Saturday, November 21, 2015

20th November,2015 Daily Global Rice E-Newsletter by Riceplus Magazine

Rice export to Indonesia, Philippine, Sri Lanka on the cards

Dastagir says reason behind decrease in export is depressed prices of rice in international market
November 20, 2015, 1:45 pm
 ISLAMABAD - Federal Minister for Commerce Engineer Khurram Dastagir Khan on Friday informed the National Assembly that export of rice to Indonesia, Philippine and Sri Lanka would start very soon.
Description: http://www.dailytimes.com.pk/digital_images/456/2015-11-20/export-of-rice-to-indonesia-philippine-sri-lanka-to-start-soon-1448009085-1284.jpgReplying to various questions during Question hour, he said, agreement to export rice to Indonesia has been finalized while with Philippine it is in final stage, adding that concern of Sri Lanka about quality has been removed and export will start soon.He said exports of rice in the current markets are also being increased besides Trade Development Authority of Pakistan (TDAP) is actively supporting the rice exporters and finding new markets as Pakistan has world class Basmati rice.


The Minister said an agricultural exhibition was held in Russia for the first time and Russian Federation would become a new market for Pakistan, adding that in the recent days talks with officials of South Africa, Russia, France, Indonesia, Angola, Germany were held to increase export of Pakistani rice to these countries.He said surplus stock of basmati rice is available with the private sector in the country due to bumper crop and less exports. However, it is hard to determine the exact quantity of stocks.

The Minister said the reason behind decrease in export is depressed prices of rice in international market due to introduction of new low cost high yielding varieties of rice by international competitors.He said the export of rice is in the private sector and one time purchase of stocks by the government will not resolve the problem. He, however, said the government is in contact with the stakeholders to devise a mechanism to support the private sector in export efforts.He said the Prime Minister has constituted a committee to support the growers and has announced Rs 350 billion Kissan Package to help mitigate sufferings of the growers, particularly rice growers.

Delay in new trade policy hurting exports

MUBARAK ZEB KHAN — PUBLISHED A DAY AGO
ISLAMABAD: After a delay of five months, the Ministry of Commerce has sent a summary of the Strategic Trade Policy Framework (STPF) 2015-18 to the prime minister for his approval, an official told Dawn on Thursday.The policy was to be implemented from July 1, 2015 as the STPF 2012-15 expired on June 30, 2015. An official said implementation of the new STPF could go a long way in arresting the trend of decline in exports. In the first four months of this fiscal year, the country’s export proceeds witnessed a double digits decline.The process on the formulation of the new policy was started in September 2014 and the commerce ministry received 837 proposals. Of these 50 came from FPCCI, 110 from chambers of commerce and industries, 160 from trade associations, 240 from Pakistan’s trade mission abroad and 200 from federal and provincial government departments.

The official said the proposals were examined between November 2014 to March 2015. This exercise was followed by inter-ministerial consultation between March-April 2015. And the advisory council meeting was held in May 2015.After completion of the whole exercise, the commerce ministry sent a request to the prime minister secretariat seeking time to give presentation before formally submitting the policy to the cabinet for approval.Instead of implementing the policy, the prime minister constituted a cabinet committee on production and exports in August 2015. The committee, headed by the finance minister, held two meetings on the STPF and approved it on August 29. It was placed on back burner for more than two and a half months.The draft policy envisages $35 billion ambitious export target. It is focusing on markets as well as products with a specific support measures in the next three years.

The government would also provide Rs20bn for research and development.The new policy targets product sophistication and diversification; market access; institutional development and strengthening and trade facilitation.Under the policy, the focus market for basmati rice exports will be Iran, Saudi Arabia. The fresh vegetables and fruits exports like kinno, mango, vegetables, potato, and onion will be supported to markets of South East Asia and Middle East.In the same category, exports of meat products will be promoted to the markets of Middle East including Iran.The government will provide freight subsidy on export of cement to Africa. Other potential market for cement are Sri Lanka, India and Afghanistan.
 The duty structure will be revised on raw material including coal and shredded tyre as well.As per the draft policy, the market-linked focus products for Iran consist of basmati rice and meat. Under this scheme, for Iran government will provide warehousing support, branding support, certification support, border market support as well infrastructure development support to the identified sectors.For Afghanistan exports of wheat, rice, meat and cement will be promoted. For Afghanistan, the strategy includes infrastructure development, banking and rail link, zero rating on export of plastics.For China, the products exports of which will be promoted included rice, yarn, fabrics, and garments.

