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Pakistan to Replace Commercial Attaché in Saudi Arabia to Help Rice
Exporters
Pakistan's Commerce Minister has decided to replace the commercial attaché
in Saudi Arabia following complaints from the rice exporters, according to the Express
Tribune.
Earlier this month, the Chairman of the Rice Exporters Association of Pakistan (REAP) criticized performance of the attaché and said that the official was not cooperating with the exporters in Saudi Arabia.
The attaché reportedly failed to arrange visas for a large delegation of REAP and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), who planned to visit Saudi Arabia to discuss about rice exports.
“Pakistan’s rice exports are already declining in Saudi Arabia; on top of it the unprofessional attitude of the commercial attaché created unnecessary problems,” he was quoted.
He noted that the Association is keen on increasing the country's rice exports to around $4 billion from the current $2.5 billion. But such officials are making their targets unachievable. Exporters say most of the commercial attachés are political appointees and so their performance is unsatisfactory, and Pakistan products are not being marketed properly in many countries, they feel.
Vietnam Rice Sellers Lower Some of Their Quotes Today; India Rice Sellers
Increase Their Quotes
Vietnam rice sellers lowered their quotes for 5% broken rice by about $5 per
ton to about $375-$385 per ton today. India rice sellers increased their quotes
for 5% broken rice and 100% broken rice and parboiled rice by about $5 per ton
each to about $370-$380 per ton and $270-$280 per ton and $355-$365 per ton
respectively. Other Asia rice sellers kept their quotes unchanged Today.
5% Broken Rice
Thailand 5% rice is indicated at around $365 - $375 per ton, about $10 per ton discount to Vietnam 5% rice shown at around $375 - $385 per ton. India 5% rice is indicated at around $370 - $380 per ton, about $30 per ton premium on Pakistan 5% rice shown at around $340 - $350 per ton.
25% Broken Rice
Thailand 25% rice is indicated at around $355 - $365 per ton, about $5 per ton discount to Vietnam 25% rice shown at around $360- $370 per ton. India 25% rice is indicated at around $335- $345 per ton, about $25 per ton premium on Pakistan 25% rice shown at around $310 - $320 per ton.
Parboiled Rice
Thailand parboiled rice is indicated at around $370 - $380 per ton. India parboiled rice is indicated at around $355 - $365 per ton, about $50 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 $330 - $340 per ton, about $20 per ton discount to Vietnam 100% broken rice shown at around $350 - $360 per ton. India's 100% broken rice is shown at around $270 - $280 per ton, about $15 per ton discount to Pakistan broken sortexed rice shown at around $285 - $295 per ton.
EU Imports 679,233 Tons of Rice in September 1, 2015 - March 15, 2016; Up
17% from Previous Year
The EU imported about 679,233 tons of rice during the period September 1, 2015 - March 815, 2016, up about 17% from around 578,157 tons imported during the same period last year.
Japonica rice imports increased about 7% to around 53,203 tons in September 1, 2015 - March 15, 2016 period from around 49,708 tons during the same period last year. Indica rice imports increased about 20% to around 626,030 tons during the said period from around 528,449 tons last year.
The UK remained the largest importer in September 1, 2015 - March 15, 2016 period with around 154,204 tons followed by France (115,527 tons), The Netherlands (81,201 tons), Germany (53,264 tons), Poland (50,416 tons), and Italy (49,224 tons). Other EU countries imported 175,397 tons.
During the week ended March 15, 2016, the EU imported around 20,911 tons of rice, down about 8% from around 22,708 tons imported during the week ended March 8, 2015.
The EU imported around 1.143 million tons of rice in the crop year 2014-15, up about 12.7% from around 1.013 million tons imported in the crop year 2013-14.
EU Exports 123,197 Tons of Rice in September 1, 2015 - March 15, 2016; Down
17% from Previous Year
Japonica rice exports declined about 20% to around 102,248 tons in September 1, 2015 - March 15, 2016 period from around 128,092 tons during the same period last year. Indica rice exports declined slightly to around 20,949 tons during the said period from around 21,045 tons last year.
Italy remained the largest exporter in September 1, 2015 - March 15, 2016 period with around 65,453 tons followed by Spain (17,190 tons), Greece (14,552 tons), and Portugal (7,966 tons). Other EU countries imported 18,036 tons.
