1st February 2016 Daily Global Rice E-Newsletter by Riceplus Magazine-Latest Rice News Updates

Agricultural products: Delegation to leave for Iran to remove export hurdles

By Peer Muhammad

Published: January 31, 2016

According to 2005-14 statistics, rice had a 63% share in exports to Iran and the remaining was held by other goods. Kinnow had the second largest share in exports. PHOTO: FILE

ISLAMABAD: A Pakistani delegation, led by the federal minister of national food security and research, will leave for Iran soon to negotiate with the authorities there, particularly officials of the food ministry, in an effort to remove the hurdles in the way of export of agricultural products.The visit was planned following a recent brainstorming session among officials of the ministries of commerce and food security, State Bank of Pakistan and Federal Board of Revenue in the backdrop of lifting of international sanctions from Iran, a senior officer in the Ministry of Commerce said while talking to The Express Tribune.They discussed how Pakistan could capitalise on the trade opportunities in the neighbouring Islamic republic and boost its exports.According to the officer, most of Pakistan’s agricultural products have a good market in Iran, but the Iranian agricultural ministry is reluctant to issue necessary permits to its importers.“To remove the obstacles, a high-level delegation is going to Iran soon to take up the challenges and help pave the way for favourable conditions for bilateral trade,” the officer said.The delegation will highlight all possible avenues for giving a push to bilateral trade and investment. It will discuss the possibility of rice exports as the commodity is hugely popular in Iran and Pakistan has a surplus produce, which can be shipped to the neighbouring market to meet its demand.The officer said the State Bank of Pakistan, in collaboration with the Iranian central bank, would establish banking channels between the two countries shortly to put in place a payment mechanism that had been suspended after the imposition of international sanctions on Iran for its alleged nuclear programme.“We have been told by State Bank officials that they have made all arrangements for establishing banking links with Iran,” he said.Apart from formal trade through banking channels, Pakistan will also allow informal trade under barter system to people living close to the border.“Iranian border community gets import and export quotas from its government and we must tap that opportunity by encouraging our border community to engage in barter trade,” he said.Among agricultural commodities, Pakistan’s rice has great demand in Iran. According to 2005-14 statistics, rice had a 63% share in exports and the remaining was held by other goods. Kinnow had the second largest share in exports to Iran.Exports reached the maximum of $400 million in 2008-09, but they suddenly started falling in the face of added sanctions on Iran and in the very next year shipments dropped around 100% to $200 million.Since then, exports had been falling rapidly and in 2013-14 they stood at just $53 million.Exporters have cited the absence of payment mechanism in the face of restrictions on banking channels as the primary factor behind the falling trade as in such a scenario the business community was reluctant to make exports to Iran.

Published in The Express Tribune, January 31^st, 2016.

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http://tribune.com.pk/story/1037118/agricultural-products-delegation-to-leave-for-iran-to-remove-export-hurdles/update: Mon,

State of economy: External sector

January 31, 2016

RECORDER REPORT

01 Feb 2016 02pm

The following are excerpts from SBP's first quarterly report for 2015-16 - The State of Economy: 

Overview: The on-going slump in global commodity prices continued to support Pakistan's external sector. Oil prices posted a fresh decline of 25 percent during July-September 2015, and averaged 51 percent lower than the same period last year. This not only helped reduce the country's import bill, but also contributed to a much smaller deficit in the services account (Table 5.1). As a result, the current account posted a lower deficit than last year, which was comfortably financed via Eurobond issuance; FDI inflows; and commercial borrowings by the government. The release of 8th tranche of the IMF program further strengthened external position. As a result, the country's total FX reserves increased by US $1.4 billion during the quarter, to surpass US $20 billion - first time ever, at end-September 2015.

 

Source: State Bank of Pakistan 

The PKR depreciated by 2.6 percent against the US Dollar during Q1-FY16. This depreciation mainly represents turmoil in Asian stocks and currency markets during August: Yuan's reference rate was reduced by 2.7 percent (Figure 5.1). In relative terms, the PKR depreciated marginally as currencies of our major trading partners like the EU, Japan and the UK, weakened vis-à-vis the US Dollar during the quarter. More importantly, most Asian currencies have plummeted in real terms that may pose concern for Pakistan's trade competitiveness (Figure 5.2). 

Additional challenges to external sector include the following: 

(i) Non-oil trade deficit has reached 7-year high of over $3 billion in the first quarter (Figure 5.3). Last time this deficit touched $3 billion a quarter, was early 2008 when global prices were booming and our importers hurried purchases in an anticipation of further increase in prices. This time, however, the reason is different: it is the decline in non-oil exports (6th quarter in a row) that has caused non-oil deficit to touch this level. 

Non-oil imports have posted a YoY decline of 1.7 percent over last year; 

(ii) FDI inflows, though remained higher than last year, are still low in volume (Table 5.2).

 

Source: State Bank of Pakistan: Bulk of the investment during Q1-FY16 came from China; power projects were prime recipients. FDI in other sectors have dried up, as the slump in commodity prices and global economic uncertainty, has put many investment projects on hold. A related concern arises from the fact that FDI from other countries have remained low. While the US, Saudi Arabia and Sweden have divested from Pakistan during the quarter, inflows from Japan, the UK and UAE remained lower than last year; and (iii) Gulf countries that constitute nearly 61 percent of total worker remittances to Pakistan, rely heavily on oil revenues to finance infrastructure spending; if prices fail to recover, governments in this region may need to cut back their spending. Saudi Arabia seems particularly vulnerable: since January 2015, its FX reserves have been depleted by almost US $80 billion, to finance oil-led fiscal deficit. IMF estimates the Kingdom's breakeven oil price to be much higher than the prevailing one; the Fund has recently cautioned Saudi Arabia against risk of reserves depletion within 5 years, if current level of deficit is sustained.5.2 Current account: Commodity prices weigh in. 

The current account benefited from the fact that price of commodities which Pakistan imports (like oil, metals, fertilisers and palm oil) fell much steeply than the price of commodities which Pakistan exports (like rice and cotton) (Figure 5.4). Therefore, the decline in imports was much stronger than the decline in exports during Q1-FY16. What concerns us is the fact that while the decline in imports is explained almost entirely by price effect, the decline in exports was caused by both lower prices and quantum (Section 5.4). 

Worker remittances: Worker remittances posted a growth of only 4 percent YoY during Q1-FY16, compared to 22 percent growth during the same period of FY15. This slowdown basically represents seasonal factor (high base effect): expat Pakistanis typically send higher remittances during the early days of Ramadan for Eid related expenses and Zakat payments; in CY14, most of these disbursements were realised in the month of July (included in FY15), whereas in CY15, these fell in the month of June (also included in FY15). Therefore, remittance inflow posted a YoY decline in July 2015, causing an overall slowdown during Q1-FY16. 

Going forward, we expect remittances to comfortably surpass the target set in the Annual Plan for FY16. However, the pace of increase is likely to be much modest compared to last year. Besides seasonal factor, we believe that some slowdown may be driven by the government's decision to cut effective rebate on remittances with effect from July 1, 2015. 

Another factor that might weaken remittance inflow is the possible decline in public spending in the GCC that constituted the bulk of increase in remittances last year. In the oil and gas sector, some impact of oil slump is already visible in layoffs and salary cuts. Up till now, Pakistanis are largely unaffected, since most of them work in construction and services sectors; number of Pakistani migrants into this region is still following an upward trend. This is because GCC governments have been able to sustain their fiscal spending with the help of FX reserves and funds mobilized via bond issuances. However, a persistent weakness in oil prices would necessitate heavy fiscal adjustments, especially in those countries where breakeven oil price is much high (like Bahrain, Saudi Arabia, Oman and Yemen). 

5.3 Financial account Foreign direct investments Net FDI posted an increase of US $47 million YoY during the first quarter of FY16. This increase was primarily on account of inflows from China in coal-based power projects, under the China-Pakistan Economic Corridor (CPEC). Excluding this, the overall FDI has actually dropped by US $137 million YoY (Table 5.2). 

The decline in FDI was attributed to divestment from Pakistan's petro-chemical sector. This divestment mainly represents the decision of California-based Chevron Corporation, to dispose-off its downstream petroleum assets (like lubricants, fuel stations, etc.) from Pakistan, Egypt and Australia. With 538 retail fuel outlets across Pakistan, and a market size of 5 percent, Chevron Pakistan (Caltex) will now be operated by Total Parco. 

For the remaining year, more FDI is expected from China under the CPEC: the government has estimated disbursements of Rs 207 billion (around US $2.1 billion) from China in 2015-16 budget; power and construction would be the prime recipients. Other than CPEC, no major activity is in pipeline: uncertainty in the international oil market, and the squeeze in institutional liquidity, has stalled growth in global FDI. Only if the government expedites its privatisation process - and offer its stakes to foreign investors, we should expect more FDI inflows before June. 

Portfolio investment Portfolio investments in Pakistan posted an increase of US $257 million YoY during the first quarter of FY16. Most of the activity was seen in the public sector, as the government rolled out a 10-year Eurobond in the international market during the last week of September 2015. This was the third sovereign issue in past 17 months; similar to previous two instances, this was also oversubscribed. However, this time the government preferred to stick to its target of US $500 million, as coupons offered were quite above expectations. A significant improvement in Pakistan's credit worthiness could not trim the spread, as global bond market was facing tight conditions on account of a massive institutional sell-off. 

