17th february 2014 daily global rice news by riceplus magazine

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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 .
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17th february 2014 daily global rice news by riceplus magazine

  1. 1. 17th February, 2014 Share developments in RICE and allied sectors, Promote the Concept of Knowledge Economy Dear Sir/Madam, YOUR IDEA has a great worth---JUST share it through RICE PLUS 10000+ stakeholders of rice industry read & apply various ideas and analysis written by the authors. Be the part of Rice plus authors Visit: www.ricepluss.com,www.publishpk.net mujahid.riceplus@gmail.com , riceplus@irp.edu.pk 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. 2. TOP Contents - Tailored for YOU Stakeholders Urge FG to Implement Agreed Duty on Rice 17 Feb 2014 Bags of rice By Crusoe Osagie The Rice Millers Importers and Distributors Association of Nigeria (RiMIDAN) has appealed to the federal government to urgently implement the $190 duty per metric tonne of rice to save the businesses of legitimate operators of the rice sector in Nigeria from collapse.Speaking at a press briefing in Lagos at the weekend, the Secretary-General of RiMIDAN, Alhaji Shaibu Mohammed, expressed regrets over the current poor handling of the duty process, stressing that not less than 20 vessels carrying rice are stuck in high seas as a result.He said it was as a result of federal government‘s breach of the agreement reached with the association in November 2013 that the present inefficiency persists. According to him, only recently, the federal government through the inter-ministerial committee on dutiable rate held a stakeholders meeting with the dealers in Abuja towards promptly arresting the rate of smuggled rice entering the country through the republic of Benin.He said that the federal government had called a meeting of stakeholders to address the situation before the last Christmas season, which accounts for the highest point of rice consumption annually. This was with a view to ensure that the Christmas imports were done legally through the Nigerian ports by lowering the Nigerian dutiable price to match that of Benin Republic currently $200.At the meeting, the Inter-ministerial Committee approved the reduction of the duty from $570 to $190 per metric tonne as a benchmark for imported rice within the stipulated time of two months.The inter-ministerial committee is composed of the presidential committee on trade malpractices, customs and ministry of agriculture. 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. 3. The association has however expressed regret that the new dutiable price for legally imported rice has not yet been implemented by the government, lamenting that before now almost all the agreements reached by the committee concerning duty and benchmark were always implemented immediately.`The new dutiable for legal import was not implemented by government, even though it would have saved the industry and boosted the FG revenue by N50 billion,‘‘ Shaibu said.He said they were so shocked that after the federal government gave the go ahead to bring in rice, most of their members swung into action and ordered rice that is now stuck in the high seas of the nation‘s territorial waters. "The waiting game has been on for over two months because certain government agencies are yet to receive some directives."He appealed to the national assembly and the president to save the from the colossal loss adding that the Benin Republic parliament had since passed a motion, which drastically reduced duty on rice, which has further made it easier for smugglers to smuggle rice into Nigeria.He noted that the inaction of government to quickly implement the dutiable rate of $190 had increased the spate of rice smuggling into Nigeria.The association noted that last year alone, about three million tonnes of parboiled rice was smuggled into Nigeria through Benin Republic which has caused a lost of N300 billion and gain of over N200 billion to the neighbouring countries that facilitated the smuggling.He said that less that 100,000 tonnes of rice was legally imported into Nigeria in 2013. Unisame lauds Sindh for setting up agri business fund February 17, 2014 OUR STAFF REPORTER Karachi - The Union of Small and Medium Enterprises (Unisame) has appreciated the initiative and thanked the Sindh government for the Sindh Enterprise Development Fund (SEDF) which has been established to promote agri-business value addition in the province. SEDF primarily provides interest rate subsidies for credit obtained from bank to set up agro based value addition projects.Mehboob ul Haq the chief executive officer (CEO) of SEDF said the Balancing, Modernisation and Replacement (BMR) Scheme for rice millers in Sindh is sponsored by Government of Sindh under the patronage of State Bank of Pakistan. (SBP) The scheme offers subsidised mark up of 2.75pc on loans up to Rs 10 million for up-gradation and modernisation of rice mills in Sindh province. Unisame president Zulfiqar Thaver said SME rice millers can benefit from this initiative of Sindh government under the SEDF scheme and replace their orthodox system with modern plants and also make steamed rice.He 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. 4. invited the acting chairman of Rice Exporters Association of Pakistan (REAP) Chelaram KK to use his good office in promoting BMR in Sindh and uplift the parboiling units of Sindh. Unisame has offered help to SME rice millers in filing their application without any obligation and emphasised the need for the parboiling plants to modernise their units to meet global challenges.Parboiled and steamed rice are in great demand in Gulf and Middle East countries and over the last few years due to high cost of production the millers in Sindh have discontinued the parboiling of rice and switched over to white rice but now with subsidised finance from SEDF the parboiling units would again be feasible. QRC efficiency under TDAP control criticised February 15, 2014 RECORDER REPORT Quality Review Committee (QRC) has become ineffective under the control of Trade Development Authority of Pakistan (TDAP) that resulted country's basmati rice export decline. It