QRC Closure Will Free Pakistan Rice Exporters from Unnecessary Inspections, Says UNISAME President
Jul 10, 2015
Pakistan's Commerce Ministry (MINCOM) through the Trade Development Authority (TDAP) has decided to disband the Quality Review Committee (QRC), a move that would free exporters from unnecessary inspections, according to local sources.
The Ministry has reportedly served one month notice to the QRC staff members, August 6, 2015 being the last date.
Earlier, the Ministry reportedly took some steps to organize QRC structure and duties to ensure a smooth quality review process, but in vain. Therefore, it decided to close the body freeing exporters from unnecessary inspections and reviews, which were coming in the way of their export activities.
The President of the Union of Small & Medium Enterprises (UNISAME), who has urged the government on several occasions to close the QRC, has appreciated the move by the MINCOM and said that exporters would now be free of many hurdles created by the QRC. He noted that the pre-shipment inspection (PSI), which is usually done by a third party nominated by the buyer, was carried out by the QRC to protect some rice exporters. He also noted that the senior management of the QRC was partial towards some exporters and so tried to subdue their competitors with unnecessary inspection processes.
As buyers often prefer blended rice with a mix of basmati and higher quality non-basmati, exporters created their own brands to meet customer demands. But QRC never entertained export of such branded rice, and now they are free of the PSI and can export their own brands without any hurdles, he says.
'Sentinel-2a' to Study European Rice Area
Jul 10, 2015
The European Union (EU) has sent a satellite 'Sentinel-2a' into the Earth's orbit to study the European rice growing area an help researchers observe the changes in rice crops as part of the ERMES project.
'Sentinel-2a', as part of its Copernicus project. It would be one of the six sensor type satellites that the EU has planned to launch under the project.
The satellite, which was sent on June 23, 2015 from Kourou in French Guiana, will return pictures of the earth's surface in visible and infrared light. It is expected to begin operations in three to four months' time. The camera sensor of the satellite has been designed to detect very specific wave lengths of light that can detail the health of the plants.
After the launch, the Italian researchers of ERMES project are receiving some SPOT (Take5) satellite images centred on the Lomellina area, in Pavia province, from the National Centre for spatial studies (CNES) and the European Space Agency (ESA).
The SPOT (Take5) experiments use SPOT satellite as a simulator of the image time series that ESA’s Sentinel 2 mission will start providing in the next months. The images (10 meters resolution) are processed every 5 days. The experiment is jointly conducted by CNES and ESA from April to September 2015 over 150 sites, including the Lomellina area.
Asia Rice Quotes Unchanged Today
Jul 10, 2015
Asia rice sellers kept their quotes mostly unchanged today.
5% Broken Rice
Thailand 5% rice is indicated at around $380 - $390 per ton, about a $35 per ton premium on Vietnam 5% rice shown at around $345 - $355 per ton. India 5% rice is indicated at around $380 - $390 per ton, about $5 per ton premium on Pakistan 5% rice shown at around $375 - $385 per ton.
25% Broken Rice
Thailand 25% rice is shown at around $355 - $365 per ton, about a $30 per ton premium on Vietnam 25% rice shown at around $325- $335 per ton. India 25% rice is indicated at around $350 - $360, about $15 per ton premium on Pakistan 25% rice shown at around $335 - $345 per ton.
Parboiled Rice
Thailand parboiled rice is indicated at around $390 - $400 per ton. India parboiled rice is indicated at around $375- $385 per ton, about a $40 per ton discount to Pakistan parboiled rice shown at around $415 - $425 per ton.
100% Broken Rice
Thailand broken rice, A1 Super, is indicated at around $315 - $325 per ton, on par with Vietnam 100% broken rice shown at around $315 - $325 per ton. India's 100% broken rice is shown at around $295 - $305 per ton, about a $10 per ton premium on Pakistan broken sortexed rice shown at around $285 - $295 per ton.
Thailand Plans to Sell Sub-Quality and Rotten Rice from Stockpiles By July End
Jul 10, 2015
The National Rice Policy Committee, chaired by the Prime Minister declared that Thailand had about 15.46 million tons of rice in its stockpiles as of June end, and the rice has been divided into three groups, according to local sources.
Group 1 consists of around 9.7 million tons of rice, which is further divided into A and B categories, and is suitable for domestic consumption and exports. Group 2 consists of around 4.6 million tons of C grade rice and is unfit for consuming. It will be sold in auctions to ethanol manufacturers. Group 3 consists of around 1.29 million tons of rotten rice and is not suitable for ethanol production either. It will be sold in auctions to biomass power plants to be used as fuel in electricity generation.
The Committee decided to sell the 4.6 million tons of C grade rice in Group 2 and 1.29 million tons of rotten rice in Group 3 by the end of this month before the new crop enters the stockpile.
The government is reportedly planning to speed up inviting bids for the two grades of rice in order to save on the storage costs, which come up to 46 million baht (around $1.35 million) per day. Also the there are concerns that the sub-quality rice and rotten rice, which is ridden with weevils, may contaminate the new stocks as well damaging the country's reputation in the international market.
The government is expecting to raise around 200 billion baht (around $6 billion) from selling the entire 15.46 million tons of stockpiled rice against the $600 billion baht (around $17.7 billion) spent on acquiring and storing it.
Pakistan Basmati Rice Export Prices Continue to Decline in June 2015
Jul 10, 2015
Pakistan basmati rice prices have declined for third consecutive month in June 2015 after increasing continuously for two months, according to the UN's Food and Agriculture Organization (FAO).
The decline can be attributed to better rice growing prospects due to adequate availability of irrigation water in major rice growing areas, increased distribution of certified seeds and increased allocation of institutional credit over last year.
In June 2015, Pakistan's basmati rice export prices have declined by about 3% to around $871 per ton from around $895 per ton in May 2015, and down about 35% from their year-ago levels of around $1,350 per ton.
In terms of local currency, average Pakistan basmati rice prices in June 2015 declined by about 4% to around PKR 87,448 per ton (using historical exchange rates) from around PKR 90,887 per ton in May 2015, and down about 34% from around PKR 131,328 per ton in June 2014.
Average Pakistan basmati rice prices stood at around $931 per ton in the first six months of 2015 (January - June), down about 31% from around $1,359 per ton recorded during the same period last year.
Average basmati rice prices increased between August and September 2014 and peaked to around $1,450 per ton in September 2014 due to fears of a fall in production as floods affected large area of basmati rice acreage in Punjab. However, the overall production of basmati rice has not been significantly affected by floods.
Currently, Pakistan basmati growers have been urging the government to provide adequate support to increase competitiveness of Pakistan's basmati rice in the global market.