The situation in global equity market was not helpful either. Many emerging economies struggled with turbulent capital markets during the period, as investors turned wary of a slowdown in China and a possible hike in Federal funds rate (Figure 5.5). August was particularly painful, when Chinese stocks tumbled by 13 percent; Hong Kong by 12 percent; and Singapore and Vietnam by 9 percent each. 

Although Pakistan's largest bourse had, for long, been insulated from developments in global markets, this time it could not resist the shock: KSE lost nearly 3 percent during the month of August. Both local and foreign investors cut their positions in response to a near-crash in Chinese stocks (Figure 5.6). In dollar terms, there was a net outflow of US $85 million in SCRA during the month of August. 

September turned out to be a better month for most Asian markets, but in case of Pakistan, it was no good. In fact, KSE was the worst-performing market in Asia during the month with nearly 9 percent decline in valuations. This was an outcome of rumours prevailing in the market regarding anti-corruption crackdown on major stock brokers. Investors were particularly flustered with regulatory action against certain brokers for not maintaining a clear segregation of own and clients' accounts. Foreign investors pulled away nearly US $46.7 million (or Rs 4.9 billion) from KSE during the month. It was only after the clarification from SECP in the last week of September (strongly dismissing reference of certain cases to NAB) that bulls returned to KSE: the market gained 6.1 percent in the subsequent month. 

Going forward, inflows under the portfolio investment would be influenced primarily by developments in the global bond and stocks markets. For instance, we expect the government to wait for better spreads, before it could mobilize another US $500 million via sovereign issuance to meet budgetary targets. On a positive note, Morgan Stanley Capital International (MSCI) has put Pakistan in its review list for reclassification under 'Emerging Markets'. However, this process will not be completed before June 2016, which means gains from this reclassification would be realised from FY17 onwards. 

5.4 Trade account The country's trade deficit shrank during Q1-FY16 (Figure 5.7). Both imports and exports posted a decline, but the fall in exports was more than offset by a sharp decline in imports: global commodity prices, which had been softening since July 2014, led to a greater contraction in the import bill. 

Exports Exports declined by 14.1 percent in Q1-FY16, compared to a fall of 10.4 percent in the same period last year. The decline was broad-based, but most prominent in rice, cotton yarn, fabric, bed-wear, leather and cement. Both lower prices and quantum contributed to this trend (Table 5.3).

 

-- Average share in total exports during FY14 and FY15 

Source: Pakistan Bureau of Statistics In our view, exports fell primarily because of global factors: exports of most emerging economies posted YoY declines in July-September 2015. More importantly, Pakistan has been able to increase its share in EU and US markets (Figure 5.8). 

Most of the decline was seen in case of textiles, where exports fell by 5.6 percent YoY during Q1-FY16. As mentioned before, shrinking global demand has hurt exports. More specifically, EU's overall import of textile and clothing declined sharply during July-September FY16. In case of clothing, all major countries faced export declines in the EU market, except Pakistan and Bangladesh (Table 5.4 and 5.5).

 

Source: Eurostat:

 

Source: Eurostat These two countries enjoy duty-free access to this market: Pakistan via GSP+ and Bangladesh via Everything-But-Arms (EBA). Indonesia, China and Turkey suffered the most, with notable declines in their respective shares, whereas, India maintained its contribution in the market. However, in case of home textiles, export of Pakistan and Bangladesh also suffered setbacks. 

In the US market, the overall import demand for textile and apparel increased during July-September 2015; however, Pakistan has not been able to firm up its exports (Table 5.6 and 5.7).

 

Source: OTEXA

 

Source: OTEXA Following the trend in previous few years, the demand for cotton textile, which constitutes the bulk of Pakistan's exports, continued to decline in the US market. The market for man-made fiber products is expanding at a fast pace, but Pakistan has failed to diversify its product range accordingly. Worryingly, Pakistan has now begun to lose its share even in the cotton apparel market of the US (Table 5.8).

 

Source: OTEXA Rice exports fell by 7.1 percent YoY in Q1-FY16 - entirely due to a decline in sales of basmati. This is because of the penetration of Indian basmati into major markets like UAE and other GCC countries, due to better marketing and branding strategies. On the contrary, the demand for non-basmati rice from Pakistan remained strong, as unit values of Pakistani varieties declined much sharply compared to the declines in unit prices of Thailand and India.24 Going forward, we expect some recovery in global prices due to subdued production in major exporting countries. In case of Pakistan also, production is expected to decline, but carryover stocks would not allow prices of Pakistan's variety to increase much. 

As far as cement is concerned, some decline in exports was expected. South Africa - the 2nd largest buyer of Pakistani cement, had imposed anti-dumping duty on different Pakistani cement companies (ranging from 14.3 percent to 77.1 percent) in May 2015. This decision was taken at a time when Afghanistan, our largest buyer, had already lowered the overall demand for cement because of political instability and deteriorating law and order condition. Imports from Pakistan in this market suffered also because of influx of cheaper imports from Iran (especially in Kandahar region near the Iranian border). Iran enjoys a much lower production cost than Pakistan, and also benefits from proximity to many western and southern parts of Afghanistan. 

Imports Imports have declined by 14.7 percent in July-September 2015, compared to a sharp rise of 11.6 percent during the same period last year. This decline is primarily attributed to lower unit prices, as quantum import of most products has increased. As mentioned before, a slump in global prices, particularly POL and palm oil, has helped reduce import values (Table 5.9).

 

Source: Pakistan Bureau of Statistics A rise in quantum imports for most products was observed along with a decline in prices, eg, palm oil, petroleum products, crude oil, steel, paper, tyers, pulses, fertiliser, and polyester fiber (quadrant A of Figure 5.9). Similarly, the increase in price of milk, rubber, plastic, dry fruits, steel scrap and pharmaceuticals resulted in lower quantum import of these products (quadrant D). Pesticides and tea were few exceptions to this trend: both unit prices and quantum import of these commodities, posted a YoY increase during the quarter. 

The demand for petroleum remained strong in the first quarter, as evident in higher sales of POL products in July-September 2015 (up 2.7 percent YoY). Within petroleum products, the demand for petrol was the strongest: according to Oil Companies Advisory Council (OCAC), petrol sales showed a 13-year high YoY growth of 38.7 percent in July-September 2015. This increase can be traced to two factors: first, average petrol prices in July-September 2015 were nearly 30 percent lower than the average petrol prices during July-September 2014 (anecdotal evidence suggests that some CNG consumers have also shifted to using petrol due to low prices). And second, car sales were phenomenally higher in July-September 2015, compared to last year (posting a growth of 61 percent YoY). 

Within the metal group, the demand for steel increased further on the back of on-going development projects related to power and infrastructure: PSDP outlay has posted a sharp increase of 57.4 percent YoY during Q1-FY16. Private construction activity has also remained vibrant. However, local steel producers claim that a large chunk of imports is unwarranted, as they have the capacity to meet most of the country's steel demand. They particularly blame dumping from China for pricing them out of the market. 

Recall here that Pakistan's steel industry is not the only complainant: over the past few months, steel producers all across India, UK, Brazil, Indonesia and Malaysia have been grumbling against dumping from China, which is sitting on massive inventory of raw-material and finished products. Large steel makers in Pakistan have filed petitions with National Tariff Commission (NTC), to impose anti-dumping duty on selected products (eg, cold rolled coils and galvanised steel sheets). Meanwhile, some firms have also claimed that large quantities of flat steel are being imported into the country under the HS code of alloy, which enjoys duty-free status from China under the Free Trade Agreement. The NTC and Customs department are looking into these matters, to ensure a level-playing field to local producers, and curb imports. 

Within food, quantum import of palm oil increased during July-September 2015. Taking benefit of 80-month low global prices, local traders are importing mostly ready-to-sell edible oil into the country. Local producers also edged up their production levels with the help of inventories built over the past few months. Analysts are divided over the path of palm oil prices in coming months: while some believe softer trend would prevail, others give much weight to possible damage to yields as a result of drought-like conditions in East Asia, and forest fires in Indonesia that have caused massive haze across the region. 

Transport sector imports posted a growth of 3.0 percent over last year. Highest growth was seen in car segment (both CKD and CBUs), as domestic sales firmed up. This trend has puzzled many who believed that continuous fall in agriculture commodity prices and incomes would suppress car purchases. Auto assemblers attribute higher sales to low inflation and interest rates, relative improvement in law and order condition, and a pick-up in auto financing by commercial banks. Continuation of Apna Rozgar scheme of Punjab government was another contributing factor in strengthening demand for certain brands. 

Import of fertiliser posted an increase of 27.2 percent in Q1-FY16, compared with the 33 percent rise in the same period last year. Despite lower off-take and buffer stocks availability, ECC approved the import of 150,000 tons of urea by TCP. This decision was taken to overcome any expected shortage during the rabi 2015-16: the domestic industry might be unable to produce sufficient quantities due to possible gas curtailments in winters (for detail see chapter 2). 

All other items, which are not classified elsewhere, posted an increase of 18.4 percent YoY (or US $199.8 million) in July-September 2015. This increase was driven by import of LNG worth US $121.6 million during the period. 

For the remaining quarters of the year, we do not expect a major shift in trend in trade values, from what we have seen in the first quarter. Price of oil and other commodities have declined afresh post September 2015, and presently no stability is in sight. Imports have fallen by another 7.4 YoY in October 2015, whereas exports have posted a drop of 11.4 percent. The government has imposed additional regulatory duty on a large number of consumer goods, cotton and cotton yarn, which may further squeeze our import bill. Meanwhile, certain measures have been announced to boost exports, like an increase in credit subsidy for textile sector. Nonetheless, the dominating factor would be how the US economy embraces the increase in federal funds rate (which is due by end-December), and its impact on the global currency market: the demand from EU hinges much on the Dollar-Euro parity. At present, we expect full-year trade values for FY16 to remain less than both the last year, as well as target set for the year

http://www.brecorder.com/articles-a-letters/187/12142/

Can Nigeria be self-sufficient in rice production by 2019?

