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22nd january,2014 daily exclusive oryza rice e newsletter by riceplus magazine

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Daily Rice Global Rice e-Newsletter shared by Riceplus Magazine …

Daily Rice Global Rice e-Newsletter shared by Riceplus Magazine
Riceplus Magazine shares daily International RICE News for global Rice Community. We publish daily two newsletters namely Global Rice News & ORYZA EXCLUSIVE News for readers .You can share any development news with us for Global readers.
Dear all guests/Commentators/Researchers/Experts ,You are humbly requested to share One/Two pages write up with Riceplus Magazine .
For more information visit (www.ricepluss.com + http://publishpk.net/index.php/riceplus).
Share /contribute your rice and agriculture related research write up with Riceplus Magazine to riceplus@irp.edu.pk , mujahid.riceplus@gmail.com
For Advertisement & Specs mujahid.riceplus@gmail.com


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  • 1. 22nd January , 2014 TOP Contents - Tailored for YOU Latest News Headlines…  Japan Finds Ancient Rice Grains, Estimated to Be 2,000 Years Old       Italy’s Rice Sector Contracting; Producers Blame Poor Policies  Oryza U.S. Rough Rice Recap – Small Mills Continue to Support Market Prices as Others Remain on Sidelines  Oryza Rice Currency Analysis for Today – Argentina Peso Down 0.8%; Brazil Real Down 0.7%  Oryza Afternoon Recap – Chicago Rough Rice Break through Multiple Layers of Support to Fall into Technically Bearish Territory  Oryza Shares Academic Findings - Are International Rice Prices Competitive? Oryza Shares - Asian Journal of Agricultural and Food Sciences Calls for Papers  Indonesia Bulog Targets 3.85 Million Tons of Rice Procurement in 2013-14  Brazil Paddy Rice Index Increases Slightly in Last Week  Oryza Shares Event Press Release - Cambodia: the World Best Rice Cuisine  India Government Foodgrain Procurement to Increase 20% to Implement Food Law Pakistan Targets Up to One Million Tons of Rice Exports to China in FY 2013-14 Thailand, Vietnam, India Rice Sellers Lower Some of Their Quotes Today Thailand Farmers Want Government to Return Pledged Rice India Rice Prices to Increase Due to 12.36% Service Tax 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
  • 2.   Oryza Overnight Recap – Chicago Rough Rice Futures Slightly Lower Following Holiday Weekend Break Oryza Global Rice Quotes News Detail… Japan Finds Ancient Rice Grains, Estimated to Be 2,000 Years Old Jan 21, 2014 Rice has been a staple food for many different cultures for thousands of years and finding tangible proof of that connection to our ancestors still thrills and amazes us. Recently, eleven grains of ancient brown rice were found in the Akitsu archaeological site in the Nara Prefecture in Japan.Experts believe that these grains date to the early Yayoi period and are about 2,600 to 2,400 years old. The Yayoi period typically dates from 300 BC to AD 300 and is credited with initiating Japan’s irrigated rice cultivation. Therefore, finding grains from this period will give scientists a closer look at how rice agriculture started and how it has evolved in Japan. Researchers are delighted at the well-preserved condition of the grains, which were first excavated in November 2013. It is unusual to discover rice from this period that hasn’t started carbonization, according to Kyoto University Professor Tatsuya Inamura, who announced the discovery. The rice was sealed in mud with high water content, keeping the grains from being exposed to air and thus carbonizing. The grains are brown and about four millimeters long and were found without husks. Professor Inamura, an expert on plant production systems, will work closely with Nara Prefecture’s Archaeological Institute to use DNA analysis and radiocarbon dating in efforts to identify the variety of the grains as well as other pertinent information. Tags: Nara Prefecture, Japanese rice, ancient rice grains, Yayoi period 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