Vietnam Rice Exports May Pick Up in Second Half of 2015, Says VFA Chairman
Jul 10, 2015
Vietnam rice exports, which have been relatively sluggish in the first half of 2015, are expected to increase in the second half due to a likely increase in demand from China, Malaysia and Indonesia, local sources quoted the Chairman of the Vietnam Food Association (VFA).
Vietnam exported about 2.713 million tons of rice in first half of calendar year 2015, down about 10% from about 3.015 million tons of rice exported in first half of 2014, according to VFA. Average rice export price so far in this year stands at about $417 per ton (FOB), down about 3% per ton from about $431 per ton recorded during same last year.
The VFA Chairman told local sources that abundant supply, emergence of new exporters and intense competition in terms of prices were major reason for a decline in Vietnam's rice exports in the first half of the year.
He noted that Asian and African countries remained major buyers of Vietnam rice in the first six months of the year. China was the largest importer despite changes in its import quota policies and changed to cross-border trade policies, he said. Demand from China is expected to increase due to its geographical proximity to Vietnam, he added.
The VFA Chairman also noted that demand from Malaysia and Indonesia could increase in the second half. Though Indonesia is expecting its paddy output to increase this year but may import around one million tons in the second half, he said.
Vietnam rice exporters reportedly signed contracts for around 4.1 million tons so far this year and have to ship another 1.389 million tons during the remaining months.
He added that the VFA is striving hard to increase exports to mainland China, Hong Kong and Africa and expressed confidence that Vietnam would meet this export target of around 7-7.5 million tons.
Pakistan Basmati Rice Exports Decline Sharply in FY 2014-15
Jul 10, 2015
Pakistan has exported around 676,630 tons of basmati rice in the fiscal year 2014-15 (July - June), down about 8% from around 735,467 tons last year, Bloomberg quoted the Chairman of Rice Exporters Association of Pakistan (REAP).
In value terms, basmati rice exports earned around $681.5 million, down about 19% from $841.36 million last year. The decline is attributed to a ban on targeted markets like Iran and restrictions on exports to Mexico.
On the other hand, non-basmati rice exports increased about 16% to around 3.05 million tons from around 2.63 million tons last year. In value terms, non-basmati rice exports earned around $1.17 billion, up about 11% from around $1.054 billion last year.
Oryza Weekly: Global Supplies Show Signs of Tightening, Quotes Slow to Rebound
Jul 10, 2015
The Oryza White Rice Index (WRI), a weighted average of global white rice export quotes, ended the week at about $404 per ton, unchanged from a week ago, up about $1 per ton from a month ago and down about $63 per ton from a year ago.
A report titled “Agricultural Outlook 2015-2024” by the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations forecasts global rice trade to increase about 9% during the period 2015-2024.
The UN’s FAO estimates 2015 global milled rice trade will decline slightly due to lower import demand.
The FAO All Rice Price Index declined to around 213 points in June 2015, down about 0.9% from May, due to a decline in all sub-indices. This is the tenth consecutive month the index has declined.
Thailand
Thailand 5% broken rice is today shown at about $385 per ton, up about $10 per ton from a week ago, up about $25 per ton from a month ago and down about $30 per ton from a year ago.
The USDA Post estimates Thailand’s 2015 rice exports will decline to about 10 million tons (as opposed to the earlier estimate of 11 million tons) due to competition from Vietnam, especially for 5% broken white rice. However, the government of Thailand foresees higher export demand in the second half of 2015, partially due to anticipated declined output in India, Vietnam, Indonesia, and the Philippines as a result of drought-inducing El Nino weather.
Thai rice exports increased sharply in May 2015 after declining about 11% m/m in April. Thailand has exported around 945,597 tons of rice in May 2015, up about 35% from April and up about 7% from May 2014.
The government of Thailand sold about 1.148 million tons of stockpiled rice in the latest tender on July 7, raising about 11.08 billion baht (about $327 million).
The Bank for Agriculture and Agricultural Cooperatives (BAAC) plans to lend about 60 billion baht (about $1.6 billion) to rice farmers to encourage them to shift to other crops.
Thailand plans to sell sub-quality and rotten rice from its stockpiles by the end of July.
India
India 5% broken rice is today shown at about $385 per ton, unchanged from a week ago, up about $5 per ton from month ago, and down about $50 per ton from a year ago.
Main paddy rice sowing for the 2015-16 crop, which began on May 8, is ahead of last year due to above-average rainfall in most rice-growing areas. As of June 26, total area planted was around 5.4 million hectares, about 0.8% more than the same time last year. Total area planted stood at 8.959 million hectares as of July 10, about 5% behind the same time last year.
The government of India, which planned to import 100,000 tons of rice from Myanmar in order to fill supply gaps that are anticipated in Manipur and Mizoram due to ongoing railway construction, has issued a directive to Manipur’s state government to abandon all processes related with the rice import activity.
Basmati rice exports may increase from around 3.7 million tons in FY 2014-15 to 4 million tons in FY 2015-16, an increase of 10% y/y, due to steady demand.
The Delhi High Court will hear a plea on Chinese rice made out of plastic and being imported into India along with real rice.
Vietnam
Vietnam 5% broken rice is today shown at about $350 per ton, unchanged from a week ago, down about $5 per ton from a month ago and down about $70 per ton from a year ago.
Rice exports declined sharply in the first half of calendar year 2015, with Vietnam exporting only about 2.713 million tons, or about 10% less than in the first half of 2014. They declined sharply in May 2015 as well, with the country exporting about 526,133 tons of rice in May, about 21% less than exported in April and about 10% less than exported in May 2014. The VFA chairman expects exports to increase in the second half of 2015.
The government has decided not to slash the value added tax (VAT) on rice consumed in the domestic market at the current 5%, despite the Vietnam Food Association’s recommendation to decrease it to 0.5%.
Pakistan
Pakistan 5% broken rice is today shown at about $380 per ton, down about $5 per ton from a week ago, down about $10 per ton from a month ago and down about $60 per ton from a year ago.
The USDA Post forecasts Pakistan’s MY 2014-15 rice exports to increase 25% y/y to reach 4 million tons. This estimate is about 5% higher than the agency’s previous estimate.
Pakistan basmati rice prices have declined for the third consecutive month in June 2015, after increasing for two months, according to the UN’s FAO.
Pakistan’s Commerce Ministry through the Trade Development Authority has decided to disband the Quality Review Committee, a move that would free exporters from unnecessary inspections.
Central & South America
Brazil 5% broken rice is today shown at about $500 per ton, down about $50 per ton from a week and a month ago and down about $165 per ton from a year ago. Brazil has exported around 532,625 tons of rice in the first six months of 2015. In June, Brazil exported about 49,773 tons of rice, a decrease of about 71% from May. Meanwhile, Brazil’s rice stocks stood around 127,920 tons in June, down slightly from May and down about 76% from June 2014, according to Conab. The Brazilian paddy rice index maintained by CEPEA reached around 33.76 real per 50 kilograms as of July 7, 2015, up about 0.57% from around 33.57 real per 50 kilograms recorded on June 29, 2015. In terms of USD per ton, the index reached around $215 per ton on June 22, 2015, up about 0.43% from around $214 per ton recorded on June 29, 2015.
