Asia Rice Quotes Unchanged Today
Jan 23, 2015
Asia rice
sellers kept their quotes mostly unchanged today.
5% Broken Rice
Thailand 5%
rice is quoted at around $405 - $415 per ton, about $40 per ton premium on
Vietnam 5% rice shown at around $365 - $375 per ton. India 5% rice is quoted at
around $395 - $405 per ton, about $35 per ton premium on Pakistan 5% rice
quoted at around $360 - $370 per ton.
25% Broken Rice
Thailand 25%
rice is quoted at around $365 - $375 per ton, about $25 per ton premium on
Vietnam 25% rice shown at around $340 - $350 per ton. India 25% rice is quoted
at around $360 - $370, about $40 per ton premium on Pakistan 25% rice quoted at
around $320 - $330 per ton.
Parboiled Rice
Thailand
parboiled rice is quoted at around $405 - $415 per ton. India parboiled rice is
quoted at around $390 - $400 per ton, about $10 per ton discount to Pakistan
parboiled rice quoted at around $400 - $410 per ton.
100% Broken Rice
Thailand
broken rice, A1 Super, is quoted at around $320 - $330 per ton, about $5 per
ton premium on Vietnam 100% broken rice shown at around $315 - $325 per ton.
India's 100% broken rice is shown at around $300 - $310 per ton, about
$10 per ton premium on Pakistan broken sortexed rice quoted at around $290 -
$300 per ton.
Oryza Afternoon Recap - Chicago Rough Rice Futures Break
$11.000/cwt as Falling Crude and Global Competition Continue to Weigh on Prices
Jan 23, 2015
Chicago rough rice futures for Mar delivery
settled 15 cents per cwt (about $3 per ton) lower at $11.010 per cwt (about
$243 per ton). Rough rice futures continued lower today, adding to losses
sustained yesterday and on the week. These losses bring the total on the week
to 33.5 cents per cwt (about $7 per ton) and saw the market dip below
psychological support at $11.000 per cwt (about $243 per ton) in late session
trading. Today’s dip to $10.960 per cwt (about $242 per ton) marks a fresh
contract low and has returned price to levels not seen since 2010. Although the
market did manage to close just above the previously mentioned level of
support, the outlook for trading early next week remains negative and traders
expect a continuation lower. Negativity in outside markets such as crude and
the euro continue to weigh on US grain prices and will likely continue to do so
in coming sessions. The other grains finished the day with mixed results today;
Soybeans closed about 0.4% lower at $9.7375 per bushel; wheat finished about
0.7% lower at $5.3000 per bushel, and corn finished the day about 0.8% higher
at $3.8775 per bushel.U.S. stocks mainly fell on Friday, with the S&P 500
halting a four-session winning run, as investors considered economic data,
energy costs and a reduced 2014 earnings estimate from United Parcel Service.
Friday's economic reports had had existing-homes sales rising 2.4 percent to an
annual rate of 5.04 million in December. After a 91-point slide, the Dow Jones
Industrial Average was lately off 39.66 points, or 0.2%, to 17,774.32. The
S&P 500 shed 3.45 points, or 0.2%, to 2,059.70, with materials and telecom
hardest hit and utilities and technology faring best of its 10 major sectors.
The Nasdaq gained 13.83 points, or 0.3%, to 4,764.21. Gold is trading about
0.7% lower, crude oil is seen trading about 1.5% lower, and the U.S. dollar is
seen trading about 0.8% higher at about 1:00pm Chicago time.Thursday,
there were 800 contracts traded, up from 240 contracts traded on Wednesday.
Open interest – the number of contracts outstanding – on Thursday decreased by
10 contracts to 8,746.
FAO Estimates Liberia to Import 350,000 Tons of Rice in
2015; Up 24% from Last Year
Jan 23, 2015
The UN's
Food and Agriculture Organization (FAO) has estimated Liberia to import around
350,000 tons of rice in 2015, up about 24% from an estimated 282,250 tons in
2014 due to a reduction in paddy rice production following the outbreak of the
Ebola Virus Disease (EVD). Liberia's total cereal imports are estimated
at around 445,000 tons in 2015.
