5 MAY.2014

Vietnam, Pakistan Rice Sellers Increased Some Quotes Today

     

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May 02, 2014

Vietnam rice sellers increased their quote for Jasmine rice by about $5 per ton to about $520 - $530 per ton today. Pakistan rice sellers increased their quotes for 5% broken rice, 25% broken rice and 100% broken rice by about $5 per ton each to about $420-$430 per ton, $375 - $385 per ton and $325 - $335 per ton respectively. Thailand and India rice sellers kept their quotes mostly unchanged today. 5% Broken RiceThai 5% rice (of new crop) is quoted around $370 - $380 per ton, about $15 per ton discount to Viet 5% rice shown around $385 - $395 per ton.Indian 5% rice is quoted around $415 - $425 per ton, about $5 per ton discount to Pak 5% rice quoted around $420 - $430 per ton, up about $5 per ton from Wednesday. 25% Broken RiceThai 25% rice of the old crop is quoted about $340 - $350 per ton, about a $15 per ton discount to Viet 25% rice shown around $355 - $365 per ton.Indian 25% rice is quoted around $370 - $380 per ton, about a $5 per ton discount to Pak 25%  quoted around $375 - $385 per ton, up about $5 per ton from Wednesday.. Parboiled RiceThai parboiled rice of the old crop is quoted around $410 - $420 per ton.                                                            Indian parboiled rice is quoted around $395 - $405 per ton, about $40 per ton discount to Pak parboiled rice quoted around $435 - $445 per ton. 100% Broken RiceThai broken rice, A1 Super, of the old crop is quoted around $300 - $310 per ton, about a $35 per ton discount to Viet broken rice shown around $335 - $345 per ton.Indian broken sortexed rice is quoted around $295 - $305 per ton, about a $30 per ton discount to Pak broken sortexed rice quoted around $325 - $335 per ton, up about $5 per ton from Wednesday.

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Oryza April 2014 Rice Market Review

     

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May 01, 2014

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The Oryza White Rice Index, a weighted average of global white rice export quotes, ended the month at $450 per ton, down about $3 per ton from a month ago and down about $34 per ton from a year ago. The Oryza WRI declined this month mainly due to the softness in Thailand rice quotes. Thailand remained the cheapest origin and Brazil remained the most expensive origin again this month. Meanwhile, declining Indian rice quotes were offset by the higher quotes in Pakistan. Thailand Thailand 5% broken rice quotes ended the month at about $375 per ton, down about 3% from a month ago and down about 30% from a year ago. Thailand said it will hold a fresh election on July 20, 2014, after the

Constitutional Court invalidated its February 2, 2014 poll in April 2014. This election will decide the fate of  Thailand's rice pledging scheme, which was discontinued in the end of February 2014, after cost the country to more than 700 billion  Baht (about $21.5 million, using historical exchange rate), with losses projected to exceed 200 billion baht (about $6 million, using historical exchange rate). Meanwhile Thailand's caretaker Finance Minister suggests that new government should continue with the previous scheme to help rice farmers in country. Separately, the newly elected president of the Thai Rice Exporters Association (TREA) said if the scheme must continue, the pledging volume and payments should be limited to contain the damage. The Department of Foreign trade has set a higher standard for Thai Hommali rice exports to increase the premium rice's value in the international market. According to the new standards, export quality Hommali rice must contain at least 98% of Thai jasmine rice, compared to 92% in the old standard.  In addition, Thailand's Public Warehouse Organization (PWO) has signed a rice deal with a China's government company to supply 20,000 tons of Hommali fragrant rice at an average price of 30,000 baht (about $928.4) per ton, according to Thai media sources. The trade is hoped to refresh the perception of Thailand rice after importers were mixing it with Vietnam rice during the high prices of the mortgage scheme. Thailand’s government has sold about 700,000 tons of rice in the 10 AFET auctions so far, and another 300,000 tons of rice will be auctioned before June. Thai Rice Exporters Association data shows Thailand exported about 1.4 million tons of rice in the first two months of the year; at that pace, exports would reach about 8.4 million tons by year end.  India India 5% broken rice ended the month at $420 per ton, down about 2% from a month ago and down about 6% from a year ago. Average monthly wholesale rice prices in India increased to about Rs.3,002 per quintal (about $495 per ton) in April 2014, up about 6% from about Rs.2,821 per quintal (about $470 per ton) in March 2014, and up about 22% from about Rs.2,582 per quintal (about $475 per ton) in April 2013. The increased in USD terms is not as pronounced due to the decline of the rupee against the dollar. India's rice stocks in the nation’s central pool reached at about 30.25 million tons as on April 1, 2014, down about 15% from about 35.5 million tons recorded during same time last year; current rice stocks are still more than

