Impeachment Case Initiated Against Thailand
Former Premier in Rice Pledging Case
Dec 01, 2014
Thailand's National Legislative
Assembly (NLA) initiated impeachment case against the former Prime Minister
(PM) Yingluck Shinawatra after rejecting the evidences presented by her lawyers
on November 28, 2014, according to local sources. The first hearing has been
scheduled on January 9, 2014.The NLA was reportedly not convinced with the
additional evidences submitted by a team of Yingluck's lawyers. It rejected a
total of 72 evidences following a vote on additional evidences. On last Friday,
NLA rejected 28 older evidences submitted earlier by the layers team to the
National Anti Corruption Commission (NACC) by 165 votes to 15; 5 evidences
relating to a sub-committee investigating the rice-pledging scheme by 122 vote
to 63; and 39 evidences relating to results of meetings between the National
Rice Policy Committee (NRPC) and a sub-committee supervising rice pledging
scheme by 148 votes to 31.
The NLA is handling the
impeachment case against the former Prime Minister under the NACC Act,
according to the NLA President.In a writ filed with the NLA, the NACC stated
that the former PM breached Article 178 of the 2007 charter, Article 11 of the
State Administration Act, Article 58 of the Constitution Organic Law on
Prevention and Suppression of Corruption Act by twice ignoring warnings by the
NACC regarding corruption in the rice pledging scheme. which brought losses of
about 518 billion baht (around $15.8 billion) to the exchequer. However, the
former PM has been maintaining innocence relating to her involvement in the
scheme.
Local sources say the former PM
is likely to attend the first hearing on January 9. They noted that she could
face a five-year political ban if impeached. In September this year, the
Office of the Attorney General (OAG) refused the NACC recommendation to indict
the former Prime Minister in the Supreme Court’s Criminal Division for Holders
of Political Positions seeking more evidences substantiating charges against
her. The NACC submitted its impeachment writ on the former PM to the NLA after
the joint panel comprising members from the OAG and the NACC failed to gather
sufficient evidences.
Tags: Thai rice pledging case, Yingluck Shinawatra, Impeachment case, National Legislative Assembly (NLA), National Anti Corruption Commission (NACC)
Oryza
Afternoon Recap – Chicago Rough Rice Futures Tumble as Traders Weigh Falling
Oil Prices, Slow Rice Demand
Dec 01, 2014
Chicago rough rice futures for
Jan delivery settled 19.5 cents per cwt (about $4 per ton) lower at $12.140 per
cwt (about $268 per ton). Rough rice futures tumbled to a double digit loss
today as the recent reduction in crude oil prices along with a technically
bearish outlook on the market joined forces and encouraged traders to sell the
contracts. Despite a slight gain on Friday the outlook remains for lower prices
and some traders expect the market to test psychological support at $12.000 per
cwt (about $265 per ton) in coming sessions.
The other grains finished with mixed results
today; Soybeans closed about 0.1% higher at $10.1700 per bushel; wheat finished
about 5.1% higher at $6.0775 per bushel, and corn finished the day about 0.1%
lower at $3.7550 per bushel. U.S. stocks declined on Monday with investor
concern about a lackluster start to the holiday shopping season partially
offset by data that had a measure of U.S. factory activity slowing less than
expected in November. The Institute for Supply Management said its national
factory activity index dropped to 58.7 last month from 59 in October, with the
latest figure beating expectations of 57.8. Americans spent about 11% less
during the long holiday weekend ahead of Cyber Monday's online sales, according
to survey results released Sunday by the National Retail Federation.
Markit's final November
manufacturing Purchasing managers' Index for the euro zone was 50.1, its lowest
level since June 2013. China's official factory index dropped to 50.3 for
November, while the Markit index had it at 50. After a 101-point fall, the Dow
Jones Industrial Average was lately off 34.07 points, or 0.2%, at 17,794.17.
The S&P 500 fell 11.44 points, or 0.6%, to 2,056.13, with industrials the
poorest performer of 10 major industry groups, nine of which were in the red.
The Nasdaq declined 51.73 points, or 1.1%, to 4,739.91. Gold is trading about
3.5% higher, crude oil is seen trading about 3.5% higher, and the U.S. dollar
is seen trading about 0.5% lower at about 1:00pm Chicago time.
Friday, there were 748 contracts
traded, up from 675 contracts traded on Wednesday. Open interest – the number
of contracts outstanding – on Friday increased by 172 contracts to 9,764.
Changing
Demographics Impact Rice Consumption, Production in Japan
Dec 01, 2014
Japan is shifting its focus from
producing rice that is suitable for human consumption to that is suitable for
livestock feed due to changing demographics, according to local
sources. The Japan government has lowered the country's human rice
consumption target to around 7.51 million tons, down about 2% from an estimated
7.65 million tons in 2014, due to an increase in ageing population, according
to local sources.