Posted By: Ibrahim Apekhade Yusufon: January 31, 2016In: 

•A rice farm

To many stakeholders, plans by the current administration to make the country self-sufficient in rice production by 2019 though ambitious but doable given the right political will, reports Ibrahim Apekhade Yusuf

Rice, yes good old rice is one staple food you can’t miss in any home. The reason of course, is not far to seek.With an approximate annual demand of between 5 to 6.4 million metric tons a year, Nigeria ranks among the top 12 rice consuming countries in the world.However, much of this consumption capacity is largely catered to by the importation of rice from other rice-producing countries. Nigeria is currently the second largest importer of rice in the world, and the largest net importer in Africa.

Nigeria spends an estimated N356 billion on importation of rice annually, the bulk of which comes from Thailand. Importers are now turning to India for supplies following the recent reentry of that country into the non-basmati rice trade. But what if any, is responsible for the nation’s overdependence on import?

Olufemi Amoo, an agric economics offers a plausible explanation.“The major reason the country is not yet sufficient in rice production is simply because the poor local production is not commensurate with the high consumption pattern,” he said.Expatiating, he said: “For example, Dangote Industries, the largest rice producer in Nigeria, has a landholding of 100,000 hectares, which barely scrapes the tip of the iceberg of Nigeria’s rice needs – even if it is assumed that 9 tons of rice is produced by each hectare of land annually. This means that, although there is a clear deficiency in Nigeria’s rice-production regime, an opportunity in this problem can also be found.”

Past experience

Under the Agricultural Transformation Agenda (ATA) of the previous administration, tremendous achievement in rice production went beyond what could be wished away as millions of additional metric tons of food were added to local supplies and with rice experiencing a significant increase.

Although the Federal Government also increased the levy paid on imported rice ostensibly to curb importations with a view to outright ban in a few years, no effort was being made to encourage or develop local production just as the rice development fund was not being deployed anywhere.

But despite the positive effects of the backward integration policy, following the exit of Adesina as minister of the agric sector, the bureaucrats that took over from him drafted a new allocation that excluded rice producers, and only favoured rice millers. A situation, millers considered antithetical to their existence and which they reckoned could lead to a further decline in Nigeria’s domestic rice production capacity.

Buhari’s strategic plan for rice production

The present administration under President Muhammadu Buhari has declared that the nation’s quest for self-sufficiency in rice production will soon be realised going by the by the standard and quality of rice locally produced as well as level of commitment and vision demonstrated by local rice farmers and millers.

Thankfully, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has said Nigeria will be self-sufficient in rice production in three years if all hands are on deck.

The minister, who assured that the Federal Government was committed to ending the importation of rice and other agricultural products

“This can be made possible only if Nigerians must recognise that agriculture is no longer a seasonal but an all-year-round activity which must involve every Nigerian, both during the rainy and dry seasons.”

The minister lamented the fact that Nigeria was importing everything and denying employment to the over 100 million youth population.

“We are importing palm oil, groundnut oil, fish, and smuggling chicken poisoned with formaldehyde, among several others. Nigeria directly or indirectly has empowered foreign economies to take Nigeria hostage; and trying to free ourselves now is a tug of war,” he said. “Help us tell Nigerians that the time has come for all of us to get involved.”

Ogbeh expressed delight at the collapse of oil, saying it would allow Nigeria to focus on sustainable development.

Ogbeh said, “So we are going to go through some tough times, but the truth is we must learn to produce or perish; there is no half way out. We can’t keep shifting things around. Where are the jobs? Almost 100 million Nigerians are below 50; it’s a young society and when some of us talk about it, they say we are old and won’t be around, but on the other hand I have grandchildren and when I am gone, there will be pieces of me left and I do not want my country to perish because after I have lived my life and died, I want it to be better.”

Chief Ogbeh assured that there were to be no policy somersaults in the present government as they were committed to continuing with the E-Wallet /GES scheme, though he lamented the challenges of continuing fertilizer distribution as a result of failure of the states to meet up with the 25 per cent counterpart funding.

Private initiative to the rescue

One of the local companies that is giving hope to the government’s determined realisation of the self sufficiency in rice is Pearl Universal Impex Limited, a major importer of rice in the country that has now invested in local rice production and milling in Niger state.

The chairman of the company, Pulkit Jain, disclosed that the company has been a major importer of rice in the country with imports of 350,000 metric tonnes of rice annually in the past, but chose to invest in cultivation and milling of scientifically tested, high yielding varieties of rice in order to achieve the Federal Government’s target of achieving self-sufficiency in rice production.

He said to underline their commitment that the company in June this year started a pilot scheme to determine the variety of rice most suitable to the region at a 500 hectares of land in Saminaka, a community situated around Swashi Dam in Borgu local council.

The Pearl Universal Impex’s model, he explained , combines a commercial farm with a programme that works with nearby farmers,  called out-growers, allowing the company greater control over its product while still leaving room to foster and train local small-scale farmers in rice production.

To this end, Jain revealed that $100million (N200bn) will be committed to the cultivation of 7,500 hectares of rice farm and construction of two rice mills in the state in the next three years.

He said the move was predicated on the successful rice yield of seven metric tonnes per hectare at the trial phase of the project, adding that the company will now move to another 2000 hectares of land for cultivation this December.

Jain added that the firm’s focus will be primarily on dry season farming as it was easier to manage, even as the company intends to grow rice three times a year on the land.

While pointing out that the equipment for the next phase of the project had already been shipped and would berth in the shores of Nigeria any time in January 2016, Jain explained that the company has not spared any effort in training the local farmers on the scientific method of cultivating rice in order to get a better yield, adding that at the moment, there were 100 workers in the company’s employ that have been well trained.

Speaking during a visit to the new Emir of Borgu, Mohammed Sanni, the company’s boss commended the new Emir for the harmonious relationship between the company and community. Jain informed the monarch that the local farmers using their leased land for farming purposes had never been forcefully ejected from the place, but that it was a deliberate policy of the company to employ and train them instead of out rightly asking them to give up the land whenever there was the need for the company to use more land for cultivation.

Jain said the company has challenges in the areas of access road to its farm and also the near- absence of network services for effective communication and the technical know-how of the community.

He therefore called on the government to intervene adding that a support from government in terms access to loans from banks like the Bank of Agriculture and the Bank of Industry (BoI) would greatly help to speed up development in the area.

Reacting, the new Emir of Borgu, Mohammed Sanni, urged the government to support rice farmers and millers in order to realise the value chain on the commodity, while commending the PJS for the project in his domain.

“Many firms came here and indicated interest in thought commitment. This PJS came and indicated stronger commitment and went into action immediately. We want the Government to support firms like PJS that goes out of their way to invest in agricultural backward integration policy. This place is very remote/far from the city which is more than six hours drive from Minna and PJS is ready to do business here,” the Emir noted with delight.

Alhaji Mohammed noted with joy that the villagers have benefited immensely from capacity building of the firm in term of knowledge, High tech in advanced rice farming and handling High tech machines.

“We will support the company to consolidate in growth. They will not regret coming this way.”

Like Pearl Universal Impex Limited, Rotimi Williams of Kereksuk Rice Farm, the second largest rice production company in country is also doing his bit to ensure that becomes more self-dependent in rice its domestic production capacity.

While commenting on what he described as the recent ‘rice revolution’ led by Nigeria’s former Minister for Agriculture and President of the African Development Bank, Dr. Akinwunmi Adesina, Williams said  the initiative allowed stakeholders in the farming process, from the rice producers to the millers, to benefit from the 2014/2015 rice allocation.

He is also convinced that the decision by the Central Bank of Nigeria to plug many of the leakages and loopholes that lead to decreased revenues in the country, especially ban of rice importers from accessing forex is indeed heartwarming.

This situation, according to Williams, is meant to encourage more investment and participation in the domestic production sector. Nevertheless, although such policies are helpful, Williams states that a more thorough understanding of the rice market would help Nigeria yield more in that sector.

“The issues of insufficient rice production in Nigeria cannot simply be narrowed down to rice importation,” Williams said. “But a failure to fully understand the rice value chain and address the issues that affect the value chain.”

He also holds the view and very strongly too that opportunities exists for Nigeria to take charge of its rice consumption capacity, reveals that if the CBN is willing to address the entire funding of the entire rice value chain, and not just ban the importation of rice, long-term sustainable systems can be formed that will contribute to Nigeria’s rice market and the economy in general.

http://thenationonlineng.net/480372-2/

Farmers should opt to conserve rainwater: ICRSAT

JAMSHEDPUR January 30, 2016 , by Desk 0 Comments 6

Jamshedpur, Jan. 29: On the second day of ‘Vaartaa’ – an agriculture meet, farmers benefitted from the interactive sessions conducted by agriculture experts from International Crop Research Institute for Semi-Arid Tropics (ICRISAT), Krishi Vigyan Kendra, ICAR – Central Rainfed Upland Rice Research Station, Hazaribagh and Central Horticulture Experimental Station, Bhubaneswar.Talking about climate change and its impact on agriculture, Dr. Subhas Wani, Director, ICRSAT, Hyderabad, said, “It will take us nowhere if we blindly follow the traditional agricultural methods in the wake of climate change. Farmers need to understand the ill-impacts of climate change on their crops.

