5th August , 2014
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TOP Contents - Tailored for YOU Latest News Headlines… Brunei Imports 3,003 Tons of Jasmine Rice from Cambodia Drought-Resistant and Hybrid Varieties Drive India Rice Production Despite Poor Monsoons India Government Targets to Procure 30.05 Million Tons of Rice in KMS 2014-15, Down 12% from Last Year Oryza July 2014 Rice Market Review Oryza U.S. Rough Rice Recap - Old Crop Prices Drop while New Crop Trade Remains Limited Oryza Afternoon Recap - Chicago Rough Rice Futures Find Underlying Support and Close Slightly Higher Exporters Seek to Benefit from Iran Import Duty Hike on Indian Basmati Rice Oryza Global Rice Quotes
News Detail…
Brunei Imports 3,003 Tons of Jasmine Rice from Cambodia Aug 04, 2014
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Brunei has imported around 3,003 tons of jasmine rice from Cambodia, according to the Supply and State Stores Department under the Ministry of Finance, report local sources. The Department officials told local media sources in a press briefing that the imports are essential to strengthen the country's food security. They also noted that the Cambodian jasmine rice would be sold at around $12.50 per bag of ten kilograms (around $1,250 per ton) and would be available in various stores across the country from this August.Brunei imports nearly 40,000 tons of rice, or nearly 98% of its annual demand of around 41,000 tons. The South East Asian nation usually imports rice from India, Thailand, Vietnam and Cambodia. Brunei has been producing around 1,000 tons of rice annually since 2002. In 2008, the Sultan of Brunei noted that the country should not be dependent on other countries for its rice supply and should have their own strategic plan to ensure food security. However, no significant development has been seen on the production.The USDA estimates the country to import around 40,000 tons in 2014 and 2015, up about 24% from around 33,000 tons imported in 2013. Tags: Brunei rice imports, Brunei rice production, Jasmine rice, Cambodia rice exports
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Drought-Resistant and Hybrid Varieties Drive India Rice Production Despite Poor Monsoons Aug 04, 2014
Indian paddy rice production depends majorly on monsoon rains in June - September period, any delay or reduction in monsoon rains means lesser paddy rice. However, this year's delayed monsoons in India have had lesser impact on India rice production, thanks to newer drought-resistant and hybrid varieties introduced to Indian rice farmers. An article in the Wall Street Journal says India's paddy rice production is expected to be just 1.2% less than the last year's 159.4 million tons despite India receiving nearly 60% below-normal rains during the first two months of the monsoon season, during which farmers usually begin sowing seeds for the kharif rice crop (June -December). Farmers are particularly hailing newer hybrid basmati rice varieties such as Pusa 1121 and Pusa 1509, which have helped them achieve yields of around 5 - 6 tons per hectare compared to around 3 - 4 tons per hectare from traditional rice varieties.Analysts are expecting India to export around 9.7 million tons of rice this year, down about 9% from last year's 10.65 million tons. However, Indian exporters say increased income from basmati exports would provide cushion to India's earnings from total rice exports.USDA estimates India to export around 9 million tons in MY 2014-15 (October - September), down about 10% from an estimated 10 million tons in MY 2013-14. Tags: India rice production, India rice exports, india basmati rice, Pusa 1509, Pusa 1121
India Government Targets to Procure 30.05 Million Tons of Rice in KMS 2014-15, Down 12% from Last Year Aug 04, 2014
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The Indian government is targeting to procure 30.05 million tons of rice during the 2014-15 Kharif Marketing Season (October 2014 - September 2015), down about 12% from last year's target of around 34.3 million tons, according to a statement released by the Ministry of Consumer Affairs, Food & Public Distribution.The statement noted that the Ministry maintained this year's kharif procurement target comparable to last year's kharif target of around 31.1 million tons despite deficit monsoon and delayed sowing.The Ministry directed state governments to open adequate number of purchasing centers as well as deploy sufficient manpower. They have also been asked to furnish details of storage plans for the ensuing KMS and an action plan to meet the deficit in storage requirement. The Secretary of Food Department noted that an Online Procurement Monitoring System (OPMS) has been set up for monitoring and reporting of procurement operations on a daily basis.The Food Corporation of India (FCI), the nodal agency for food grain procurement and distribution, has procured around 28.64 million tons of rice in the KMS 2013-14 as of June 2, 2014. Government procurement in the current year is expected to fall short of the target due to sluggish paddy arrivals, especially from the states of Andhra Pradesh and Orissa, where paddy production was badly affected by cyclones and excess rainfall. The government procured about 34 million tons of rice in KMS 2012-13 and about 35.06 million tons in KMS 2011-12.