Published in Dawn, November 20th, 2015
http://www.dawn.com/news/1220847/delay-in-new-trade-policy-hurting-exports

Paddy prices go up, still below production cost
20 Nov, 2015 00:00:00          
Yasir Wardad
The food minister's declaration of raising duty on rice import has helped increase paddy prices at home slightly but the prices are still much below production cost, insiders said.Market insiders said the decision of hiking import duty should be implemented within a week to help most of the farmers get returns from the harvest.Paddy prices increased by Tk 40--50 per maund (40 kg) in last five days with the announcement of the food minister that the government would raise import duty of rice.Swarna variety was selling at  Tk 580-620 per maund which dropped to just Tk 500-550 per maund in different districts as the harvest began in the last week of October, sources in Rangpur, Rajshahi, Kushtia and Jessore regions said.Md Shah Suja, a farmer at Ramnagar in Nilphamari, told the FE that he has been getting poor prices for paddy from last Aman season due to flooding of the market with imported low-cost Indian rice.

He said the prices of paddy in this Aman season dropped below the level of the last season. "We also incurred losses in last Boro season as price of Brridhan-28 was below Tk 650 per maund against a production cost of minimum Tk 700," he said.The agriculture ministry, however, has estimated a production cost of Tk 740 per maund paddy in this Aman season.The government recently declared its procurement target for public food storage. The government will buy 0.2 million tonnes of Aman (rice form) at Tk 31 per kg which will be started from December 15. The food minister at a meeting of the Food Planning and Monitoring Committee at the ministry also declared that duty on rice import would be raised further from the earlier 10 per cent.However, the government imposed a 10 per cent import duty at the end of last Boro season which became effective from July 01 last.
Before that, having a zero-tariff facility, the private sector of the country made a record import of over 1.49 million tonnes of rice from India in the financial year 2014-15. The import continues as the importers brought another 0.122 million tonnes in last four and half months.  Secretary of the Bangladesh Auto Major Husking Mills Owners Association KM Layek Ali told the FE that apart from formal import, a huge volume of rice is being smuggled into the country from India."Smuggling is ten times higher than that of formal import," he said."The government should impose at least 30 per cent duty on rice import and also combat smuggling," he said.    Agricultural economist Golam Hafiz Kennedy said the food minister's declaration should be made effective within a week so as to help the farmers get some returns.He said due to a flood this year, production might decline slightly or might be static this season. "So, farmers should be encouraged to raise production in the Boro season," he said."To encourage farmers, there is no alternative but to ensure good price," he said.
However, Aman harvest has been going on in full swing across the country. According to the Department of Agriculture Extension (DAE), 30 per cent harvest was completed until November 17. Our field report is showing that per hectare yield has increased, Dr Md Abduhu, deputy director, monitoring wing under the DAE, said. "But overall acreage under Aman farming has dropped by nearly 40,000 hectares this season than that of the last due to a three and half months long flood from July to October," he said.The government has set a target to grow 13.35 million tonnes of rice from 5.6 million hectares in the current Aman season, he said.Rice production in Aman season was a record 13.2 million tonnes in FY'15.Aman is the second largest crop which constitutes 38 per cent of the overall rice production in the country.
    tonmoy.wardad@gmail.com
http://www.thefinancialexpress-bd.com/2015/11/20/118993
Indonesia's Rice Production Expected to Fall After Planting Delay
Description: http://img.beritasatu.com/cache/jakartaglobe/909x605-2/2015/06/Beras-Tiruan-IPB-Jaf-270515-3-1024x704.jpgJakarta. Rice production is expected to fall next year as planting is delayed due to a prolonged dry season this year, a farmers association representative said on Friday.Prolonged drought conditions induced by the El Nino weather phenomenon has destroyed some harvests across the archipelago, prompting the Central Statistics Agency (BPS) to cut the expected rice production by 560,000 tons to 74.99 million tons this year.“Next year the harvest is likely lower than in 2015, as delays in planting will disrupt harvest,” sai Dwi Andreas Santosa, chairman of Indonesian Farmer Seed Bank Association (AB2TI).

