boost exports of traditional and non-traditional
products. Rice is the largest agro- commodity in the export basket of the
country with exports of over $2 billion.
The government wants to take rice exports to
$5 billion in the next five years. To achieve this target, the Ministry of
Commerce said it was recapturing traditional markets as well as entering new
markets. With continuous effort of the government of Pakistan, Qatar has now
opened its market for Pakistani rice, the statement added. Previously,
Pakistan’s rice was not being purchased by the state procurement agency of
Qatar.
Dawood said rice exports to China and
Indonesia were going up due to the additional market access secured by the
government. Rice Exporters Association of Pakistan (REAP) said it was encouraging
that basmati rice exports had been on an upward trend, fetching $637.99 million
in FY19 compared to $581.85 million in the previous year.
Previously,
the private sector in Qatar continued to import rice from Pakistan, however,
the Central Tendering Committee (CTC), which procures for state-supplied
subsidised rice for Qatari citizens, made its tender Indian-origin specific,
thereby effectively banning the import of any other origin rice including
Pakistani rice into Qatar in 2011-12.
Published in The Express
Tribune, July 10th, 2019.
Qatar tenders buy 4,000 tonnes rice from Pakistan
Parvez JabriJuly 9,
2019
HAMBURG: Qatar’s state purchasing agency has issued a tender to
buy about 4,000 tonnes of rice to be sourced from Pakistan, European traders
said on Tuesday.
Tender deadline is July 21. Basmati rice was sought, traders
said.
Some 100,000 bags of rice of 40 kilos each were sought.
Pakistan
finally gets access to Qatar’s rice market
July 10, 2019
Pakistan will export 100,000 bags of rice to Qatar as part of
the government initiative to enhance overall rice exports from the country. —
Photo courtesy Ahsan Mahmood/File
ISLAMABAD: Pakistan will export
100,000 bags of rice to Qatar as part of the government initiative to enhance
overall rice exports from the country.
With the continuous efforts of the
government, Qatar has now opened its market for Pakistani rice. Previously,
Pakistan rice was not being procured by the state procurement agency of Qatar.
An official statement issued here
said that Central Tendering Committee (CTC), Qatar advertised a tender for the
procurement of 100,000 bags from Pakistan, which provides an enormous
opportunity for the export of Pakistani rice to Qatar.
Previously, the private sector in
Qatar continued to import rice from Pakistan, the CTC, government of Qatar,
which procures for state-supplied subsidized rice for Qatari citizens made its
tender Indian-origin specific thereby effectively banning the import of any
other origin rice including Pakistani rice into Qatar in the year 2011-12.
The CTC issues tenders after every
two months for supply of more than 5,000 tonnes of high-quality rice to the
government of Qatar and the Pakistani origin rice has been excluded from these
tenders. Therefore, Pakistani exporters/suppliers have been deprived of
supplying about 30000 to 40000 MT good quality rice to Qatar per annum.
This initiative will open a new
avenue for market access of Pakistani products which will significantly
contribute in enhancing the country’s overall exports. Removal of restriction
by Qatar on Pakistani rice export is a step in this direction that will reclaim
Pakistan’s share in the global rice market.
Rice is the largest agro-export commodity
in the export basket of the country with a total export of over $2 billion. The
government has the vision to take rice exports to $5bn in next 5 years.
The Prime Minister’s Advisor on
Commerce, Abdul Razzaq Dawood has hailed it as an important milestone for the
export of agro products. He mentioned that rice exports are on an upward
trajectory in China and Indonesia due to additional market access secured by
the current government.
Rice Exports Association of
Pakistan (REAP) has appreciated government efforts in successfully helping REAP
open up the Premium Basmati Market in Qatar, for supply of Pakistani Rice to
Qatar Market.
It is encouraging with Basmati Rice
exports which have seen an upward trend fetching $637.99m FY19 compared to
$581.85m for the same period last year, the upward trend in Basmati exports
have complimented in achieving the $2.1bn mark.
The government has also secured
duty free market access on export of rice into Indonesia while getting
unprecedented preference over (ASEAN); and also secured additional market
access into the Chinese Market.
Moreover, during the recent visit
of Iranian Commerce Minister to Pakistan, Iran has offered a market access to
Pakistan by resolving to import 500,000 tonnes of rice from Pakistan which
provides an opportunity for rice exporters. The Iranian delegation also
extended its full support to work on removal of potential bottlenecks to
increase trade and jointly develop a way forward. It is pertinent to mention
that China has also opened its market for Pakistani rice.
Published in Dawn, July 10th, 2019
Rice Foundation Accepting Applications for 2020 Rice Leadership
Development Program
MOUNTAIN HOME, TX -- The Rice
Foundation is accepting applications for the 2020 Rice Leadership Development Program.
Rice producers or industry-related professionals between the ages of 25 and 45
are eligible to apply for the program. The application deadline is September
20.
The Rice Leadership Development Program provides a comprehensive understanding of the rice industry, with an emphasis on personal development and communication skills. During a two-year period, class members attend four one-week sessions designed to strengthen leadership skills through studies of all aspects of the rice industry.
The class is comprised of both producers and industry-related professionals chosen by a committee of rice industry leaders. The committee evaluates the applications of all candidates, reviews letters of recommendation, and conducts personal interviews with the finalists. Interviews will be conducted at the USA Rice Outlook Conference in Little Rock, Arkansas, in December.
The Leadership Development Program has graduated 180 individuals over the previous 30 years, many of whom are active leaders in the U.S. rice industry. The program is sponsored by John Deere Company, RiceTec, Inc., and American Commodity Company through The Rice Foundation and managed by USA Rice.
Additional information on the Rice Leadership Development Program and an application form can be found on the USA Rice website.
The Rice Leadership Development Program provides a comprehensive understanding of the rice industry, with an emphasis on personal development and communication skills. During a two-year period, class members attend four one-week sessions designed to strengthen leadership skills through studies of all aspects of the rice industry.