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Tags: India rice procurement, Kharif Marketing Season (KMS), Food Corporation of India (FCI)
Oryza July 2014 Rice Market Review Aug 04, 2014
The Oryza White Rice Index (WRI), a weighted average of global white rice export quotes, ended the month of July at $483 per ton, up about $22 per ton from a month ago and up about $8 per ton from a year ago.The Oryza WRI increased in July due to higher quotes from Thailand and Vietnam (up about 13% m/m and 15% m/m respectively). South America remains the most expensive origin and Thailand remains the cheapest in July. The International Grains Council (IGC) has estimated 2014 world rice trade at a record 40 million tons, up about 5% from last year due to increased imports expectation from Far East Asian countries such as China, Indonesia and the Philippines, as well as the African nations. Global rice production is expected to reach at about 476 million tons in 2013-14, up about 1% from last year, due to expectation of improved harvest in Pakistan, Brazil, Philippines, Bangladesh and Indonesia, according to the IGC. Global ending stocks in 2013-14 expected to decline to about 109 million tons from about 110 million tons in the previous year, IGC said. Thailand Thailand 5% broken rice ended the month of July at about $435 per ton, up about 13% from a month ago and down about 4% from a year ago. The World Bank said that Thailand’s 5% broken rice prices will decline continuously for the next 11 years, even if the Thailand government doesn't release rice stocks.
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Thailand paddy rice production is estimated to reach about 38.8 million tons (about 26 million tons, basis milled) in 2014-15, pretty close to an estimated 38.79 million tons in 2013-14, according to data from the Office of Agricultural Economics (OAE). Meanwhile, the President of the Thai Rice Packers Association said that paddy rice output in the current year would be lowest since 2009-2010, when Thailand produced about 32.4 million tons of paddy due to drought as well as lack of a price subsidy discouraged farmers from planting rice. Separately, Thailand's Commerce Ministry is planning to hold first of a series of rice auctions - to sell about 200,000 to 500,000 tons of rice between August to September 2014 - in early August, after finishing the inspection process of rice stocks. The Ministry assured that the rice stocks in government warehouses is of good quality and can be exported as well. The Ministry is reportedly planning to negotiate with China to purchase another one million tons of rice (from the new harvest that will start coming from October) under a governmentto-government (G-2-G) deal from Thailand. China had already agreed to buy about one million tons rice to Thailand under a G-2-G deal in March this year and about 100,000 tons are already shipped. Meanwhile, Thailand Permanent Secretary said that the Ministry would temporarily slow down sales during the 2014-15 main crop harvest to control price falls. Separately, the board of Trade of Thailand proposed five rice strategies, Promoting self-sufficiency; adopting modern farming technology; encouraging alternative economic crops for rice; focusing on seed quality; and facilitating private enterprises to trade rice with no intervention by the government, at Bt20 billion ($621 million) a year to develop a sustainable rice industry. Thai Commerce Ministry and rice exporters are charting out plans to regain market share in major rice importing countries such as China, Malaysia, Indonesia and the Philippines. India India 5% broken rice ended the month of July at about $440 per ton, 1% from a month ago and down about 1% from a year ago. Average monthly wholesale rice prices in India increased to about Rs.3,255 per quintal (about $543 per ton) in July 2014, up about 12% from about Rs.2,901 per quintal (about $483 per ton) in June 2014, and up about 22% from about Rs.2,668 per quintal (about $452 per ton) in July 2013. India is expected to produce about 157.5 million tons paddy (about 106.29 million tons, basis milled) in 2014, down about 1% from last year due to expected impact of El Nino. Due to arrival of monsoon in late July, in India’s eastern state Maharashtra and adjoining states such as Karnataka, Andhra Pradesh, Madhya Pradesh, would help for production of rice, the Agro Meteorology Department experts said. As of August 1, 2014, planting for kharif rice crop, or main rice crop (June – December; harvesting begins in October) in India has reached about 22.156 million hectares, down about 7% from last year. Meanwhile, the Agriculture Ministry has already advised state governments to be ready with contingency plans to minimize the effect of El Ninotriggered low monsoons.