The association assists thousands of smallholding farmers by providing seeds and improving agriculture techniques and practices.A majority of association members — 62 percent — will only begin planting in December, two months behind the standard schedule, Dwi Andreas said.Around 23 percent of AB2TI members will plant this month, while just 15 percent were able to begin planting rice in October thanks largely to irrigation systems, he said.The government is importing 1.5 million tons of rice from Thailand and Vietnam by the end of the year in anticipation of a shortage.Vice President Jusuf Kalla earlier this month suggested it was unlikely Indonesia will need to import rice in 2016, as he expects an end to the drought conditions.

http://jakartaglobe.beritasatu.com/business/indonesias-rice-production-expected-fall-planting-delay/
Thai Rice En Route to Indonesia, More From Vietnam to Come
Jakarta. Indonesia's procurement body Bulog expects to see 500,000 tons of rice from Thailand entering the archipelago next month, an agency official said on Thursday.The shipment is part of the government's plan to import 1.5 million tons of rice from its Southeast Asian neighbor and Vietnam, in a move to anticipate a shortage of the food staple following an extended dry season brought on by El Nino, according to Bulog procurement director Wahyu. Description: http://img.beritasatu.com/cache/jakartaglobe/909x605-2/2015/11/DSC_0206-1024x682.jpg
“The rice will go through Bulog’s warehouses in Bitung [North Sulawesi], Lokhseumawe [Aceh], Medan [North Sumatra] and Surabaya. The supply will then be sent directly to East Nusa Tenggara and Papua, [...] areas with the most severe rice shortage,” Wahyu said.Saigon Port, Vietnam's largest port located along Saigon river in Ho Chi Minh City, has been loading 183,000 tons of rice bound to Indonesia in the past three weeks, Reuters reported on Wednesday.
Cook-Off Caps USA Rice-led GBI in Ghana  
Lining up for a taste of U.S. rice
ACCRA, GHANA -- The second U.S Food Products Cook-off involving local talent was held here yesterday with the theme: "U.S. Foods - Great in Quality, Great in Taste." This year's event, part of the USA Rice-led Global Based Initiative (GBI) activity, attracted more than four hundred traditional caterers from various food service associations across the nation. The cook-off was the capstone of three regional food service seminars organized by USA Rice, the USA Poultry and Egg Export Council, and the American Peanut Council. More than 1,500 foodservice providers participated in all of the regional seminars, and gained information and education on U.S. rice, poultry, and peanut butter.
The U.S. Department of Agriculture's (USDA) Regional Agricultural Counselor Kurt Seifarth attended the event, along with officials traveling with the USDA agribusiness trade mission in Sub-Saharan Africa, and expressed their strong support for this platform for the artisanal catering industry to showcase their culinary skills and creativity, using high quality U.S. food products.Finatrade and Sucatrade, both local Ghanaian importers of U.S. rice and poultry, donated food products for the cook-off.This week's event coincides with the end of a six-month advertising campaign in major cities that was a focal point of the GBI. The campaign includes large format billboards and radio advertising to raise awareness of the U.S. commodities.
 Contact: Eszter Somogyi 011-49-40-4503-8667

CORRECTED-Thailand to start sale of 2 mln T of spoiled rice this month


Fri Nov 20, 2015 4:20am GMT
 (Corrects 9th paragraph in story published Monday to say sales worth 52 billion baht ($1.5 billion), not 5.2 billion baht ($145 million).Nov 16 Thailand's military government will begin auctioning 2 million tonnes of rotten rice by the end of this month, looking to offload stockpiles of the staple grain built up under a previous support scheme for farmers.Thailand, the world's second biggest rice exporter after India, is holding about 13 million tonnes of rice bought at higher-than-market prices to help farmers, a scheme that cost the previous government billions of dollars.Some 2 million tonnes of the stored rice that has been judged unfit for human or animal consumption is to be auctioned away for such industrial uses as producing ethanol."Within this week the foreign trade department at the ministry will announce the terms for selling the ruined rice," said Chutima Bunyapraphasara, the commerce ministry's permanent secretary.