  • 3. Italy’s Rice Sector Contracting; Producers Blame Poor Policies Jan 21, 2014 Italy’s rice sector is suffering depressed prices and shrinking acreage. Producers blame poor government policies including a lack of price support, environmental restrictions, and low trade barriers.Italy lost nearly 9% of its rice acreage in 2013;in 2012 rice growing area was of 235,061 hectares in 2013 it was reduced to 216,019 hectares. Famers who could plant something different did so and the traditional core of Italian rice production is shrinking. It could have been even worse except the spring of 2013 was so cold and rainy that many farmers had no other crop choice than rice.Local sources say prices are low and seem to be headed down for Indica varieties, even though the production of 2012 had been about 99% sold. Producers bemoan that the European market is in fact receiving growing amounts of Asian rice imported at zero duty, following trade agreements with Eba (Everything but Arms) countries, such as Cambodia and Myanmar, to support their developing economies, and this is weighing on Indica rice quotations, according to local sources, which is now a big slice of Italian production. “We can wait no longer,” says Paolo Carrà, head of Italy’s Ente Nazionale Risi, the National agency for rice, and a rice grower himself, “we asked European institutions to intervene: they have the power to stop allowing so many big amounts of milled rice from Asia to pass our borders. If they wait too much, a whole lot of farms, and industries in Italy, France, Spain, are going to collapse in some months' time.”December 16-17 Italian position in Bruxelles was supported not only by the traditional rice growing countries, but also from more nations, because the danger comes from the fact that Europe is buying not only paddy, but also milled rice. Besides rice farmers, European rice millers fear the industry’s future.Not only are imports being blamed for declining prices, but also the lack of domestic support for the industry. The words of Carrà underline also another question: Europe has a fixed paddy intervention price of about at 150 euros (about $203) per ton, much lower than elsewhere across Asia. Finally, Italy’s rice producers say they are subject to environmental regulations that hammer the region’s competitiveness. “Europe keeps asking us to be environment friendly,” says a rice grower of Novara, in Piedmont, “but if nothing stops unlimited imports from Asia, our farms won't be able to take proper care of our fields, and this will not help the maintenance of environment too.”Rice growing area amounts to about 0.2% of the continental rural area, which includes, among other countries, Italy, France and Spain. Europe’s rice producers are wondering if it will shrink near zero. Tags: italian rice production, Italian rice policies, Eba (Everything but Arms) Oryza U.S. Rough Rice Recap – Small Mills Continue to Support Market Prices as Others Remain on Sidelines Jan 21, 2014 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
  • 4. As of today, offers were unchanged around $15.55-$16.66 per fob farm (about $343-$367 per ton), depending on where they are located in the U.S. mid-South, for January through March shipment.Bids from larger mills decreased to around $15.00 per cwt (about $331 per ton) while bids for exporters were unchanged near $15.15 per cwt (about $334 per ton), both for January through March delivery, although there are reports of smaller mills paying around $16.25 per cwt (about $358 per ton) for delivery before April. Oryza Rice Currency Analysis for Today – Argentina Peso Down 0.8%; Brazil Real Down 0.7% Jan 21, 2014 U.S. dollar index was down -0.15% from the open today, when it traded at 81.100 at the close. Euro was stronger +0.06% today by the close, trading around 1.3560 by end of day, after trading between an intraday high of 1.3569 and low of 1.3517. Thai baht was weaker -0.25%, trading at 32.891 at the close of business. Indian rupee was weaker -0.43% at 61.8913. Brazilian real was -0.73% weaker than the open at today’s close, when it ended at 2.3606 reais per dollar. Pakistan rupee was -0.01% weaker at 105.5042. Vietnamese dong was -0.02% weaker, trading at 21095. Mexican peso was -0.20% weaker today, when it traded at 13.2628 pesos per dollar by the close of business today. Chinese yuan was stronger +0.04%, trading at 6.0502. Argentine peso was -0.78% weaker, trading at 6.8842 pesos per dollar. Tags: foreign exchange rates Oryza Afternoon Recap – Chicago Rough Rice Break through Multiple Layers of Support to Fall into Technically Bearish Territory Jan 21, 2014 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