The class is comprised of both producers and industry-related professionals chosen by a committee of rice industry leaders. The committee evaluates the applications of all candidates, reviews letters of recommendation, and conducts personal interviews with the finalists. Interviews will be conducted at the USA Rice Outlook Conference in Little Rock, Arkansas, in December.
The Leadership Development Program has graduated 180 individuals over the previous 30 years, many of whom are active leaders in the U.S. rice industry. The program is sponsored by John Deere Company, RiceTec, Inc., and American Commodity Company through The Rice Foundation and managed by USA Rice.
Additional information on the Rice Leadership Development Program and an application form can be found on the USA Rice website.
Amira Nature
Foods Ltd Announces Renewed Focus on the US Basmati Rice Segment
July 10, 2019 08:00 AM Eastern Daylight Time
DUBAI, United Arab Emirates--(BUSINESS WIRE)--Amira
Nature Foods Ltd (the "Company") (NYSE: ANFI), a global provider of
packaged Indian specialty rice, today announced that it will execute a renewed
focus on its US basmati rice business segment. The Company has taken steps to
reinvigorate its brands and expand US distribution.
“We have always thought of the US as a strategically important
market and are excited to be in a position to further build upon our existing
efforts.”
The Company is creating a new
import and distribution channel through an exclusive agreement with Reina Inc.
(“Reina”). Reina is headed by Samuel Cortez, an 18-year veteran of retail and
food service distribution in the United States. Reina’s staff will be based in
California to enhance Amira’s distribution across retail and wholesale
channels. In addition, Amira will be dedicating additional resources towards
online sales.
"The US is a significant
market opportunity for Amira and we believe that it has the potential to be a
major growth driver for the Company," said Karan A. Chanana, Chairman of
Amira Nature Foods. "We have always thought of the US as a strategically
important market and are excited to be in a position to further build upon our
existing efforts."
Further information on the
Company, including an updated investor presentation and other information, can
be found on the Company’s website at www.amira.net.
About Amira Nature Foods
Founded in 1915, Amira has
evolved into a global provider of packaged specialty rice, with sales in over
40 countries today. Amira sells Basmati rice, premium long-grain rice grown
only in certain regions of the Indian sub-continent, under their flagship Amira
brand as well as under other third party brands. Amira sells its products
primarily in emerging markets through a broad distribution network. Amira’s
headquarters are in Dubai, United Arab Emirates, and it also has offices in
India, Germany, the United Kingdom, and the United States.
Cautionary Note on
Forward-Looking Statements
This release contains
forward-looking statements within the meaning of the U.S. federal securities
laws. These forward-looking statements generally can be identified by phrases
that we or our members of management use such as “believe,” “expect,”
“anticipate,” “foresee,” “forecast,” “estimate” or other words or phrases of
similar import. Specifically, these statements include, among other things,
statements that describe our expectations for the global rice market, the
financial impact of new sales contracts on our revenue, our expectations
regarding the successful efforts of our distribution partners, and other
statements of management’s beliefs, intentions or goals. It is uncertain
whether any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do, what impact they will have on our
results of operations, financial condition, or the price of our ordinary
shares. These forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
indicated in such forward-looking statements, including but not limited to our
ability to perform our agreements with customers; our ability to recognize
revenue from our contracts as planned; continued competitive pressures in the
marketplace; our reliance on a few customers and distribution partners for a
substantial part of our revenue; our ability to implement our plans, forecasts
and other expectations with respect to our business and realize additional
opportunities for growth; and the other risks and important considerations
contained and identified in our filings with the Securities and Exchange
Commission. All forward-looking statements attributable to us or to persons
acting on our behalf are expressly qualified in their entirety by these risk
factors. Other than as required under the securities laws, we undertake no
obligation to update any forward-looking or other statements herein, whether as
a result of new information, future events or otherwise.
Contacts
Wendy Eguez
The Amira Group
+447340071854
wendy.eguez@theamiragroup.com
The Amira Group
+447340071854
wendy.eguez@theamiragroup.com
NCDEX to launch
futures trading in 'Paddy Basmati-Pusa 1121' on Wednesday
NCDEX already
has wheat and maize futures on its platform
Press Trust of India
| New Delhi Last Updated at July 9, 2019 20:24 IST
2
Leading agri-commodity bourse NCDEX will launch futures trading in 'Paddy (Basmati)- Pusa 1121'
on Wednesday.
Karnal, a core trading centre in Haryana will remain as basis
delivery centre, while Sonipat will be the additional delivery centre for
'Paddy (Basmati)- Pusa 1121' futures contracts, the exchange said in a
statement.
Investors can trade up to 10 tonne with a compulsory delivery
option, it said.
"We are encouraged by the continued support of the grain
industry and look forward to the successful launch of the contract," NCDEX Managing Director and Chief Executive
Officer Vijay Kumar said.
NCDEX already
has wheat and maize futures on its platform. Addition of 'Paddy (Basmati)- Pusa
1121' will improve decision-making of the value chain," said Kapil Dev of
NCDEX.
Indian grain industry, which has been growing at a steady rate
year-on-year, is exposed to high price risk. The foodgrain industry uses wheat,
maize and paddy as inputs for measuring demand and supply trend of grains and
any adverse price movement can erode the whole profit margin, he added.
NCDEX said this hedging instrument will help commodity
participants fetch better price for their grain produce and, thus, will enhance
their income.
The country's total rice output is around 116 million tonne, while
Basmati rice is about 5.5 million tonne with more than 70 per cent share of global
Basmati production, while Pakistan contributes with the rest of about 30 per
cent share, it added.
Scientists urge speedy Scientists urge speedy introduction of GMOs to help Ghana cut
food imports
BY
JOSEPH OPOKU GAKPO
JULY 10, 2019
As Ghana’s government rolls out a
master plan to drastically cut down on food imports, scientists are urging the
speedy introduction of genetically modified organisms (GMOs) to accelerate the
efforts.
“Improved technology, particularly
biotechnology, will play a major role if we can become food sufficient,” said
Dr. Maxwell Asante Darko, a plant breeder at the Crop Research Institute of the
Council for Scientific and Industrial Research (CSIR). “Because there are
floods and drought when you don’t expect it, there should be investment in land
improvement, fertilizer, machinery, but also investment in varieties so we can
develop more high-yielding varieties that are climate smart. With that, we will
be able to achieve self-sufficiency faster.”
