Pakistan May Soon Resume Banking Ties with Iran, Says SBP
Official
Feb 23, 2016
The State Bank of Pakistan
(SBP) may soon allow local banks to resume ties with their Iranian counterparts
following the government's recent lifting of sanctions on the neighboring
nation, local sources quoted the Chief spokesman at the SBP.He told reporters
that the Central Bank will shortly issue instructions to banks regarding the
decision. Thereafter, "all permissible transactions with Iran will be
possible," he said. He also noted that the Pakistan's decision will also
be intimated to the Iranian Central Bank.Rice exporters and other business
community stakeholders have been urging the government to resume official
banking channels with Iran to streamline trade but the government has not
obliged due to the sanctions on Iran. In February this year, the government
lifted sanctions on Iran following the UN Security Council Resolution 2231.
During sanctions, the
bilateral trade between Iran and Pakistan fell to $431.76 million in 2010-11
from around $1.32 billion in 2008-09, according to the local sources."The
lifting of sanctions will enable the two countries to fully reinvigorate
various bilateral and multilateral arrangements for promoting investments and
cooperation," a finance ministry’s statement said. The resumption of
banking ties will reportedly allow banks to set up an appropriate payment
mechanism for enhancing trade ties between the two countries.Iran was a major
importer of Pakistan basmati rice prior to the sanctions. “However, after tough
economic sanctions, Pakistan lost this market to India,” said an official at
Trade Development Authority of Pakistan (TDAP).
GI Recognition to Indian Basmati Rice Will Stabilize Prices
and Boost Exports, Say Experts
Feb 23, 2016
Experts are expecting that
the geographical indications (GI) recognition to Indian basmati rice will help
to stabilize prices, which have been falling since the beginning of this
financial year (April - March) due to excess supplies, as well as boost
exports, according Business Standard.
Basmati rice supplies have
increased significantly this year due to an increase in acreage. Basmati rice
farmers earned between Rs.3,000 to Rs.3,500 per quintal (around $438 - $511 per
ton) for some basmati rice varieties in kharif 2014-15. Expecting same kind of
returns, they increased the basmati acreage in 2015-16 to over 500,000 hectares
by converting some of the non-basmati rice acreage. However, sudden fall in
prices have undermined the interests of the traditional farmers.
Even the export prices for
basmati fell from around $1,295 per ton in FY 2013-14 to around $1,220 in FY
2014-15 and to around $885 per ton in FY 2015-16, according to the Agriculture
and Processed Food Exports Development Authority (APEDA).The APEDA officials
noted that such situation can be averted going further as the GI tag for
basmati grown in Indo-Gangetic plains would protect from varieties grown in other
areas being claimed as "basmati." Rice grown in Punjab, Haryana,
Himachal Pradesh and parts of Uttar Pradesh, Uttarakhand, Jammu and Kashmir and
Delhi is certified as "basmati" under the GI tag.
They also
noted that they are planning to apply for GI recognition in the EU, U.S. and
Gulf to protect the interests of the traditional basmati rice growers
Wholesale Basmati Rice Prices in India Rise on Increased
Buying for Stockpiling
Feb 23, 2016
Wholesale basmati rice prices in the national capital have
increased today owing to an increase in buying for stockpiling against
restricted supplies from producers, according to the Press Trust of India
(PTI).
On February 23, 2016, prices of Pusa 1121 increased to around
Rs.4,100 - 5,000 per quintal (around $598 - $730 per ton) from previous levels
of around 4,050 - 4,950 per quintal (around $592 - $724 per ton).
Prices of common basmati remained stable at previous levels of
around Rs.5,300 - 5,400 per quintal (around $773 - $789 per ton).
"Some buying by stockists against restricted supplies from
producing regions mainly led to the rise in rice basmati prices," traders
were quoted as saying.