The PetroCaribe Deal between Venezuela and Guyana, in which Venezuela sells oil to and buys rice from Guyana, is ending as Venezuela has not agreed to renew it after it expires in November this year.
Five percent broken rice from Uruguay and Argentina is today shown at about $540 per ton, down about $25 per ton from a week and a month ago, and down about $85 per ton from a year ago.
U.S.
U.S. 4% broken rice is today shown at about $475 per ton, up about $20 per ton from a week ago, up about $5 per ton from a month ago and down about $80 per ton from a year ago.
Chicago rough rice futures for September delivery climbed steadily this week, breaking the $11.000 per cwt (about $242 per ton) threshold on Wednesday and continuing a slight upward trajectory to close at $11.085 per cwt (about $244 per ton) Friday. The weekly high was $11.380 per cwt (about $251 per ton), reached on Friday.
The U.S. cash market was firmer this week in sympathy with the stronger futures market, despite disappointing export sales.
Other Markets
Cambodia 5% broken rice is today shown at about $435 per ton, unchanged from a week ago and a month ago and down about $10 per ton from a year ago. In the first six months of 2015, Cambodia has exported about 283,825 tons of milled rice, an increase of about 60% from the same period last year. The increase is the result of increased demand by Europe and China.
Officials in Cambodia say the drought-inducing El Nino weather pattern won’t affect rice production in the country.
South Korea’s state-run Agro Fisheries & Food Trade Corporation (KAFTC) has purchased 15,000 tons of non-glutinous short-grain brown rice of Chinese origin for delivery by November 30 at $893 per ton. KAFTC has also purchased 44,104 tons of non-glutinous brown rice of Chinese, U.S., and Thai origins for delivery between October and December.
Floods in the La Union province of the Philippines have affected nearly 11 coastal areas and several hectares of rice land are submerged. The flooding is expected to lower paddy rice output and cause the country to import more rice.
The Central Bank of Nigeria’s policy to restrict foreign exchange to rice importers will likely push up rice prices in the country, analysts say.
Average monthly milled rice prices in all 28 countries of the European Union showed slight movements in the beginning of May 2015.
The EU’s 2015-16 rice imports are expected to increase about 3.5% to 1.18 million tons, and rice exports are expected to increase about 2% to around 270,000 tons.
Italian paddy rice prices remained relatively stable in the last week of June, with more than 95% of the 2014-15 crop being sold and rice availability very low.
Iraq has invited international tenders to purchase about 30,000 tons of rice from U.S., Uruguay, Argentina, and India, with the last date for submitting bids July 15.
Bangladesh has imported about 1.49 million tons of rice in fiscal year 2014-15 (July-June), four times more than 374,560 tons imported in FY 2013-14.
Oryza Afternoon Recap - Chicago Rough Rice Futures Close Slightly Higher as Morning Rally Spurred by Bullish USDA S&D Report is Met with Afternoon Selloff
Jul 10, 2015
Chicago rough rice futures for Sep delivery settled 3.5 cents per cwt (about $1 per ton) higher at $11.085 per cwt (about $244 per ton). The other grains finished with mixed results today, as the markets reacted to the latest update to the USDA’s S&D; Soybeans closed about 0.6% higher at $10.2225 per bushel; wheat finished about 0.4% lower at $5.7600 per bushel, and corn finished the day about 1.4% higher at $4.3475 per bushel.
U.S. stocks surged on Friday as a second day of recovery in Chinese stocks and hopes of a resolution in Greece boosted investor sentiment. The Dow Jones industrial average traded about 190 points higher. The index surged more than 200 points in the open as the major averages leaped nearly 1% or more. The Nasdaq Composite briefly gained more than 1.5%. The Dow transports also gained more than 1.5% led by airlines. Both the S&P 500 and Dow attempted to post weekly gains. Greece's banks will need an estimated 10 to 14 billion euros of fresh capital to keep them afloat and more time before they reopen even if a deal is reached with European creditors on Sunday, a senior Greek banker told Reuters on Friday. Chinese stocks extended gains on Friday, jumping for a second day following government intervention amid hopes of a Greece deal. European stocks also advanced, with the DAX closing nearly 3% higher. In U.S. news, Fed Chair Janet Yellen said in prepared remarks the U.S. is still on pace for a rate hike this year and that fundamentals are solid and sees pickup in growth in the coming years. In economic reports, U.S. wholesale trade inventories for May jumped 0.8%, soundly topping estimates for the fastest pace of growth in six months. April's figure was unchanged, showing a 0.4% gain. The Dow Jones Industrial Average traded up 209 points, or 1.2%, at 17,758. The S&P 500 traded up 25 points, or 1.2%, at 2,075, with financials leading all sectors higher. The Nasdaq traded up 67 points, or 1.37%, at 4,989. Gold is trading about 0.1% lower, crude oil is seen trading about 0.8% lower, and the U.S. dollar is seen trading at about 0.6% lower at about 1:15pm Chicago time.
Thursday, there were 575 contracts traded, down from 1,173 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday decreased by 72 contracts to 9,279.
Oryza June 2015 Rice Market Review
Jul 10, 2015
The Oryza White Rice Index (WRI), a weighted average of global white rice export quotes, ended the month of June at about $405 per ton, down about $1 per ton from a month ago and down about $55 per ton from a year ago.
A report issued by the Organization for Economic Cooperation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations forecasts the global rice trade to increase about 9% during 2015-2024. It expects Thailand to retain the world's number one exporter status through 2024. In addition, except for India, it expects rice exports from all of the traditional exporters, namely Pakistan, Thailand, Vietnam and the U.S. to increase.
The report estimates global rice production to increase about 70 million tons to about 564 million tons by 2024 from the current 494 million tons (in 2014). The increase is mainly driven by yield improvements while area expansion is expected to be limited. The global increase of 70 million tons in rice production is expected to be dominated by Asian countries (61 million tons) mainly India, Indonesia, Bangladesh, Thailand, Vietnam and China.
The report estimates global rice consumption to increase by 57 million tons to about 562 million tons over the next decade, marginally less than the previous decade.
The report also said, the release of large inventories of rice that were accumulated in Thailand will soften international prices, which in turn may discourage less competitive rice-exporters from entering international markets.
Thailand
Thailand 5% broken rice ended the month of June at about $370 per ton, unchanged from a month ago and down about 4% per ton from a year ago.