Evans Okomeng, a farmer and leader
of the Graduate Farmers Network, a group of young farmers who have ventured
into agriculture-related jobs, agrees. “If biotechnology has been so beneficial
to the nations from which we import certain basic foods, why not for
Ghana?” he quizzed. “It’s good to know that Ghana dreams of becoming
food sufficient, thereby cutting down on our massive food importation, but
we need to take the lessons from the countries we import from, like USA.”
Ghana’s Ministry of Food and
Agriculture recently announced a plan to reduce the country’s food import bill.
Ghana spends an estimated $2.4 billion importing
food every year, the majority of which the country has the capacity to produce,
according to Finance Minister Ken Ofori Atta. Meat, rice, sorghum, soya bean,
chicken, milk, and vegetables like tomatoes are some of the major foods Ghana
imports.
George Oduro, deputy minister for
food and agriculture, told a stakeholders’ meeting the plan encompasses
expanding irrigation facilities, introducing mechanized equipment on farms and
increasing the supply of farming inputs to farmers. He said the move, in
addition to other benefits, will help cut down the importation of rice by 50
percent, as well as end the importation of tomatoes by the end
of the year.
Rice from the USA, Thailand, Vietnam
and other Asian countries is responsible for much of Ghana’s rice import bill.
In 2017, Ghana spent $331.2 million bringing in rice, even though the country
has huge fertile lands that can support production of enough rice for local
consumption.
Ghana is currently undertaking
trials of GMO rice that Asante said could be a
game-changer for the country’s rice production sector. The nitrogen- and water-use
efficient and salt tolerant (NEWEST) rice has been engineered to require less
nitrogen fertilizer, tolerate drought conditions, grow in salty soils and still
give good yield.
“So, the NEWEST rice, for example,
comes in handy because it’s for drought, nitrogen use efficiency and
salt-tolerance,” Asante explained. “So if we are able to have these
varieties and incorporate those genes in our best varieties, it will go a long
way to help us achieve self-sufficiency in Ghana.”
Asante said that improved
technology can play a key role in helping create the right type of rice that
Ghanaians will love, thereby reducing imports. “Grain quality is very important
in rice because rice is eaten mainly as cooked rice. And biotechnology has a
big role to play in ensuring the right grain quality. So we take that into
consideration in our selection,” he explained.
“For example, we have molecular
markers for aroma,” Asante added. “So you can use those markers for selection.
If you don’t use molecular markers to select it, you would have to use a more
tedious and expensive process of doing biochemical analysis in the lab. It is
easier and more precise when you use molecular markers or biotechnology.”
Almost 50 percent of Ghana’s work
force is estimated to be involved in agricultural production and about 70
percent of the country’s total land area is fertile for farming. Despite the
huge work force and enormous amounts of investments in agriculture, there is
very low productivity on farm fields due to the use of low-quality seeds, the
absence of irrigation facilities and inadequate extension services, among other
factors. Climate change is also taking a huge bite off the agricultural economy
with poor rainfall patterns negatively impacting production. Increased pest
attacks are also undermining agricultural production.
Farmer Okomeng is convinced that
advanced technology, particularly biotechnology, can play a major role in
helping the country overcome these challenges. “Genetic modification is able to
help produce several varieties of crops with special traits that enable crops
to withstand so many adverse environmental conditions affecting
general crop efficiency and yield… That is why it is a positive technology
Ghana needs,” he explained.
Ghana passed a National Biosafety
Act in 2011 to allow for the commercialization of GMOs but cumbersome
regulatory procedures have dragged their introduction. There is no locally
produced GM food on the market yet. Scientists have completed trials on the country’s first GMO crop, which could hit the
market in the next few years, and farmers are confident its introduction could
revolutionize the sector.
“As a farmer contributing to the food basket of the country, I am
of the very optimistic view that the science of biotechnology will have
enormous impact on the food production chain like it has done in different
parts of the world,” Okomeng said. “It is no doubt that with the long track
record and evidence of good yield and safety
that biotechnology confers on crops, the application of this
technology could serve as a major tool in helping us achieve the ambitious
feat of drastically reducing food imports.
Ogun Customs
intercepts 29, 905 bags of foreign rice, others in 6 months
It said the seizures were made at the Idiroko border and the adjoining communities.
The Controller of the Ogun State Area Command, Mr. Michael Agbara, disclosed this on Tuesday at its Idiroko border office while briefing journalists about the activities of the command.
While talking about the seizure of the foreign bags of rice, he said this was the first time the command would make the highest number of such monthly seizure since he took over the mantle of leadership in the command.
Agbara said that while in the area of anti-smuggling during the period under review, the Command made 549 seizures comprising of 197 units of vehicles, 29, 905 (50 kg each) and 15 (25 kg each) of bags of foreign rice, 1, 466 kegs of vegetable oil (25liters each), 17 units of motorcycles, 9, 407 new and 1,042 pairs used , 3 jumbo, 69 sacks and 1 small sack of foot wears.
"427 cartons of Frozen poultry products, 25 bales, 29 sacks of secondhand clothing, 12 sacks of Ankara rapper, 4 sacks of yards materials and 5 wraps of lining materials, 51 Pcs of used handbags, 583 Pcs of used tyres, 1,181 kegs of PMS (Petrol) of 25 litres each, 3 bags of sugar (50 kg each), 143 book size, 21 coconut size and 11 sacks of Cannabis Sativa, 897 pcs of used tyres, 18 sacks of water proof, 1 sack of snuff powder, 110 sacks of soap chemicals, 3 sacks of Alligator pepper, 40 x 142, 60 x 200 & 40 x 41 android cartons of Itel Phone, and 1 set of Television"
Comptroller Agbara, "The seizure of over 29, 905 bags of rice in the first half year of 2019 is indeed a landmark among numerous successes recorded as compared to 15, 976 bags of rice seized during the corresponding period of the year 2018.