  • 5. Chicago rough rice futures for March delivery settled 15 cents per cwt (about $3 per ton) lower at $15.450 per cwt (about $341 per ton). Rough rice futures took a dive today as nearby technical support provided by the 10day moving average failed shortly after the open of floor trading, and triggered follow-through selling throughout the remainder of the session. By the close of the session prices had dipped below a secondary point of support and have now moved into technically bearish territory, between the 20-day moving average and the lower Bollinger band. There continues to be little in the way of fundamental or physical activity to provide price directions for the futures market so technical indicators are expected to steer prices in the coming sessions. The other grains finished the day mostly lower, led by a huge slide in the soy complex; soybeans closed about 2.7% lower at $12.8050 per bushel; wheat finished about 0.2% lower at $5.6225 per bushel; and corn finished the day about 0.2% higher at $4.2500 per bushel. U.S. stocks wavered on Tuesday, with the Dow Jones Industrial Average knocked as results from three bluechip components -- Verizon Communications, Travelers Companies and Johnson & Johnson -- failed to impress investors. The Dow Jones Industrial Average fell 0.5%. After coming within points of its record high of 1,850.84 hit last week, the S&P 500 fluctuated. After hitting a more-than 13-year high, the Nasdaq was up 0.4%. The 10-year Treasury note edged higher to 2.826%, and the U.S. dollar fell against other global currencies. U.S. stock markets are currently trading about 0.3% lower, gold is trading about 0.8% lower, crude oil is seen trading about 0.6% higher, and the U.S. dollar is seen trading about 0.1% lower at about 2:00pm Chicago time.Looking to the daily continuation chart of Chicago rough rice futures for March delivery, the market failed to maintain its position above nearby technical support provided by the 10-day moving average which was noted at $15.545 per cwt (about $343 per ton) today. Prices dipped below this level in early morning trading and were unable to regain their footing as additional technical sellers piled on. By the end of the session the bears had managed to drag prices below additional support noted at $15.480 per cwt (about $341 per ton), provided by the 20-day moving average. This is seen as a key bearish development as many traders see a crossing below this point as a bearish signal and as an indication that the market has moved into technically negative territory. All eyes will remain focused on this point tomorrow and a close further lower will likely indicate a trend of lower prices is to follow. Today’s trading range is noted as $15.450-$15.600 per cwt (about $341-$344 per ton).Friday, there were 321 contracts traded, up from 201 contracts traded on Thursday. Open interest – the number of contracts outstanding – on Friday increased by 32 contracts to 7,117. Tags: U.S. rice prices, U.S. rice market, chicago rough rice futures Oryza Shares Academic Findings - Are International Rice Prices Competitive? Jan 21, 2014 A PhD candidate from Institute of Agricultural and Food Policy Studies at Universiti Putra Malaysia (UPM) recently shared his findings with Oryza about the impact of the Thailand rice mortgage scheme and other government policy programs on global rice competition and prices. 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
  • 6. Below please find a summary, written for Oryza, of Mr. Adam John's paper. The full paper, Price relations between international rice markets, was published in the journal, Agricultural and Food Economics. Here is the link to the paper: http://www.agrifoodecon.com/content/2/1/1 International rice markets are often associated with volatile prices. At least this is the perception, and this belief was reinforced by the food crisis in 2008 when international rice prices more than doubled in the space of less than a year. Experts believe that the volatile nature of world rice markets can be explained by the fact that such a small proportion of world rice production actually enters international markets as most rice is consumed within the country it is produced. With such a relatively small amount of rice being traded, even small changes in a country’s trading behavior can have a large impact of the fluctuation of world rice prices. Some experts also suggest that this volatility is amplified by the fact that international rice markets are not competitive as price movements in each of the export markets do not transmit over to one another. Price transmission is crucial for the functioning of competitive markets as these price signals help buyers and sellers understand what is happening in the market. If no price transmission takes place between markets then these markets are said to be uncompetitive. Past studies have shown that price transmission takes place between Thai and Vietnamese rice export markets which suggests that these markets are competitive. However, not much is known about the extent of price transmission between other Asian