double the required buffer and strategic reserve norms of about 14.2 million tons for this time of the year, according to the Food Corporation of India (FCI). Separately, Indian government has procured about 26.37 million tons rice as on April 7, 2014. Indian government is targeting to procure about 34.3 million tons rice in 2013-14. Meanwhile the USDA expects that India rice procurement will decline about 31 million tons in 2013-14, down about 10% from last year. India has exported about 10.5 million tons rice in fiscal year 2013-14 (April-March), up about 4% from the previous year's export tonnage, according to the USDA; India's total rice export in 2014-15 is expected to reach at about 8 million tons due to tuff competition from Thailand and Vietnam. Indian rice exporters are opposing large-scale field trials of genetically-modified (GM) crops, and say that GM rice could go against the interest of the Indian rice industry, particularly exports. Separately, a private ratings agency in India has assigned a stable outlook to the Indian rice sector for the fiscal year 2014-15 (April -March) based on an expectation of increased production and higher income realization for farmers. The ratings agency expects India's milled rice production to reach 100-110 million tons during the FY 2014-15. India is also targeting to expand overall coverage of irrigation facilities to about 107 million hectares by 2017, up about 10% from current coverage of about 97 million hectares to boost production of rice and other food grains and to reduce dependency on monsoon rains. Several international weather agencies, including Indian Meteorological Department have warned that rainfall in India may be lower than normal this year due to a 60% chance of the emergence of the El Niño phenomenon in July. However, analysts say this might not affect global rice prices and supplies thanks to higher rice stocks outside India. Vietnam Vietnam 5% broken rice ended the month at $390 per ton, unchanged from a month ago and up about 3% from a year ago. According to the USDA, Vietnam rice export are expected to reach at about 6.5 million tons in 2013-14 (beginning January 2014), down by about 3% from an estimated 6.7 million tons rice export in 2012-13, due to strong competition from Thailand, India, Pakistan, Cambodia and Myanmar. Vietnam is targeting to export about 6.7 to 7 million tons rice in 2014. Vietnam has won the contract to supply 800,000 tons of 15% broken well-milled white rice to Philippines. Vietnam's state-owned companies, Vietnam

Northern Food Corporation (VINAFOOD I) and Vietnam Southern Food Corporation (VINAFOOD II) will supply 800,000 tons rice to Philippines. VINAFOOD I will supply 200,000 tons of rice in two lots of 100,000 each at $436 per ton and $439 per ton respectively. VINAFOOD II will supply 600,000 tons of rice in three lots of 200,000 each at $436.5 per ton, $437.75 per ton and $439.25 per ton respectively. Separately, Vietnam exported about 1.566 million tons of rice during Jan 1 - April 24, 2014, down about 27% from about 2.151 million tons of rice exported during Jan-April, 2013, according to the Vietnam Food Association. According to the USDA, Vietnam’s total milled rice production in MY 2013-14 is likely to reach about 27.8 million tons, up by about1% from about 27.5 million tons produced in 2012-13. Meanwhile, rice production in Vietnam's Mekong River Delta (MRD) in the 2013-14 spring-winter season  has increased to about 11 million tons (milled basis), up about 2% from about 10.8 million tons produced in the previous year, according to local sources. Separately, the United Nations International Fund for Agricultural Development (UNIFAD) will invest $50 million as part of its "Adaptation in the Mekong Delta" project to help Vietnamese rice farmers to cope with climate changes, which threaten to affect rice production in the Mekong River Delta. The Vietnam Food Association has increased the minimum export price of the 25% broken rice to $375 per ton, up about 6% from the previous floor price of $355 per ton, according to local sources. Pakistan Pakistan 5% broken rice quotes ended the month at about $420 per ton, up about 2% from a month ago and down about 1% from a year ago. According to the USDA, Pakistan's rice exports are expected to increase by about 8% to about 3.9 million tons in 2013-14 (beginning November 2014) from about 3.6 million tons in 2012-13, due to higher production and improved power supply. The USDA expects Pakistan will produce about 6.6 million tons rice in 2013-14, up about 14% from about 4.8 million tons expected to produce in 2012-13. Pakistan is expected to produce about 6.7 million tons rice in 2014-15. Meanwhile, FAO estimates Pakistan's rice exports in Calendar year 2014 will increase to about 3.3 million tons, up about 6% from about 3.1 million tons exported in 2013. The appreciation in Pakistani rupee against the U.S. dollar could hurt Pakistan rice exports, the Rice Exporters Association of Pakistan (REAP) said. According to the REAP, most of the exporters are holding their stocks, fearing losses due to the appreciation of the local currency. The Pakistan rupee