As water availability is being adversely affected by climate change, farmers should go for methods to conserve rainwater.”Stressing upon the role of soil nutrients for growth of crops, Aarti Ekka, Krishi Vigyan Kendra, said, “Every crop requires its own composition of nutrients. Farmers should first get their soil tested. On this basis, farmers should decide the composition of nutrients that would be added to the soil for a particular crop.”

Talking about work being done to develop drought resistant varieties of paddy, Yogesh Kumar, plant breeder; ICAR, said, “Within a year or two, IR64 variety of rice will be available to farmers. As the variety is drought resistant, it will greatly help farmers.”During the day-long sessions held at Vaartaa, being organised at Ganesh Puja Maidan, Kadma, sessions on climate resilient agriculture, rice-pulse cropping system in Jharkhand, new technology in vegetable cultivation and wasteland development were conducted.Partner organizations and staff members of Tata Steel Rural Development Society were present

http://www.avenuemail.in/jamshedpur/farmers-should-opt-to-conserve-rainwater-icrsat/88169/

UF/IFAS Researchers Find Shallow Flooding Reduces a Major Rice Pest

 

University of Florida scientists at the Everglades Research and Education Center have found an important way to control the destructive rice water weevil, one of the major pests in rice production.

Released: 29-Jan-2016 3:05 PM EST 

Available for logged-in reporters only

Newswise — BELLE GLADE, Fla. --- University of Florida scientists at the Everglades Research and Education Center have found an important way to control the destructive rice water weevil, one of the major pests in rice production.UF Institute of Food and Agricultural Sciences researcher Ron Cherry and his team discovered that shallow flooding of rice fields can help reduce rice water weevil populations during Florida’s growing season, between April and September. Previous studies of the effect of flood depth on the pest have been inconsistent.

“Application of this permanent flood is the most important external influence on the interaction between the rice water weevil and rice,” said Cherry, a professor of entomology and nematology.As they feed, rice water weevils create translucent scars on rice plant leaves. Those scars predict future larval infestations (grubs) feeding on the roots, which damage the rice plant.On April 14, 2014, Cherry and the team planted eight research plots, half with the Taggert variety of rice and the other half with Cheniere. All plots were flooded on May 5; four were continuously flooded at a depth of 15 centimeters (nearly six inches) and four plots were flooded at a depth of 5 centimeters (nearly two inches). Leaf scar samples from randomly selected plants were then taken every two weeks from May 7 to June 17.“There were significantly fewer leaf scars in the shallow flood than deep flood,” Cherry said. “This shows that shallow flooding reduced rice water weevil populations, a significant find that suggests rice farmers could use water depth as a cultural control technique.

”Their finding could also impact rice growers in other states.The group also tested for populations of damselflies, leafhoppers, spiders and stink bugs and found water depth had no significant effect.The study was published recently in the Journal of Entomological Science. Other members of the research group are: Mohsen Tootoonchi, a UF graduate research assistant; Jehangir Bhadha, a UF post-doctoral associate ; Tim Lang, a UF graduate research associate ; Michael Karounos, a UF biological scientist; and Samira Daroub, a UF professor of soil and water science.

By Kimberly Moore Wilmoth, 352-294-3302,k.moore.wilmoth@ufl.edu

Sources: Ron Cherry, 561-993-1529, rcherry@ufl.edu

-30-

http://newswise.com/articles/uf-ifas-researchers-find-shallow-flooding-reduces-a-major-rice-pest

 

New rice with 10% protein developed

Fri,29 Jan 2016

 Summary: Bhubaneswar: The National Rice Research Institute (NRRI), Cuttack has developed a rice variety that has over 10% protein content. "Once approved, it will be sent for large seed production," Nayak said.The new variety has been developed by crossing Assam rice collection - a high protein and low yielding variety with Naveen - a high yielding variety. Generally rice varieties have around 7% protein," said Nayak.He said the variety is awaiting approval of the Central Variety Releasing Committee, the apex body of releasing varieties in India. "This is a major breakthrough in the field of rice research. "The new variety will help in reducing malnutrition," said director of NRRI A K Nayak.

Bhubaneswar: The National Rice Research Institute (NRRI), Cuttack has developed a rice variety that has over 10% protein content."The new variety will help in reducing malnutrition," said director of NRRI A K Nayak. "This is a major breakthrough in the field of rice research. Generally rice varieties have around 7% protein," said Nayak.He said the variety is awaiting approval of the Central Variety Releasing Committee, the apex body of releasing varieties in India. 

"Once approved, it will be sent for large seed production," Nayak said.The new variety has been developed by crossing Assam rice collection - a high protein and low yielding variety with Naveen - a high yielding variety. NRRI has been doing research on the variety for the last 4 to 5 years. The variety will yield at least five tonnes a hectare, he added.Nayak was here to attend the fourth interface meet of the Indian Council of Agricultural Research (ICAR) institutes, State Agriculture University (SAU) and state 

http://www.nyoooz.com/bhubaneswar/336761/new-rice-with-10-protein-developed

Philippines to delay rice imports amid ample stocks

January 30, 2016

RECORDER REPORT

The Philippines, one of the world's top rice importers, could delay its planned additional purchase of up to 400,000 tonnes of the staple food as local supply remains adequate, the state grains stockpiler said on Wednesday. The Southeast Asian nation's rice stocks stood at around 900,000 tonnes as of last week, enough to cover 29 days of local consumption, with an additional 500,000 tonnes of grain imports from Vietnam and Thailand expected to arrive within the first quarter, the National Food Authority (NFA) said. 

The NFA Council, a panel composed of government economic managers that approves rice importation, met on Tuesday to discuss the country's rice purchases but did not finalise the volume and timing of the next deal. "There is no decision yet because there is no urgency to import. We have sufficient supply," an aide of NFA Administrator Renan Dalisay told Reuters. The Philippines was looking to buy up to 400,000 tonnes of the grain for delivery in the second quarter, and may need an additional 800,000 tonnes to cover this year's requirements, Dalisay said in a January 12 interview with Reuters.

On Monday, the statistics agency said paddy harvest in the first quarter is likely to be more than 5 percent lower than a previous forecast due to a crop-damaging dryness linked to the El Nino weather pattern. Crop losses last year due to El Nino turned out much smaller than expected. Rice demand from the Philippines is keenly watched by traders as it could underpin export prices of the grain from Vietnam and Thailand, the country's main suppliers and the world's third- and second-biggest seller respectively. 

http://www.brecorder.com/agriculture-a-allied/183/11982/

Two held on extortion charge

A former militant, Venka Goud, and a naxalite sympathiser, Sidhiramulu, were arrested on Friday at Kondapur in Tadwai mandal on a tip-off that they were trying to threaten rice millers and businessmen for money.The police led by Sub-Inspector of Police K. Nagaraju arrested them with a DBBL weapon, 20 live bullets and one motorbike.They were remanded in court in Kamareddi.

Unlicensed weapon

Mr. Nagaraju said that the duo, with the weapon belonging to one Ravinder, brother-in-law of Sidhiramulu, went to a rice-mill at Vadi on the border of Medak district on a night with a plan to threaten and collect Rs.10 lakh from the mill owner.With the mill owner being unavailable, they returned.Again today, when they were on way to the mill, the police arrested them. Since the licence period of the weapon expired, necessary action would also be taken against the weapon holder, he said

http://www.thehindu.com/news/national/telangana/two-held-on-extortion-charge/article8170608.ece

Imperial Couple's visit underscores Japan's commitment to world food security

 

Their Majesties Emperor Akihito and Empress Michiko  at the LTCCE view deck with IRRI scientist Yoichiro  Kato,  (Photo: IRRI/Isagani Serrano)

LOS BAÑOS, Philippines – Their Majesties Emperor Akihito and Empress Michiko received an overview of the International Rice Research Institute (IRRI) and the institute’s vibrant partnership with Japan during a short visit to the IRRI headquarters on Friday afternoon (29 January).IRRI Director General Matthew Morell presented the institute's goals, financial supporters, and some prominent Japanese scientists who have been associated with the institute.

Emperor Akihito and Empress Michiko were briefed by V. Bruce J. Tolentino, deputy director general for communication and partnerships, on some of the improved rice varieties developed at IRRI. "Their Majesties expressed special interest in IRRI's work on climate-ready rice, particularly submergence-tolerant rice," Tolentino reported. "They also seemed pleased about the long-term relationship IRRI has had with the Japan International Research Center for Agricultural Sciences (JIRCAS), and that the institute has always had a Japanese national on its board of trustees since its founding in 1960." 

JIRCAS has through the years sent several Japanese scientists to work on collaborative projects at IRRI, under a special contribution from the Japanese government.

Japanese scientists on the IRRI staff interacted with the Imperial Couple.

Takashi Yamano discussed the institute’s contributions to the Green Revolution. “They asked many questions about rice production and our contribution to increasing rice seeds and reducing rice prices,” Yamano said. “They were very interested in our work.” 

The Japanese Imperial Couple at IRRI. (Photo: IRRI/Isagani Serrano)

Keiichi Hayashi showcased Japan’s contributions to IRRI over the past decades. “They were curious about various stresses being caused by climate change that affect rice,” Hayashi said.