export prices as well as rice prices on the other side of the globe in North and South America. It is generally believed that Asian markets and markets in the Americas do not transmit their prices over to one another so they are therefore uncompetitive. Knowing whether price transmission takes place between markets is especially important when one wants to know whether there is a suitable benchmark to represent the world market. In the case of rice, the Thai export price has traditionally been used as the world benchmark. A recent article entitled ‘Price relations between international rice markets’ which was published in the journal, Agricultural and Food Economics analyzed the extent of price transmission of five major rice export prices over the past fourteen years (2000-2013). The five prices represented the indica rice markets; Thailand, Vietnam, Pakistan, the US and Argentina. The monthly rice prices were taken from the Food and Agricultural Organization’s Global Information Early Warning System (GIEWS) database which are available online. The article’s findings suggest that price transmission exists across these major rice export markets with price relations being the most widespread between the three Asian markets. Furthermore, the direction of price transmission suggests that Asian prices act as price leaders for rice markets in the Americas. At least in the case of South American markets, this is not such a surprising finding as Asian rice markets have continued to increase their export volumes to this region over the last decade. It therefore seems intuitive that rice prices in South America follow Asian prices. The article’s results also suggest that the Vietnamese price is a more suitable benchmark than the Thai price. 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
  • 7. While it is not clear whether there is a price leader amongst the Asian export markets, the study found that Vietnam has the most extensive price relations with other export markets which would suggest that the Vietnamese price is a more suitable world reference price than the Thai price. This can be explained by the use of government domestic policies which affect price transmission. Although both the Thai and Vietnamese governments use minimum export prices which distort international prices, Thailand has had the rice pledging scheme in place since 2001which acts as a further price distortion. International rice markets are far from competitive and have serious imperfections due to a lack of an influential central market and other major price distortions which exist such as domestic trade policy in major rice consuming countries. Despite this, it appears that international rice markets do in fact compete with one another to some extent but the promise of further progress largely depends on governments’ willingness to intervene in rice trade or whether they decide to turn to other less price distortive policies in order to help their rice producers and consumers. By Adam John January 18, 2014 Tags: Rice Prices, Adam John, Journal of Agricultural and Food Economics, Institute of Agricultural and Food Policy Studies Oryza Shares - Asian Journal of Agricultural and Food Sciences Calls for Papers Jan 21, 2014 Asian Journal of Agricultural and Food Sciences (AJAFS) is a bright ground for scientists and researchers dealing with agriculture, and food science. The Journal stresses on academic excellence, research inflexibility, data-information-knowledge distribution, and collaborative scholarly efforts. The Journal promotes abstract, experimental and methodological research on agriculture and food sciences at farm, community, and international levels.AJAFS invites the scholars and researchers from around the globe to submit their scholarly articles and papers that meet the criteria of scientific excellence for publishing in volume 2- issue 1 (February 2014) either online or as an email-attachment to ajafs@ajouronline.com Tags: Asian Journal of Agricultural and Food Sciences, Rice research Indonesia Bulog Targets 3.85 Million Tons of Rice Procurement in 2013-14 Jan 21, 2014 Indonesia’s state-owned logistics board (Bulog) will buy around 3.85 million tons of rice from domestic farmers in 2013-14, up about 6% from around 3.62 million tons of rice procured in 2012-13.Earlier this year, government officials said that Indonesia does not need rice imports this year, partly due to good stocks with Bulog. According to the Bulog chief, rice stocks with Bulog currently stand at around 2 million tons, which is enough to last until September 2014.Bulog requires about 3.4 million tons of rice annually for different welfare programs run by the government. However, the agency is targeting higher procurement of rice this year to prepare for contingencies and possible higher allocations under the public distribution system. According to 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