"The aforementioned was achieved due to strategic enforcement measures put in place in line with the Federal Government Policy targeted at boosting Agricultural Development within the country.
"Also, within the period of 1st to 30th June, 2019, the Command generated total revenue of N1, 196, 146, 835.60. While in the area of anti-smuggling the command made a total of 83 seizures with the DPV of N310, 555, 588.00. The items seized include: 30 units of vehicles, 7,095 bags of foreign rice (50 kg each), 258 kegs of vegetable oil (25liters each), 10 units of motorcycles, 7, 572 pairs of new, used and rubber foot wears, 3 bales of secondhand clothing, 28 Pcs of used handbags, 392 cartons of frozen poultry products, 200 kegs of PMS (Petrol) of 25 litres each, 3 sacks of Cannabis Sativa, 40 x 142, 60 x 200 & 40 x 41 android cartons of Itel Phone, and 1 set of Television.
"However, the above activities were entangled with series of clashes between Officers of the Command and some daredevil smugglers/accomplices leading to loss of lives and properties. The Command will continue to dialogue, engage, sensitize and educate the public on social, security, health and economic implication of smuggling, while on the other hand, the statutory functions of enforcing compliance with strict adherence to the law will be rigorously sustained.
"Finally, I wish to commend the sister agencies, opinion leaders, head of traditional institutions, eminent personalities, fourth realm of the estate (the Media) and other law abiding members of the public on the esteem cooperation and support we are receiving in properly implementing Federal Government Policies", he said.
N. Korean media warn prolonged drought
affecting rice, other crop growth
· Published : Jul 10, 2019 - 21:27
· Updated : Jul 11, 2019 - 11:05
North Korean news media warned Wednesday that a prolonged,
severe drought could seriously damage its harvests of rice and other crops this
year.
"Drought and high temperatures have been persisting in the west coast and middle inland areas," the state-run Korean Central News Agency (KCNA) said in a report.
The phenomenon is affecting crops in North and South Hwanghae and South Pyongan provinces, as well as the city of Nampo and other areas, according to the report.
"In particular, rice paddies in Ongjin, Kangryong and Hwangju counties are cracking and 47 percent of the area of paddy fields in Kumchon County is dry," it said, referring to counties in the central and lower parts of the country where a large part of rice is harvested.
"Drought and high temperatures have been persisting in the west coast and middle inland areas," the state-run Korean Central News Agency (KCNA) said in a report.
The phenomenon is affecting crops in North and South Hwanghae and South Pyongan provinces, as well as the city of Nampo and other areas, according to the report.
"In particular, rice paddies in Ongjin, Kangryong and Hwangju counties are cracking and 47 percent of the area of paddy fields in Kumchon County is dry," it said, referring to counties in the central and lower parts of the country where a large part of rice is harvested.
 |
|
(Yonhap)
|
Since May, North Korean media outlets have highlighted the country's worsening drought, calling on farmers to take agricultural self-help measures to cope with the drought.
Earlier this week, the country's Rodong Sinmun newspaper reported that not enough rain was expected till Wednesday, saying further drought effects would leave no crops for harvest.
"To cope with such situation, a campaign against drought damage is now going on in the country," the KCNA report said, referring to ongoing steps to raise the operation rate of irrigation equipment and mobilize water transport equipments.
According to North Korea's meteorology authorities, precipitation in the country in May, a critical season in rice farming, reached less than half of the annual average.
GEOGLAM, a Switzerland-based crop monitoring organization, and the Food and Agriculture Organization have warned that a severe drought would deal a blow to North Korea's crop harvest this year. (Yonhap)
Rice: New Varieties Will Highlight Arkansas
Event
July
9, 2019
From a press release
From a press release
The 2019 Horizon Ag Arkansas Field Day, set for August 13, will
feature CLM04 and CLL15, two new Clearfield rice varieties developed by the
University of Arkansas. The event will be held at Coleman Farms near Jonesboro,
Arkansas.
Attendees also will see and hear how the Provisia Rice System,
with Horizon Ag varieties PVL01 and new PVL02, is enabling farmers to clean up
costly weedy rice fields throughout the region.
Horizon Ag varieties CLM04 and CLL15, along with PVL02, are
expected to be available for planting in 2020.
Farmers will also hear about other promising new Clearfield and
Provisia varieties in development, like experimental line CLXAR19.
“This is a great chance for rice farmers in Arkansas and
neighboring states to see how new and coming Horizon Ag Clearfield and Provisia
varieties are going to raise the bar when it comes to high-quality,
value-driven rice seed with performance-driven results,” said Dr. Tim Walker,
Horizon Ag general manager.
Field Day registration begins at 4:30 p.m., and the field tour
starts at 5 p.m. The event will include guest speakers and dinner.
Registration 4:30 p.m., and the tour begins at 5 p.m. Coleman
Farms is location on County Road 448, Jonesboro
Pakistani rice
gets access to Qatar market; Doha to import 100,000 bags of rice
By divyasingh
July 10, 2019
Islamabad, July 10: Pakistan is slated to export some 100,000 bags
of rice to its ally Qatar as part of an initiative of the government
to bolster the overall rice exports from the nation.
According
to Dawn news reports, with the continuous efforts by the government,
Qatar has finally opened its trade market for Pakistani rice. Earlier, Qatari
state procurement agency has stopped importing Pakistani rice into the nation.
Islamabad issued an official
statement which stated the Central Tendering Committee (CTC), the Qatari
authorities have promoted a tender for the obtaining of 100,000 bags of rice
from Pakistan, opening an enormous door for Pakistan’s rice export to Qatar.
Previously, Qatar’s private
sector continued to import Pakistani rice, the CTC, the Qatari government which
obtains for state-supplied subsidized rice for the citizens has made its tender
specific to Indian origin, thereby effectively barring the import of any other
origin rice, also including Pakistani rice in the year of 2011-2012.
After every two months, the CTC
is responsible for issuing tenders for the supply of over 5,000 tonnes of rice
to the Qatari government but, excluding the Pakistan-origin rice from all these
tenders.