Harvesting
of the 2014 paddy crop was completed in December. According to the FAO GIEWS
Disease Impact on Agriculture – Simulation (DIAS) Model, paddy crop has been
hard hit in Lofa and Margibi counties, where losses are estimated at about 25%.Since
Liberia relies heavily on food imports, including rice, border closures,
quarantine measures and other restrictions to contain EVD outbreak led to
severe food shortages. According to the World Bank data, as of November 2014,
nearly 630,000 people are estimated to be food insecure (of which 170,000 are
attributed to EVD), and the number is projected to increase to 750,000 (250,000
attributed to EVD) by March 2015. Most of the people affected by EVD are
farmers, fishermen, hunters and unskilled laborers.
Prices of
imported rice in the country have increased significantly during the past five
months partly due to EVD and partly due to local currency depreciation against
the dollar, but stabilized in November 2014, according to the FAO.USDA
estimates Liberia to produce around 189,000 tons of milled rice and import
around 300,000 tons in 2014-15 (October-September) to meet an annual
consumption demand of around 480,000 tons.
IGC Estimates 2015 World Rice Trade at 41.6 Million Tons;
Slightly Down from Last year
Jan 23, 2015
The IGC expects total rice imports by Far East
Asian countries including Bangladesh, Malaysia, Indonesia, China and the
Philippines, at around 13.1 million tons in 2015, down about 5% from around
13.8 million tons last year. It expects China to remain largest importer in
2015 with about 3.8 million tons. The IGC expects Bangladesh and Sri Lanka to
import around 600,000 tons and around 200,000 tons in 2015. It expects rice
imports by the Philippines and Indonesia to be lower than last year but to be
significant due to their efforts to maintain reserves. The IGC estimates
shipments to sub-Saharan Africa at an above-average level of about 14 million
tons. Shipments to Nigeria, Ivory Coast, Ghana and Nigeria are expected to
increase.
On the exports side, the
IGC estimates Thailand to export around 11 million tons of rice in 2015, up
about 8% from around 10.2 million tons in 2014. Most of its sales are expected
to sub-Saharan Africa and Far East Asia, especially China. The IGC expects
India to export around 8.8 million tons of rice in 2015, about 17% lower than
around 10.3 million tons exported last year due to increasing concerns of the
impact of a weak monsoon on the country's production.
The IGC
estimates 2014-15 global rice production at around 474 million tons, slightly
down from around 475 million tons in 2013-14. It expects decline in production
in many parts of the world to offset a 1.5% increase in production in China to
around 144.5 million tons. It expects India's rice production to decline 3% y/y
to around 102.5 million tons. The IGC is expecting higher output in the
Philippines and Vietnam but a lower output in Thailand. It is also expecting
higher outputs in the U.S. and South America.
It expects
global rice consumption in 2014-15 to increase to around 482
million tons, up about 1.2% from around 476 million tons in 2013-14 due to
expected increased consumption in Asian countries including India (98.3 million
tons) and China (147 million tons) as well as in sub-Saharan Africa (26 million
tons) and in the Americas (4.2 million tons).
The Council
expects world rice ending stocks in 2014-15 to decline to around 101.6
million tons from around 109 million tons in the previous year. It expects
inventories of major rice exporters to decline to around 31.7 million tons,
down 20% from around 39.4 million tons last year mainly due to higher stock
depletion in India and Thailand.
Oryza U.S. Rough Rice Recap - Prices Weaken Further
despite Record Export Shipments
Jan 23, 2015
The U.S. cash market was softer yet again
today falling with a futures market that can’t seem to find a bottom. Analysts
continue to believe that prices will remain in free fall without a substantial
increase in export demand.In the meantime, the USDA reported that cumulative
net export sales for the week ending on January 15th, totaled 97,800
tons, which was 27% higher than last week and considerably higher than the
prior 4-week average.