  • 8. local sources, Bulog has procured around 50,000 tons of rice from farmers in January 2014 so far.ndonesia is the world’s third largest producer and consumer of rice. The country produces about 37.7 million tons of rice against a consumption of around 39.8 million tons, according to the USDA. Tags: Indonesia rice procurement, Bulog Brazil Paddy Rice Index Increases Slightly in Last Week Jan 21, 2014 The Brazilian paddy rice index maintained by CEPEA stood at around 36.66 real per 50 kilograms on January 20, 2014, up slightly from around 36.59 real per 50 kilograms recorded a week earlier on January 13, 2014. In terms of USD per ton, the index increased to around $313 per ton on January 20, 2014, up slightly from around $311 per ton recorded on January 13, 2014. Tags: Brazil paddy rice index cepea 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
  • 9. Oryza Shares Event Press Release - Cambodia: the World Best Rice Cuisine Jan 21, 2014 The Federation of Cambodian Rice Exporters (FCRE) has organized an evening event in Phnom Penh, Cambodia entitled "Cambodia : the World Best Rice Cuisine" on January 23 at TOPAZ Resturant in order to introduce Cambodia's award winning rice to the world.FCRE has also invited high ranking Cambodia government officials such as H.E Senior Minister of Commerce, Minister of Tourism and Foreign Embassies to attend this dinner A full press release follows: Tags: cambodia rice pdf: Cambodia World Best Rice Cuisine Dinner.pdf India Government Foodgrain Procurement to Increase 20% to Implement Food Law Jan 21, 2014 The Indian government estimates that around 61.4 million tons of foodgrains will be required to implement the recently enacted Food Law, up about 20% from the average procurement of 51.4 million tons in last five years.The Ministry of Consumer Affairs, Food & Public Distribution has urged state governments to open more purchasing centers and assess infrastructure requirements for increased procurement of foodgrains for implementation of Food Security Act. State governments have been asked to include storage space, credit and staff requirement to open more purchasing centers in their assessment. The Ministry says that the central government will provide funding assistance to state governments for transportation of foodgrains within the state, its handling and Fair Price Shop dealers’ margin as per norms to be devised in a meeting next month.Rice accounts for around 60% - 70% of annual food grain procurement by the government, which suggests that an additional 6 - 7 million tons of rice may be required by the government annually to implement the Food Law. However, local sources say that rice procurement target is unlikely to increase this year as most of the rice from the main crop is already sold in the market. Local farmers also say that some of them had to sell paddy rice at below government support prices due to lack of government purchasing centers.The Indian government’s rice procurement in the marketing year 2012-13 (October – September) declined to 34.1 million tons, down about 15% from the targeted 40.2 million tons and down about 3% from around 35 million tons procured in MY 2011-12. The government rice procurement target for MY 2013-14 stands at 34.5 million tons, but local sources say that rice procurement is likely to decline to around 3132 million tons this year due to high open-market prices and lower supplies in key rice growing states. Tags: India rice procurement, Food Security Law 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
  • 10. Pakistan Targets Up to One Million Tons of Rice Exports to China in FY 2013-14 Jan 21, 2014 Pakistan rice exports to China are expected to grow to around 0.7 - 1 million tons in the financial year 2013-14 (July – June), which is up about 19% - 70% from around 589,277 tons of rice in FY 2012-13, according to the Rice Exporters Association of Pakistan (REAP) senior vice-chairman Chela Ram.The REAP vice-chairman led a 25-member delegation of rice exporters to China during January 5 - 15, 2014 to explore possibilities of improving rice exports to China. The delegation visited Beijing, Guangzhou, Shenzhen and Zhongshan, and held meetings with Chinese authorities and rice traders. According to local sources, the visist helped Pakistan exporters get trial orders