The Imperial Couple visited the Long-term Continuous Cropping Experiment (LTCCE) where Yoichiro Kato explained the importance of the world's longest-running rice research project. “They were quite surprised that we have been planting rice at the LTCCE three times a year,” Kato said. “In Japan, farmers usually plant only one crop a year. They were very interested in the different effects of fertilizer and pests on rice plants. Her Majesty was particularly keen on salt-tolerant rice."

Rice played a significant role in the creation of Japan. According to Japanese mythology, Amaterasu, a major deity of the Shinto religion and the Sun Goddess and the universe gifted one of her descendants with rice. That descendant was Jinmu, the legendary first emperor of Japan. Emperor Jinmu was tasked with turning Japan into a land of rice.

Japan’s creation myths were about “the transformation of a wilderness into a land of abundant rice at the command of the Sun Goddess, whose descendants, the emperors, rule the country by officiating at rice rituals,”said Emiko Ohnuki-Tierney, a Japanese anthropologist and authority on its rice. Japan’s emperors became priest-kings whose functions revolved around the rice crop.

As Jinmu's 125th direct heir, Emperor Akihito is currently Japan's rice-farmer-in-chief, according to Ohnuki-Tierney. Emperor Akihito has maintained his ties to rice. Every year, he plants and harvests rice at the paddy on the Imperial Palace grounds, a tradition started by his late father, Emperor Showa, in 1927.

The Japan-IRRI partnership dates back to 1960 when IRRI was established. Since then, Japan has provided leadership to IRRI with a representative on the IRRI board of trustees. The government of Japan has been one of IRRI’s most generous financial supporters, having given a total of more than USD 211 million since 1971.Learn more about IRRI (www.irri.org) or follow us on the social media and networks (all links down the right column).

http://irri-news.blogspot.com/2016/01/japans-imperial-couple-tours-irri.html

AKIHITO, RICE FARMER-IN-CHIEF | Emperor's IRRI visit and Japan's stake in world food security

By: Philippines News Agency | with InterAksyon.com
January 31, 2016 2:48 PM

President Aquino and his sister Pinky Abellada give Emperor Akihito and Empress Michiko a warm send-off Saturday as they wrap up a five-day visit to Manila. PNA PHOTO

InterAksyon.com means BUSINESS

 LAGUNA, Philippines - Their Majesties Emperor Akihito and Empress Michiko's visit to the International Rice Research Institute (IRRI), which has had a vibrant partnership with Japan for decades, underscored the Asian giant's commitment to food security. It also drew from Japan's creation mythology that makes Emperor Akihito heir of the legendary first emperor who made Japan into a land of rice, making Akihito now the "rice farmer in chief."Akihito and Empress Michiko, who visited the Philippines for five days, paid a short visit to the IRRI headquarters in Los Baños, Laguna, on Friday afternoon, the day before departing for Tokyo.IRRI Director General Matthew Morell presented the institute's goals, financial supporters, and some prominent Japanese scientists who have been associated with the institute.

V. Bruce J. Tolentino, deputy director general for communication and partnerships, briefed the Japanese imperial couple on some of the improved rice varieties developed at IRRI."Their Majesties expressed special interest in IRRI's work on climate-ready rice, particularly submergence-tolerant rice," Tolentino reported. "They also seemed pleased about the long-term relationship IRRI has had with the Japan International Research Center for Agricultural Sciences (JIRCAS), and that the institute has always had a Japanese national on its board of trustees since its founding in 1960."

JIRCAS has through the years sent several Japanese scientists to work on collaborative projects at IRRI, under a special contribution from the Japanese government.Takashi Yamano discussed the institute’s contributions to the Green Revolution.“They asked many questions about rice production and our contribution to increasing rice seeds and reducing rice prices,” Yamano said.“They were very interested in our work,” he added.

Japan and IRRI

Keiichi Hayashi showcased Japan’s contributions to IRRI over the past decades.
“They were curious about various stresses being caused by climate change that affect rice,” Hayashi said.The imperial couple visited the Long-term Continuous Cropping Experiment (LTCCE), where Yoichiro Kato explained the importance of the world's longest-running rice research project.“They were quite surprised that we have been planting rice at the LTCCE three times a year,” Kato said. “In Japan, farmers usually plant only one crop a year. They were very interested in the different effects of fertilizer and pests on rice plants. Her Majesty was particularly keen on salt-tolerant rice."

Rice played a significant role in the creation of Japan. According to Japanese mythology, Amaterasu, a major deity of the Shinto religion and the Sun Goddess and the universe gifted one of her descendants with rice. That descendant was “Jinmu”, the legendary first emperor of Japan. Emperor Jinmu was tasked with turning Japan into a land of rice.Japan’s creation myths were about “the transformation of a wilderness into a land of abundant rice at the command of the Sun Goddess, whose descendants, the emperors, rule the country by officiating at rice rituals,” said Emiko Ohnuki-Tierney, a Japanese anthropologist and authority on its rice. Japan’s emperors became priest-kings whose functions revolved around the rice crop.
As Jinmu's 125th direct heir, Emperor Akihito is currently Japan's rice-farmer-in-chief, according to Ohnuki-Tierney. Emperor Akihito has maintained his ties to rice. Every year, he plants and harvests rice at the paddy on the Imperial Palace grounds, a tradition started by his late father, Emperor Showa, in 1927.

The Japan-IRRI partnership dates back to 1960 when IRRI was established. Since then, Japan has provided leadership to IRRI with a representative on the IRRI board of trustees. The government of Japan has been one of IRRI’s most generous financial supporters, having given a total of more than USD211 million since 1971.

 

http://www.interaksyon.com/business/123487/akihito-rice-farmer-in-chief--emperors-irri-visit-and-japans-stake-in-world-food-security

News in numbers | India becomes world’s largest rice exporter, as Thailand declines

  

---

howindialives.com

India’s total rice shipments saw a 7.3% decline in volumes and an 18% fall in value in the April-November period of the current fiscal. Photo: Hemant Mishra/Mint

800,000

What is it? The number of iPhones sold by Apple in India in the last three months of 2015, according to Counterpoint Technology Research.

Why is it important? This is the highest ever sales recorded in the country, a 76% growth from a year ago. However, this is less than 3% of the total smartphones sold in India during the period. Globally, Apple reported flat sales of its flagship smartphone, which accounts for over two-thirds of its revenue, in this period, a reason it’s turning its attention on India. The company said it is “increasingly putting more energy” into the country’s youth and their rising disposable income. Recently, it sought the government’s approval to open its own retail stores in India.

Tell me more: Analysts are worried that China’s economic slowdown (it reported the lowest numbers in 25 years) might impact Apple’s growth. Greater China accounted for nearly a fourth of Apple’s fourth quarter revenue.

76

What is it? India’s ranking in 2015’s global corruption index (out of 168 countries) by Transparency International.

Why is it important? It has moved up nine positions from the previous year’s 85th ranking. Its grade index score of 38 out of 100 (100 is the least corrupt) compares poorly with Denmark’s 91, the top country in the index. This shows India has a long way to go in weeding out corruption. One of the key promises by the National Democratic Alliance government has been to improve India’s ranking in the ease of doing business index and position it among the top 50 countries. To do so, India would have to tackle corruption quickly, which has been cited as the main obstacle in doing business in the country by a 2014 KPMG report.

Tell me more: Brazil reported the worst decline in rankings, down seven positions to the 76th position, as a massive scandal erupted at its state-run companies.

Rs.6 trillion

What is it? The amount the Indian government could earnbased on the telecom regulator’s recommendations on the reserve price for spectrum in the 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz and 2500 MHz bands.

Why is it important? This would be the highest-everamount earned by the government from spectrum auction, if it accepts the regulator’s recommendations. The 700 MHz band, which is known to be the best for offering mobile broadband and 4G services and is being offered under the auction for the first time, could alone contribute to aroundRs.4 trillion. The telecom companies are reeling under massive debt (Rs.3.5 trillion as of April 2015) and it remains to be seen how far they are willing to stretch their balance sheets to participate in the next round of auction.

Tell me more: Telecom operators, including Bharti Airtel and Idea Cellular, have opposed the sale of spectrum in the 700 MHz band, saying it should be done only when the operators are ready with the devices and equipment to operate the airwaves.

$3 billion

What is it? India’s arms export target by 2025.

Why is it important? The Indian government is seeking to not only become self-sufficient in the defence sector but also to become one of the world’s biggest arms exporters. If India achieves the $3 billion target, it would transform the country from an arms importer to a major seller. In 2014-15, it sold defence equipment worth around $150 million to other countries, a mere 0.25% of the $64 billion global defence trade. In contrast, India’s arms imports totalled to $5.57 billion in 2014.

Tell me more: According to Anurag Garg, director of defense at Strategy&, a consulting group of PwC, state companies account for 80% of defence production and there is heavy reliance on the private sector to design military hardware, which is “no easy task”.

10.23 million tonnes

What is it? India’s rice exports in 2015, according to a Thai rice exporters organisation.

Why is it important? This makes India the world’s largest rice exporter, beating Thailand. India’s top position comes not from its scaling up, but by Thailand’s decline. Thailand’s rice exports were down by 10.8% to 9.8 million tonnes on a year-on-year basis. The Southeast Asian country attributed this to global economic slowdown, particularly in countries with high rice demand and decrease in purchasing power of nations due to falling oil prices. India’s total rice shipments saw a 7.3% decline in volumes and an 18% fall in value in the April-November period of the current fiscal. It is likely to post lower export figures in 2015-16 than the 11.92 million tonnes shipped in 2014-15.