Increases were reported for the following
destinations: 79,100 tons to Mexico, 4,000 tons to El Salvador, 3,000 tons to
the United Kingdom, 2,500 tons to Turkey, and 2,400 tons to unknown
destinations.U.S. rice exporters shipped 148,900 tons, a marketing year high,
which was considerably higher than last week and the prior 4-week average. The
primary destinations included 62,500 tons to Turkey, 31,400 tons
to Iraq, 25,100 tons to Japan, 12,500 tons to Mexico, and 9,400 tons to
Haiti.
Spain's Rice Sector to Receive $13.9 Million Support in
2015
Jan 23, 2015
The allocated amount can support about
122,060 hectares of rice fields concentrated around the regions of Andalucia,
Catalunia and Valencia. Spain is the second largest producer of rice in the EU
after Italy.According to the Royal Decree number 1075/014 approved on December
19, 2014, rice farmers intending to receive direct help from the government
need to declare their rice fields October 15, 2015, confirm the actual planted
area by November 15, 2015. As per the available funds, each farmer can get
maximum help of around 400 euros (around $455) per hectare.Also rice farmers
need to grow rice in irrigated area and use seeds of varieties included both in
the EU common Catalogue of agricultural plants as well as in the Spanish
Register of commercial varieties; or take a special permission from the
Agriculture Ministry. The decision is to safeguard rice production in
traditional areas where there is no alternative to rice growing as well as for
protecting ecological balance.The total amount available for the sector is said
to be published every year, from 2015 to 2020, on the web site of FEGA, Fondo
Español de Garantìa Agraria (Spanish Fund of Agricultural Guarantee).
Armyworms: Farmers' Foes in Australia
Jan 23, 2015
Oryza Overnight Recap - Chicago Rough Rice Futures Look
to Open Higher on Strong Export Sales -- but Will They Be Enough to Erase Steep
Losses Sustained Yesterday?
Jan 23, 2015
Chicago rough rice futures for Mar delivery
are currently listed 7.5 cents per cwt (about $2 per ton) higher at $11.235 per
cwt (about $248 per ton) ahead of floor trading in Chicago. The other grains
are seen mostly lower: soybeans are currently seen 0.6% lower, wheat is listed
about 1.1% lower and corn is currently noted about 0.1% higher.U.S. stock-index
futures wavered on Friday, a day after European Central Bank President Mario
Draghi detailed plans of a larger-than-expected bond-buying program. In an
effort to bolster the euro-zone economy, Draghi said the central bank would
make monthly bond purchases of as much as $70 billion, starting in March and
running to September 2016. The stimulus package was well-received by global
markets, with European stocks rallying on Friday.
The euro also weakened to an 11-year low
against the dollar, and euro-area sovereign bond prices ticked up. The day also
brings several key data releases. Existing home sales at 10:00 a.m. ET are
expected to push back just above 5 million, having dipped below this level for
the first time in six months in November. The Conference Board's Leading Index
for December is also due at 10:00 a.m. ET. In other news, Saudi Arabia's King
Abdullah died early on Friday and his brother Salman has been named king.
Investors will be keeping a close eye on the oil-exporting nation and what the
succession means for crest-fallen commodity. Gold is currently trading about
0.3% lower, crude oil is seen trading about 1.1% lower, and the U.S.
dollar is currently trading about 0.7% higher at 8:30am Chicago time.