for about 10,000 tons of rice exports worth about $4 million.The REAP vice-chairman says that China is emerging as an important rice market for Pakistan and Chinese consumers are interested in Pakistan's "long grain" rice because of its high quality. He hopes that Pakistan exporters will get more export orders from China after fulfilling the trial orders. The REAP vice-chairman has requested the Pakistan government to send REAP delegations to China regularly to improve Pakistan rice exports.According to REAP, Pakistan's total rice exports in FY 2012-13 declined to around 3.5 million tons, down about 6% from around 3.7 million tons in FY 2011-12. However, Pakistan's rice exports to China increased to around 589,277 tons in the FY 2012-13, up about 35% from around 362,170 tons in FY 2011-12. Pakistan has already exported about33,748 tons of rice to China during July - October of FY 2013-14, accordingto REAP. Tags: Pakistan rice exports, China rice imports Thailand, Vietnam, India Rice Sellers Lower Some of Their Quotes Today Jan 21, 2014 Thailand rice sellers lowered their quotes for 5% broken rice (for new crop) and A1 super by about $5 per ton each to about $435 - $445 per ton and $305 - $315 per ton respectively today. Vietnam rice sellers lowered their quotes for Jasmine rice by about $5 per ton to about $555 - $565 per ton. India rice sellers lowered their quotes for 25% broken rice by about $10 per ton to about $350 - $360 per ton. Pakistan rice sellers kept their quotes mostly unchanged. 5% Broken Rice Thai 5% rice (of new crop) is quoted around $435 - $445 per ton, down about $5 per ton from yesterday and about a $35 per ton premium over Viet 5% rice shown around $400 - $410 per ton. Thai 5% rice of the old crop is shown around $370 - $380 per ton. Indian 5% rice is quoted around $405 - $415 per ton, about a $15 per ton premium over Pak 5% rice quoted around $390 - $400 per ton. 25% Broken Rice 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
  • 11. Thai 25% rice (of new crop) is quoted about $390 - $400 per ton, up about $5 per ton from yesterday and about a $15 per ton premium over Viet 25% rice shown around $375 - $385 per ton. Thai 25% rice of the old crop is shown around $345 - $355 per ton. Indian 25% rice is quoted about $350 - $360 per ton, down about $10 per ton from yesterday and about a $5 per ton premium over Pak 25% rice quoted around $345 - $355 per ton. Parboiled Rice Thai parboiled rice of the old crop is quoted around $455 - $465 per ton. Indian parboiled rice is quoted around $395 - $405 per ton, about a $15 per ton discount to Pak parboiled rice quoted around $410 - $420 per ton. 100% Broken Rice Thai broken rice, A1 Super, of the old crop is quoted around $305 - $315 per ton, about a $50 per ton discount to Viet broken rice shown around $355 - $365 per ton. Indian broken sortexed rice is quoted about $295 - $305 per ton, about a $25 per ton discount to Pak broken sortexed rice quoted around $320 - $330 per ton. Tags: Asia rice quotes, India rice quotes, Pakistan rice quotes, Thailand rice quotes, Vietnam rice quotes Thailand Farmers Want Government to Return Pledged Rice Jan 21, 2014 Thailand rice farmers say that the caretaker government should return pledged rice to the farmers if it fails to clear delayed payments by January 25, 2014.According to the leader of a farmers' group in central Suphan Buri province, some rice farmers in Thailand have not received payments for last three to four months under the rice mortgage program and are prepared to sell the rice in the market at a loss. He says that a farmers' delegation is planning to file a lawsuit against the government and some farmers have joined protests against the government. The caretaker government had promised to complete delayed payments by January 15, 2014, but later postponed it to the end of this month. The rice mortgage program was a highlight of the Thai government, but has now become a challenge with all the sources of funds drying up. The planned auction of 110,000 tons of rice by the Agricultural Futures exchange of Thailand on January 22, 2014 may help the government get part of funds required to pay rice farmers.The caretaker government lacks the authority to take major decisions, such as the export of state rice stocks, and is relying on domestic sales to fund the rice mortgage program. Local sources say that the government is ready to offload rice in the domestic market at prices almost 30% below the international prices. Tags: Thailand rice mortgage program India Rice Prices to Increase Due to 12.36% Service Tax Jan 21, 2014 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