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The Indian government has ordered the state governments not to fix any bonus over the minimum support price (MSP), declared by the Center, on rice for the 2014-15 Kharif Marketing Season (KMS) starting this October, as it will enhance market availability, tame food inflation and is supportive of export competitiveness of grains. India basmati rice export to U.S. is expected to surge as the U.S. Environment Protection Agency (EPA) has relaxed the import tolerance limits for tricyclazole fungicide in Indian basmati rice imports. The USEPA has fixed the Maximum Permissible Limit (MPL) for the tricyclazole fungicide in Indian basmati rice imports at 3 parts per million (ppm). Separately, the Food Corporation of India (FCI) has discovered a new route - from the southern coastal city of Visakhapatnam to the north eastern city of Agartala Via Bangladesh - to save time and cost of transportation by nearly half as compared to regular road-rail routes. India government has decided to put field trials of genetically modified crops especially on cotton and rice on hold. The Indian government also exempted rice bran from import duty, which was earlier 15%, in the recently announced Union Budget for 2014-15 to help domestic edible oil processing sector, which has a capacity of producing about 1.4 million tons of rice bran oil annually. The International Grains Council’s Senior Economist Darren Cooper expects India to export about 9.5 million tons rice in 2014. Sri Lanka is expected to import about 50,000 tons of rice from India to make up for shortfalls from production. India’s rice stocks in the central pool as of July 1, 2014 reached at about 25.41 million tons (including a milled equivalent of about 6.424 million tons of paddy), down about 19% from about 31.51 million tons recorded during the same time last year, according to data from the Food Corporation of India. Vietnam Vietnam 5% broken rice ended the month of July at about $470 per ton, up about 15% from a month ago and up about 18% from a year ago. The Vietnam Food Authority (VFA) has increased the minimum support price for 25% broken rice to $410 per ton (Free-On-Board basis), up about 9% from the current $375 per ton, according to the VFA. The new minimum support price has been effective from July 28, 2014. Vietnam exported about 3.62 million tons of rice from January -July, 2014, down about 12% from about 4.1 million tons of rice exported in same time last year, according to data from the VFA. Separately, Indonesia has signed an import contract of about 50,000 tons of rice at about Rp 6,000 per kilogram, or about Rp 300 billion (about $25.8 million), with Vietnam, according to the State Logistics Agency (Bulog). Vietnam rice farmers are unable to take advantage of the increasing rice prices and are blaming to the VFA for their plight. They say the VFA has not guided them properly regarding the market demands and prices. Separately, private rice exporters in Vietnam also slammed the VFA for restricting, rather than facilitating, their rice businesses. The exports said the VFA is particularly discouraging exporters to sell rice to Indonesia,
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Malaysia and the Philippines, with which it has government-to-government (G2G) contracts. They say their export businesses have been suffering for the past few months due to these so-called "concentrated contracts", adding that exporters not associated with the VFA G2G contracts were unable to export rice to the abovementioned destinations due to VFA regulations. Meanwhile, Vietnam rice experts said a proper rice value chain linking production, distribution and export channels is needed to ensure fair prices to rice farmers. The FAO projected Vietnam to export about 7 million tons rice in 2014, up about 5% from last year. Meanwhile, the agency forecasted production of about 44.5 million tons paddy to Vietnam, slightly up about 43.859 million tons produced in last year. Pakistan Pakistan 5% broken rice ended the month of July at about $440 per ton, down about 1% from month ago, and up about 4% from a year ago. Pakistan is expected to produce about 7.1 million tons rice in FY 2013-14 (JulyJune) from an estimated area of about 2.879 million hectares and an estimated yield of about 2.5 tons per hectare, according to the National Space Agency of Pakistan. Meanwhile, Pakistan has exported about 3.16 million tons of rice, FY 2013-14, down about 7% from last year, according to provisional data from the Pakistan Bureau of Statistics. Separately, the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) is planning to further strengthen Pakistan's export ties with China, as Pakistan rice export to China increase about 244% in last two years. Pakistan can export about 3.75 million tons rice to China if rice yield improves by adopting hybrid rice varieties and new production techniques, according to the PCJCCI's president. Pakistan and Iran are also charting out plans for a smooth barter trade that does not violate the UN sanctions to Iran. Cambodia Cambodia 5% broken rice ended the month of July at about $455 per ton, up about 2% from a month ago. Cambodia exported about 177,928 tons of rice in first half of calendar year 2014, up about 1% from about 175,959 tons rice exported in the same period last year, according to data from the Secretariat of One Window Service of Rice Export Formality. Separately, the newly formed Cambodia Rice Federation (CRF) has vowed to address all problems of rice farmers, and work towards reforming the country's rice market as a whole, but farmers and traders are skeptical of CRF's promises in view of the past experiences with previous rice federations and associations. Brazil