Egypt Will Ban Rice Exports from April 4, Says Trade Minister
Egypt will ban rice exports from April 4, says the nation's Trade
Minister. In October 2015, Egypt had lifted the export ban, citing a
surplus of supplies, but it imposed a 2,000 Egyptian pound ($255 USD) per ton
tariff on rice exports.
Locals blame the now
tight supplies on the government failing to stockpile rice soon enough
and private traders hoarding rice in antipation of higher prices
Oryza U.S. Rough Rice Recap - Prices Crash after USDA Estimates a 31%
Increase in LG Acreage
The U.S. cash market was materially weaker today after the USDA’s
prospective planting report pegged long grain acreage at 2,452,000 acres, an
increase of 31% from last year.
Analysts note that going into the report most market participants had expected the USDA to show an acreage increase somewhere between 10-20% from last year so today’s report came as a surprise to many, however most expect that the actual acreage number to fall as planting progresses.
In the meantime, the USDA reported that cumulative net export sales for the week that ended on March 24 totaled 42,600 tons, a considerable increase from the previous week but 38% lower than the prior 4-week average.
Increases were reported for the following destinations: 14,400 tons to Haiti, 11,000 tons to Japan, 10,700 tons to Saudi Arabia, 3,400 tons to El Salvador including 3,000 tons switched from unknown destinations, and 1,300 tons to Canada which was partially offset by reductions of 2,500 tons for unknown destinations.
U.S. rice exporters shipped 68,000 tons, an increase of 17% from last week and 18% higher than the prior 4-week average.
Increases were reported for the following destinations: 28,300 tons to Haiti, 12,100 tons to Japan, 10,400 tons to El Salvador, 7,000 tons to Colombia, and 2,900 tons to Canada.
EU Exports 123,197 Tons of Rice in September 1, 2015 - March 15, 2016; Down
17% from Previous Year
Japonica rice exports declined about 20% to around 102,248 tons in September 1, 2015 - March 15, 2016 period from around 128,092 tons during the same period last year. Indica rice exports declined slightly to around 20,949 tons during the said period from around 21,045 tons last year.
Italy remained the largest exporter in September 1, 2015 - March 15, 2016 period with around 65,453 tons followed by Spain (17,190 tons), Greece (14,552 tons), and Portugal (7,966 tons). Other EU countries imported 18,036 tons.
During the week ended March 15, 2016, the EU exported around 4,081 tons of rice, down about 4% from around 4,238 tons exported during the week ended March 8, 2016.
Experts Call for Long Term Solutions to Address Vietnam Salinity Problem
Experts noted that the Vietnamese government should focus on long-term water
reserve policies in order to address the increasing salt water intrusion into
the coastal provinces, according to Vietnam News.
On-going drought and increasing salinity has reportedly affected about 180,000 hectares of farm land destroying major crops, including rice.
They noted that the government's plans to seek help from neighboring countries, which own power dams on the upper Mekong mainstream, is a short-term solution. They suggested that the government should focus on changing the policies affecting water reserves and the canals in the Mekong Delta, with a long-term vision.
Experts said the government should find a fair mechanism of water sharing on the Mekong mainstream, with strong commitments from dam operators on when and how much water will be released. It should also find the exact reasons for water shortages in the tributes' basin, and not on the river. They said the country should try to adapt to the changing conditions rather than focusing on enhancing rice production. They also suggested that the government could focus on developing the aquaculture industry by selecting specific species that can breed in bracket water.
They reiterated that water from Chinese and Laos power dams would only be a temporary solution
EU Exports 123,197 Tons of Rice in September 1, 2015 - March 15, 2016; Down
17% from Previous Year
Japonica rice exports declined about 20% to around 102,248 tons in September 1, 2015 - March 15, 2016 period from around 128,092 tons during the same period last year. Indica rice exports declined slightly to around 20,949 tons during the said period from around 21,045 tons last year.
Italy remained the largest exporter in September 1, 2015 - March 15, 2016 period with around 65,453 tons followed by Spain (17,190 tons), Greece (14,552 tons), and Portugal (7,966 tons). Other EU countries imported 18,036 tons.
During the week ended March 15, 2016, the EU exported around 4,081 tons of rice, down about 4% from around 4,238 tons exported during the week ended March 8, 2016.