appreciated by about 7% in the two months, from about Rs.104.27 per USD on March 5, 2014 to about Rs.97.45 per USD on April 30, 2014. REAP is planning to establish a Rice Technical Training and Research Institute (RTTRI) which will help improve marketing and rice exports. Pakistan rice exporters have also urged the government to focus on new seed research to increase rice production and exports. Cambodia Cambodia 5% broken rice quotes ended the month at $440 per ton, down about 3% from a month ago. According to the FAO, Cambodia's milled rice production is expected to reach at about 6 million tons in 2013, up about 1% from last year. Cambodia’s rice production is increasing year on year due to new intensive farming techniques and use of improved quality seeds. FAO expects that Cambodia will export about 1.4 million tons rice in 2014, up about 8% from last year. Separately, Cambodia is expected to end the customs fee for milled rice export from May 1, 2014 in order to reduce production costs and boost Cambodia's competitiveness in the international market. Brazil Brazil 5% broken rice quotes ended the month at $665 per ton, unchanged from a month ago. Brazil’s National Grains Supply Company (Conab) has increased its paddy rice production forecast for 2013-14 to about 12.6 million tons, up about 7% from an estimated 11.82 million tons produced in 2012-13, due to higher acreage and yield. U.S. The U.S. 4% broken rice ended the month at $585 per ton, unchanged from a month ago and down about 7% from a year ago. The CBOT rough rice future settled at $15.555 per cwt (about$343 per ton) in the end of April 2014, almost unchanged from a month ago and up about 5% from last year. In beginning of the month, the U.S. Department of Agriculture (USDA) announced the reinstatement of a letterhead statement indicating no-GM use, the US Rice Federation reports. Despite recent rains in the California, the Department of Water Resources (DWR) said they would not yet provide water to those without senior water

rights. Africa According to the USDA, Kenya's milled rice production to increase to 65,000 tons (98,000 tons of paddy rice) in MY 2013-14 (October-September), up about 18% from about 55,000 tons in MY 2012-13, due to the promotion of the New Rice for Africa (NERICA) variety by the National Irrigation Board (NIB) under the rain-fed conditions. The USDA also expects that Kenya's milled rice imports are likely to increase to 410,000 tons in MY 2013-14 (October - September), up about 8% from an estimated 378,000 tons imported in MY 2012-13 due to an expected increase in local consumption of rice. The government of Tanzania is planning to promote about 25 commercial farming deals and enhance about 78 smallholder rice irrigation schemes across the country to boost rice production. Ghana’s former President John Agyekum Kufour said that the country’s rice import bill could double to about $1 billion by 2019 unless the government forms a strong policy to increase rice production. He said Ghana's rice consumption is estimated to increase to about 1.68 million tons by 2019, up about 82% from the current levels of about 925,000 tons. He says that currently Ghana spends about $500 million to import rice and the country relies on imports to meet about 62% of local consumption. Separately, Ghana government has developed a national rice seed road map (NRSRM) to ensure self-sufficiency in quality rice seed production by 2018, according to local sources. The President of the Gambia has reaffirmed his government's stance to make the country self-sufficient in rice by 2016, despite criticisms from various corners as the Gambian government is planning to ban rice imports by 2016. The Gambia would need to increase its rice production by fivefold or more to meet current consumption needs. Some analyst said the Gambian government plan is highly ambitious as there has been a cumulative 79% decline in rice production in the past six years. Analyst is also added that this plan is not realistic due to its inappropriate policies and improper application. China According to the USDA, China imports are expected to increase at about 4 million tons in 2014015, up about 14% from an estimated 3.5 million tons in 2013-14, due to higher domestic price. The USDA expect that China will produce about 143 million tons rice in 2014-15, up about 0.5% from an estimated of about 142.3 million tons in 2013-14. 