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Brazil’s National Grains Supply Company (Conab) expects Brazil's paddy rice production to reach at about 12.18 million tons in 2013-14, up about 3% from about 11.82 million tons produced in 2012-13, due to higher yield expected in 2013-14. Meanwhile, the Brazilian Institute of Geography and Statistics (IBGE) also expect that Brazil’s paddy rice production will increase to about 12.3 million tons in 2014, up about 4.23% from about 11.76 million tons produced in 2013. Brazil exported about 677,176 tons of rice in first half of CY2014 (January – December), down about 44% from about 1.29 million tons rice exported in full CY2013. The Brazilian paddy rice index maintained by CEPEA reached at about 35.88 real per 50 kilograms (about 319 per ton; using current exchange rate) as of August 1, 2014, down about 1% from about 36.23 real per 50 kilograms (about 329 per ton; using historical exchange rate) recorded on July 1, 2014. Five percent broken rice from Uruguay and Argentina ended the month of July at about $620 per ton, down about 1% from a month and a year ago. U.S. U.S. 4% broken rice ended the month of July at about $555 per ton, down about 3% from a month ago, and down about 8% from a year ago. The USDA projected to increase the U.S. rice export to about 4.85 million tons in MY2014-15(August - July), up about 14% from an estimated about 4.24 million tons in MY2013-14. Meanwhile the USDA expects that the U.S. rice import will reach at about 950,000 tons in MY2014-15, down about 9% from an estimated 1.04 million tons in MY2013-14. The U.S. rice production is also expected to reach at about 10.25 million tons in MY2014-15, up about 19% from last year. Separately, the FAO forecasted Central American countries' (El Salvador, Guatemala, Honduras and Nicaragua) paddy rice production to increase to about 574,000 tons in 2014, slightly up from an estimated 571,600 tons in 2013. The U.S. rice exporters are likely to lose their share in the South Korean market as the South Korean government decided to liberalize its rice market on January 1, 2015. Korea's import quota of country-specific minimum market access, which allowed Korea to implement non-tariff trade barriers to its rice import, will expire at the end of this year. Korea is expected to submit a draft consisting of changes for its rice market to the WTO by the end of September, as well as its likely tariffs under the WTO rules. Africa
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Nigeria has decided to lower the import duty of 110% (100% levy + 10% duty) on rice under a new three-year fiscal plan (2014-17). The new duty is expected to be 30% (20% levy + 10% duty) for investors and millers and to 70% (60% levy + 10% duty) for full time traders on husked-brown, paddy, unprocessed and semi-milled or wholly milled rice. The FAO has estimated Mozambique 2014 paddy rice production to decline to about 343,000 tons (about 223,000 tons, basis milled), down about 2% from about 351,000 tons (about 328,000 tons, basis milled) in last year. However, the average retail rice prices in Mozambique remained at May 2014 levels of about Metical 25,000 (about $800) per ton in June 2014, but declined by about 19% from about Metical 30,740 (about $1,030) per ton from an year ago levels. The Gambia government is likely to reconsider its decision to ban rice imports from 2016 under the President's "Vision 2016 Rice Self-Sufficiency" Agenda if the rice harvest for the upcoming season is not satisfactory. Togo, a West African nation, has produced about 160,939 tons of paddy rice (about 99,781 tons, basis milled), up about 43% from about 112,233 tons (about 69,584 tons, basis milled) produced in 2012, according to data provided by the country's Agriculture Statistics Office. China China’s hybrid rice seed supply expected to reach at about 430,000 tons in MY 2013-14 (July - June), up about 32% from about 325,000 tons in the previous year, according to the USDA. The USDA estimates 2013 hybrid rice seed production at about 290,000 tons, down 16% from about 250,000 tons last year due to reduced acreage. Meanwhile, the Chinese government is conducting a seminar on hybrid rice seeds planting for the officials of Fiji's Agriculture Ministry to assist them in boosting the country's rice production and curtail rice imports, according to the Fijian Government. The Chinese government is also demanding a formal sanitary and phyto-sanitary agreement on rice standards with Myanmar. Currently, most of the rice from Myanmar is exported to China through informal border channels. Separately, homegrown genetically modified (GM) rice found in China’s supermarkets, while the China's government had never approved either the sale or cultivation of GM rice. Philippines Average domestic rice prices in the Philippines have reached a record high during the first six-month period of 2014, highest since January 2011. According to data from the Philippines Bureau of Agricultural Statistics (BAS), the average wholesale price of well-milled rice increased about 18% y/y in first half of the year and average wholesale price of regular-milled rice re up about 20% y/y in January - June 2014.