EU Imports 679,233 Tons of Rice in September 1, 2015 - March 15, 2016; Up
17% from Previous Year
The EU imported about 679,233 tons of rice during the period September 1, 2015 - March 815, 2016, up about 17% from around 578,157 tons imported during the same period last year.
Japonica rice imports increased about 7% to around 53,203 tons in September 1, 2015 - March 15, 2016 period from around 49,708 tons during the same period last year. Indica rice imports increased about 20% to around 626,030 tons during the said period from around 528,449 tons last year.
The UK remained the largest importer in September 1, 2015 - March 15, 2016 period with around 154,204 tons followed by France (115,527 tons), The Netherlands (81,201 tons), Germany (53,264 tons), Poland (50,416 tons), and Italy (49,224 tons). Other EU countries imported 175,397 tons.
During the week ended March 15, 2016, the EU imported around 20,911 tons of rice, down about 8% from around 22,708 tons imported during the week ended March 8, 2015.
The EU imported around 1.143 million tons of rice in the crop year 2014-15, up about 12.7% from around 1.013 million tons imported in the crop year 2013-14.
Government of Cambodia Announces Measures to Support Rice Sector
Following an emergency meeting of the members of the Cambodia Rice Federation
(CRF) and the involved stakeholders with the Deputy Prime Minister, the
government announced that it would remove the current value added tax (VAT) on
milling machines and take action on companies importing rice from neighboring
countries and rebranding it as Cambodian rice, according to Khmer Times.
The Secretary General of the CRF noted the announced measures are in response to the urgent requests of the CRF members and local rice millers. He also noted that the government has assured of supporting the rice sector and the sector's other demands, including granting of special funding package, high electricity prices and port issues, would be addressed soon.
The CRF sought a $250 million loan, at a concessional rate of 4%, to help bail out the rice sector. They also urged the government to reduce the electricity tariffs to about 400 riel ($0.10) per kilowatt/hour; and negotiate with Thai authorities too allow the use of the Thai’s Laem Chabang Port in order to reduce transport costs and increase Cambodia’s competitiveness.
One of the leading exporters told reporters that the decision to remove the 10% VAT will benefit local millers so that they can compete with their foreign counterparts. “Regarding the government’s vow to be strict on importing rice from neighboring countries and take strong action, we are looking forward to seeing that action and to what extent the [government] can act. If there are still issues, the situation will become worse and worse,” he said.
Separately, the UN Food and Agricultural Organization (FAO) has announced that it would continue providing operational food security and agricultural plan to Cambodia from 2016 to 2018 with an additional budget of $23 million. It would particularly assist the development of the food, fisheries and forestry sectors, especially assist the export of Cambodian milled rice, according to the Foreign Affairs Ministry spokesman.
Government of Cambodia Announces Measures to Support Rice Sector
Following an emergency meeting of the members of the Cambodia Rice
Federation (CRF) and the involved stakeholders with the Deputy Prime Minister,
the government announced that it would remove the current value added tax (VAT)
on milling machines and take action on companies importing rice from neighboring
countries and rebranding it as Cambodian rice, according to Khmer Times.
The Secretary General of the CRF noted the announced measures are in response to the urgent requests of the CRF members and local rice millers. He also noted that the government has assured of supporting the rice sector and the sector's other demands, including granting of special funding package, high electricity prices and port issues, would be addressed soon.
The CRF sought a $250 million loan, at a concessional rate of 4%, to help bail out the rice sector. They also urged the government to reduce the electricity tariffs to about 400 riel ($0.10) per kilowatt/hour; and negotiate with Thai authorities too allow the use of the Thai’s Laem Chabang Port in order to reduce transport costs and increase Cambodia’s competitiveness.
One of the leading exporters told reporters that the decision to remove the 10% VAT will benefit local millers so that they can compete with their foreign counterparts. “Regarding the government’s vow to be strict on importing rice from neighboring countries and take strong action, we are looking forward to seeing that action and to what extent the [government] can act. If there are still issues, the situation will become worse and worse,” he said.
Separately, the UN Food and Agricultural Organization (FAO) has announced that it would continue providing operational food security and agricultural plan to Cambodia from 2016 to 2018 with an additional budget of $23 million. It would particularly assist the development of the food, fisheries and forestry sectors, especially assist the export of Cambodian milled rice, according to the Foreign Affairs Ministry spokesman.