China is targeting higher food grain production and self-sufficiency in rice with the help of government support and modernization of agriculture in the next ten years. China's government projects that country's rice production will increase to about 204 million tons in 2023. Philippines Total rice stocks in the Philippines stood at about 1.78 million tons as of March 1, 2014, which is down about 8% from about 1.94 million tons recorded during the same time last year and enough to last for 53 days, according to the Bureau of Agricultural Statistics (BAS). According to the USDA, Philippines rice import is expected to reach at about 2 million tons in 2013-14, up about 43% from last year, due to higher domestic prices. Philippines milled rice production is expected to reach at about 11.89 million tons in 2013-14, up about 4% from about 11.43 million tons rice produced in 2012-13, due to higher acreage and yield. Separately, the Philippines Agriculture Secretary said that rice farmers need government help to reduce costs of paddy production in order to compete with farmers in Thailand and Vietnam ahead of the ASEAN integration. Europe European rice exports have increased by about 30% to 126,406 tons of rice during September 1, 2013 to April 8, 2014, from about 96,924 tons rice exported during same period last year, according to data from European Union. The USDA expects that rice production in EU will reach at about 1.9 million tons in 2014-15 (September-August, down about 9% from an estimated 2.08 million tons produced in last year. Separately, Almost 30% of Italy’s rice fields have developed a genus of herbicide-resistant panic grass, also called jungle grass or barnyard grass, or water grass. Other Markets According to the USDA, Bangladesh rice exports are expected to decline sharply to about 100,000 tons in 2014-15 (May-April), down about 75% from an estimated 400,000 tons in MY 2013-14 due to higher than expected production. The USDA estimates Bangladesh rice production in MY 2014-15 is likely to increase to 34.8 million tons, up by 210,000 tons from 34.59 million tons in MY 2013-14 due to expectations of higher acreage and good yields

for the Aus rice crop. Separately, Bangladesh’s Boro rice (January - April) production may reduce by about 250,000 to 300,000 tons due to an acute water crisis in northern Bangladesh caused by water extraction from the Teesta River, upstream by the Indian government. The USDA expects that Indonesia will import about 1.5 million tons rice in calendar year 2014, more than double from last year, due to expectations that Indonesia's State Logistics Company BULOG will procure lesser than targeted 3.85 million tons of rice by the end of 2014. Meanwhile, the USDA said,  Indonesia's milled rice production  will reach at about 37.36 million tons in 2014, up about 2% from about 36.5 million tons produced in 2013, as higher yielding varieties make up for flood damage. Separately, Indonesia’s Ministry of Trade has issued new regulation regarding export and import of rice, according to local sources. According to the new import rule, National Logistics Agency (Bulog) can import rice for the purposes of price stabilization, combating emergencies and during periods of food insecurity in the country. Private companies registered as manufactures importer (IP) can import rice that can be used as raw material in industries and if that kind of rice is not produced domestically. Similarly, companies designated as registered importers (IT) are allowed to import specific varieties of rice for health purposes. According to the new export rule, Indonesia will export rice only when rice supply in the country exceeds domestic requirements. Other than Bulog, any party exporting rice has to seek permission of the Ministry of Agriculture. According to the USDA, Myanmar’s rice production is likely to increase to about 1.31 million tons in the calendar year 2015, up about 1% from an estimated 1.3 million tons exported in 2014 due to higher production and strong overseas demand. The USDA estimates of Myanmar’s 2014 rice exports of about 1.3 million tons are up about 12% from an estimated 1.16 million tons in 2013. The U.S. has allowed Japan to exclude rice in Trans-Pacific Partnership (TPP) negotiations, but has asked the Japanese government to increase imports of U.S. rice, according to local sources. Russia’s rice production is expected to grow to about 650,000 tons in the calendar year 2014, which is up about 7% from about 608,000 tons produced in 2013, according to the USDA. Rice export in Russia is expected to increase sharply to about 200,000 tons in 2014, up about 66% from about 120,000 tons in 2013. Separately, Russia has banned planting of genetically modified (GM) rice for the next three years due to lack of certification facilities. South Korea is expected to import about 410,000 tons rice in 2014-15 under the Most Favored Nation (MFN) quota allocations as the country plans