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The Philippines government abandoned its 2016 target for achieving 100% self-sufficiency in rice production and keen on setting realistic and achievable targets for rice self-sufficiency. The Presidential Head of Philippine's Food Security said the government is comfortable with paddy rice production at 90- to 95% selfsufficiency (even beyond 2016) and import the rest. In mid of July, the National Food Authority (NFA) of the Philippines decided additional 200,000 tons of rice import, over and above the initial 800,000 tons of white rice to be imported from Vietnam between May and August 2014 as well as the 200,000 tons repeat import order from Vietnam. hereafter, the NFA approved import of another 500,000 tons of rice this year to replenish the country's rice stocks amid huge withdrawals due to losses brought about by Typhoon “Glenda”. Meanwhile, the former Undersecretary of the Philippines’ Department of Agriculture (DA) slammed the government's plan to import an additional 500,000 tons of rice this year over and above the already imported 800,000 tons. He said this plan is "politically motivated" and as a sign of "distrust" of local farmers. Meanwhile, the Philippine President, Benigno Aquino, declared at end of July that the NFA has been authorized to import rice in times of need. The Philippines government is also planning to remove price support to rice farmers in the form of Procurement by the NFA and provide support to enhance paddy yield and lower the cost of production. The USDA estimates the Philippines to import about 1.45 million tons of rice in MY 2013-14 (July 2013 - June 2014), up about 3.5% from about 1.4 million tons imported in MY 2012-13. Separately, rice sector experts urged the Philippines government to increase budget on rice research and development (R&D) on par with the R&D budgets of neighboring countries such as Thailand, Vietnam and Malaysia, to boost rice production. The Philippines is expected to produce about 11.813 million tons rice in MY2013-14, up about 3% from last year, according to the USDA. As of June 1, 2014, total rice stocks in Philippines reached at about 2.306 million tons, down about 0.3% from last year and are enough to sufficient for 68 days. Europe The EU milled rice production is expected to reach at about 1.738 million tons in the MY2014-15 (SeptemberAugust), down about 2% from an estimated to produce about 1.77 million tons during same time last year. The EU milled rice exports (to third countries) to decline to about 160,000 tons in MY 2014-15, down about 36% from an estimated 250,000 tons in the previous year and milled rice imports (from third countries) also to decline to about 970,000 tons, down about 3% from an estimated 1 million tons last year. Separately, the European Federation of Farmers and Agri-Cooperatives (Copa-Cogeca) has collaborated with the International Bio-control Manufactures' Association (IBMA) to develop reliable and effective plant/crop protection solutions for various crops, including rice, in the EU.