Global Rice Quotes
February 23rd, 2016
Long grain white rice - high quality
Thailand 100% B grade 365-375
↔
Vietnam 5% broken 350-360
↔
India 5% broken 360-370
↔
Pakistan 5% broken 340-350
↔
Myanmar 5% broken 420-430
↑
Cambodia 5% broken 410-420
↔
U.S. 4% broken 460-470
↔
Uruguay 5% broken 440-450
↔
Argentina 5% broken 430-440
↔
Long grain white rice - low quality
Thailand 25% broken 345-355
↔
Vietnam 25% broken 340-350
↔
Pakistan 25% broken 305-315
↔
Cambodia 25% broken 395-405
↔
India 25% broken 325-335
↔
U.S. 15% broken (sacked) 440-450
↔
Long grain parboiled rice
Thailand parboiled 100% stxd 365-375 ↔
Pakistan parboiled 5% broken stxd NQ ↔
India parboiled 5% broken stxd 350-360 ↔
U.S. parboiled 4% broken 480-490
↔
Brazil parboiled 5% broken 520-530
↔
Uruguay parboiled 5% broken NQ
↔
Long grain fragrant rice
Thailand Hommali 92% 680-690
↔
Vietnam Jasmine 415-425
↑
India basmati 2% broken NQ
↔
Pakistan basmati 2% broken NQ
↔
Cambodia Phka Mails 760-770
↔
Brokens
Thailand A1 Super 325-335
↔
Vietnam 100% broken 325-335
↔
Pakistan 100% broken stxd 285-295
↔
Cambodia A1 Super 335-345
↔
India 100% broken stxd 260-270
↔
Egypt medium grain brokens NQ
↔
U.S. pet food 280-290 ↔
Brazil half grain NQ
↔
All prices USD per ton, FOB vessel, oryza.com
Vietnam Trade Ministry Seeks to Expand Rice Export Markets
in 2016
Feb 23, 2016
The Ministry of Industry and Trade
(MOIT) has urged the trade counsellors and domestic rice exporting companies to
reduce their dependence on China and expand into other markets including
Europe, Japan, South Korea and the U.S., according to the local sources.In a
meeting with the traders and exporters on February 22, 2016, the Ministry
discussed various measures to expand export markets for Vietnamese rice in
2016. The Ministry reportedly noted that China was the main export market for
Vietnamese rice in 2015, accounting for more half of Vietnam rice exports
during the year. However, the Ministry stressed that too much dependence on
China would pose a high risk to Vietnam, and highlighted the need for the
exporters to diversify their export markets.
But the Ministry noted that these
markets use premium rice products and therefor Vietnam ha to focus on high
quality rice exports. Currently, premium rice exports account for only 27% of
total Vietnam rice exports, according to the Ministry. The Ministry, therefore
emphasized the need for developing a national rice brand in addition to
adopting newer trade promotion strategies.
The MOIT Deputy Minister noted that the
domestic rice exporters still lack information on rice markets, particularly
information on new markets, and depend for more support and co-operation from
trade counsellors in foreign countries and authorised agencies to help them
promote their exports. He noted that the MOIT would work towards renewing trade
promotion activities in accordance to specific market needs."In the coming
time, the MoIT will increase the dissemination of information on free trade
agreements to farmers and rice exporters to help raise their competitiveness and
take advantage of such agreements," he said.
In 2015, Vietnam exported about up about 6.568 million
tons, up about 4% from about 6.33 million tons of rice exported in 2014. This
year, the Ministry is expecting exports to be impacted by extending drought
conditions, salt water intrusion and competition from top exporting nations,
including Thailand, India and Pakistan
Vietnam Rice Sellers Increase Some of Their Quotes Today;
Other Asia Rice Quotes Unchanged
Feb 23, 2016
Vietnam rice sellers increased their quotes for Jasmine rice by
about $5 per ton to around $415-$425 per ton today. Other Asia rice
sellers kept their quotes unchanged today.
5% Broken Rice
Thailand 5% rice is indicated at around $355 - $365 per ton, about
$5 per ton premium on Vietnam 5% rice shown at around $350 - $360 per ton.
India 5% rice is indicated at around $360 - $370 per ton, about $20 per ton
premium on Pakistan 5% rice shown at around $340 - $350 per ton.
25% Broken
Rice
Thailand 25% rice is indicated at around $345 - $355 per ton,
about $5per 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 $365 - $375per ton.
India parboiled rice is indicated at around $350 - $360 per ton, about $55 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 $325 - $335
per ton, on par with Vietnam 100% broken rice shown at around $325 - $335 per
ton. India's 100% broken rice is shown at around $260 - $270 per ton, about $25
per ton discount to Pakistan broken sortexed rice shown at around $285 - $295
per ton.