Therefore, Pakistani suppliers or
exporters have been disadvantaged of supplying around 30,000 to 40,000 MT
high-quality rice to Doha per annum.
The development is expected to
open doors to a new avenue for trade market access of the Pakistani products
that will eventually contribute to bolstering the nation’s overall exports.
Dismissal of curbs on Pakistani
rice export by Qatar will reclaim Islamabad’s share
in the global rice market. The government made a vision clear to take rice
exports to about $5 billion in coming next 5 years period.
The Prime Minister’s Advisor on
Commerce, Abdul Razzaq Dawood, has praised the development as a crucial
milestone for the agro products’ export.
Rice Exports Association of
Pakistan (REAP) has also hailed government efforts in assisting REAP to open the
Premium Basmati Market in Doha, for the supplies of Pakistani rice to the
Qatari market.
UPDATE 1-India receives above normal rains this week, spurring
crop planting
JULY 10, 2019 / 8:20 PM
* India receives 28% above average rainfall this week
* Cotton, soybean-growing central India gets higher rainfall
* Rice-growing southern states receive below-average rains (Adds
details, analyst’s comment)
By Rajendra Jadhav
MUMBAI, July 10 (Reuters) - India’s monsoon rains in the week
ending on Wednesday were above average for the first time since the start of
the season on June 1, helping farmers to accelerate the planting of summer-sown
crops and easing concerns of drought.
Monsoon rains are crucial for farm output and economic growth,
as about 55% of India’s arable land is rain-fed, and agriculture forms about
15% of a $2.5-trillion economy that is the third biggest in Asia.
India received 28% more rainfall than the 50-year average in the
week to July 10, data from the India Meteorological Department (IMD) showed.
Soybean- and cotton-growing central India received 38% more
rainfall in the week, while the rice-growing southern region got 20% less.
This week’s heavier monsoon cut the rainfall deficit since the
start of the season to 14% from 28% last week.
India is still recovering from a drought last year that ravaged
crops, killed livestock, emptied reservoirs and drained water supplies to city
dwellers and some industries.
Some municipalities like Chennai, Mumbai and Hyderabad were
forced to cut water supplies to ensure stocks lasted until monsoon rains replenished
reservoirs.
This year rains arrived in the southern state of Kerala a week
late on June 8. The developing Cyclone Vayu in the Arabian Sea drew moisture
from the monsoon and weakened its progress.
The weak start to the monsoon has delayed planting, with farmers
sowing crops on 23.4 million hectares as of July 5, down 27% from a year
earlier.
“The monsoon revived at a crucial time. Sowing will accelerate
in the coming days across the country,” said Vandana Bharti, assistant vice
president at SMC Comtrade Ltd.
In late May the IMD forecast average rainfall in 2019, while the
country’s only private forecaster, Skymet, has predicted below-normal rainfall.
A normal, or average, monsoon means rainfall between 96% and
104% of a 50-year average of 89 cm (35 inches) during the four-month monsoon
season, according to the IMD’s classification.
“Crops need average or above average rainfall in the next few
weeks. That will help in offsetting the impact of poor rainfall in June,” said
Bharti.
India’s economy, which grew at its slowest in more than four
years over the January-March quarter, is in no condition to take a hit from a
poor monsoon, which determines rural demand for goods and services.
Reporting by Rajendra Jadhav;
Editing by Kirsten Donovan and Jan Harvey
Nagpur Foodgrain Prices Open- JULY
10, 2019
JULY 10, 2019 /
2:01 PM
* * * * * *
Nagpur
Foodgrain Prices – APMC/Open Market-July 10, 2018 Nagpur, July 10 (Reuters) –
Gram and tuar prices showed weak tendency in Nagpur Agriculture Produce and
Marketing Committee (APMC) on poor demand from local millers amid release of
stock from stockists. Easy condition in Madhya Pradesh gram prices also
affected sentiment in limited deals. About 150 bags of gram and 950 bags of
tuar reported for auction, according to sources.
GRAM
* Desi gram raw
reported down in open market here on poor buying support from local
traders.
TUAR
* Tuar
varieties ruled steady in open market here but demand was poor.
* Lakhodi dal
recovered in open market here on good demand from
local traders
amid tight supply from producing belts.
* In Akola,
Tuar New – 5,800-6,000, Tuar dal (clean) – 8,300-8,500, Udid Mogar (clean)
– 6,800-7,500,
Moong Mogar (clean) 7,300-8,300, Gram – 4,400-4,500, Gram Super best
– 6,200-6,400 *
Wheat, rice and other foodgrain items moved in a narrow range in
scattered deals
and settled at last levels in thin trading activity.
Nagpur
foodgrains APMC auction/open-market prices in rupees for 100 kg
FOODGRAINS
Available prices Previous close
Gram Auction
3,700-4,180 3,800-4,240
Gram Pink
Auction n.a. 2,100-2,600
Tuar Auction
4,900-5,575 4,900-5,620
Moong Auction
n.a. 3,950-4,200
Udid Auction
n.a. 4,300-4,500
Masoor Auction
n.a. 2,200-2,500
Wheat Lokwan
Auction 1,950-2,015 1,900-2,000
Wheat Sharbati
Auction n.a. 2,900-3,000
Gram Super Best
Bold 6,200-6,500 6,200-6,500
Gram Super Best
n.a. n.a.
Gram Medium Best
5,800-6,000 5,800-6,000
Gram Dal Medium
n.a. n.a
Gram Mill
Quality 4,400-4,500 4,400-4,500
Desi gram Raw
4,400-4,500 4,400-4,500
Gram Kabuli
8,300-10,000 8,300-10,000
Tuar Fataka
Best-New 8,500-8,600 8,500-8,600
Tuar Fataka
Medium-New 8,200-8,300 8,200-8,300
Tuar Dal Best
Phod-New 7,700-8,000 7,700-8,000
Tuar Dal Medium
phod-New 7,000-7,500 7,000-7,500
Tuar Gavarani
New 5,800-6,000 5,800-6,000
Tuar Karnataka
6,200-6,400 6,200-6,400
Masoor dal best
5,400-5,500 5,400-5,500
Masoor dal
medium 5,100-5,300 5,100-5,300
Masoor n.a.
n.a.