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As of July 22, 2014, over 92% or about 1.31 million tons of Italian 2013-14 paddy crop is sold out, which is down about 12% from same time last year. About 119,840 tons of rice is remaining from the 2013-14 crop and two months are remaining before the new harvest. A big banking group in Italy is offering a new financial product called “green credit” to help rice farmers pay debts in a timely manner without resorting to selling their paddy at lower prices. Other Markets Bangladesh imported about 374,560 tons of rice in the FY2013-14 (July-June), up about 13 times or 1,195% from last year, according to data released by the Food Ministry. Meanwhile, Bangladesh has produced about 34.449 million tons rice in FY2013-14, up about 2.7% from last year. Separately, Bangladesh government is planning to impose a temporary ban on rice bran exports to India to encourage local edible oil production in the country. South Korea has imported about 165,630 tons of rice, about 40% of 408,700 tons of rice to be purchased under the 2014 minimum market access (MMA) as of July 21, 2014, according to the USDA data. In mid- July, South Korean government has announced today that it has decided to open its rice import market, a move that it has been delaying since 1993, according to local sources. However, it has to confirm its decision to the WTO before September this year as its import quotas come to close by the end of this year. Indonesia is likely to record about 4.2 million tons of surplus rice, in 2014, despite a likely 2% decline in paddy rice production, according to the Agriculture Ministry's forecasts. In the beginning of July, the country's Central Statistics Agency has estimated Indonesia's 2014 paddy rice production to reach about 69.8 million tons, down about 2% from an estimated 71.28 million tons in the previous year. Meanwhile, the FAO estimates Indonesia's 2014 aggregate paddy rice production at about 69.87 million tons (about 44.42 million tons, basis milled), down about 2% from about 71.28 million tons (about 45.26 million tons, basis milled) produced in 2013. The FAO expects Indonesia to import about 1.2 million tons rice in 2014, up about 70% from last year, based on the government's policy of ensuring adequate stocks to avert the consequences of an impending El Nino effect on production. Meanwhile the USDA has estimated Indonesia to import about 1.4 million tons of rice in MY 201314 (January 2014 - December 2014), more than twice from about 650,000 tons imported in MY 2012-13 due to slower domestic procurement by the Indonesian National Logistics Agency (Bulog) and an expected decline in 2013-14 rice production. Iran has increased the import duty on basmati rice to 40% from 22% on July 23, 2014, a move that could severely impact India's basmati rice exports to Iran. Turkey is expected to import about 330,000 tons rice in MY2013-14 (September-August), up about 43% from last year, according to the USDA. Meanwhile, Turkey's rice export in MY 2013-14 is expected to decline to about 20,000 tons, down about 38% from last year.
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Russia rice import is expected to reach about 250,000 tons in 2014, up about 25% from last year, while Russia rice export is expected to reach at about 120,000 tons in 2014, down about 43% from last year, due to decreased world rice prices and attractive domestic prices, according to the USDA. Malaysia is expected to import about 1.1 million tons rice in 2014-15 (July-June), up about 10% from during same time last year.
Oryza U.S. Rough Rice Recap - Old Crop Prices Drop while New Crop Trade Remains Limited Aug 04, 2014
The U.S. cash market was fairly uneventful today as new crop price ideas remain at odds. However, despite bids coming in well below seller price ideas, there were reports of at least one lot of old crop rice trading around $14.50 per cwt (about $320 per ton) for prompt delivery. As of today, new crop offers were unchanged near $13.33 per cwt fob farm (about $294 per ton) while buyer interest is closer to $12.85-$13.25 per cwt (about $282-$292 per ton) for September-October shipment; however, there were no sellers there today.In the meantime, the USDA estimates that as of Aug 3, 60% of the U.S. rice crop had headed which was 9% greater than this time last year and 2% greater than the previous 5-year average. As of now, the USDA estimates that 49% of the rice crop in Arkansas has headed compared to 50% in California, 92% in Louisiana, 66% in Mississippi, 59% in Missouri, and 89% in Texas.The USDA also considers 71% of the U.S. to be in good to excellent condition, which was unchanged from last week and 1% more than this time last year, compared to 63% in Arkansas, 80% in California, 79% in Louisiana, 87% in Mississippi, 65% in Missouri, and 54% in Texas.
Oryza Afternoon Recap - Chicago Rough Rice Futures Find Underlying Support and Close Slightly Higher Aug 04, 2014
Chicago rough rice futures for Sep delivery settled 3.5 cents per cwt (about $1 per ton) higher at $12.825 per cwt (about $283 per ton). The other grains finished the day sharply higher; soybeans closed about 2% higher at $10.7950 per bushel; wheat finished about 1.8% higher at $5.4400 per bushel, and corn finished the day about 1.9% higher at $3.6925 per bushel.