Pakistan to Develop Rice Husk Based Power Plants
Jan 23, 2015
Of late, Pakistan has been facing serious
energy issues, including frequent power cuts and breakdown downs due to which
the small and medium scale (SMEs) have been facing several problems such as low
productivity and incomes.The project is expected to lay a foundation for the
development of biomass gasification technologies in the future in Pakistan, according
to the industrial development officer at the UN.“Pakistan being an agricultural
country possesses a fuel for future which is cheap, clean and abundant. Such
projects will enable SMEs to have uninterrupted electricity to run their
operations, which will increase their productivity and also help in providing
low cost electricity,” the The UNIDO’s country representative for Pakistan was
quoted as s
Thai Government Fixes Rice Floor Prices for Upcoming
Auction at Below Market Levels
Jan 23, 2015
The government is planning to auction
around 850,000 tons of 5% broken rice and around 150,000 tons of jasmine rice
on January 29. The Director General of the Foreign Trade Department was quoted
as saying that the government would auction rice on a whole-warehouse basis and
a wide variety of grades and varieties would be offered for sale. The
government is understood to auction rice from 168 warehouses in 36 provinces.The
government has told that it will allow prospective bidders to inspect samples
of rice stocks being put up for sale before the scheduled auction to ensure
transparency in rice sales in the wake of concerns over the deteriorating
quality of rice stocks.
Weekly Recap: Former Thailand PM Yingluck Impeached;
Ebola Rages On; Asian Rice Quotes Continue Lower
Jan 23, 2015
The Oryza
White Rice Index (WRI), a weighted average of global white rice export quotes,
ended the week at about $425 per ton, down about $6 per ton from a week and a
month ago and down about $38 per ton from a year ago.
Thailand
Thailand 5%
broken rice is today shown at about $405 per ton, down about $5 per ton from a
week and a month ago, and down about $35 per ton from a year ago.
Today,
Thailand’s military-appointed legislature voted to impeach former Prime
Minister Yingluck. In response, Yingluck said the move was part of a
“political agenda” and adding on Facebook, “Democracy has died in Thailand
today, along with the rule of law.” Her political party, the Pheu Thai, is
considered the most popular political party in Thailand and won the 2011 on
promises of higher rice prices under the government’s now-failed rice pledging
scheme.
The joint
panel consisting of members of the National Anti-Corruption Commission (NACC)
and the Office of the Attorney General (OAG) will recommend criminal charges
against former PM Yingluck under the criminal code’s Section 157. Losses from
the rice subsidy/pledging scheme between 2004 and 2014 are estimated to exceed
earlier estimations of about $682 billion baht (about $21 billion USD) if
depreciation and missing rice stocks are included, according to the Finance
Permanent Secretary. The government of Thailand has said it will maintain
transparency in all future G2G contracts, following misdealings that occurred
during Yingluck’s tenure as Prime Minister.
Meanwhile,
the government plans to sell about one million tons of rice in a tender on
January 29, and it will allow prospective bidders to inspect samples of rice
stocks being auctioned, according to the Wall Street Journal.
It seems
that long after the end of the rice mortgage scheme and the now impeachment of
Yingluck, Thailand rice export quotes are depressed, Thailand rice stocks
remain high, and farmers are arguably facing worse market conditions than
before the scheme started.
India
India 5%
broken rice is today shown at about $400 per ton, unchanged from a week ago, up
about $10 a month and down about $10 per ton from a year ago.
The High
Level Committee, tasked with looking into the present structure and operational
aspects of the Food Corporation of India (FCI), submitted its recommendations
to the Prime Minister today. The Committee recommends that the FCI hand
over all procurement operations of paddy, rice and wheat to states that have
requisite infrastructure and instead focus on procurement in states where
farmers suffer from distressed sales.
The Indian
government plans to increase exports of rice (and other products) to China in
continuing efforts to contain increasing trade deficit with the neighboring
country, according to the Economic Times.
The Prime
Minister of Bangladesh reiterated their government’s willingness
to export rice to India, after India showed interest in buying around
20,000-30,000 tons of rice from them. Separately, many private business firms
and multi-national corporations are planning huge investments in Bangladesh’s
$6.4 billion rice milling sector following a consistent and rising demand for
rice in the country. Recently, blockades of highways, railways, and
waterways have been disrupting the supply chain there since the Opposition
Leader called for blockades on January 5.