It will be the first time rotten rice has been sold from Thailand's stockpiles strictly for industrial uses.Of the 13 million tonnes of rice Thailand still holds in its state warehouses, around half, or 6 million tonnes, is "below-standard or rotten", said a commerce ministry statement.The commerce ministry plans to start this month's auction in lots of between 1,000 and 6,000 tonnes, Chutima told reporters, with interested buyers able to inspect the stocks and submit their bids by the end of the month.Analysts have said the rotten rice would be sold for far less than edible stocks.Since Thailand's military government took power in 2014, it has auctioned off 5 million tonnes of rice through several tenders, with sales worth about 52 billion baht ($1.5 billion), the commerce ministry said.
Thailand accounts for about a quarter of the global rice trade and so far this year has exported around 8 million tonnes, earning the country around 127 billion baht ($3.5 billion).Thailand's goal to export 10 million tonnes of rice this year to regain its crown as top exporter will likely not be met, said the commerce ministry.India was the top rice exporter in 2014, eclipsing Thailand after its multi-billion dollar subsidy scheme led to a massive build-up of rice in storage.($1 = 35.98 baht) (Reporting by Panarat Thepgumpanat and Patpicha Tanakasempipat; Writing by Amy Sawitta Lefevre; Editing by Tom Hogue)

http://uk.reuters.com/article/2015/11/20/thailand-rice-idUKL3N13B2VJ20151120

 

Nigeria hopes to reach rice mill deal with China by year-end

By
Staff Writer
November 21, 2015
ABUJA, (Reuters) – Nigeria hopes to reach a deal with China within weeks to set up 40 rice mills, its new agriculture minister said, as part of plans to eliminate the need for any imports of the grain within two years.Audu Ogbeh said in his first interview since taking office last week that Africa’s top oil exporter wants to boost production of tomatoes, soy beans, nuts and plant two million cocoa trees to reduce an annual food import bill of $20 billion and create jobs for its impoverished youth.President Muhammadu Buhari, who took office in May on a campaign to usher in a new era for a country hit by corruption and mismanagement, wants to boost the agricultural sector and end reliance on oil exports after a plunge in crude prices.That will be an uphill challenge as pot-holed roads hamper the transport of goods. Nigeria has tens of millions of farmers but the vast majority of them work on a subsistence basis and live on less than $2 a day

 

http://www.stabroeknews.com/2015/news/world/11/21/nigeria-hopes-to-reach-rice-mill-deal-with-china-by-year-end/#utm_source=rss&utm_medium=rss&utm_campaign=nigeria-hopes-to-reach-rice-mill-deal-with-china-by-year-end

Mekong rice straw to go to Japan

Rice straw drying in Dien Lam Commune, central Nghe An Province's Dien Chau District. Rice straw will be exported to Japan as animal feed. — VNA/VNS Photo Lan Xuan

Description: http://vietnamnews.vn/thumbnail/450/1404-rom.jpg?url=Storage/Images/2015/11/20/1404-rom.jpgHCM CITY (VNS) — Rice straw, which is usually burnt by Cuu Long (Mekong) farmers at rice fields after harvest, will be exported to Japan as animal feed, according to Song Hau State Farm in the Mekong City of Can Tho.At a meeting on Wednesday , the management board of Song Hau State Farm negotiated with representatives of Japan Beef Import/Export Association (JBIX) on a project to process rice straw from the Mekong Delta for export to Japan where the material will be used as animal feed.A representative of JBIX said Japan needs sources of clean feed for its husbandry industry, especially for its herd of 4.3 million cows. The demand includes 220,000 tonnes of processed rice straw per year.

Under the project, JBIX will provide capital and equipment to its Vietnamese counterpart, and at the same time send Japanese experts to Song Hau Farm to provide technical know-how and staff training.Nguyen Thanh Phu, director of Song Hau State Farm, said if the project goes smoothly, the first shipments of processed rice straw from the Mekong Delta would be exported to Japan.The project is expected not only to better benefit Mekong farmers but also help reduce pollution caused by straw burnt after the harvest. — VNS

http://vietnamnews.vn/economy/278776/mekong-rice-straw-to-go-to-japan.html

 

Is El Niño the Solution to California's Drought?