Thailand has exported about 3.77 million tons of rice in the first five months of 2015, down about 3.2% from about 3.89 million tons exported during the same period last year, Bloomberg quoted the Commerce Ministry. The Thai military government is planning to export 11 million tons of rice in 2015. The USDA estimates Thailand's 2015 rice exports at about 10 million tons against the earlier estimated 11 million tons due to a competition from Vietnam, especially for 5% broken white rice.
The USDA estimates Thai MY 2015-16 (January - December 2015) paddy rice production at about 27.3 million tons (about 18 million tons, basis milled), down 7% from last year due to drought. About 1 million rai (0.16 million hectares) of main-crop rice in irrigated area in the central plains is expected to be adversely affected by drought. Meanwhile, the government of Thailand has lowered its estimates for 2015 main rice crop output by about 2.44 million tons or about 9% to about 24.135 million tons from earlier estimate of about 26.576 million tons due to severe drought conditions prevailing in the main rice growing areas of the Central region.
Separately, the government of Thailand has requested farmers in the Central region to further delay rice planting till August from the earlier set July as 22 of the 76 provinces are still fighting drought conditions, according to Reuters. The government of Thailand is also encouraging farmers to buy main rice-crop insurance to reduce losses from harvest failure caused by natural disasters, according to local sources. Separately, Thailand Agriculture and Agro-based Industry Deputy Minister said a likely reduction in the paddy output from the 2015 main rice crop in Thailand due to the ongoing drought will not affect shipments to Malaysia. Malaysia produces about 64% of rice needed for annual consumption of about 2.8 million tons and imports about one million tons of rice annually. Thailand accounts for about 80% to 90% of the import market share.
The Director-General of the Foreign Trade Department (Dg-FTD) under the Commerce Ministry has noted that the Thai rice prices, which have fallen significantly since the beginning of this year, are likely to increase by about 10% to 8,500 baht (about $253) per ton in the second half as El Nino weather pattern is expected to impact production in many countries, according to Bloomberg. Demand from China, Indonesia and the Philippines is also expected to support prices.
The government of Thailand sold about 1.148 million tons of stockpiled rice in the latest tender on July 7, 2015 raising about 11.08 billion baht (about $327 million), according to Reuters. The auction is the fourth one this year. In the first three auctions Thailand had 96 bidders in first; the second had 45 bidders and third had 43 bidders.
The Commerce Ministry sold a total of 3.88 million tons for about 40.90 billion baht ($1.2 billion) in the eight auctions since it took power in May 2014. The Thai military government currently holds over 16 million tons of rice in its warehouses and is planning to sell about 10 million tons this year about six million tons next year. It is also planning to sell about 5.89 million tons of spoilt rice to industrial users in July.
Separately, Thailand's Public Warehouse Organization (PWO) has declared about 650,000 tons of rice as rotten, defined as is not fit for human and animal consumption or for ethanol production, according to local sources. The PWO noted that the stated amount of rice could be used as fuel in electricity generation.
Malaysia will increase rice imports from Thailand as part of the increased bilateral trade between the two countries, according to local sources. The two nations agreed to increase the target of annual bilateral trade to $30 billion from the current $25 billion by 2018 at the Thai-Malaysian Joint Trade Committee (JTC) meeting held in Bangkok in June.
Vietnam
Vietnam 5% broken rice ended the month of June at about $355 per ton, unchanged from a month ago and down about 13% per ton from a year ago.
Vietnam exported about 2.713 million tons of rice in first half of calendar year 2015, down about 10% from about 3.015 million tons of rice exported in first half of 2014, according to data from the Vietnam Food Association (VFA). Meanwhile, the Ministry of Agriculture and Rural Development of Vietnam said Vietnam (MARD) has exported about 641,000 Tons of rice in June 2015, up about 13% from last month and about 18% from last year. According to MARD Vietnam's rice exports in the first six months of this year declined about 6.2% y/y to about 3.06 million tons.
Vietnam's rice exports to Africa have increase both in volume and value during the first five months of 2015 after getting stagnated for a few months in 2014 due to the spread of the Ebola pandemic, according to a report by the Department of Africa, West Asia and South Asia Markets under the Ministry of Industry and Trade (MOIT). According to the USDA Post, Vietnam exported 236,248 tons of rice to African destinations in during January - April 2015, up about 27% from about 186,068 tons exported during the same period in 2014.
The paddy output from Vietnam's 2015 winter-spring crop has declined slightly by about 0.7% to about 20.7 million tons from about 22.25 million tons last year due to lower yields, according to Reuters.
Separately, agricultural experts in Vietnam have noted that various rice farming technologies in the country are outdated and urged the government to facilitate restructuring of the rice as well as total agricultural mechanization in the country, according to local sources. The government of Vietnam has also decided not to slash the value added tax (VAT) on rice consumed in the domestic market at the current 5%, according to local sources.
Cambodia
Cambodia 5% broken rice ended the month of June at about $435 per ton, unchanged from a month ago and down about 2% per ton from a year ago.
Cambodia has exported about 283,825 tons of milled rice in the first six months of 2015, up about 60% from about 177,928 tons exported during the same period last year, Phnom Penh Post quoted data from the Secretariat of One Window Service for Rice Export Formality. Meanwhile, Cambodia, which offered a relatively higher bid in the recent Filipino tender for 100,000 tons of rice, is working on ways to offer a more competitive bid in the next tender by the Philippines government, according to local sources.
Separately, the Director-General (DG) of the National Bank of Cambodia said high-interest loans offered by banks have been reducing funding opportunities for rice millers and are consequently deterring export growth in the country.
Myanmar
The Myanmar Rice Federation (MRF) has confirmed that the country has sufficient rice stocks to meet local demand, saying rising rice prices are not because of shortage of stocks, Xinhua News Agency quoted a semi-official media report. The MRF stated that the recent increase in local rice prices is due to increased exports and appreciation of the U.S. dollar against the kyat. It also ruled out market reports that rice prices would continue to increase till the monsoon paddy harvest, saying domestic prices have peaked and are likely to reverse shortly.
Separately, Myanmar is planning to increase aromatic rice exports to Singapore and the U.S., Xinhua News Agency quoted sources from the Myanmar Rice Federation (MRF).
Myanmar's rice exports have been increasing, according to the Ministry of Commerce; Myanmar exported about 1.7 million tons of rice in FY 2014-15, about 1.2 million tons of rice in FY 2013-14 and about 1.4 million tons of rice in FY 2012-13.
India
India 5% broken rice ended the month of June at about $390 per ton, up about 4% per ton from month ago, and down about 10% per ton from a year ago.