to liberalize the rice market by the end of 2014, according to the USDA.  Separately, South Korea rice farmers are opposing the government’s plan to end its 20-year long rice import quota and liberalize rice imports in 2014. The USDA added,  South Korea plans to import the 408,700 tons scheduled to be imported under the 2014 WTO Minimum Market Access (MMA) from the middle of March 2014 to help stabilize domestic rice prices and meet its obligation of MMA rice imports within the calendar year. Research and Scientific Development: Researchers from Michigan Technological University (MTU) in the U.S. have discovered a set of genes that could be useful in developing tough and disease-resistant rice varieties also known as “super rice”.http://oryza.com/news/research-development/us-researchers-identify-genes-responsible-multiple-stresses-tolerance-rice Researchers have identified over 1,000 genes in rice that they think may be crucial factors in managing the plant’s response to both abiotic and biotic stress.http://oryza.com/news/research-development/coping-stress-art-zen-rice-through-plant-genetics Scientists with the U.S. Department of Agriculture (USDA) have developed an extract made from rice bran oil that can be used as a partial replacement for margarine, butter, or shortening.http://oryza.com/news/research-development/i-cant-believe-its-not-butter-rice-bran-oil-product-healthier-alternative The International Rice Research Institute (IRRI) and the Philippines Rice Research Institute (PhilRice) have renewed their collaboration agreement over rice research for another five years.http://oryza.com/news/research-development/irri-philrice-renew-collaboration-protect-next-generation-rice-varieties Rice scientists at the Central Rice Research Institute (CRRI), India, have developed three new high-yielding rice varieties, which can be grown to boost yields in water-scarce areas as well.http://oryza.com/news/research-development/india-develops-three-new-high-yielding-rice-varieties The Long-Term Continuous Cropping Experiment (LTCCE) by the Philippines-based International Rice Research Institute (IRRI) has sustained 150 crops in 52 years.http://oryza.com/news/research-development/irri-rice-research-project-sustains-150-crops-52-years 

Scientists are constantly trying to develop new strains of rice that thrive on a planet deep in the throes of climate change.http://oryza.com/news/research-development/resilient-traits-african-rice-key-self-sufficiency  April Tenders: Iraq issued a tender to buy minimum 30,000 tons rice.http://oryza.com/news/tenders/iraq-tenders-buy-minimum-30000-tons-rice-thailand-allowed-participate Taiwan issued a tender to buy 7,000 tons rice.http://oryza.com/news/tenders/taiwan-issues-globalized-tender-buy-7000-tons-rice-finds-australia-bids-high South Korea issued a tender to buy 42,400 tons rice.http://oryza.com/news/tenders/south-korea-tenders-purchase-42400-tons-riceTags: 

Monthly Market Review, global rice prices, global rice news

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Oryza White Rice Index – Index Hovers around $450 per Ton as Impact of El Niño to be Blunted by Rising Rice Stocks

     

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May 02, 2014

The Oryza White Rice Index, a weighted average of global white rice export quotes, ended this week at about $450 per ton, unchanged from a week ago,

down about $3 per ton from a month ago and down about $39 per ton from a year ago. The International Grain Council (IGC) is forecasting lower rice stocks in India as a result of El Niño, but says that higher rice stocks in China, Thailand, Vietnam, and Pakistan should reduce some of the impact on global rice markets; this outlook was also cited in a Wall Street Journal article. Carryover stocks are expected to reach at about 111 million tons in 2013-14, up about 1% from last year, due to higher rice stocks in China, Thailand, Vietnam, and Pakistan, according to the IGC. Thailand Thailand 5% broken rice today quoted at about $375 per ton, down about $5 per ton from a week ago, down about $10 per ton from a month ago and down about $160 per ton from a year ago. This week, Thailand announced plans to hold new elections on July 20, after protesters disrupted the February 2 election.  It is likely protesters will again interfere with the voting, especially since many farmers in the country still haven’t been paid for their rice under the now-defunct rice mortgage scheme. Thailand’s Public Warehouse Organization (PWO) has signed a deal with a Chinese government company to supply 20,000 tons of Hom Mali fragrant rice at an average price of 30,000 baht (about $928.4) per ton, according to local sources. India India 5% broken rice ended the week at about $420 per ton, unchanged from a week ago, down about $10per ton from a month ago, down about $25 per ton from a year ago. In the current 2013-14 Kharif Marketing Season (October 2013-September 2014), the government’s rice procurement has reached about 26.37 million tons as of April 7, according to the Ministry of Consumer Affairs, Food and Distribution.  Local sources are skeptical that the targeted 34.3 million tons will be procured due to sluggish paddy arrivals resulting from poor weather. Average monthly wholesale rice prices in India increased to around Rs.3,002 per quintal in April 2014, up about 6% from around Rs.2,821 per quintal in March 2014, and up about 22% from around Rs.2,582 per quintal in April 2013, according to official sources. In terms of USD per ton, wholesale rice prices in India stand at around $495 per ton (using current exchange rates) in April 2014, up about 5% from around $470 per ton (using historical