Tell me more: Fall in shipments of the basmati rice variety to Iran, one of the largest buyers from India, and tepid demand from African countries (mainly Nigeria) are the main reasons for the fall in India’s rice exports.

howindialives.com is a search engine for public data

live mint

Emphasis on enhancing cultivation of zinc-enriched rice

The Department of Agriculture Extension (DAE) has taken a plan for enhanced cultivation of zinc-enriched rice BRRI dhan-64 to meet the necessary requirement of micro-nutrients for a human body and increase disease resistant capacity of children. Deputy Director of DAE Latafat Hossain said zinc is one of the vital micro-nutrient. Deficiency of zinc hampers normal growth of children and it also decreases the disease prevention capacity of poor and vulnerable people and the pregnant women.

He also said to enhance the cultivation of the new zinc-enriched rice in the district, DAE organized training to inspire the farmers to cultivate the new devised zinc-enriched BRRI dhan-64. The farmers have also given knowledge on seed production, processing and storing of the paddy. He said the department put special emphasis on enhancing cultivation of the zinc-enriched BRRI dhan-64, a short duration rice variety which can be harvested within 100 days after plantation and this variety may give yield up to 5.5 to 6 tonnes per hectare. He said DAE has taken four demonstration plots on four bighas of land at Belabo upazila of the district during the last Boro season collected 40-kg seed of zinc-enriched BRRI dhan-64 from Bangladesh Rice Research Institute, Gazipur.

 He said the whole production of the paddy was preserved as seeds for enhanced cultivation of the rice in the district in current season. The farmers during the current Boro season are cultivating more land of zinc-enriched rice BARRI dhan-64 in the district. DAE also has taken a number of demonstration plots on BARRI dhan-64 this season in the district, according to BSS. - biplab 

http://www.thefinancialexpress-bd.com/2016/01/31/13384

APEDA Rice Commodity News

International Benchmark Price

Price on: 29-01-2016

Product Benchmark Indicators Name Price Apricots 1 Turkish No. 2 whole pitted, CIF UK (USD/t) 4875 2 Turkish No. 4 whole pitted, CIF UK (USD/t) 4375 3 Turkish size 8, CIF UK (USD/t) 3625 White Sugar 1 CZCE White Sugar Futures (USD/t) 811 2 Kenya Mumias white sugar, EXW (USD/t) 691 3 Pakistani refined sugar, EXW Akbari Mandi (USD/t) 547 Peanuts 1 South Africa, HPS 70/80 peanuts CFR main European ports (USD/t) 1875 2 South African, HPS 40/50 peanuts CFR main European ports (USD/t) 1000 3 Argentinean 38/42 runners, CFR NW Europe (USD/t) 1200 Source:agra-net For more info

Market Watch Commodity-wise, Market-wise Daily Price on 30-01-2016 Domestic Prices Unit Price : Rs per Qty Product Market Center Variety Min Price Max Price Rice 1 Aroor (Kerala) Other 2900 3100 2 Bolangir (Orissa) Other 2200 2300 3 Gajol (Gajol Bengal) Other 1750 1850 Wheat 1 Dahod (Gujarat) Lokwan 1800 1950 2 Sangli (Maharashtra) Other 1800 2800 3 Bonai (Orissa) Other 1525 1600 Orange 1 Manjeri (Kerala) Other 2400 2600 2 Shrirampur (Maharashtra) Other 1500 2000 3 Thanesar (Haryana ) Other 2000 2500 Onion 1 Bargarh (Orissa) Other 1200 1400 2 Karad (Maharashtra) Other 1000 1700 3 Barnala (Punjab) Other 1000 1200 Source:agmarknet.nic.in For more info

Egg Rs per 100 No Price on 30-01-2016 Product Market Center Price 1 Ahmedabad 425 2 Hyderabad 395 3 Namakkal 415 Source: e2necc.com

Other International Prices Unit Price : US$ per package Price on 28-01-2016 Product Market Center Origin Variety Low High Onions Dry Package: 40 lb cartons 1 Atlanta Peru Yellow 24 25 2 Chicago Nevada Yellow 34.50 34.50 3 Detroit Peru Yellow 22 24 Cabbage Package: 50 lb sacks 1 Atlanta Florida Round Green Type 13 16.50 2 Dallas Mexico Round Green Type 14 14 3 Miami Georgia Round Green Type 19 20 Grapes Package: 18 lb containers bagged 1 Atlanta Peru  Red Globe 28 30 2 Chicago Peru Red Globe 23 25 3 Miami Peru Red Globe 25 28.50 Source:USDA

1st February,2016 Daily Exclusive ORYZA Rice E-Newsletter by Riceplus Magazine

Cold Weather Destroys 10,725 Hectares of Paddy Fields in Vietnam

Jan 29, 2016

Cold weather in Northern Vietnam destroyed around 10,725 hectares of paddy fields, Vietnam News quoted officials from Food Cooperatives.

Livestock and vegetables are also said to have been severely impacted by cold weather.

Saigon Times reports that prices of vegetables and meat have risen significantly due to the impact of cold weather conditions on crops. Vegetable prices are likely to double if cold weather continues.

India Average Wholesale Rice Prices Increase for Third Consecutive Month in January 2016 on Concerns of Low Production

Jan 29, 2016

Oryza U.S. Rough Rice Recap - Price Firm Slightly despite Dismal Export Sales

Jan 30, 2016

The U.S. cash market was slightly firmer again today despite dismal export sales figures as many market participants are hopeful the U.S. will receive additional demand from Colombia in addition to the February 1 TRQ.

The USDA reported that cumulative net export sales for the week that ended on January 21, totaled 22,700 tons, a decrease of 46% from the previous week and 57% lower than the prior 4-week average.

Increases were reported for the following destinations: 9,100 tons to Honduras including 4,000 tons switched from unknown destinations, 9,100 tons to Canada, 5,600 tons to Mexico, 700 tons to Papua New Guinea, and 400 tons to Guatemala while reductions of 4,000 tons were reported for unknown destinations.

U.S. rice exporters shipped 42,700 tons, a decrease of 43% from than last week and 7% lower than the prior 4-week average.

Increases were reported for the following destinations: 14,200 tons to Haiti, 12,500 tons to Japan, 4,400 tons to Honduras, 4,000 tons to Mexico, 2,400 tons to Canada, and 2,000 tons to South Korea.

India average wholesale rice prices which declined in October 2015 with the beginning of the kharif (June - December) rice harvest, have been increasing since November 2015 on concerns of lower output due to El Nino-induced below-average monsoon rains in many rice growing areas.

Average monthly wholesale rice prices in India increased to around Rs.2,866.27 per quintal in January 2016, up about 8% from around Rs.2,645,06 per quintal in December 2015, and up about 1% from their year-ago levels of around Rs.2,836 per quintal.

In terms of USD per ton, wholesale rice prices in India stand at around $427 per ton (using current exchange rates) in January 2016, up about 7% from around $399 per ton (using historical exchange rates) in December 2015, and down about 7% from around $448 per ton (using historical exchange rates) in January 2015.     

Analysts are expecting India’s average prices to increase if India’s production is dampened by intensifying El Nino weather pattern, which is likely to cause drought conditions in Asia.

The government of India has forecasted the 2015-16 kharif (June - December) rice production at around 90.6 million tons, slightly down from around 90.86 million tons in 2014-15.

Oryza Weekly: Rice Prices Surge on Concerns of High Demand, Low Output

Jan 30, 2016

The Oryza White Rice Index (WRI), a weighted average of global white rice export quotes, ended the week at about $386 per ton, up about $3 per ton from a week ago, down about $2 per ton from a month ago and down about $37 per ton from a year ago.

The World Bank, in its Commodity Market Outlook report, forecasts rice prices to remain below $400 per ton in 2016 and up to 2020.

Global stocks jumped after the Bank of Japan lowered interest rates to negative territory, a move that should improve liquidity. China's stock market bounced but still logged the biggest monthly drop in 7 years. Data showed the U.S. economy hit a rough patch in Q4 2015 as inventories rose and trade slowed. Iran pushed OPEC crude oil output to a new high as sanctions are lifted. A U.S. Federal Reserve policy maker said in an interview that the central bank would be patient on U.S. interest rate policy, given global risks.

Thailand

Thailand 5% broken rice is today shown at about $370 per ton, up about $10 per ton from a week ago, up about $20 per ton from a month ago and down about $35 per ton from a year ago.

In 2015, Thailand exported about 9.8 million tons of rice, about 10.7% less than in 2014.  In terms of value, Thai rice exports declined about 15.2% y/y to around $4.61 billion.

In 2016, Thailand plans to sell about 300,000 tons of rice to Iran, according to the Thai Rice Exporters Association.

Rice exports in 2016 are expected to decline about 800,000 tons from last year to around 9 million tons, according to the Thai Rice Exporters Association.

The President of the Thai Rice Exporters Association is optimistic that Thai rice exports will increase this year and Thailand will regain top rice exporter status from India.

Former Thai Prime Minister Yingluck Shinawatra criticized the government for using an administrative process rather than a court lawsuit to seek compensation from in the rice-pledging case on her Facebook and Twitter pages.

The government of Thailand has hiked the paddy rice output goal for the 2016-17 crop year to around 27.17 million tons from the earlier target of 25 million tons based on higher demand estimates.

Vietnam

Vietnam 5% broken rice is today shown at about $355 per ton, up about $5 per ton from a week ago, down about $10 per ton from a month and a year ago.

During the period January 1-20, Vietnam exported about 108,959 million tons of rice, about 50% less than in January 2015 and about 86% less than last month.  The average export price so far in January is about $365 per ton, about 19% less than a year ago and about 10% less than a month ago.