Government of Cambodia Announces Measures to Support Rice Sector
Following an emergency meeting of the members of the Cambodia Rice
Federation (CRF) and the involved stakeholders with the Deputy Prime Minister,
the government announced that it would remove the current value added tax (VAT)
on milling machines and take action on companies importing rice from
neighboring countries and rebranding it as Cambodian rice, according to Khmer
Times.
The Secretary General of the CRF noted the announced measures are in response to the urgent requests of the CRF members and local rice millers. He also noted that the government has assured of supporting the rice sector and the sector's other demands, including granting of special funding package, high electricity prices and port issues, would be addressed soon.
The CRF sought a $250 million loan, at a concessional rate of 4%, to help bail out the rice sector. They also urged the government to reduce the electricity tariffs to about 400 riel ($0.10) per kilowatt/hour; and negotiate with Thai authorities too allow the use of the Thai’s Laem Chabang Port in order to reduce transport costs and increase Cambodia’s competitiveness.
One of the leading exporters told reporters that the decision to remove the 10% VAT will benefit local millers so that they can compete with their foreign counterparts. “Regarding the government’s vow to be strict on importing rice from neighboring countries and take strong action, we are looking forward to seeing that action and to what extent the [government] can act. If there are still issues, the situation will become worse and worse,” he said.
Separately, the UN Food and Agricultural Organization (FAO) has announced that it would continue providing operational food security and agricultural plan to Cambodia from 2016 to 2018 with an additional budget of $23 million. It would particularly assist the development of the food, fisheries and forestry sectors, especially assist the export of Cambodian milled rice, according to the Foreign Affairs Ministry spokesman.
Oryza CBOT Rough Rice Futures Recap - Chicago Rough Rice Futures Tumble to
New Low as USDA Surprises the Market with Bearish Report; Corn Collapses while
Wheat Rallies
Chicago rough rice futures for May delivery settled 34 cents were cwt (about
$7 per ton) lower at $9.690 per cwt (about $214 per ton). The other grains
finished the day with sharply different results; Soybeans closed about 0.2%
higher at $9.1075 per bushel; wheat finished about 2.1% higher at $4.7350 per
bushel, and corn finished the day about 4.2% lower at $3.5150 per bushel.
U.S. stocks traded in a range Thursday, the final trading day of the quarter, as investors awaited the monthly employment report due Friday. The euro traded near $1.14, its highest against the dollar since October. The yen was near 112.51 yen against the greenback as of 2:59 p.m. ET. The March nonfarm payrolls report and ISM manufacturing data are both due Friday morning. In economic news, initial jobless claims came in at 276,000. Chicago PMI rose to 53.6 in March from 47.6 in February. In afternoon trade, the Dow Jones industrial average traded down 33 points, or 0.19%, at 17,683. The S&P 500 declined 4 points, or 0.21%, at 2,059, with materials leading nine sectors lower and utilities the only advancer. The Nasdaq composite gained 2 points, or 0.05%, to 4,871. Gold is seen trading about 0.5% higher, crude oil is seen trading about 0.1% higher, and the U.S. dollar is seen trading about 0.3% lower at about 2:30pm Chicago time.
Wednesday, there were 1,285 contracts traded, down from 1,504 contracts traded on Tuesday. Open interest – the number of contracts outstanding – on Wednesday increased by 204 contracts to 13,172.
Pakistan to Replace Commercial Attaché in Saudi Arabia to Help Rice
Exporters
Mar 31, 2016
Earlier this month, the Chairman of the Rice Exporters Association of Pakistan (REAP) criticized performance of the attaché and said that the official was not cooperating with the exporters in Saudi Arabia.
The attaché reportedly failed to arrange visas for a large delegation of REAP and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), who planned to visit Saudi Arabia to discuss about rice exports.
“Pakistan’s rice exports are already declining in Saudi Arabia; on top of it the unprofessional attitude of the commercial attaché created unnecessary problems,” he was quoted.
He noted that the Association is keen on increasing the country's rice exports to around $4 billion from the current $2.5 billion. But such officials are making their targets unachievable. Exporters say most of the commercial attachés are political appointees and so their performance is unsatisfactory, and Pakistan products are not being marketed properly in many countries, they feel.
Vietnam Rice Sellers Lower Some of Their Quotes Today; India Rice Sellers
Increase Their Quotes
Mar 31, 2016
5% Broken Rice
Thailand 5% rice is indicated at around $365 - $375 per ton, about $10 per ton discount to Vietnam 5% rice shown at around $375 - $385 per ton. India 5% rice is indicated at around $370 - $380 per ton, about $30 per ton premium on Pakistan 5% rice shown at around $340 - $350 per ton.