Average monthly wholesale rice prices in India declined to about Rs.2,657.50 per quintal (about $419 per ton) in June 2015, down about 8% from about Rs.2,903.67 per quintal (about $455 per ton) in May 2015, and down about 8% from their year-ago levels of about Rs.2,901.95 per quintal (about $483 per ton). Separately, the Cabinet Committee on Economic Affairs (CCEA) has approved the proposal by the Commission for Agricultural Costs and Prices (CACP) to increase the minimum support price (MSP) for common paddy during the 2015-16 kharif marketing season (October - September) by about Rs.50 per quintal (about $7.8 per ton) or about 3.6% to about Rs.1, 410 per quintal (about $220 per ton). The CCEA has also increased the MSP for Grade A/superior paddy by about Rs.50 per quintal (about $7.8 per ton) or about 3.6% to about Rs.1,450 per quintal (about $226 per ton).
The Agricultural and Processed Food Products Export Development Authority (APEDA) data shows that India's basmati rice exports have declined marginally to about 3.7 million tons in FY 2014-15 (April - March) from about 3.76 million tons exported during the same period in FY 2013-14. The decline is largely attributed to fall in basmati rice shipments to Iran. The FAO estimates Iran to import about 1.6 million tons of rice in 2015-16 (April - March). Iran has imposed a temporary ban on rice imports in November 2014 citing excess stocks and has so far not announced removal of the ban. The FAO estimates Iran's 2015 paddy production to increase about 2% to about 2.65 million tons from about 2.6 million tons last year. Meanwhile, some Indian rice exporters are expecting Iran to begin issuance of rice import permits after Ramadan in July, according to local sources. However, they say Indian basmati shipments to the Middle East nation may not pick up until October as Iran’s rice stocks would be sufficient until then. India’s basmati rice exporters are expecting prices to further fall due to an expected increase in basmati acreage this year as well. Basmati acreage in 2015-16 is expected to increase about 5% from about 2.1 million hectares last year.
Separately, farmers in India's two main basmati rice growing states Punjab and Haryana have been advised to plant Pusa basmati 1509 variety after July 15 to avoid incidence of breakage, according to local sources.
India's 2015-16 Kharif (main) rice crop (June - December) planted stood at about 5.4 million hectares as of July 3, up about 0.8% from last year's level of about 5.356 million hectares, according to preliminary data released by the Indian Agriculture Ministry.
Bangladesh
Bangladesh's boro paddy and rice (January – May) procurement drive has not provided the expected respite to farmers in terms of prices, according to local sources. Despite the ongoing procurement drive, farmers are forced to sell their paddy at almost half of their production costs. They are currently selling freshly harvested boro rice between Tk 480 - 500 per 40 kilograms (about $146-$162 per ton) against the government's estimated production cost of about Tk 800 per 40 kilograms (about $260 per ton).
The government began the procurement of one million tons of 2015 boro paddy and 100,000 tons of boro rice from May 1, 2015. The procurement drive will continue till August 31, 2015. It has fixed the procurement price for paddy at Tk 22 per kilogram (about $283 per ton) and that for rice at Tk 32 per kilogram (about $412 per ton).
Separately, the government is estimating the output from the 2014-15 ongoing boro crop at about 19 million tons.
The Bangladesh Rice Research Institute (BRRI) has developed a new high-yielding and early maturity rice variety known as 'Soru balam' or BRRI-dhan 63, according to local sources.
Pakistan
Pakistan 5% broken rice ended the month of June at about $380 per ton, down about 7% per ton from a month ago and down about 15% per ton from a year ago.
The National Space Agency of Pakistan (SUPARCO) reports that the Federal Committee on Agriculture (FCA) has fixed the 2015- 16 (July - June) milled rice production target at about 6.9 million tons (about 10.21 million tons, basis paddy) from about 2.8 million hectares. It is targeting a yield of about 2.434 tons per hectare in 2015-16.
Separately, Pakistan rice exporters are planning to increase rice exports to Iran as part of efforts to meet the export target of 3.5 million tons this year, according to Reuters. Members of the Rice Exporters Rice Association of Pakistan (REAP) have also urged the government to provide a special package for the rice sector to help alleviate the problems of rice growers and exporters, according to local sources. Meanwhile, Pakistan rice growers and exporters are seeking government intervention in the form of subsidies and incentives to help them sustain the global competition in the light of falling rice prices as well as export demand. While export prices of Pakistan 5% rice declined about 15% to about $380 per ton from about $445 per ton last year, basmati rice export prices declined about 34% to about $895 per ton from about $1,350 per ton last year.
The President of the Pakistan Businessmen and Intellectuals Forum (PBIF) has also urged the Pakistan government to bail out the sinking rice sector, which is facing losses due to higher production costs as well reduced export demand, according to local sources.
Meanwhile, Pakistan exported about 263,044 tons of rice (including basmati and non-basmati) in May 2015, down about 27% from about 360,446 tons exported in April 2015, according to provisional data from the Pakistan Bureau of Statistics (PBS). In terms of value, Pakistan's rice export earnings declined about 16% to about $152 million in May 2015 from about $180 million earned in April 2015.
The USDA estimates Pakistan MY 2014-15 (November 2014 - October 2015) rice exports at about 4 million tons, up about 25% from last year and up about 5% from USDA's official estimates of about 3.8 million tons, based on the pace of exports in the first six months of the marketing year. It assumes an average export pace of 250,000 tons per month.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to set up a rice development board, which can address all the issues related to the rice sector, according to local sources.
South America
Brazil 5% broken rice ended the month of June at about $550 per ton, unchanged from a month ago and down about 17% per ton from a year ago.
Brazil’s National Grains Supply Company (Conab) has forecasted the country's 2014-15 paddy rice production at about 12.544 million tons (about 8.53 million tons, basis milled), up about 3.5% from about 12.121 million tons (about 8.24 million tons, basis milled) in 2013-14, and slightly up from its May forecast of about 12.399 million tons. Separately, Brazil rice stocks stood at about 128,119 tons in May 2015, down about 4% from about 134,126 tons in April 2015 and down about 77% from about 554,554 tons in May 2014, according to the Conab.
Brazil has exported about 482,926 tons of rice in the first five months (January – May) of 2015, according to data released by the Rice Institute of Rio Grande do Sul (IRGA). In May 2015, Brazil exported about 171,567 tons of rice, about 3.5 times more than 48,980 tons exported in April 2015.
The FAO said during the course of the next ten years, Brazil's rice production is expected to increase at an average annual rate of 1.6% to 9.5 Mt, mostly as a result of improvements in average yield as harvested area is not expected to change materially. Rice Consumption on the other hand is expected to be relatively flat growing only to 8.7 Mt by 2024.
Five percent broken rice from Uruguay and Argentina ended the month of June at about $565 per ton, unchanged from a month ago, and down about 10% per ton from a year ago.
Argentina has exported about 92,512 tons in the first three months of 2015 (January - March) down about 25% from about 123,882 tons exported during the same period in 2014, according to data from the Ministry of Agriculture in Argentina.
U.S.