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U.S. stocks climbed on Monday, with the S&P 500 bouncing back from its biggest weekly drop since 2012, as companies including Berkshire Hathaway reported results that beat expectations and Portugal readied to rescue its largest lender. Of the 381 S&P 500 companies that have reported second-quarter results, 68.8% have beat estimates on earnings, and 64.1% have topped expectations for revenue. Wavering between positive and negative terrain, the Dow Jones Industrial Average rose 6.68 points to 16,500.05. Also fluctuating, the S&P 500 rose nearly 3.71 points, or 0.2%, to 1,928.86, with consumer discretionary pacing gains and utilities the worst performing of its 10 major industry groups. The Nasdaq gained 13.29 points, or 0.3%, at 4,365.93. Gold is trading 0.5% lower, crude oil is seen trading about 0.3% higher, and the U.S. dollar is seen trading marginally higher at about 1:00pm Chicago time.Friday, there were 1,496 contracts traded, up from 1,350 contracts traded on Thursday. Open interest – the number of contracts outstanding – on Friday increased by 484 contracts to 9,717.
Exporters Seek to Benefit from Iran Import Duty Hike on Indian Basmati Rice Aug 04, 2014
Pakistan rice exporters are planning to increase their basmati rice sales to Iran after the Middle East nation hiked import duty on Indian basmati rice from 22% to 40%, according to local sources.The Union of Small and Medium Enterprises (UNISAME) has pointed out to the Commerce Ministry that the move by Iran provides an immense opportunity for Pakistan to increase its basmati rice exports to Iran. They have formally requested the Federal Commerce Minister to initiate talks with Iranian authorities over increasing Pakistan's basmati rice exports to Iran. The UNISAME President told local reporters that Pakistani super basmati rice is very well recognized among the Iranians for its aroma and taste but sanctions by the west had severely impacted Pakistan's rice exports to Iran. Currently, Pakistan and Iran are planning to finalize a barter trade agreement under which Pakistan will supply basmati rice in exchange for electricity facilities provided by Iran.Separately, Punjab Agricultural Research Board, Rice Research Institute, National Institute for Biotechnology and Genetic Engineering and the Nuclear Institute for Agriculture and Biology are collaborating with the International Rice Research Institute to improve basmati seed varieties as well as strengthen competitiveness of Pakistan's basmati rice in global market.According to data from the Pakistan Bureau of Statistics (PBS) Pakistan exported around 637,715 tons of basmati rice in FY 2013-14 (July - June), down about
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5% from around 674,048 tons exported in the previous year. Pakistan's total rice exports in FY 2013-14 stand at around 3.16 million tons, down about 7% from around 3.4 million tons exported in FY 2012-13.
Oryza Global Rice Quotes August 4th, 2014 Long grain white rice - high quality Thailand 100% B grade 450-460
↑
Vietnam 5% broken
460-470
↔
India 5% broken
435-445
↔
Pakistan 5% broken
445-455
↑
Cambodia 5% broken
450-460
↔
U.S. 4% broken
550-560
↔
Uruguay 5% broken
615-625
↔
Argentina 5% broken
610-620
↔
Long grain white rice - low quality ↔
Thailand 25% broken
NQ
Vietnam 25% broken
405-415
↔
Pakistan 25% broken
395-405
↑
Cambodia 25% broken 425-435
↔
India 25% broken
390-400
↔
U.S. 15% broken
530-540
↔
grain parboiled rice Thailand parboiled 100% stxd
440-450
↔
Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874
Pakistan parboiled 5% broken stxd
450-460
India parboiled 5% broken stxd 425-435
↔
U.S. parboiled 4% broken
630-640
↔
Brazil parboiled 5% broken
NQ
↔
Uruguay parboiled 5% broken NQ
↔
↔
Long grain fragrant rice Thailand Hommali 92% Vietnam Jasmine
1010-1020 605-615
↓
India basmati 2% broken
NQ
↔
Pakistan basmati 2% broken
NQ
↔
Cambodia Phka Malis 835-845
↔
↔
Brokens Thailand A1 Super
NQ
↔
Vietnam 100% broken 355-365 Pakistan 100% broken stxd Cambodia A1 Super
↓
325-335
350-360
↔
India 100% Broken stxd
330-340
Egypt medium grain brokens
NQ
U.S. pet food
↔
470-480
Brazil half grain
NQ
↔
↔
↔
↔ All prices USD per ton, FOB vessel, oryza.com
Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.com News and R&D Section mujajhid.riceplus@gmail.com Cell # 92 321 369 2874