25% Broken Rice
Thailand 25% rice is indicated at around $355 - $365 per ton, about $5 per ton discount to Vietnam 25% rice shown at around $360- $370 per ton. India 25% rice is indicated at around $335- $345 per ton, about $25 per ton premium on Pakistan 25% rice shown at around $310 - $320 per ton.
Parboiled Rice
Thailand parboiled rice is indicated at around $370 - $380 per ton. India parboiled rice is indicated at around $355 - $365 per ton, about $50 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 $330 - $340 per ton, about $20 per ton discount to Vietnam 100% broken rice shown at around $350 - $360 per ton. India's 100% broken rice is shown at around $270 - $280 per ton, about $15 per ton discount to Pakistan broken sortexed rice shown at around $285 - $295 per ton.
EU Imports 679,233 Tons of Rice in September 1, 2015 - March 15, 2016; Up
17% from Previous Year
Mar 31, 2016
The EU imported about 679,233 tons of rice during the period September 1, 2015 - March 815, 2016, up about 17% from around 578,157 tons imported during the same period last year.
Japonica rice imports increased about 7% to around 53,203 tons in September 1, 2015 - March 15, 2016 period from around 49,708 tons during the same period last year. Indica rice imports increased about 20% to around 626,030 tons during the said period from around 528,449 tons last year.
The UK remained the largest importer in September 1, 2015 - March 15, 2016 period with around 154,204 tons followed by France (115,527 tons), The Netherlands (81,201 tons), Germany (53,264 tons), Poland (50,416 tons), and Italy (49,224 tons). Other EU countries imported 175,397 tons.
During the week ended March 15, 2016, the EU imported around 20,911 tons of rice, down about 8% from around 22,708 tons imported during the week ended March 8, 2015.
The EU imported around 1.143 million tons of rice in the crop year 2014-15, up about 12.7% from around 1.013 million tons imported in the crop year 2013-14.
EU Exports 123,197 Tons of Rice in September 1, 2015 - March 15, 2016; Down
17% from Previous Year
Mar 31, 2016
Japonica rice exports declined about 20% to around 102,248 tons in September 1, 2015 - March 15, 2016 period from around 128,092 tons during the same period last year. Indica rice exports declined slightly to around 20,949 tons during the said period from around 21,045 tons last year.
Italy remained the largest exporter in September 1, 2015 - March 15, 2016 period with around 65,453 tons followed by Spain (17,190 tons), Greece (14,552 tons), and Portugal (7,966 tons). Other EU countries imported 18,036 tons.
Egypt Will Ban Rice Exports from April 4, Says Trade Minister
Mar 31, 2016
Locals blame the now
tight supplies on the government failing to stockpile rice soon enough
and private traders hoarding rice in antipation of higher prices
Oryza U.S. Rough Rice Recap - Prices Crash after USDA Estimates a 31%
Increase in LG Acreage
Apr 01, 2016
Analysts note that going into the report most market participants had expected the USDA to show an acreage increase somewhere between 10-20% from last year so today’s report came as a surprise to many, however most expect that the actual acreage number to fall as planting progresses.
In the meantime, the USDA reported that cumulative net export sales for the week that ended on March 24 totaled 42,600 tons, a considerable increase from the previous week but 38% lower than the prior 4-week average.
Increases were reported for the following destinations: 14,400 tons to Haiti, 11,000 tons to Japan, 10,700 tons to Saudi Arabia, 3,400 tons to El Salvador including 3,000 tons switched from unknown destinations, and 1,300 tons to Canada which was partially offset by reductions of 2,500 tons for unknown destinations.
U.S. rice exporters shipped 68,000 tons, an increase of 17% from last week and 18% higher than the prior 4-week average.
Increases were reported for the following destinations: 28,300 tons to Haiti, 12,100 tons to Japan, 10,400 tons to El Salvador, 7,000 tons to Colombia, and 2,900 tons to Canada.
EU Exports 123,197 Tons of Rice in September 1, 2015 - March 15, 2016; Down
17% from Previous Year
Mar 31, 2016
Japonica rice exports declined about 20% to around 102,248 tons in September 1, 2015 - March 15, 2016 period from around 128,092 tons during the same period last year. Indica rice exports declined slightly to around 20,949 tons during the said period from around 21,045 tons last year.