exchange rates) in March 2014, and up about 4% from around $475 per ton (using historical exchange rates) in April 2013. India’s basmati rice exports to Iran have declined: in March, India exported about 55,210 tons to Iran, down from 130,000 tons exported in January of this year.  The decline is likely due to quality restrictions imposed by Iran earlier this year, according to the All India Rice Exporters Association (AIREA). Vietnam Vietnam 5% broken rice today shown at about $390 per ton, unchanged from a week and a month ago, up about $10per ton from a year ago. Vietnam exported about 1.566 million tons of rice during January 1 – April 24, down about 27% from the 2.151 million tons exported during Jan-April 2013, according to the Vietnam Food Association. Pakistan Pakistan 5% broken rice is today shown at about $425 per ton, up about $10 per ton from a week ago, $15 per ton from a month ago and unchanged from a year ago. Pakistan’s 2014 rice exports may increase to about 3.3 million tons, up about 6% from 3.1 million tons exported in 2013, according to the UN Food and Agriculture Organization (FAO).  FAO also predicts Pakistan’s paddy rice production will increase to about 9.8 million tons in 2014, up about 2% from 2013. Brazil Brazil 5% broken rice ended the week at about $665 per ton, unchanged from a week and a month ago but up about $40 per ton from a year ago. The Brazilian paddy rice index maintained by CEPEA stood at around 35.92 real per 50 kilograms as of April 30, 2014, up about 1% from around 34.59 real per 50 kilograms recorded on April 23, 2014. In terms of USD per ton, the index stood at around $321 per ton on April 30, 2014, up 1% from around $317 per ton recorded on April 23, 2014. Uruguay and Argentina 5% broken rice quotes were today shown at about $625 per ton, unchanged from a week ago, month and a year ago. U.S. 

U.S. 4% broken rice is today quoted at about $585 per ton, unchanged from a week and a month ago and down about $45 per ton from a year ago. Chicago rough rice futures for May contracts entered the delivery period this week.  Chicago rough rice futures for July delivery climbed slightly earlier this week before settling at $15.495 per cwt (about $342 per ton) as of 8:00 am Chicago time Friday. Other Markets Cambodia 5% broken rice is today shown at about $440 per ton, unchanged from a week ago, down about $15 per ton from a month ago. Cambodia will end customs fees for milled rice exports effective May 1, in an effort to reduce production costs and boosts Cambodia’s competitiveness in the international market, according to local sources. Indonesia will import 1.5 million tons of rice in MY 2013-14 (January 2014 – December 2014), more than double the 650,000 tons imported in MY 2012-13, according to the USDA Post. The National Food Authority (NFA) of the Philippines awarded contracts to supply 800,000 tons of 15% broken well-milled white rice to two of Vietnam’s state-owned companies.  Separately, the U.S. has approved the request by the Philippines to continue quantitative restrictions (QRs) on rice imports until 2017, according to the Agriculture Secretary of the Philippines. Agriculture groups in Tanzania are urging the government to impose a 25% duty on rice imports to protect farmers in the country, according to local sources.  Rice has been exempt from import duties since last May, and local groups say wholesale rice prices in the country have dropped by about 54% in the last year as a result. The President of Gambia continues to claim the country will be self-sufficient in rice by 2016, despite skepticism. The USDA Post reports that Turkey’s Turkish Grain Board (TMO) can now import up to 200,000 tons of rice at zero customs duty in 2014, due to a lower-than-expected harvest resulting from poor weather. Nigeria will adopt high-yielding hybrid rice varieties to boost production and help them achieve their goal of being rice self-sufficient by 2015. Tags: Oryza White Rice Index (WRI), global rice prices, global rice market- See more at: http://oryza.com/reports/oryza-wri/oryza-white-rice-index-%E2%80%93-index-hovers-around-450-ton-impact-el-ni%C3%B1o-be-blunted#sthash.6YtctsYN.dpuf