U.S. 4% broken rice ended the month of June at about $455 per ton, down about 3% per ton from a month ago and down about 21% per ton from a year ago.
The USDA has forecasted U.S. MY 2015-16 all rice beginning stocks to increase to about 2.06 million tons, up about 43% from about 1.44 million tons last year and up about 6% from its last month's forecasts of 1.95. The USDA forecasts the 2015-16 U.S. all rice exports to increase to about 4.99 million tons, up about 5% from last year's 4.76 million tons and up about 1.8% from last month's forecast of about 4.9 million tons.
Separately, the California Air Resources Board (CARB) has approved a new carbon offset protocol for methane-reducing rice cultivation projects allowing rice growers to generate and sell compliance-grade credits under the state's greenhouse gas emissions (GHG) trading program, according to Bloomberg BNA.
Africa
The FAO estimates Madagascar's 2014 paddy production at about 3.978 million tons (about 2.54 million tons, basis milled), up about 10% from about 3.611 million tons (about 2.31 million tons, basis milled) in 2013. However, the agency forecasts Madagascar's 2015 paddy rice production at a below-average level due to generally erratic rainfall in most of the country and dry conditions in southern regions.
The FAO has agreed to support the Zambian rice sector under its technical cooperation program (TCP), according to local sources. Responding to the government of Zambia's request to provide support to boost the country's rice production over the next two years, the FAO has reportedly launched a rice project costing about $484,000.
The government of Guyana is preparing for bilateral talks with the government of Venezuela to extend the oil-for-rice PetroCaribe deal, which is to expire this year, according to local sources. Under the deal Venezuela buys rice from Guyana and sells oil to Guyana. Under the existing agreement, Guyana is expected to sell about 210,000 tons of paddy and polished rice annually to Venezuela. The value of this supply is reportedly $130 million.
Rice farmers associations in Nigeria have requested the Federal government to relax the rules related to accessing credit in order to boost rice production and ensure food security in the country, according to local sources. Separately, the Central Bank of Nigeria (CBN) has stopped the sale of U.S. dollars to importers of 40 items, including rice, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture and Indian incense, as part of efforts to protect the foreign reserves, which have declined significantly, and to reduce pressure on the naira, according to Reuters. The CBN Governor told reporters that the policy has been initiated as the country was spending huge amount to import things such as rice that could be grown locally.
The Chairman of the Rice Council of Tanzania (RCT) has urged the government to settle the rice export issue with the East African Community (EAC), as Kenya and Uganda banned rice imports from Tanzania for its rice shipments being mixed up with low quality Indian and Pakistani rice, according to local sources. Separately, the Country Program Manager of Eastern Africa Grain Council (EAGC) warned that Rwanda and Uganda have decided to levy a 75% tax on Tanzania rice imports mixed with cheap Asian rice, according to local sources.
The government of the West African nation Togo has distributed 300 tons of improved rice seeds to farmers as part of efforts to increase rice production in the country, Bloomberg quoted the Agriculture Minister.
The Chairperson of the House of Representatives Committee on Agriculture, Forestry and Fisheries of Liberia suggested the government to empower rice farmers to increase production, according to local sources. The FAO has estimated Liberia to import about 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). Separately, the government of Liberia has issued Executive Order No. 70 extending Executive Order No. 61, which suspends tariffs on rice imports, according to a news release on the government website.
China
The USDA estimates China's MY 2015-16 rice imports at about 4.7 million tons, up about 17.5% from an estimated 4 million tons in MY 2014-15 and unchanged from USDA's official estimates. The agency has lowered estimates for MY 2014-15 imports by 400,000 tons due to the delayed release of rice TRQs in 2015. It estimates China's MY 2015-16 paddy rice production at about 206.4 million tons, unchanged from last year and slightly lower from USDA's official estimates of about 208.57 million tons as it expects yields to be negatively impacted by El Nino, with the potential for both droughts and flooding in rice growing regions.
The government of China is planning to enhance its grain storage capacity to about 95% of the total grain output by 2020 in order to ensure grain supply and safety, according to Bloomberg. By the end of 2015, the government is seeking to add 50 million tons of grain storage capacity to the existing capacity. Currently, China has storage facilities that can hold about 106 million tons of grains compared to the total annual out of about 607 million tons.
Philippines
The National Food Authority (NFA) of the Philippines sought to import 250,000 tons of rice in tender on June 5, it is still authorized to import this year in case of production uncertainties due to drought-inducing El Nino weather pattern, in government-to-government (G2G) deals. It invited tenders from Thailand, Vietnam and Cambodia with which it has import agreements. However, it imported only 150,000 tons from Vietnam at $410 per ton from Vietnam. Separately, the NFA Council has also decided to import 100,000 tons of 25% long-grain white rice, part of June 5 tender to import 250,000 tons, from Vietnam at its revised offer of $416.85 per ton, local sources quoted the Philippine News Agency.
The NFA is planning to import 805,200 tons of rice through private importers under the WTO minimum access volume (MAV) rule at 35% duty. Imports over and above the MAV quota attract a 50% duty. Later in June, the NFA has approved private traders to import up to 805,200 tons of 25% well-milled rice under the WTO’s MAV to maintain buffer stocks and avoid potential price spikes amid fears of an impending El Nino weather pattern, according to a statement on the NFA website. As per the WTO guidelines, about 293,100 tons of rice can be imported each from Thailand and Vietnam; about 50,000 tons can be imported each from India, Pakistan and China; and 15,000 tons can be imported from El Salvador and the remaining 54,000 tons from other countries. Import tariffs on the rice shipments are pegged at 35%.
Earlier this year, the Philippines imported 500,000 tons of rice from Vietnam and Thailand this year to curb price increases and boost buffer stocks during the lean season (July - September).
The Philippines Statistics Authority (PSA) forecasts Philippines's 2015 second quarter (April - June) production to decline by about 4.3% to about 3.898 million tons from last year's 4.073 million tons and about 0.1% from its April forecast of about 3.902 million tons due to a decline in harvest area prompted by dry spell and insufficient water supply as well as incidence of pests and diseases in some rice growing areas.
The FAO has forecasted the Philippines 2015 rice imports to decline to about 1.7 million tons from an estimated 1.9 million tons last year. The agency has forecasted Philippines 2015 paddy rice production at about 18.4 million tons (about 12 million tons, basis milled), down about 2% from an estimated 18.854 million tons (about 11.88 million tons, basis milled).
The Philippines Rice Research Institute (PhilRice) under the Department of Agriculture (DA) and the International Rice Research Institute (IRRI) are developing rice varieties that can withstand adverse weather conditions as well as are resistant to pests and diseases as part of a collaborative project called "Accelerating the development and adoption of next-generation (NextGen) rice varieties for major ecosystems in the Philippines", according to a news release in the PhilRice website. The project, which is part of the government's Food Staples Sufficiency Program (FSSP), aims to increase yields by more than 5% compared to earlier varieties using marker-assisted breeding and selection, multi-location testing, increased breeder/foundation seed production and dissemination.