Italy remained the largest exporter in September 1, 2015 - March 15, 2016 period with around 65,453 tons followed by Spain (17,190 tons), Greece (14,552 tons), and Portugal (7,966 tons). Other EU countries imported 18,036 tons.
During the week ended March 15, 2016, the EU exported around 4,081 tons of rice, down about 4% from around 4,238 tons exported during the week ended March 8, 2016.
Experts Call for Long Term Solutions to Address Vietnam Salinity Problem
Mar 31, 2016
On-going drought and increasing salinity has reportedly affected about 180,000 hectares of farm land destroying major crops, including rice.
They noted that the government's plans to seek help from neighboring countries, which own power dams on the upper Mekong mainstream, is a short-term solution. They suggested that the government should focus on changing the policies affecting water reserves and the canals in the Mekong Delta, with a long-term vision.
Experts said the government should find a fair mechanism of water sharing on the Mekong mainstream, with strong commitments from dam operators on when and how much water will be released. It should also find the exact reasons for water shortages in the tributes' basin, and not on the river. They said the country should try to adapt to the changing conditions rather than focusing on enhancing rice production. They also suggested that the government could focus on developing the aquaculture industry by selecting specific species that can breed in bracket water.
They reiterated that water from Chinese and Laos power dams would only be a temporary solution
EU Exports 123,197 Tons of Rice in September 1, 2015 - March 15, 2016; Down
17% from Previous Year
Mar 31, 2016
Japonica rice exports declined about 20% to around 102,248 tons in September 1, 2015 - March 15, 2016 period from around 128,092 tons during the same period last year. Indica rice exports declined slightly to around 20,949 tons during the said period from around 21,045 tons last year.
Italy remained the largest exporter in September 1, 2015 - March 15, 2016 period with around 65,453 tons followed by Spain (17,190 tons), Greece (14,552 tons), and Portugal (7,966 tons). Other EU countries imported 18,036 tons.
During the week ended March 15, 2016, the EU exported around 4,081 tons of rice, down about 4% from around 4,238 tons exported during the week ended March 8, 2016.
EU Imports 679,233 Tons of Rice in September 1, 2015 - March 15, 2016; Up
17% from Previous Year
Mar 31, 2016
The EU imported about 679,233 tons of rice during the period September 1, 2015 - March 815, 2016, up about 17% from around 578,157 tons imported during the same period last year.
Japonica rice imports increased about 7% to around 53,203 tons in September 1, 2015 - March 15, 2016 period from around 49,708 tons during the same period last year. Indica rice imports increased about 20% to around 626,030 tons during the said period from around 528,449 tons last year.
The UK remained the largest importer in September 1, 2015 - March 15, 2016 period with around 154,204 tons followed by France (115,527 tons), The Netherlands (81,201 tons), Germany (53,264 tons), Poland (50,416 tons), and Italy (49,224 tons). Other EU countries imported 175,397 tons.
During the week ended March 15, 2016, the EU imported around 20,911 tons of rice, down about 8% from around 22,708 tons imported during the week ended March 8, 2015.
The EU imported around 1.143 million tons of rice in the crop year 2014-15, up about 12.7% from around 1.013 million tons imported in the crop year 2013-14.
Government of Cambodia Announces Measures to Support Rice Sector
Mar 31, 2016
The Secretary General of the CRF noted the announced measures are in response to the urgent requests of the CRF members and local rice millers. He also noted that the government has assured of supporting the rice sector and the sector's other demands, including granting of special funding package, high electricity prices and port issues, would be addressed soon.
The CRF sought a $250 million loan, at a concessional rate of 4%, to help bail out the rice sector. They also urged the government to reduce the electricity tariffs to about 400 riel ($0.10) per kilowatt/hour; and negotiate with Thai authorities too allow the use of the Thai’s Laem Chabang Port in order to reduce transport costs and increase Cambodia’s competitiveness.
One of the leading exporters told reporters that the decision to remove the 10% VAT will benefit local millers so that they can compete with their foreign counterparts. “Regarding the government’s vow to be strict on importing rice from neighboring countries and take strong action, we are looking forward to seeing that action and to what extent the [government] can act. If there are still issues, the situation will become worse and worse,” he said.