  • 12. Milled rice prices in India could increase significantly after the Finance Ministry excluded milled rice from the “agricultural produce” category and deemed ineligible for exemption of service tax of 12.36%.Finance Ministry's service tax negative list exempts “agricultural produce" from the levy of service tax. The service tax negative list defines agricultural produce as “anything that hasn't been processed at all or has been subjected to treatment as is typical by a cultivator or producer that doesn't alter the essential characteristics but makes the commodity ready for sale in the primary market."However, according to the Finance Ministry, milled rice cannot be considered as an agricultural produce because it has been processed in mills. Following the clarification from the Finance Ministry, the Central Warehousing Corporation (CWC) has instructed customers that a service tax of 12.36% will be levied on services offered by the Food Corporation of India (FCI) and other state agencies for storage and transportation of rice with effect from July 1, 2012. Rice distributed through the public distribution system (PDS) will be unaffected by the service tax which will be absorbed by the FCI. However, rice prices in the open market will increase sharply due to the service tax levy, say local traders.Average wholesale rice prices in India stand at around Rs. 2,750 per quintal (around $447 per ton) in January 2014, down about 6% from around Rs. 2,921 per quintal (about $475 per ton) in December 2013, and down about 1% from around Rs.2,783 per quintal (about $525 per ton, using historical exchange rates) in January 2013. Tags: India rice prices Oryza Overnight Recap – Chicago Rough Rice Futures Slightly Lower Following Holiday Weekend Break Jan 21, 2014 Chicago rough rice futures for March delivery are currently paused 1.5 cents per cwt (about $0.33 per ton) lower at $15.585 per cwt (about $344 per ton) as of 8:00am Chicago time. The other grains are seen mixed this morning ahead of floor trading in Chicago: soybeans are currently seen about 1.3% lower, wheat was paused slightly lower, and corn is noted about 0.4% lower.U.S. stock index futures climbed on Tuesday as Wall Street resumed business after a long holiday weekend, with investors welcoming earnings from companies including Delta Air Lines and Verizon Communications. The Dow Jones Industrial Average opened higher, as did the S&P 500 and the Nasdaq. The 10-year Treasury note rose 2 basis points to 2.841%, and the U.S. dollar edged lower against other global currencies. U.S. stocks mostly fell on Friday, but the Dow Jones Industrial Average managed to post its first weekly gain of the year, as Wall Street gauged a reduced outlook from United Parcel Service and earnings from corporations including General Electric and Morgan Stanley. U.S. stock index futures are currently trading about 0.3% higher, gold is currently trading about 1.3% lower, crude oil is seen trading about 0.7% higher, and the U.S. dollar is currently trading marginally lower at 8:00am Chicago time. Tags: chicago rough rice futures Oryza Global Rice Quotes 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
  • 13. Long grain white rice - high quality Thailand 100% B grade 445-455 ↓ Vietnam 5% broken 400-410 ↔ India 5% broken 405-415 ↔ Pakistan 5% broken 390-400 ↔ Cambodia 5% broken 450-460 ↔ U.S. 4% broken 585-595 ↔ Uruguay 5% broken 625-635 ↔ Argentina 5% broken 625-635 ↔ Long grain white rice - low quality Thailand 25% broken 390-400 ↔ Vietnam 25% broken 375-385 ↔ Pakistan 25% broken 345-355 ↔ Cambodia 25% broken 425-435 ↔ India 25% broken 350-360 ↓ U.S. 15% broken 565-575 ↔ Long grain parboiled rice Thailand parboiled 100% stxd 455-465 Pakistan parboiled 5% broken stxd 410-420 India parboiled 5% broken stxd 395-405 U.S. parboiled 4% broken 660-670 ↔ Brazil parboiled 5% broken 590-600 ↔ Uruguay parboiled 5% broken NQ ↔ Long grain fragrant rice Thailand Hommali 92% 945-955 ↔ Vietnam Jasmine 555-565 ↓ India basmati 2% broken 1515 -1525 ↔ Pakistan basmati 2% broken NQ ↔ Cambodia Phka Malis 895-905 ↔ Brokens Thailand A1 Super 305-315 ↓ Vietnam 100% broken 355-365 ↔ Pakistan 100% broken stxd 320-320 ↔ Cambodia A1 Super 365-375 ↔ India 100% Broken stxd 295-305 ↔ Egypt medium grain brokens NQ ↔ U.S. pet food 470-480 ↔ Brazil half grain 345-355 ↔ Medium grain milled U.S. Calrose 4% broken 620-630 ↔ Egypt medium grain 6% NQ ↔ For Advertising SPECS & RATES ↔ ↔ ↔ Contact: Advertising Department Mujahid Ali mujahid.riceplus@gmail.com +92 321 369 2874 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