Vietnam
Vietnam 5%
broken rice is today shown at about $370 per ton, down about $10 per ton from a
week ago, down about $20 per ton from a month ago and down about $35 per ton
from a year ago. The forward outlook remains dim for quotes. The Vietnam Food
Association (VFA) has scaled down expectations for rice exports in the first
three months of 2015 to around 900,000 tons. Meanwhile, the VFA plans to
procure the entire paddy rice output in 2015 in efforts to protect farmers from
anticipated price decreases.
Pakistan
Pakistan 5%
broken rice is today shown at about $365 per ton, down about $10 per ton from a
week and a month ago and down about $30 per ton from a year ago.
In December
2014, Pakistan exported about 490,371 tons of rice, an increase of about 7%
from November, according to the Pakistan Bureau of Statistics. In terms
of value, export earnings increased to about $238.2 million in December, up
about 8% from November.
Central & South
America
Brazil 5% broken rice is today shown at about
$540 per ton, unchanged from a week ago, down about $10 per ton from a
month ago and down about $125 per ton from a year ago.
The USDA
Post estimates Mexico’s MY 2014-15 rice imports at around
775,000 tons, up about 10.7% from MY 2013-14.
U.S.
U.S. 4%
broken rice is today shown at about $500 per ton, down about $15 per ton from a
week and a month ago and down about $90 per ton from a year ago.
The U.S.
Treasury’s Office of Foreign Assets Control announced new trade norms with Cuba following
President Obama’s announcement to relax the 50-year embargo with the country.
The U.S. rice industry is hopeful about exports to Cuba.
The U.S. share
in South Korea’s total rice imports in 2014 declined to
about 15% from about 30% in 2013 due to high prices driven by drought
conditions, according to the USDA Post.
U.S. cash
prices for rough rice has been quiet this week as with bids and offers both
hard to find. Buyers remain hand-to-mouth, and later in the week the cash
market fell in tandem with the futures market.
After a
holiday on Monday, Chicago rough rice futures for March delivery were around
$11.350 per cwt (about $250 per ton) and climbed slightly during the short week
before dropping Thursday and Friday. Futures for March delivery closed
the week at $11.050 per cwt (about $244 per ton).
Other Markets
Cambodia 5% broken rice is today shown at about $440
per ton, down about $5 per ton from a week ago, down about $25 per ton from a
month ago and down about $15 per ton from year ago. Separately, Cambodia’s MY
2014-15 rice exports are expected to increase about 15% from MY 2013-14 to 1.15
million tons (official and unofficial tonnage), according to the UN’s FAO.
Starting in
April 2015, Myanmar will begin exporting rice to China legally,
following the finalization of a trade agreement between the two countries.
The Food and
Agricultural Organization data show that prices of food, including rice, have
increased on average from 30% to 75% in African regions
affected by the Ebola virus, and the UN’s International Fund for Agriculture
Development warns that if the situation continues for long, those regions may
face acute food shortages.
Nepal is considering allowing rice exports to China in the
fiscal year 2014-15 (August-July), based on the huge demand for Nepali rice in
China.
Paddy rice
production in Indonesia is expected to increase about 4% to 73.4
million tons in 2015.
Paddy rice
output in the Philippines in 2014 has increased about 2.87% from
2013 to reach about 18.97 million tons (about 11.95 million tons, basis
milled).
Japan has purchased about 61,000 tons of
non-glutinous milled rice from Thailand and the U.S.
In the first
eleven months of 2014, China imported about 2.244 million tons of rice,
down about 1% from the same period last year, according to the China Customs
General Administration.
The Sri Lanka government
will release the stored rice in its warehouses into the open market before the
harvest season of the 2014-15 Maha rice crop (September-April) begins next
month.
The FAO
estimates Liberia will import 350,000 tons of rice in 2015,
up 24% from last year.
The
government of Spain has said it will support the country’s
rice sector with around 12.2 million euros (about $13.9 million).
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