Oryza U.S. Rough Rice Recap - Sideways Market as Buyers and Sellers Hold Out for Better Prices

     

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May 02, 2014

As of today, a few old crop offers could be found near $15.55 per cwt fob farm (about $343 per ton) for nearby shipment; however, most farmers are asking for at least $16.11 per cwt fob farm (about $355 per ton).Old crop bids from larger mills were unchanged today around $15.25 per cwt (about $336 per ton) for May delivery while bids for exporters were seen steady near $15.50 per cwt (about $342 per ton), for the same delivery period, both of which received zero interest.Tags: U.S. rice prices; U.S. rice market- See more at: http://oryza.com/news/us-rough-rice/oryza-us-rough-rice-recap-sideways-market-buyers-and-sellers-hold-out-better#sthash.XQLpRYOO.dpuf

Oryza Afternoon Recap - Chicago Rough Rice Futures Come Under Pressure as Traders Look to Book Profits Following Week of Gains

     

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May 02, 2014

Chicago rough rice futures for Jul delivery settled 2.5 cents per cwt (about $1 per ton) lower at $15.490 per cwt (about $342 per ton). The other grains finished mostly higher today in an attempt to recover a portion of losses sustained yesterday; soybeans closed about 0.7% higher at $14.7075 per bushel; wheat finished about 1.2% higher at $7.1600 per bushel, and corn finished the day about 1.5% lower at $4.9950 per bushel. U.S. stocks declined on Friday, losing gains that had lifted the Dow industrials and the S&P 500 above their record closes, as rising unrest in Ukraine offset a better-than-expected April jobs report. On Friday, Russia requested an emergency session of the United Nations Security Council over a Ukrainian army operation. The geopolitical concerns offset gains that came after the U.S. Labor Department reported the creation of 288,000 jobs in

April from an upwardly revised 203,000 in March, with the jobless rate at 6.3%. Expectations called for the addition of 210,000 jobs during April. Analysts polled by Reuters also saw unemployment falling to 6.6%. After climbing above its all-time closing high set on April 30, the Dow Jones Industrial Average declined, lately off 34.41 points, or 0.2%, at 16,524.46. Utilities and health care led sector declines on the S&P 500, which had climbed to a session high of 1,891.44, above its record close set April 2. It was more recently off 2.26 points, or 0.1%, at 1,881.42. The Nasdaq fell just over 3.55 points, or 0.1%, to 4,123.96. Gold is trading about 1.5% higher, crude oil is seen trading about 0.5% higher, and the U.S. dollar is seen trading about 0.1% lower at about 1:00pm Chicago time. Thursday, there were 368 contracts traded, down from 448 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday decreased by 27 contracts to 8,005.Tags: U.S. rice prices; U.S. rice market; Chicago rough rice futures- See more at: http://oryza.com/news/cbot/oryza-afternoon-recap-chicago-rough-rice-futures-come-under-pressure-traders-look-book#sthash.LpBNyJRF.dpuf

Oryza Rice Currency Analysis for Today – Brazil Real Rallies 0.6%

     

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May 02, 2014

U.S. dollar index was down -0.04% from the open today, when it traded at 79.493 at the close. Euro was stronger +0.02% by the close, trading around 1.3873 by end of day, after trading between an intraday high of 1.3881 and low of 1.3812.  Thai baht was weaker -0.11%, trading at 32.405 at the close of business. Indian rupee was stronger +0.29% at 60.1625. Brazilian real was stronger +0.56% at the close of trading today, trading at 2.2199 reais per dollar. Pakistan rupee was -0.16% weaker at 98.7842. Vietnamese dong was unchanged at 21083.