The Philippines Department of Agriculture (DA) is encouraging increased use of brown rice as it has higher nutritional value compared to the polished white rice as well as to complement with the government's rice sufficiency program, according to local sources.
Separately, the DA is recommending the use of water-saving rice cultivation techniques such as Alternate Wetting and Drying (AWD) and Aerobic cultivation which can significantly reduce water usage for farmers amid fears of an impending El Nino, according to the Philippines government website.
Indonesia
Indonesia's Central Statistics Agency (BPS) has estimated that the country's 2015 paddy rice output would increase by about 6.64% to about 75.5 million tons (about 49.83 million tons, basis milled) from about 70.85 million tons (about 46.76 million tons, basis milled) last year. The government aimed to increase 2015 paddy rice production by about 4% to about 73.4 million tons (about 48.44 million tons, basis milled) in order to be self-sufficient in rice production and avoid imports. Indonesian government has so far not imported any rice in 2015.
Separately, the government of Indonesia aims to procure 2 million tons of rice from local farmers during the dry season (June - mid-December), Bloomberg quoted the Secretary General at Agriculture Ministry. The government directed the state logistics agency to procure the said amount of rice over the next two months, according to the official. The government had lowered the rice procurement target to 2.75 million tons in the beginning of this month from the initially set 3.2 million tons due to slow pace of procurement.
Europe
Basmati rice imports by the European Union (EU) nations declined to about 223,549 tons during September 1, 2014 - June 18, 2015, down about 27% from about 305,469 tons imported during the same period last year.
Separately, the European Union (EU) will consider importing aromatic rice from Myanmar as the demand for aromatic rice in the region is increasing, according to local sources. The MRF Vice-Chairman told local sources that exporting fragrant rice to the EU will help Myanmar rice farmers to diversify their market, however they will need to increase aromatic rice production if they export it to the EU as the current production is sufficient only to meet the local demand.
Other Markets
FAO said North Korea's 2015 paddy production will decline about 12% to about 2.3 million tons from about 2.6 million tons in 2014. Based on preliminary information gathered from the government and farmers, FAO notes that there is a "severe contraction" in the supply of rice seeds in the country. North Korea is experiencing the worst drought conditions in a century and about 30% of the country's rice land has dried up, the official Korean Central News Agency (KCNA) reported on June 16.
South Korea and FAO will jointly work towards developing the rice value chain in the West African countries as part of efforts to help them increase their national rice production, according to local sources. South Korea has agreed to provide about 42 million to support the project in three countries in West Africa and the FAO will facilitate the implementation of the project through its Regional Office in Africa.
Australia's paddy rice production in MY 2014-15 (April 2014 - March 2015) is estimated to decline to about 720,000 tons (about 517,680 tons, basis milled), down about 11% from an estimated 808,988 tons (about 582,471 tons, basis milled) in MY 2013-14, according to data from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
The government of Nepal plans to launch the first paddy mission from the fiscal year 2015-16 (August 2015 – July 2016) to boost output and help the country become self-sufficient in rice production, according to local sources. A three-year time frame has been set to implement the mission in about 670,000 hectares in 13 Tarai districts.
Laos rice production is likely to decline this year due to two simultaneous and contradicting weather patterns in the country, Xinhua News Agency quoted the state run Vientiane Times. Dry weather conditions and less rainfall are disrupting planting preparations in the country's upland areas. On the other hand, unprecedented flash floods in the country's north-east Huaphan province due to heavy rains last week are understood to have damaged several hectares of paddy fields. Considering the present weather conditions, the country's paddy production is expected to fall below estimated 4.2 million tons, according to local sources.
Research and Scientific Development:
Researchers from the Chinese Academy of Sciences' Institute of Genetics and Developmental Biology in Beijing have developed a new rice strain by cloning a gene called NRT1 (nitrogen booster gene) from indica rice into the japonica's gene structure.
http://oryza.com/22908/chinese-researchers-develop-rice-strain-increases-yield-and-nitrogen-use-efficiency
Researchers from the Philippine Rice Research institute (PhilRice) is exploring new technology called visible-near-infrared (Vis-NIR) Spectroscopy to estimate content of nitrogen in the leaves of some Philippine irrigated lowland rice varieties.
http://oryza.com/22930/philippines-considers-new-technology-analyze-nutrients-rice-plants
Japan researchers have developed high-quality rice flour, by studying and modifying proteins in the rice flour family, which is capable of producing dough and bread of superior quality than that is obtained from normal rice flour.
http://oryza.com/23078/protein-rich-rice-bread-can-help-alleviate-food-poverty-say-japan-researchers
Bangladesh rice science researcher Dr.Md.Nazmul Haque has developed 850 new high-yielding rice varieties with a new method called "Transgressive Sagreegant Breeding" (TSB).
http://oryza.com/23049/bangladesh-researcher-develops-850-high-yielding-hybrid-rice-lines
The Philippines Rice Research Institute (PhilRice) under the Department of Agriculture (DA) and the International Rice Research Institute (IRRI) are developing rice varieties that can withstand adverse weather conditions as well as are resistant to pests and diseases as part of a collaborative project called "Accelerating the development and adoption of next-generation (NextGen) rice varieties for major ecosystems in the Philippines."
http://oryza.com/23034/philippines-hopes-achieve-rice-sufficiency-nextgen-varieties
The Federation of European Rice Millers (FERM), in close coordination with the All India Rice Exporters Association (AIREA) have launched Appryza, a new web-based app (www.appryza.com) aimed at supporting EU-India trade in rice.
http://oryza.com/23086/ferm-and-airea-launch-new-crop-protection-app-appryza
A DNA chip developed by researchers of the Banaras Hindu University (BHU) researchers for fingerprinting of rice by the Indian Council of Agricultural Research (ICAR) scientists proved that the two most important groups of cultivated Aus and Aman (Indica) rice varieties were domesticated in India.
http://oryza.com/23109/dna-chip-unveils-truth-about-two-groups-cultivated-rice-varieties
Researchers from the Central Rice Research Institute (CRRI) and the State Seed Testing Laboratory (SSTL) in Odisha along with the National Bureau of Plant Genetic Resources (NBPGR) under ICAR and Protection of Plant Varieties and Farmers' Rights Authority (PPV & FRA) in New Delhi are collecting and preserving indigenous rice varieties in order to develop new high-yielding rice varieties.
http://oryza.com/23108/indian-researchers-conserving-indigenous-rice-varieties-develop-new-high-yielding-ones
Two groups of Chinese researchers have identified a gene called LOC_Oso7g41200 that can be altered to simultaneously improve the quality as well as yield of rice.