Japan's total rice consumption
needs are estimated at around 8.2 million tons for MY 2014-15 (November -
October), slightly down from an estimated 8.25 million tons in MY 2013-14, according
to USDA.The Japanese government slashed the human rice consumption target in
2014 by about 260,000 tons to around 7.65 million tons and has continued to
slash the same in 2015 due to an increase in ageing population. Also, a
significant decline in rice prices in 2014 due to over production in 2013 has
led the government to curtail production suitable for human consumption and
convert some of the rice fields to produce rice useful for livestock feed.
According to government
population estimates, as of September 2014, about 33% of the population are
above 60 years, about 25.9% are above 65 years and about 12.5% are over 75
years.The Ministry of Agriculture, Forestry and Fisheries is planning to
achieve a balance between production and consumption. It is also planning to
subsidize farmers who convert their rice crops suitable for human consumption
to those suitable for livestock feed. The Ministry aims to reduce rice acreage
substantially by 2018 in a phased manner.
Missing
Rice Stocks with FCI Raises Doubts Over States' Exact Procurement Figures
Dec 01, 2014
Recent directive by the Food
Ministry to the Food Corporation of India (FCI) to tally the stocks in the
books and warehouses is likely to pose problems to some state governments,
according to local sources.As of October 1, 2013, rice stocks with the Food
Corporation of India (FCI) amounted to around 23.1 million tons, more than
three times the required buffer norms of around 7.2 million tons. However, the
Food Ministry's stock audits have found that nearly 6 million tons of rice
worth about 10,000 crore (around $1.6 billion), or about 26% of the reported
23.1 million tons are missing.
Usually, FCI procures paddy and
assigns some millers to get the milled and resupply the milled rice to FCI
warehouses. However, in this case, millers have not returned around 6 million
tons of milled rice to FCI since October 2012.Stock audits show that most of
the missing rice stocks have been identified in the states of Bihar,
Chhattisgarh, Madhya Pradesh and Odisha. While about 10.86 million tons of rice
(paddy equivalent) has been procured in 2012-13 from these states, nearly 3.82
million tons of milled rice worth Rs.6,339 crore (around $1 billion) is still
with millers. Similarly, of the 9.37 million tons of paddy procured from these
states in 2013-14, nearly 2.15 million tons of milled rice worth Rs.3,745 crore
(around $604 million) has to reach FCI warehouses.
The Food Ministry has reportedly
asked the FCI to retrieve the missing rice stocks from respective states'
millers by the end of this month or write off the stocks at the expense of the
respective state governments. This means, the respective state governments need
to bear huge losses if they cannot get back the rice from millers.“We can
understand the delay of a few months in milling, but if the rice is not
received after more than a year of paddy procurement, it raises doubts as to
whether the state governments even procured that much rice, one of the senior
officials at the Food Ministry was quoted as saying.India’s rice stocks in the
central pool as of October 1, 2014 stood at around 18.24 million tons
(including a milled equivalent of about 6.65 million tons of paddy), down about
21% from last year.
Oryza
Overnight Recap – Chicago Rough Rice Futures Begin Week Sharply Lower as
Traders React to Huge Decline in Crude Prices
Dec 01, 2014
Chicago rough rice futures for
Jan delivery are currently trading 23.5 cents per cwt (about $5 per ton) lower
at $12.100 per cwt (about $267 per ton) during early floor trading in Chicago.
The other grains are seen mostly lower as well: soybeans are currently seen
about 0.2% lower, wheat is listed about 2.1% higher and corn is noted about
1.1% lower. U.S. stocks declined on Monday with investor concern about a
lackluster start to the holiday shopping season partially offset by data that
had a measure of U.S. factory activity slowing less than expected in November.
The Institute for Supply
Management said its national factory activity index dropped to 58.7 last month
from 59 in October, with the latest figure beating expectations of 57.8.
Americans spent about 11% less during the long holiday weekend ahead of Cyber
Monday's online sales, according to survey results released Sunday by the
National Retail Federation. Markit's final November manufacturing Purchasing
managers' Index for the euro zone was 50.1, its lowest level since June 2013.
China's official factory index dropped to 50.3 for November, while the Markit
index had it at 50. After a 101-point fall, the Dow Jones Industrial Average
was lately off 61.62 points, or 0.3%, at 17,767.62.
The S&P 500 fell 14.66
points, or 0.7%, to 2,052.94, with industrials the poorest performer of 10
major industry groups, eight of which were in the red. The Nasdaq declined
53.08 points, or 1.1%, to 4,738.63. Gold is currently trading about 2.3%
higher, crude oil is seen trading about 3.2% higher, and the U.S. dollar
is currently trading about 0.5% lower at 8:10am Chicago time.
Philippines
Plans to Import 600,000 Tons of Rice to Replenish 2015 Stocks
Dec 01, 2014
The National Food Authority (NFA)
is planning to initially import about 600,000 tons of rice to replenish stocks
and ensure adequate supply during the lean months (June - August) of 2015,
according to the BusinessWorld.The NFA Administrator
was quoted as saying that the NFA Council and the Agriculture Secretary will
soon recommend to the President about the import requirements and the final
import volume will depend on the President's decision. He added that the
imported rice is expected to arrive by June 2015 and NFA is likely to issue
tenders in December 2014 or January 2015.