Thursday, November 19, 2015, by Megan Barber

[Houseboats sit in the drought lowered waters of Oroville Lake, near Oroville, Calif. in this Oct. 30, 2014 file photo. AP / Rich Pedroncelli

For the past four years, skiers and snowboarders have suffered through one of the worst droughts in the history of California. Last year, the Tahoe snowpack on April 1 was so bad, Governor Jerry Brown ordered the state's first-ever mandatory statewide water restrictions. This fall, however, the snowpack is measuring well above average and more storms are on the horizon. And although the strongest effects of El Niño likely won't be felt until mid-December at the earliest, everyone is wondering: will this year's record-breaking El Niñorescue California from its epic drought?
Description: AP394255680112.jpg
At this point, there's not just the potential for a strong El Niño this winter, it's pretty much a guarantee. The National Oceanic and Atmosphere Association (NOAA) notes that "El Niño-related impacts have been occurring around the globe for months already" and in the United States these impacts will be strongest from December through March. That's not to say we haven't already seen the influence of warmer surface waters in the equatorial Pacific, it's just that the strongest effects are yet to be seen.Because El Niño tends to create wetter and cooler than average conditions across the southern portions of the United States, and warmer and drier conditions across the northern regions, Californians are bracing for what could be an epic winter of rain. But it's important to note that even a wet winter would be, as NOAA put it, "very unlikely to eradicate 4 years of drought."Even with November's precipitation, most of California is still in an exceptional drought. The most recent U.S. Drought Monitor map, released November 19, provides a good picture of just how severe the state's drought remains.
So what will it take this winter to put a dent into California's water problem? Lots and lots of rain. For multiple years in a row, the state's rainfall amounts have been between 54-75 percent of normal. As NOAA explains, "every region in California is missing at least a year's worth of precipitation," and the southern coast of California (here's looking at you, Los Angeles) is missing almost two year's worth of rain.California doesn't just need a little bit of rain to end the drought, it needs a ton of rain or snow. Just check out this map of the percent of normal precipitationneeded by the end of September 2016:

Percent of normal precipitation required in the upcoming year to mitigate 5-year rainfall deficits. Maps via NOAA Climate.gov, based on analysis of Climate Division data by Rich Tinker, NOAA Climate Prediction Center.To put it in perspective, most of California would need to have one of the wettest years on record to get five-year precipitation deficits out of the bottom 20 percent. To get out of the 50th percentile, every region of California would needrecord-breaking amounts of rain. That means that Los Angeles would need nearly 53 inches of rain this year, more than 15 inches higher than the current record for the wettest year ever.What does this all mean? It's unlikely that this year's El Niño, no matter how strong it is, can solve California's drought. Even more important, El Niño has the best chance of helping if precipitation falls across the entire state.
In southern California, where the probability of a wet winter is much higher than the northern half of the state, El Niño could bring more rain. But the backbone of California's water supply, delivery system, and reservoir capacity is in Northern California. If heavy rain falls north of Sacramento, where some of the state's largest reservoirs are located, the El Niño precipitation would be much more beneficial to ending the drought. Colder temperatures at higher elevations would also help replenish the state's snowpack.Drought-relief isn't going to happen overnight, even with an El Niño this strong.
Description: CA_precip_needed_2015_large.png
The most likely scenario is that El Niño brings above average rainfall this winter, but that the drought remains intact through spring. The best hope is that this year's El Niño makes the drought less extreme.
CME Group/Closing Rough Rice Futures   
CME Group (Prelim):  Closing Rough Rice Futures for November 20 
Month
Price
Net Change

January 2016
$12.130
+ $0.285
March 2016
$12.395
+ $0.285
May 2016
$12.680
+ $0.285
July 2016
$12.935
+ $0.285
September 2016
$12.635
+ $0.285
November 2016
$12.635
+ $0.285
January 2017
$12.635
+ $0.285