Separately, the UN Food and Agricultural Organization (FAO) has announced that it would continue providing operational food security and agricultural plan to Cambodia from 2016 to 2018 with an additional budget of $23 million. It would particularly assist the development of the food, fisheries and forestry sectors, especially assist the export of Cambodian milled rice, according to the Foreign Affairs Ministry spokesman.
Government of Cambodia Announces Measures to Support Rice Sector
Mar 31, 2016
The Secretary General of the CRF noted the announced measures are in response to the urgent requests of the CRF members and local rice millers. He also noted that the government has assured of supporting the rice sector and the sector's other demands, including granting of special funding package, high electricity prices and port issues, would be addressed soon.
The CRF sought a $250 million loan, at a concessional rate of 4%, to help bail out the rice sector. They also urged the government to reduce the electricity tariffs to about 400 riel ($0.10) per kilowatt/hour; and negotiate with Thai authorities too allow the use of the Thai’s Laem Chabang Port in order to reduce transport costs and increase Cambodia’s competitiveness.
One of the leading exporters told reporters that the decision to remove the 10% VAT will benefit local millers so that they can compete with their foreign counterparts. “Regarding the government’s vow to be strict on importing rice from neighboring countries and take strong action, we are looking forward to seeing that action and to what extent the [government] can act. If there are still issues, the situation will become worse and worse,” he said.
Separately, the UN Food and Agricultural Organization (FAO) has announced that it would continue providing operational food security and agricultural plan to Cambodia from 2016 to 2018 with an additional budget of $23 million. It would particularly assist the development of the food, fisheries and forestry sectors, especially assist the export of Cambodian milled rice, according to the Foreign Affairs Ministry spokesman.
Government of Cambodia Announces Measures to Support Rice Sector
Mar 31, 2016
The Secretary General of the CRF noted the announced measures are in response to the urgent requests of the CRF members and local rice millers. He also noted that the government has assured of supporting the rice sector and the sector's other demands, including granting of special funding package, high electricity prices and port issues, would be addressed soon.
The CRF sought a $250 million loan, at a concessional rate of 4%, to help bail out the rice sector. They also urged the government to reduce the electricity tariffs to about 400 riel ($0.10) per kilowatt/hour; and negotiate with Thai authorities too allow the use of the Thai’s Laem Chabang Port in order to reduce transport costs and increase Cambodia’s competitiveness.
One of the leading exporters told reporters that the decision to remove the 10% VAT will benefit local millers so that they can compete with their foreign counterparts. “Regarding the government’s vow to be strict on importing rice from neighboring countries and take strong action, we are looking forward to seeing that action and to what extent the [government] can act. If there are still issues, the situation will become worse and worse,” he said.
Separately, the UN Food and Agricultural Organization (FAO) has announced that it would continue providing operational food security and agricultural plan to Cambodia from 2016 to 2018 with an additional budget of $23 million. It would particularly assist the development of the food, fisheries and forestry sectors, especially assist the export of Cambodian milled rice, according to the Foreign Affairs Ministry spokesman.
Oryza CBOT Rough Rice Futures Recap - Chicago Rough Rice Futures Tumble to
New Low as USDA Surprises the Market with Bearish Report; Corn Collapses while
Wheat Rallies
Apr 01, 2016
U.S. stocks traded in a range Thursday, the final trading day of the quarter, as investors awaited the monthly employment report due Friday. The euro traded near $1.14, its highest against the dollar since October. The yen was near 112.51 yen against the greenback as of 2:59 p.m. ET. The March nonfarm payrolls report and ISM manufacturing data are both due Friday morning. In economic news, initial jobless claims came in at 276,000. Chicago PMI rose to 53.6 in March from 47.6 in February. In afternoon trade, the Dow Jones industrial average traded down 33 points, or 0.19%, at 17,683. The S&P 500 declined 4 points, or 0.21%, at 2,059, with materials leading nine sectors lower and utilities the only advancer. The Nasdaq composite gained 2 points, or 0.05%, to 4,871. Gold is seen trading about 0.5% higher, crude oil is seen trading about 0.1% higher, and the U.S. dollar is seen trading about 0.3% lower at about 2:30pm Chicago time.
Wednesday, there were 1,285 contracts traded, down from 1,504 contracts traded on Tuesday. Open interest – the number of contracts outstanding – on Wednesday increased by 204 contracts to 13,172.