 Mexican peso was stronger +0.12% today, when it traded at 13.0270 pesos per dollar by the close of business. Chinese yuan was stronger +0.01%, trading at 6.2594. Argentine peso was unchanged at 8.0013 pesos per dollar.Tags: foreign exchange rates, rice currencies, Global rice trade- See more at: http://oryza.com/news/fx/oryza-rice-currency-analysis-today-%E2%80%93-brazil-real-rallies-06#sthash.wJzoQakg.dpuf

Nigeria Plans to Adopt High Yielding Hybrid Rice Varieties to Increase Rice Production

     

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May 02, 2014

The government of Nigeria is planning to adopt high-yielding hybrid rice varieties to boost production, in line with their target of becoming self-sufficient in rice production by 2015, according to local sources. Nigeria's Agriculture Minister, who signed a Memorandum of Understanding (MOU) with the) on agriculture technology cooperation told local sources that the AATF would aid the Nigerian government to promote hybrid rice production in the country, to "create sustainable hybrid rice agro-businesses to support rice farming in East, West and Southern Africa by determining precise relationships between yield, environment and genetics.” He noted that the ATA, which entered into its third year of implementation of Growth Enhancement Support (GES), also highlights the need for using appropriate technology to increase rice production and improve the lives of small scale farmers. The GES, which is built upon an electronic wallet technology, has supported the Agriculture Ministry to provide subsidized farm inputs to nearly ten million farmers, including rice, and keep track of their yields and productivity, adds the minister.   The government of Nigeria is planning to ban rice imports by 2015, a lofty goal. Nigeria currently imports nearly 3 million tons of milled rice annually, nearly all of it smuggled, since local production of about 2.7 million tons is insufficient to fulfill the country's consumption needs of about 6 million tons, according to the USDA.Tags: Nigeria rice production, rice technology, Hybrid rice, high-yielding rice

- See more at: http://oryza.com/news/rice-news/nigeria-plans-adopt-high-yielding-hybrid-rice-varieties-increase-rice-production#sthash.LpTlwKvJ.dpuf

Oryza Overnight Recap - Chicago Rough Rice Futures Slightly Lower as Other Grains Attempt to Recover from Yesterday's Selloff

     

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May 02, 2014

 Chicago rough rice futures for Jul delivery are currently paused 2 cents per cwt (about $0.44 per ton) lower overnight at $15.495 per cwt (about $342 per ton) as of 8:00am Chicago time. The other grains are seen higher this morning ahead of floor trading in Chicago: soybeans are currently seen about 0.5% higher, wheat was paused about 1% higher, and corn is noted about 0.3% higher.  U.S. stock index futures mostly erased their gains on Friday as a drop in the labor pool dampened investor cheer over the the government's nonfarm payrolls report for April, which otherwise largely exceeded expectations. The report had 288,000 jobs created in April from an upwardly revised 203,000 in March, with the jobless rate at 6.3%. Expectations called for the addition of 210,000 jobs during April. Analysts polled by Reuters also saw unemployment falling to 6.6%.Other data out on Friday includes factory orders for March, due at 10 a.m. U.S. stock index futures are currently trading about 0.1% lower,  gold is currently trading about 0.1% lower, crude oil is seen trading about 0.3% higher,  and the U.S. dollar is currently trading about 0.3% higher at 8:00am Chicago time.Tags: U.S. rice prices; U.S. rice market; Chicago rough rice futures- See more at: http://oryza.com/news/cbot/oryza-overnight-recap-chicago-rough-rice-futures-slightly-lower-other-grains-attempt#sthash.MLWQzcwE.dpuf

Turkey to Import 200,000 Tons of Rice at Zero Customs Duty in 2014, Says USDA Post

     

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May 02, 2014

The now import up to 200,000 tons of rice at zero customs duty in 2014, due to dry weather conditions and poor crop development in the Central Anatolia and Cukurova regions, USDA Port reports. The Post reports that imports over and above 200,000 tons are subject to customs tax as per the country's import regime, and that the import licenses issued under this directive will be valid until September 1, 2016. Traders expect the TMO to import part of the allocations within the scope of this decision through import tenders in September and October of this year, according to the Post. The TMO, which is an intervention agency, is usually authorized to import rice when the upcoming harvest is expected to be low, and seeks to discourage local price hikes. The Post reports that the TMO is authorized to import a total of 4.2 million tons of grains including 200,000 tons of rice, 500,000 tons of corn, 1 million tons of barley and 2.5 million tons of wheat under this directive while the Ministry of Economy must approve the import licenses. The USDA estimates Turkey will produce 500,000 tons of rice and import 330,000 tons of rice in MY 2013-14 (September - August) to meet the consumption needs of 750,000 tons.Tags: Turkish Grain Board (TMO), Turkey rice production, Turkey rice imports- See more at: http://oryza.com/news/rice-news/turkey-import-200000-tons-rice-zero-customs-duty-2014-says-usda-post#sthash.CmcHZFCY.dpuf