U.S. Rice Impresses Chef at Food & Hotel Food Show in China 
 US Rice Impresses Chefs in China
Talking U.S. rice in China
SHANGHAI, CHINA - Last week, USA Rice participated in the Food and Hotel China 2015 international exhibition here. The U.S. delegation, including John Valpey of American Commodity Company, Kevin McGilton of Riceland Foods, Ken La Grande and Steve Vargas of Sun Valley Rice Company, and Derek Alarcon of Farmers' Rice Cooperative, met with importers, distributors, and retailers. Two of the key meetings were with COFCO (China National Cereals, Oils and Foodstuffs Corporation) and Wal-Mart. This was USA Rice's second consecutive year at the show and new for this year was a professional chef's preparation of five different rice dishes for sampling using five different varieties of U.S. rice each day. The chef, Richard Ong Kahloo, formerly executive chef at the JC Mandarin Shanghai, and now a food consultant, gave high marks to U.S. varieties he was using.
 "Calhikari, as steamed rice, keeps a long time without getting soft and is very good at absorbing the sauces from the meat and vegetables in the dish," Kahloo said. "I used Calrose in a seafood congee dish and liked that it gets sticky quickly. And finally, U.S. Jazzman long grain rice is now my favorite rice for cooking stir-fry. Normally cooked rice for stir-fry should be cooled down after it is cooked, but with Jazzman, it can be used immediately." Participation at food shows has helped introduce U.S. rice to the Chinese rice trade in advance of having a protocol agreement for the commercial importation of rice into the country which has been in the works for years and is expected soon.
 Contact: Bill Farmer (832) 302-6710
APEDA Commodity News


International Benchmark Price
Price on: 19-11-2015
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
Raisins
1
Californian Thompson seedless raisins, CIF UK (GBP/t)
2422
2
South African Thompson seedless raisins, CIF UK (GBP/t)
2459
Sultanas
1
Australian 5 Crown, CIF UK (USD/t)
2940
2
South African Orange River, CIF UK (USD/t)
2610
3
Turkish No 9 standard, FOB Izmir (USD/t)
2125
Source:agra-net
For more info
Market Watch
Commodity-wise, Market-wise Daily Price on 19-11-2015
Domestic Prices
Unit Price : Rs per Qty
Product
Market Center
Variety
Min Price
Max Price
Jowar(Sorgham)
1
Siddhpur (Gujarat)
Other
2300
3180
2
Gulbarga (Karnataka)
Hybrid
1250
1545
3
Solapur (Maharashtra)
Other 
1925
3050
Maize
1
Hassan (Karnataka)
Local
1000
1570
2
Pune (Maharashtra)
Other
1575
1650
3
Dahod (Gujarat)
Yellow
1430
1500
Mousambi
1
Sirhind (Punjab)
Other
2000
3600
2
Jalore (Rajasthan)
Other
2500
3000
3
Barara (Haryana)
Other
2900
3100
Brinjal
1
Chala (Kerala)
Other
2600
2653
2
Shillong (Meghalaya)
Other
2400
2600
3
Sainthia (West Bengal)
Other
820
930
For more info
Egg
Rs per 100 No
Price on 19-11-2015
Product
Market Center
Price
1
Pune
390
2
Mysore
378
3
Nagapur
363
Source: e2necc.com
Other International Prices
Unit Price : US$ per package
Price on 19-11-2015
Product
Market Center
Origin
Variety
Low
High
Potatoes
Package: 50 lb cartons
1
Atlanta
Colorado
Russet
17
17.75
2
Chicago
Idaho
Russet
14
16
3
Detroit
Wisconsin
Russet
15
15.50
Cucumbers
Package: cartons film wrapped
1
Atlanta
Mexico
Long Seedless
14
14
2
Dallas
California
Long Seedless
17
18.50
3
Miami
Honduras
Long Seedless
10
10
Grapefruit
Package: cartons tray pack
1
Atlanta
Virginia  
Red Delicious
27
28
2
Dallas
Washington 
Red Delicious
24
24
3
New York
Washington
Red Delicious
25
28
Source:USDA


Arkansas Farm Bureau Daily Commodity Report


Rice
High
Low
Long Grain Cash Bids
- - -
- - -
Long Grain New Crop
- - -
- - -


Futures:
High
Low
Last
Change
Jan '16
1217.0
1176.0
1213.0
+28.5
Mar '16
1240.5
1206.0
1239.5
+28.5
May '16
1268.0
+28.5
Jul '16
1293.5
+28.5
Sep '16
1263.5
+28.5
Nov '16
1263.5
+28.5
Jan '17
1263.5
+28.5

Rice Comment

Rice futures were posting sharp gains at mid-day. January will have resistance near $12.50 on a rebound, while March has tough resistance at $12.75. Global ending stocks for 15/16 were raised by 3 percent (2.7 million tons) due to an increase in beginning stocks and a decrease in consumption in the November report. The average long-grain price is projected down $1.30 from last month to $11.50 to $12.50.


                           http://www.arfb.com/ag-markets-statistics/report/