The USDA Post forecasts Vietnam’s 2016 rice exports to reach about 6 million tons, about 8% less than last year, due to expected low carry-over stocks from MY 2014-15 (January-December).

Cold weather in Northern Vietnam destroyed around 10,725 hectares of paddy fields, a development that could increase rice prices domestically.

Cambodia & Myanmar

Cambodia 5% broken rice is today shown at about $430 per ton, unchanged from a week ago and a month ago, and down about $15 per ton from a year ago.

The Prime Minister of Cambodia has asked for more investment in rice storage and drying facilities in order to facilitate more exports.  Specifically, the Prime Minister is optimistic that the country will supply rice to the Philippines this year, competing with Thailand and Vietnam.  Additionally, the government and Cambodian Rice Federation are working to brand and market Cambodian jasmine rice as distinct from Thai jasmine rice, hoping to position it as “extra premium” rice.

Myanmar 5% broken rice is today shown at about $420 per ton, unchanged from a week ago, up about $5 per ton from a month and a year ago.

India

India 5% broken rice is today shown at about $360 per ton, unchanged from a week and a month ago, and down about $40 per ton from a year ago.

As of January 28, India 2015-16 winter/rabi rice (November-May) planting area has reached about 2.241 million hectares, a decrease of about 7% from the same period in 2014-15.  The decline is attributed to scanty rains and low moisture in some rice growing regions.  Despite this decline, this year’s planting is ahead of the previous 4-year average.

Average monthly wholesale rice prices in India increased to around Rs.2,866.27 per quintal in January 2016, up about 8% from around Rs.2,645,06 per quintal in December 2015, and up about 1% from their year-ago levels of around Rs.2,836 per quintal. The increase can be attributed to concerns of lower output due to El Nino-induced below-average monsoon rains in many rice growing areas.

Wholesale basmati rice prices in the national capital have declined this week due to a slackened demand from retailers.

The National Rice Research Institute (NRRI) in India has developed a new rice variety that is enriched with higher level of protein compared to the traditional rice varieties.

Pakistan

Pakistan 5% broken rice is today shown at about $345 per ton, up about $5 per ton from a week ago, up about $10 per ton from a month ago and down about $15 per ton from a year ago.

The Chairman of the Rice Exporters Association of Pakistan is calling for appropriate payment mechanisms in order to facilitate exports to Iran.

Central & South America

The government of Guyana is advising farmers to delay rice planting activities for the 2016 crop due to the beginning of the El Nino-induced dry season.

Brazil 5% broken rice is today shown at about $460 per ton, unchanged from a week ago, down about $10 per ton from  a month ago and down about $80 per ton from a year ago. The Brazilian paddy rice index maintained by the Center for Advanced Studies on Applied Economics (CEPEA) reached around 41.94 real per 50 kilograms as of January 25, 2016, up about 1.11% from around 41.48 real per 50 kilograms recorded on January 18, 2016.  In terms of USD per ton, the index reached around $205.03 per ton on January 25, 2016, up about 0.24% from around $204.53 per ton recorded a week ago.  Month-on-month, the index has increased about 2.39% from around 40.96 real per 50 kilograms recorded month ago. In terms of USD, the index declined about 3.34% during the month.

Five per cent broken rice from Uruguay and Argentina is today shown at about $470 per ton, down about $10 per ton from a week ago, down about $40 per ton from a  month ago and down about $130 per ton from a year ago. Argentina has exported around 267,466 tons of rice in the first ten months of 2015 (January - October), down about 42% from around 458,950 tons exported during the same period in 2014, according to data from the Ministry of Agriculture in Argentina.  

Ongoing drought conditions brought on by El Nino are impacting production of rice in Cuba, and the government is likely to impose price controls on rice in order to address the concerns of low production and supplies.

U.S.

U.S. 4% broken rice is today shown at about $470 per ton, unchanged from a week ago, down about $10 per ton from a  month ago and down about $30 per ton from a year ago.

The U.S. and China have finalized their rice trade agreement, establishing phytosanitary or pest control rules necessary to allow U.S. rice into China.

Chicago rough rice futures for March delivery climbed higher this week, continuing to recover from the recent decline.  After opening at $11.000 per cwt (about $243 per ton) on both Monday and Tuesday, futures gained steadily, reaching the weekly high of $11.480 per cwt (about $253 per ton) on Thursday before settling slightly to close at $11.350 per cwt (about $250 per ton) Friday.

The U.S. cash market was slightly firmer this week but trade remained quiet as buyers and sellers couldn’t agree on price.

Other Markets

Paddy rice production in 2015 in the Philippines is down about 4.31% from 2014, reaching about 18.15 million tons, according to the Philippine Statistics Authority.  However, the government has decided to defer the plan to import 400,000 tons of rice for delivery in the second quarter of 2016 because there is enough supply, according to the National Food Authority.  Meanwhile, the Economic Planning Secretary says the government must focus on achieving rice self-sufficiency since the effects of El Nino were less drastic than anticipated. The Philippines Department of Agriculture (DA) has set the 2016 paddy rice production target at around 19 million tons.

The National Development Planning Minister of Indonesia says the government needs about 1.2 million tons of rice in order to maintain adequate stocks by the end of March 2016.  The government plans to balance rice supply-demand in order to control price hikes.

The government of Sri Lanka expects record paddy rice output from the 2015-16 Maha crop (September-March) to reach about 2.93 million tons, an increase of about 7% from last year.

Taiwan’s Council of Agriculture, Agriculture and Forest Agency has announced the country specific quotas for the 2016 Simultaneous Buy and Sell rice tender.

The Prime Minister of Malaysia announced that the government will distribute 20 kilograms of rice per month to families registered in need under a new aid program.

The government of Bangladesh plans to build five steel silos with total capacity to store about 345,000 tons of rice, and it will invite bids from interested parties in August.

According to data from Statistics Korea, the per capita rice consumption in the South Korea fell to around 62.9 kilograms in 2015, down about 3.4% from around 65.1 kilograms in 2014. The per capita rice consumption is reportedly lowest since 1963 and more than half of around 136.4 kilograms in 1970 when the consumption hit a record high. Meanwhile, South Korea is planning to begin rice exports to China in February 2016 after both the governments agreed on a set of quarantine requirements after the South Korea-China summit talks in October last year.

Since September 1, rice imports by the European Union have increased sharply, with the EU importing about 441,465 tons of rice between September 1 and January 19, an increase of about 28% from the same period last year.

European paddy quotes showed mixed trends during the week January 12 - 19, 2016, after remaining firm during the previous week, according to the European quotations supplied by the European Commission (EC) on January 19, 2016.

Italy’s Ente Nazionale Risi (National Agency for Rice) will organize a technical meeting on February 4 with hopes of helping rice farmers and breeders with the latest developments in the rice value chain.

Italian paddy rice prices declined in the third week of January 2016 after being relatively stable during the previous week. Most of the paddy varieties declined as of January 26, 2016 compared to those on January 19, 2016.

On February 10, Spain’s Institute of Research and Technology Food and Agriculture will conduct the annual technical rice conference.

The government of Cameroon has reinstated the 5% customs duty on rice imports under the 2016 Finance Act.

The state grain buyer for Egypt, the General Authority for Supply Commodities, has canceled a tender to purchase an unspecified amount of rice.

Government of Philippines Sets 2016 Paddy Rice Output at 19 Million Tons

Jan 29, 2016

The Philippines Department of Agriculture (DA) has set the 2016 paddy rice production target at around 19 million tons, but may not be adequate to fulfil the country’s rice self-sufficiency goal, the Philippine Star quoted the Agriculture Secretary.

“For us to hit a higher target, we need at least 20 million metric tons but we were not given the budget needed to hit the 20-million mark. We asked for additional budget (for rice sufficiency) but it was not granted. So don’t expect higher production,” he said.

He noted that the DA needs more seeds to reach 100% rice sufficiency level.

The country produced 18.149 million tons of paddy in 2015, lower than the DA's 19.5 million ton target due to the prolonged dry conditions and other natural calamities.

Regarding imports the Agriculture Secretary said: “We will definitely need additional volume for import. But, NFA is in a position to monitor how much remains from previous years’ importation.”

Earlier this week the National Food Authority (NFA) noted that the country may not need additional imports for the lean season (July - September) as the actual impact of El Nino was not as severe as expected. It also noted that there were adequate stocks to meet the rice consumption needs. The Food Security Committee said there is enough rice supply until the end of June 2016.

The NFA already imported 500,000 tons of rice from Thailand and the Philippines under G2G deals. The rice is for delivery by March 2016.

Former Thai Premier Criticizes Government Over Rice Case on Social Media

Jan 29, 2016

Former Thai Prime Minister Yingluck Shinawatra criticized the government for using an administrative process rather than a court lawsuit to seek compensation from her in the rice-pledging case on her Facebook and Twitter pages, according to Bangkok Post.

She said she was again appealing on social media because the government has not acknowledged her six previous letters on the subject. She emphasized that the losses from the rice-pledging scheme had not been accounted for correctly, and it was unfair to hold her solely responsible for the losses. She sought protection until the legal case is in progress.

She earlier noted that a civil lawsuit in the Court would give her an opportunity to defend herself whereas an administrative order would bypass courts. She emphasized that issuing an administrative order would mean rushing through the legal processes and not letting her prove her innocence.

However, Deputy Prime Minister had reiterated that the rice-pledging case against the former Premier Yingluck Shinawatra is receiving fair treatment from the government and is in compliance with the law.