The NFA imported around 1.8
million tons of rice (including 1.5 million tons of this year's imports and
300,000 tons of last year's residual imports) so far this year to replenish rice
stocks and control price hikes. The NFA is still authorized to import another
500,000 tons of rice this year, if need arises.The government’s plans to
curtail rice imports in 2013 resulted in huge increase in prices and rice
smuggling. Therefore, the government decided to import rice from the beginning
of 2014 to maintain adequate stocks and control rice hikes. The government is
planning to adopt the same strategy in 2015 as well due to expected decline in
paddy production in 2014 and first quarter of 2015, according to local sources.
According to the Philippine
Statistics Authority (PSA), paddy rice output in the first quarter of 2105 is
forecasted at around 4.28 million tons, down about 0.6% from around 4.31
million tons recorded last year. Total paddy rice production in 2014 is
expected at around 18.88 million tons (around 11.89 million tons, basis
milled), up about 2.4% from around last year's 18.44 million tons (around 11.62
million tons, basis milled), but is lower by about 1% from the government's target
of around 19.07 million tons (around 12 million tons, basis milled).
USDA estimates the Philippines to
import around 1.6 million tons of milled rice in 2015, up about 10% from an
estimated 1.45 million tons in 2014. USDA estimates the South-East Asian nation
to produce around 19.36 million tons of paddy (around 12.2 million tons, basis
milled) in MY 2014-15 (July - June), up about 3% from an estimated 18.82
million tons (around 11.86 million tons, basis milled) in MY 2013-14.
Vietnam
Rice Sellers Lower Some Quotes Today; Thailand Rice Sellers Increase Some
Quotes Today
Dec 01, 2014
Vietnam rice sellers lowered
their quotes for 5% broken rice by about $5 per ton to about $380 - $390 per
ton today. Thailand rice sellers increased their quotes for Thai Ai Super rice
variety by about $5 per ton to around $365 - $370 per ton and increased quotes
for Thai Hom Mali rice variety by about $35 per ton to around $950 - $960 per
ton. Other Asia rice sellers kept their quotes mostly unchanged.
5% Broken Rice
Thailand 5% rice is quoted at
around $405 - $415 per ton, about $25 per ton premium on Vietnam 5% rice shown
at around $380 - $390 per ton, down about $5 per ton from Friday. India 5% rice
is quoted at around $390 - $400 per ton, unchanged from Friday and about $10
per ton premium on Pakistan 5% rice quoted at around $380 - $390 per ton.
25% Broken Rice
Thailand 25% rice was last quoted
at around $350 - $360 per ton, on par with Vietnam 25% rice shown at around
$350 - $360 per ton. India 25% rice is quoted at around $355 - $365, unchanged
from Friday and about $20 per ton premium on Pakistan 25% rice quoted at
around$335 - $345 per ton.
Parboiled Rice
Thailand parboiled rice is quoted
at around $405 - $415 per ton. India parboiled rice is quoted at around $375 -
$385 per ton, unchanged from Friday and about $45 per ton discount to Pakistan
parboiled rice quoted at around $420 - $430 per ton.
100% Broken Rice
Thailand broken rice, A1
Super, is quoted about $365 - $370 per ton, up about $5 per ton from
Friday and about $5 per ton premium on Vietnam 100% broken rice shown at
around $325 - $335 per ton. India's 100% broken rice is shown at around $300 -
$310 per ton, unchanged from Friday and about $5 per ton discount to Pakistan broken
sortexed rice quoted at around $305 - $315 per ton.
Global Rice
Quotes
December 1st, 2014
Long grain white rice - high quality
Thailand 100% B grade 420-430
↔
Vietnam 5% broken 380-390 ↓
India 5% broken 390-400
↔
Pakistan 5% broken 380-390 ↔
Cambodia 5% broken 455-465
↔
U.S. 4% broken 540-550 ↔
Uruguay 5% broken 595-605 ↔
Argentina 5% broken 595-605 ↔
Long grain white rice - low quality
Thailand 25% broken NQ
↔
Vietnam 25% broken 350-360 ↔
Pakistan 25% broken 335-345 ↔
Cambodia 25% broken NQ
↔
India 25% broken 355-365
↔
U.S. 15% broken 515-525
↔
Long grain parboiled rice
Thailand parboiled 100% stxd 405-415
↔
Pakistan parboiled 5% broken stxd 420-430
↔
India parboiled 5% broken stxd 375-385
↔
U.S. parboiled 4% broken 580-590
↔
Brazil parboiled 5% broken 570-580
↔
Uruguay parboiled 5% broken NQ
↔
Long grain fragrant rice
Thailand Hommali 92% 950-960
↑
Vietnam Jasmine 525-535
↔
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Malis 835-845
↔
Brokens
Thailand A1 Super 365-375
↑
Vietnam 100% broken 325-335
↔
Pakistan 100% broken stxd 305-315
↔
Cambodia A1 Super NQ ↔
India 100% Broken stxd 300-310
↔
Egypt medium grain brokens NQ
↔
U.S. pet food 445-455 ↔
Brazil half grain NQ ↔
All prices USD per ton, FOB vessel, oryza.com