http://oryza.com/23132/chinese-researchers-identify-genes-improve-rice-quality-and-yield
June Tenders:
Iraq invited an international tender to purchase about 30,000 tons of rice from the U.S., Uruguay, Argentina, Brazil and India.
http://oryza.com/22939/iraq-seeks-purchase-30000-tons-rice-international-tenders
The state purchasing agency in Mauritius has purchased 6,000 tons of long-grain white rice from India in a tender.
http://oryza.com/23007/mauritius-buys-6000-tons-long-grain-white-rice-india
South Korea's state run Agro Fisheries & Food Trade Corporation (KAFTC) is seeking to buy about 59,104 tons of non-glutinous rice in international tenders for delivery between October 15, 2015 and December 15, 2015.
http://oryza.com/23037/south-korea-seeks-buy-59104-tons-non-glutinous-brown-rice-international-tenders
South Korea bought about 15,000 tons of non-glutinous short-grain brown rice of the Chinese origin for delivery by November 30, 2015 at $893 per ton.
http://oryza.com/23120/south-korea-buys-15000-tons-non-glutinous-brown-rice-china-tender
Below Average Monsoon Rains Impact India 2015-16 Main Paddy Rice Sowing
Jul 10, 2015
Total area planting to India's 2015-16 Kharif (main) rice crop (June - December) stood at around 8.959 million hectares as of July 10, 2015, lagging about 5% from around 9.473 million hectares planted during the same time last year, according to a press release by the Agriculture Ministry.
India's main rice crop planting, which began on May 8, started off well supported by above-average rainfall in June, but is slowing down due to receding rains in most of the rice growing regions.
India received 4% below normal rainfall in the second week of July interrupting planting operations. According to Bloomberg, central, south and north-east regions received 8%, 7% and 4% below average rains during the week. However, the north-west region received 9% above-average rainfall. Analysts are concerned that less rainfall in July could severely impact rice yields.
A likely drought-inducing El Nino this year is expected to lower production prospects this year. In its second forecast for 2015, the India Meteorological Department (IMD) is expecting rainfall to be 85% of the normal in the states of Haryana, Punjab, Rajasthan and Uttar Pradesh. The IMD expects the El Nino pattern to reach to moderate to a strong one during the monsoon season (June – September).
The total Kharif crop sown area stands at 44.51 million hectares as on July 10, 2015, up about 62% from around 27.51 million hectares during the same period last year, according to the Agriculture Ministry.
Oryza Overnight Recap – Chicago Rough Rice Futures Trade Lower Overnight Despite Supportive Grains and Outside Markets; All Eyes Turn to Today’s USDA S&D Update
Jul 10, 2015
Chicago rough rice futures for Sep delivery are currently seen paused 4 cents per cwt (about $1 per ton) lower at $11.010 per cwt (about $243 per ton) ahead of floor trading in Chicago. The other grains are seen trading higher this morning; soybeans are currently seen trading about 0.8% higher, wheat is listed about 1.2% higher and corn is currently noted about 0.7% higher.
U.S. stock index futures extended earlier gains on Friday after the Chinese Premiere Li Keqiang said the country's economy was stabilizing. Dow futures rallied around 200 points in pre-market trade, with Wall Street also cheering renewed hopes for a Greek saga conclusion after Greek Prime minister Alexis Tsipras delivered a reform plan, which international creditors will review by Sunday—the "final" deadline for a deal being struck. No deal by then would increase the chances of Greece leaving the euro zone in a so-called Grexit. European stocks surged on Friday following Greece's submission of proposals. Germany's DAX was up around 2.4%, while the French CAC rallied more than 3%.Apart from Greece, Federal Reserve Chair Janet Yellen will also speak on the economic outlook and take questions on Friday at 12:30 p.m. ET in Cleveland. Traders will listen for any guidance on whether international risks are serious enough to deter the central bank from raising rates this year – the Fed, in the minutes from its June meeting, noted that it was watching events in Greece and was concerned about China's economy. Asian stock markets also ended Friday on a positive note, as the market rebound in China entered a second day and on the back of rising hopes for a deal between Greece and its creditors. Back in the U.S., wholesale trade figures are due at 10:00 a.m. ET. There are no major earnings due on Friday. Gold is currently trading about 0.1% lower, crude oil is seen trading about 0.4% higher, and the U.S. dollar is currently trading about 1.1% lower at 8:30am Chicago time.
Philippines Developing Method for Early Detection of Viruses in Rice Plants
Jul 10, 2015
The Philippine Institute of Rice Research (PhilRice) is developing a method under the Biotechnology Program of the Department of Agriculture (DA), which can help farmers to detect infections caused by viruses in rice plants even before systems appear, according to a news release on the Philippines government website.
Normally farmers search of rice virus infections by visually inspecting the plants for symptoms. But symptoms occur only after the virus has started infecting the crop already. Therefore, methods to detect infections much earlier are said to be useful for farmers.
The method known as Loop-Mediated Isothermal Amplification (LAMP) is reportedly more user-friendly, relatively faster and accurate compared to earlier biotechnology methods for detecting rice viruses. The PhilRice began the project to develop the LAMP method in August 2012 and is expected to complete within this year or early next year.
The DA sources noted that preliminary LAMP results show that rice viruses can be detected a day after inoculation (DAI) unlike other methods which need DAIs for detecting virus symptoms.
They said the final results of the project are interesting as the method would eventually lead to reduction of pesticide costs.
Bangladesh 2014-15 Rice Imports Surge Four Times Over Last Year Due to Low Global Prices
Jul 10, 2015
Bangladesh has imported around 1.49 million tons of rice in the fiscal year 2014-15 (July - June), four times more than 374,560 tons imported in FY 2013-14, local sources quoted data from Food Ministry.The government reportedly did not import any rice during the fiscal year though it planned to import around 200,000 tons of rice in 2014-15 to replenish falling stocks in the country.Imports by private sector soared due to lower prices in the international market, according to analysts. However, increased imports and local production have led to huge supplies in the domestic market heavily depressing local paddy and rice prices.
The General Secretary of Bangladesh Auto, Major and Husking Mills Association told local sources that regular rice imports have been discouraging millers to buy paddy from local farmers. Consequently paddy prices have gone down below last year and are currently trading between Tk 510 and Tk 730 per 40 kilograms (around $164-$235 per ton).Imposition of 10% duty on rice imports has failed to cheer farmers, according to local sources.The government has planned to procure one million tons of 2015 Boro paddy and 100,000 tons of Boro rice between May 1, 2015 and August 31, 2015. It has fixed the procurement price for paddy at Tk 22 per kilogram (around $283 per ton) and that for rice at Tk 32 per kilogram (around $412 per ton). Millers are reportedly milling and selling previously stocked paddy to the government and are not buying paddy from new crop.
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