Moong Mogar
bold (New) 7,500-8,500 7,700-8,800
Moong Mogar
Medium 5,500-6,500 5,800-6,500
Moong dal
Chilka New 6,700-7,700 6,700-7,700
Moong Mill
quality n.a. n.a.
Moong Chamki
best 8,000-8,500 8,000-8,500
Udid Mogar best
(100 INR/KG) (New) 7,000-7,800 7,000-7,800
Udid Mogar
Medium (100 INR/KG) 5,500-6,500 5,500-6,500
Udid Dal Black
(100 INR/KG) 4,000-4,400 4,000-4,400
Mot (100
INR/KG) 5,100-6,500 5,100-6,500
Lakhodi dal
(100 INR/kg) 4,800-4,900 4,700-4,900
Watana Dal (100
INR/KG) 5,500-5,600 5,500-5,600
Watana Green
Best (100 INR/KG) 6,800-7,000 6,800-7,000
Wheat 308 (100
INR/KG) 2,100-2,200 2,100-2,200
Wheat Mill
quality (100 INR/KG) 2,000-2,100 2,000-2,100
Wheat Filter
(100 INR/KG) 2,500-2,600 2,500-2,600
Wheat Lokwan
best (100 INR/KG) 2,400-2,600 2,400-2,600
Wheat Lokwan
medium (100 INR/KG) 2,200-2,300 2,200-2,300
Lokwan Hath
Binar (100 INR/KG) n.a. n.a.
MP Sharbati
Best (100 INR/KG) 3,200-3,800 3,200-3,800
MP Sharbati
Medium (100 INR/KG) 2,700-3,000 2,700-3,000
Rice Parmal
(100 INR/KG) 2,100-2,200 2,100-2,200
Rice BPT best
(100 INR/KG) 3,000-3,500 3,100-3,500
Rice BPT medium
(100 INR/KG) 2,400-2,900 2,500-3,000
Rice BPT new
(100 INR/KG) 2,800-3,200 2,800-3,200
Rice Luchai
(100 INR/KG) 2,900-3,000 2,900-3,000
Rice Swarna
best (100 INR/KG) 2,500-2,700 2,500-2,700
Rice Swarna
medium (100 INR/KG) 2,300-2,400 2,300-2,400
Rice HMT best
(100 INR/KG) 4,000-4,400 4,000-4,400
Rice HMT medium
(100 INR/KG) 3,500-3,700 3,500-3,700
Rice HMT New
(100 INR/KG) 3,800-4,200 3,800-4,200
Rice Shriram
best(100 INR/KG) 5,500-5,700 5,500-5,700
Rice Shriram
med (100 INR/KG) 4,500-4,700 4,500-4,700
Rice Shriram
New (100 INR/KG) 4,600-5,000 4,600-5,000
Rice Basmati
best (100 INR/KG) 8,500-13,500 8,500-13,500
Rice Basmati
Medium (100 INR/KG) 5,000-7,000 5,000-7,000
Rice Chinnor
best 100 INR/KG) 6,500-7,200 6,500-7,200
Rice Chinnor
medium (100 INR/KG) 6,200-6,400 6,200-6,400
Rice Chinnor
New (100 INR/KG) 5,300-5,500 5,300-5,500
Jowar Gavarani
(100 INR/KG) 2,350-2,550 2,350-2,550
Jowar CH-5 (100
INR/KG) 2,050-2,250 2,050-2,250 WEATHER (NAGPUR) Maximum temp. 34.2 degree
Celsius, minimum temp. 23.7 degree Celsius Rainfall : 8.6 mm FORECAST:
Generally cloudy sky with one or two spells of rains or thunder-showers.
Maximum and minimum temperature likely to be around 34 degree Celsius and 25
degree Celsius respectively. Note: n.a.—not available (For oils, transport
costs are excluded from plant delivery prices, but included in market prices)
Our
Standards:The Thomson Reuters Trust Principles.
Thai rice exports hit by strong baht, unlikely to meet 2019 goal
JULY 10, 2019 / 4:04 PM
BANGKOK (Reuters) - Thailand’s rice exports fell by 12% in the
first half of 2019 hurt by a strong baht, and will likely fall short of this
year’s target of 9.5 million tonnes, an exporter group said on Wednesday.
Farmers spray pesticide over their rice field in Nakhonsawan
province, north of Bangkok, Thailand, December 17, 2016. REUTERS/Chaiwat
Subprasom/File Photo
The country has been struggling to export rice at a time when the
Thai baht is Asia’s best performing currency and is trading near its strongest
in more than six years at 30.81 against the U.S. dollar.
Thailand, the world’s second-largest rice exporter after India,
shipped 4.2 million tonnes of rice between January and June, with orders in the
last two months declining to as low as 600,000 tonnes per month. This was below
a targeted monthly average of 800,000 tonnes.
“Thai rice is very expensive because of the currency exchange,”
Chookiat Ophaswongse, honorary president of the Thai Rice Exporters
Association, told Reuters.
“If the baht keeps strengthening below 30 against the dollar,
it’s game over for us.”
Thai benchmark 5% broken rice was quoted last Thursday at an
average of $404 per tonne, significantly higher than the same grade from
competitors India and Vietnam at $372.5 and $332.50 respectively.
The association said earlier this year it aimed to export 9.5
million tonnes of rice, already a drop from 11 million tonnes in 2018.
But now, even reaching 9 million tonnes will be hard, Chookiat
said.
“With a price gap like this, it’s a no-brainer that buyers would
go for Vietnamese rice,” he said.
CHINA SUPPLY
Thailand also faced competition from China, as the world’s
biggest rice importer and Thailand’s third-biggest buyer last year has been
offloading its own stockpiles.
China has slowed trade with its two biggest partners Thailand
and Vietnam this year due to large state reserves, and has been selling its
stockpiles of “old rice”, which ended up in the African markets previously
dominated by Thailand, Chookiat said.
“Because China doesn’t buy from Vietnam this year, Vietnam has a
lot of rice to compete with us in every market. At the same time China takes
our African markets,” he said.