Philippines Researchers Adapt LAMP Virus Detection Tool for
Rice
Feb 23, 2016
Researchers from the Philippine Rice Research Institute (PhilRice)
have adapted the loop-mediated isothermal amplification (LAMP) technique, which
has been proven useful in detecting viruses in animals and humans, to detect
viruses in rice plants, according to a press release on the government website.
The LAMP technique can be the rice tungro bacilliform virus
(RTBV), rice ragged stunt virus (RRSV) and the rice dwarf virus (RDV) in rice
plants even before the common symptoms are noticed, according to the lead
researcher of the adaptation technique. “Through this application, major rice
virus diseases and insect vectors can be diagnosed in a fast, efficient, and
accurate method,” he said.
He noted that "the existing rice virus detection tools have
difficulties in detecting viruses that are of low titer (strength of a
substance’s solution) aside from being arduous and time consuming."
"This early, virus detection tool is useful for pest control
officers. The reliable and prompt results it provides can lead to proactive
solutions, and hence, prevent viral disease epidemic," he said.
Vietnam Ships 284,450 Tons of Rice from Saigon Port in
February 1 - 20, 2016
Feb 23, 2016
Vietnam rice exporters have shipped around 284,450 tons of rice
from Saigon port, Reuters quotes industry reports.
Shipments include 167,050 tons to Indonesia, 83,900 tons to the
Philippines, 29,000 tons to Cuba and 4,500 tons to East Timor.
Saigon port is the country's
largest port located on Saigon river in Ho Chi Minh City.
Oryza CBOT Rough Rice Futures Recap - Chicago Rough Rice
Futures Continue to Fall as Sharply Lower Crude Pressures U.S. Grain Prices
Feb 24, 2016
Chicago rough rice futures for Mar delivery settled 11 cents per
cwt (about $2 per ton) lower at $10.595 per cwt (about $234 per ton). The other
grains finished the day sharply lower as well; Soybeans closed about 1.3% lower
at $8.7300 per bushel; wheat finished about 1.8% lower at $4.5575 per bushel,
and corn finished the day about 1.5% lower at $3.6675 per bushel.
U.S. stocks traded about 1% lower Tuesday, weighed by declines in
oil prices and a miss in the consumer confidence index. Stocks extended losses
after The Conference Board said its consumer confidence index fell to 92.2 in
February, down from a downwardly revised 97.8 in January. Analysts polled by
Reuters had expected the index to hold near January levels. U.S. crude oil
futures for April delivery settled down $1.52, or 4.55%, at $31.87 a barrel,
below Monday's closing price of $33.39 a barrel but a touch above the final
price on the March contract of $31.48 a barrel.
The March contract rolled to April after the settle Monday. Saudi
Oil Minister Ali al-Naimi said at the CERAWeek energy conference that
production cuts won't happen, although producers will hopefully meet in March
to negotiate an output freeze. On the data front, the S&P/Case-Shiller
20-city composite home price index showed a 5.7% increase year-over-year in
December. U.S. home resales unexpectedly rose in January, reaching a six-month
high, in the latest sign that the economy remains on firmer ground despite
slowing global growth and tightening financial market conditions, Reuters said.
In afternoon trade, the Dow Jones industrial average traded down 170 points, or
1.03%, to 16,437. The S&P 500 traded down 20 points, or 1.06%, to 1,924,
with energy leading nine sectors lower and consumer staples the only advancer.
The Nasdaq composite declined 53 points, or 1.17%, to 4,517. Gold is seen
trading about 1.1% higher, crude oil is seen trading about 4.6% lower, and the
U.S. dollar is seen trading about 0.1% higher at about 2:00pm Chicago
time.
Monday, there were 3,243 contracts traded, up from 1,699 contracts
traded on Friday. Open interest – the number of contracts outstanding – on
Monday increased by 243 contracts to 12,773.
Brazil Paddy Rice Index Unchanged From Previous Week
Feb 23, 2016
The Brazilian paddy rice index maintained by the Center for
Advanced Studies on Applied Economics (CEPEA) reached around 41.91 real per 50
kilograms as of February 19, 2016, unchanged from last week.
In terms of USD, the index reached around $212.5 per ton on
February 19, 2016, up around 1% from around $210 per ton recorded a week ago.Month-on-month,
the index has increased around 1% from around 41.47 real per 50 kilograms recorded
month ago. In terms of USD, the index increased around 5% during the month.