The former Prime Minister is facing charges of dereliction of duty in preventing multi-billion dollar graft in running the controversial rice pledging scheme introduced by her government in October 2011. The scheme is estimated to have caused losses to the extent of about 500 billion baht (around $14 billion) to the government. If proved guilty in the present case, she may have to face imprisonment for ten years.

South Korea to Begin Rice Exports to China in Mid-February 2016

Jan 29, 2016

South Korea is planning to begin rice exports to China in February 2016 after both the governments agreed on a set of quarantine requirements after the South Korea-China summit talks in October last year, Yonhap News quoted sources from the Ministry of Agriculture.

The Ministry is planning to ship 30 tons of rice from the Gunsan port on the west coast this week. The vessel will leave in early February and reach Shanghai in mid-February.

Ministry sources told reporters that after clearing Chinese customs procedures, the Korean rice will be marketed at 69 outlets of the Shanghai Lotte Market. The Ministry is also reportedly planning to hold promotional events in China between February and March this year.

The Korean government is planning to ship another 70 tons of rice to China in the middle of February through Korea's Daewoo International Corp. and the China National Cereals, Oils and Foodstuffs Corp. The government hopes to export a total of 2,000 tons of rice to China in 2016.

"Entering the Chinese market will be an opportunity for Korea's rice exports amid continued imbalance in supply and demand of the key staple grain," said the Korean Agriculture Minister.

Thailand Hikes Paddy Rice Output Target on Higher Demand Estimates

Jan 29, 2016

The government of Thailand has hiked the paddy rice output goal for the 2016-17 crop year to around 27.17 million tons from the earlier target of 25 million tons based on higher demand estimates, Reuters quoted the Commerce Ministry Permanent Secretary.

The Thai government revised the target after government officials and private sector representatives met and re-evaluated the expected demand for Thai rice, according to a statement from the Commerce Ministry.

The Ministry estimates Thailand's 2015-16 paddy rice output at around 27.06 million tons. The output is said to have declined significantly over 2014-15 due to extending drought conditions.

The Thai Rice Exporters Association (TREA) is estimating Thailand to export 9 million tons of rice in 2016, down from around 9.79 million tons exported in 2015.

Thailand still holds around 13 million tons of rice in its stockpiles

Wholesale Basmati Rice Prices in India Decline on Slackened Demand

Jan 29, 2016

Wholesale basmati rice prices in the national capital have declined today due to a slackened demand from retailers, according to the Press Trust of India (PTI).

On January 29, 2016, prices of Pusa 1121 declined to around Rs.4,000 - 4,900 per quintal (around $588 - $721 per ton) from around Rs.4,250 - 5,000 per quintal (around $626 - $751 per ton) on January 21, 2016.

Prices of common basmati rice declined to around Rs.5,200 - 5,300 per quintal (around $765 - $779 per ton) from previous levels of around Rs.5,300 - 5,400 per quintal (around $781 - $796 per ton).

"Sluggish demand against sufficient stocks position on higher supplies from producing belts mainly kept pressure on rice basmati prices," traders were quoted as saying

Oryza CBOT Rough Rice Futures Recap - Chicago Rough Rice Futures Close Higher as Market Gains Nearly $0.50/cwt on the Week; Surprise Announcement by Bank of Japan Sparks Broad Based Buying

Jan 30, 2016

Chicago rough rice futures for Mar delivery settled 4 cents per cwt (about $1 per ton) higher at $11.350 per cwt (about $250 per ton). The other grains finished the day higher; Soybeans closed about 1.7% higher at $8.8225 per bushel; wheat finished about 1.5% higher at $4.7925 per bushel, and corn finished the day about 1.8% higher at $3.7200 per bushel.

U.S. stocks rose more than 1% Friday, the last trading day of January, after the Bank of Japan unexpectedly adopted a negative interest rate policy for the first time. Encouraging earnings reports, a better-than-expected Chicago PMI report and some stabilization in oil prices also helped push equities higher. U.S. crude oil futures settled up 40 cents, or 1.20%, at $33.62 a barrel, for its first four-day win streak since April. Global equities climbed after the Bank of Japan's surprise announcement, with the Nikkei reversing mild losses to close up 2.8%. The Shanghai composite closed 3.09% higher. European stocks ended more than 1% higher, with the STOXX 600 up more than 2%.In early afternoon trade, the Dow Jones industrial average traded up 275 points, or 1.71%, to 16,345. The S&P 500 traded up 31 points, or 1.65%, to 1,924, with information technology leading all 10 sectors higher. The Nasdaq composite gained 65 points, or 1.46%, to 4,572. Gold is seen trading about 0.1% higher, crude oil is seen trading about 0.9% higher, and the U.S. dollar is seen trading about 1.1% higher at about  2:00pm Chicago time.

Thursday, there were 935 contracts traded, down from 429 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday increased by 262 contracts to 13,381. 

Thailand Rice Sellers Increase Some of Their Quotes Today; Other Asia Rice Quotes Unchanged

Jan 29, 2016

Thailand rice sellers increased their quotes for premium rice (100% B) by about $5 per ton to about $380-$390 per ton today.  Asia rice sellers kept their quotes mostly unchanged today.                                

5% Broken Rice

Thailand 5% rice is indicated at around $365 - $375 per ton, about $15 per ton premium on Vietnam 5% rice shown at around $350 - $360 per ton. India 5% rice is indicated at around $355 - $365 per ton, about $15 per ton premium on Pakistan 5% rice shown at around $340 - $350 per ton.

25% Broken Rice

Thailand 25% rice is indicated at around $350 - $360 per ton, about $10 per ton premium on Vietnam 25% rice shown at around $340- $350 per ton. India 25% rice is indicated at around $325 - $335 per ton, about $20 per ton premium on Pakistan 25% rice shown at around $305 - $315 per ton.

Parboiled Rice           

Thailand parboiled rice is indicated at around $370 - $380 per ton. India parboiled rice is indicated at around $345 - $355 per ton, about $60 per ton discount to Pakistan parboiled rice last shown at around $405 - $415 per ton.

100% Broken Rice

Thailand broken rice, A1 Super is indicated at around $320 - $330 per ton, on par with Vietnam 100% broken rice shown at around $320 - $330 per ton. India's 100% broken rice is shown at around $260 - $270 per ton, about $30 per ton discount to Pakistan broken sortexed rice shown at around $290 - $300 per ton.

Argentina Rice Exports Decline Sharply in First Ten Months of 2015

Jan 29, 2016

Argentina has exported around 267,466 tons of rice in the first ten months of 2015 (January - October), down about 42% from around 458,950 tons exported during the same period in 2014, according to data from the Ministry of Agriculture in Argentina.  

In October 2015, Argentina exported around 51,959 tons of rice, up about 61% from around 32,236 tons exported in September 2015 and up about 4.5 times from around 11,607 tons exported in October 2014.

Argentina exported around 42,200 tons of rice to Iraq (about 81% of total October 2015 exports), around 5,175 tons of rice to Chile (about 10% of October 2015 exports), around 1,900 tons of rice to Costa Rica (about 4% of October 2015 exports) and around 1,160 tons of rice to Brazil (about 2% of October 2015 exports) in October 2015.

It exported the remaining 3% or around 1,524 tons of rice to Bolivia (551 tons), Canada (18 tons), U.S. (568 tons), Paraguay (160 tons), Nicaragua (200 tons), U.K. (25 tons), and Uruguay (2 tons).

India Develops New Rice Variety with Higher Protein Level

The National Rice Research Institute (NRRI) in India has developed a new rice variety that is enriched with higher level of protein compared to the traditional rice varieties, according to the Times of India. The new variety is said to contain more than 10% protein content.

"The new variety will help in reducing malnutrition," said the Director of the NRRI. "This is a major breakthrough in the field of rice research. Generally rice varieties have around 7% protein," he added.

According to the NRRI Director, the new variety is developed by crossing a high protein and lower yielding variety from Assam with Naveen, a high yielding variety. The new variety will yield about five tons per hectare, he said.

He noted that the new variety would be sent for large scale seed production after getting approval from the Central Variety Releasing Committee.

The Director also assured that the NRRI would enhance research in aromatic rice varieties.

South Korea Per Capita Rice Consumption Reaches Record Low in 2015

Jan 29, 2016

South Korea's per capita rice consumption hit a record low in 2015 due to shifting preferences for food, Yonhap News quoted the data from Statistics Korea.

According to data from Statistics Korea, the per capita rice consumption in the country fell to around 62.9 kilograms in 2015, down about 3.4% from around 65.1 kilograms in 2014. The per capita rice consumption is reportedly lowest since 1963 and more than half of around 136.4 kilograms in 1970 when the consumption hit a record high.

The data shows that daily rice consumption per person also declined to around 172.4 grams in 2015 from around 178.2 grams in 2014.

"The steady drop can be attributed to people reducing their rice intake and diversifying their diets with other alternative grains like wheat, barley, beans, and corn," said the statistics agency.

The agency data also shows that the per capita consumption of non-rice grain increased to around 8.8 kilograms in 2015 from around 8.7 kilograms in 2014. The agency noted that the percentage of non-rice grains in the country's diet has increased to around 12.3% last year from around 9.4% in 2011.

The South Korean government has been facing higher production and lower consumption of rice over the last few years. In December last year, the government had decided to strike a balance between rice supply and demand by 2018 through a gradual reduction in paddy production and an increase in consumption

News have been shared with written permission of ORYZA.com with thanks.