From January to May, Thailand has exported rice worth 3.7
billion baht ($120.1 million) to China, a 45% decline from the same period last
year, according to the Thai commerce ministry data.
Thailand’s government-to-government deal with Chinese
state-owned food trader COFCO has also stalled due to China’s ample rice
supply.
As of end-2018, Thailand had supplied 700,000 tonnes of rice to
China as part of the pledged deal for 1 million tonnes of the grain struck in
2015.
“From then to now, there hasn’t been any new orders for the
deal,” Chookiat said.
($1 = 30.8100 baht)
Reporting by Patpicha
Tanakasempipat and Panarat Thepgumpanat; editing by Gopakumar Warrier
Rice prices in PH fell by P2/kilo compared to last year - PSA | ANC
Watch Video on
Bureau of Plant Industry issues 1,518 rice
import permits in 4 months
Prices
of assorted varieties of rice are seen at the San Andres public market in
Manila in this file photo.
THE government has issued a total of 1,518 import permits to
traders that sought its permission to import rice following the effectivity of
the rice trade liberalization law in March, data released by the Bureau of
Plant Industry (BPI) showed.
Figures from the agency indicated that 190 cooperatives, traders
and institutions applied for sanitary and phytosanitary import clearances
(SPS-IC) from March 5 to June 30 for the purchase of 1.478 million metric tons
(MMT) of imported rice.
The BPI was mandated to facilitate private-sector importation by
issuing SPS-ICs once the rice trade liberalization law took effect on March 5.
Under the new trade regime, private entities must secure an
SPS-IC from the BPI, an attached agency of the Department of Agriculture (DA),
prior to bringing imported rice into the country.
Republic Act (RA) 11203 deregulated the National Food Authority
(NFA), which used to issue import licenses to qualified traders.
The agency’s records indicated that among the applicants, Indian
grocery store Assad Mini Mart accounted for the biggest volume at 59,500 metric
tons.
Puregold Price Club Inc., the grocery-chain operator owned by
businessman Lucio Co, was among the top 5 import applicants with a volume of
37,435 MT.
BPI data indicated that importers would buy rice from India,
Pakistan, Thailand, Vietnam, Italy, Myanmar and Spain.
More than half of the rice importers are cooperatives, while
about 65 applicants are companies and millers.
Arrivals
A total of 150 eligible importers used 755 SPS-ICs and brought
in 707,909.503 MT of rice as of end-June. The imports were sourced from
Myanmar, Pakistan, Thailand and Vietnam.
BPI’s end-June import arrival figures are less than half of the
1.43 MMT declared by the Bureau of Customs (BOC) under the new trade regime.
During the four-month period, Arvin International Marketing Inc.
accounted for the bulk of arrivals at 25,268 MT. It used 29 out of its 57
SPS-ICs.
Under RA 11203, the BPI is mandated to act on every application
within seven days. Failure to do so would mean automatic approval of the
application.
Tariff
collection doubted
The BOC earlier announced that it has collected P5.9 billion in
tariffs from 1.43 MMT of imported rice that entered the country’s ports from
March 5 to June 30.
However, the amount collected by the BOC is being disputed by
some rice industry groups due to possible undervaluation by traders and
importers.
The United States Department of Agriculture (USDA) said in a
report that the country’s rice imports this year will rise by 20 percent to a
record high of 3 MMT, making the Philippines one of the world’s top buyers of
the staple.
The USDA said purchases of imported rice rose after the
government removed the quantitative restriction on rice with the implementation
of RA 11203
Fund for rice
farmers to get P5 billion from DBM this year
File
photo shows farmers harvesting rice in La Union.
THE Department of Budget and Management (DBM) said on Wednesday
that it will soon release P5 billion for a fund that seeks to improve the
competitiveness of Filipino rice farmers.
The DBM also maintained that it has already released P5 billion
for the Rice Competitiveness Enhancement Fund (RCEF) last year, even before the
effectivity of Republic Act 11203, which mandated its set up.
Once the P5 billion is released, the DBM told the BusinessMirror
that no further releases for the P10-billion RCEF will be made this year.
This is the first time that the DBM broke its silence about the
fund after the BusinessMirror reported the “misunderstanding” over the purpose
of the P5 billion given to the Department of Agriculture last year through a
Special Allotment Release Order.
The P10-billion RCEF was supposed to consist of tariffs
collected from rice imports after the rice trade liberalization law took effect
in March. The national government, however, set aside P10 billion for the RCEF
annually.
When the rice trade liberalization bill was not passed by
Congress last year, the P5 billion released by the DBM was channeled instead to
the National Rice Program of the DA, according to National Economic and
Development Authority (Neda) Regional Development Office Assistant Secretary Mercedita
A. Sombilla. Agriculture Secretary Emmanuel F. Piñol said, however, that
the P5 billion released to his department last December was not part of the
RCEF.
In May, Piñol said he was asked by the Neda to consider the P5
billion as part of RCEF. However, he said he refused to grant this as he would
violate the law. Piñol is the only government official who is accountable for
the use of the RCEF.
RCEF aims to provide farmers tools and equipment, assistance in
the production, promotion, and distribution of certified rice seeds, upgrading
of post-harvest storage facilities, credit assistance, irrigation support, and
research and development (R&D) support.
Since part of the RCEF should go to the provision of cheap
credit, the agriculture chief said he gave P1 billion to the Land Bank of the
Philippines and the Development Bank of the Philippines, as requested by the
Neda.
Former Budget Secretary Benjamin E. Diokno also told the
BusinessMirror earlier this year that the government has already released P5 billion
of the RCEF but the remaining P5 billion was included in the 2019 national
budget.
During a pre-State of the Nation Address forum on Wednesday, DBM
Officer in Charge Janet B. Abuel made an assurance that P10 billion would be
allocated for the RCEF under the proposed 2020 national budget.
Abuel also said the government will fund the implementation of
the Universal Health Care law and the Bangsamoro Transition Authority
https://businessmirror.com.ph/2019/07/11/fund-for-rice-farmers-to-get-p5-billion-from-dbm-this-year/
US firm blazes trail
with deal to export rice to China
Sun
Valley Rice signs very first contract for US company to sell rice -- mainstay
of Asian cuisine -- to China
Vakkas
Dogantekin |10.07.2019
ANKARA
As it turns out, the old adage about “selling coal to Newcastle”
may not be as silly as it sounds.
While tens of millions of America Bibles -- with their
distinctively thin pages -- are now printed in China, that mainstay of Chinese
cuisine, rice, will be imported from California after a company in Sacramento
on Tuesday signed the very first contract for a U.S. firm to sell rice to the
Asian nation.
“Fifteen years of patience and hard work have paid off,” said
Ken LaGrande, the CEO of Sun Valley Rice, as quoted by the American Journal of
Transportation.
“It is truly an honor and a privilege to blaze this trail of
trading history — American rice in China.”
The company said they will be providing their premium California
Calrose medium-grain rice to Shenzhen Hong Tai, one of the largest importers of
rice into China.
“We understand the role that small, local family farms play in
feeding the world — since we come from one,” said LaGrande.
The Chinese company said they chose Sun Valley Rice because it
had "clearly studied Asian cultures deeply, especially Japanese and
Chinese,” stressing the importance of cultural sensitivity for making inroads
into Asian markets.
Why buck what works?
Static
In some cases, people get away with doing questionable things
because they cannot be made accountable for them. And knowing that they can get
away with it, they wreak havoc with impunity. They are emboldened by the fact that,
at the end of the day, the rewards for their misdeed far outweigh the potential
risks or penalties — if there will be any at all.
It is thus easy enough for a supposed farmers’ group, for
instance, to make public their accusation that imported rice are being smuggled
into the country — or being undervalued to avoid higher taxes — without
presenting any evidence or proof. In the same manner, it is fairly easy for
media to spread the story. It is, after all, a scandal.
But, if, eventually, the accusation is proved to be false, will
the accusers bother to apologize? Will they take time to explain why they made
the accusation in the first place and elaborate on their agenda? Will media
also publicize their apology and agenda? Will media bother to promote fair play
by admitting that it, too made a mistake in spreading the accusation?
The Federation of Free Farmers (FFF) is alleging that rice
importers have connived with suppliers abroad to undervalue rice imports, which
have since been liberalized or allowed in commercial quantities as long as
proper tariffs are paid. By undervaluing importations, the FFF claims that rice
importers had so far shortchanged the government of about P5 billion. The
allegation also insinuates corruption.
This matters to the FFF as only tariffs in excess of P10 billion
per year go to assistance programs for rice farmers affected by rice imports.
Of course, lower tariff collection imperils whatever funding is supposed to go
to these programs. Undervaluation also artificially lowers the price of
imported rice, which in effect also depresses farm gate prices or the buying
price for local rice.
However, their only evidence to prove smuggling is their own
computation of tariffs that should have been collected, based on data from
their sources abroad — which, they claim, do not match government data. Other
than this, there has been no documentary or other factual evidence to show that
undervaluation — thus smuggling — and under-collection has been going on.
Frankly, there is no doubt in my mind that there is some
smuggling going on, in one form or the other. But this is simply on the notion
that smuggling occurs, whether for rice or other commodities. This, I consider,
is a fact of life in this part of the world. But to the extent that it is
rampant as far as rice is concerned? I need proof — and not just statements —
to believe that.
Beyond the smuggling allegation, my greater concern is what has
happened to the rice supply, and prices, as well as inflation since rice
importation was deregulated. There are far more local consumers than local rice
farmers, who are consumers themselves, and using tariffs to replace quantity
restrictions for imported rice has more to do with feeding them than
agriculture.
If importers undervalued imported rice — declared acquisition
cost at lower than actual with the connivance of exporters or foreign suppliers
— just so they can save on tariffs, then wouldn’t they lose money? Importers
would be forced to pass off imported rice to traders, and consumers, at below
cost, too. Does this make sense? Won’t they aim to maximize and not minimize
profits?
As a consumer, frankly, I prefer cheap over expensive rice. And
if undervaluation makes my rice cheaper, I would prefer to get a “direct”
benefit from the situation — lower rice prices — rather than the “indirect”
benefit of tariffs and taxes being used to finance welfare and farmer
assistance programs. Yes, this is the selfish way of looking at things. But, by
going the “indirect” way, there is always the risk that tariffs will just end
up in the pockets of the corrupt.
Of course, this is not to say that we should condone smuggling.
Right is right, and wrong is wrong. If importers are smuggling and/or
undervaluing importations, then they should be investigated and prosecuted.
However, proper investigation requires evidence and proof. In the case of the
FFF, they are simply teasing authorities and the public. Why end at public
allegations? Why not produce evidence, or, better yet, file cases against the
importers?
Moving on to what is factual as opposed to what is simply
alleged, allow me to share a July 9 Bloomberg report on the rice situation:
“Philippine rice prices have retreated from last year’s record highs after the
Southeast Asian nation scrapped import quotas for the first time in nearly a
quarter-century. The staple grain retailed for P38.65 ($0.75) per kilogram last
month, down 15% from its peak in September 2018 when typhoons and pests
decimated local harvests and forced government to look abroad for supply. June
inflation fell to its slowest pace in two years as a result, boosting odds the
Bangko Sentral ng Pilipinas could further slash the interest rates it hiked
during the height of the rice shortage last year.”
If the FFF agenda is to again demonize the transition to rice
tariffs, then that might find resonance with rice farmers opposed to it. But,
in my opinion, it gains little traction with the general public, the consumers,
who, like the farmers, struggled with low supply and high rice prices last
year.
The aim is to improve the rice supply, from whatever source.
Ensuring a stable supply to meet demand will also stabilize prices. Food
security trumps hunger, and makes poverty a bit more bearable. To be honest, I
can live with some undervaluation and lower tariff collection. I may even
tolerate some corruption. As long as rice remains available and affordable.
Marvin Tort is a former managing editor of Businessworld, and a
former chairman of the Philippines Press Council.