was learnt on Friday. "QRC that was set up to review quality in order to facilitate the exporters of quality basmati rice has unfortunately transformed into a sheer ruthless inspection body where there is no concept of facilitation," said a leading rice exporter while talking to Business Recorder. All quality control mechanism of QRC is based on physical inspections, despite availability of modem techniques, resulting disputes between REAP members and QRC, he said It is worth mentioning that the international buyers have lost trust in QRC Certification since TDAP has taken control of Quality Review Committee (QRC) from rice exporters association of Pakistan (REAP), which has opened a new door of bureaucratic corruption, leading to a huge decline in Basmati rice exports. The acting chairman Reap, Chela Ram said "we have already sent a letter to Secretary TDAP to abolish QRC; however we are waiting for her response. " A Copy of letter was available with Business Recorder which stated that "In the presence of foreign accredited Third Party inspection Agencies: like Cotechna, SGS, Intertech, Eurofins, BVAC etc whose certificates are acceptable by foreign buyers, the existence of QRC is illogical and impractical. Despite, multiple reminders to TDAP officials, regarding declining exports of Basmati Rice, during QRC meeting, the TDAP focused on Revenues earned by QRC 'and has not initiated any measures to revive the declining exports. The argument is validated by the exports figures of Basmati Rice that has declined over 50percent since TDAP has taken charge of QRC. Under the circumstances, we are of firm belief that QRC has lost its credibility and the reason for its existence. We also believe that Trade must be made free and fair and should be beyond all harriers and there is no requirement of inspection where buyer and seller trust each other. 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. 5. FA monopoly threatens rice industry By Rey E. Requejo | Feb. 17, 2014 at 12:01am While the country‘s leaders continue to be obsessed with the hunt for ―illegal rice importers,‖ two former heads of the National Food Authority were in agreement that flawed government policy, not smuggling, poses the biggest threat to the nation‘s rice industry.Anthony Abad explained that smuggling was just one of the many symptoms of a flawed system of rice regulation while Lito Banayo warned that government‘s continued monopoly of rice importation could cause NFA‘s debt to balloon to as much as P190 billion. A total of 404,000 bags of rice from Vietnam imported by National Food Authority are being unloaded in a private wharf in Davao City in this file photo. Loaded in two vessels, the rice will be stored in NFA Davao City warehouses of which some of the stocks will be transferred to other provincial offices to ensure that reserves are within ideal level. RENE B. LUMAWAG. ―Rice smuggling occurs because there is an unmet demand of a hungry population. Smuggling and the illicit importation of rice simply reflect a deficit in supply,‖ said Abad, a lawyer and international trade expert.At the Senate hearings, so-called ―illegal importations‖ were attributed to the absence of a definitive policy on the World Trade Organization (WTO)-granted ―special privilege‖ of quantitative restrictions (QR) on the importation of rice that had expired in June 2012.During the hearings, the Department of Agriculture maintained that despite its expiration, importation quotas on rice will remain in place until 2017, even as the Philippines has yet to succeed in negotiating an extension with fellow WTO member countries. But Abad believes otherwise: ―When you have an agreement that is time-bound, the ―special treatment clause‖ expires upon the deadline. The Philippines is the only country left that maintains a QR.‖The DA and attached agency NFA have been criticized by some sectors for supposedly using QR and the issuance of import permits to maintain a ―monopoly‖ over rice trade.Abad, who was NFA administrator from 2000 to 2002, agreed that the ―outdated QR system and government rice monopoly, only lead to high prices, inefficiency, corruption, and smuggling.‖In a television interview, Banayo, for his part expressed astonishment at how the agency has come to monopolize rice trade over the last year.―In the third year of this Aquino administration, 2013, I was surprised to read in the papers that it was only the NFA doing the importing, without participation from the private sector,‖ he said in the vernacular.Supposedly, under the 2010 Food Staples Self-sufficiency Program (FSSP), the country‘s rice self-sufficiency roadmap, importation should primarily be the role of the private sector. 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. 6. ―The private sector should be the one to import. The NFA should, little by little, remove itself from rice importation and concentrate on local procurement, which we followed for two years,‖ Banayo, who was administrator during the first two years of the Aquino presidency, described the agency‘s thrust under his watch.Moreover, he warned that the NFA‘s continued monopoly over rice importation, through government-to-government transactions, is a virtual ―white elephant,‖ costing the country billions in public funds. Dissolves and Political Nightmare Continues Feb 14, 2014 The Oryza White Rice Index, a weighted average of global white rice export quotes, ended the week at $462 per ton, down about $1 per ton from a week ago, up about $4 per ton from a month ago and down about $28 per ton from a year ago.The UN‘s Food and Agriculture Organization (FAO) this week reported that its Rice Price index dropped 2 points in January 2014, or about 1.6% from December 2013, while U.S. and South America 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. 7. rice prices were relatively steady and rice export prices declined in Vietnam and India.The USDA increased its forecast for MY 2013-14 global rice production to 471.5 million tons, an increase of about 0.4% from 469.5 million tons in MY 2012-13. The largest increases are expected in the U.S. (improved yields) and Bangladesh (good weather). The USDA lowered its forecast for MY 2013-14 world ending stocks to 105 million tons, which is about 2% less than the 106.85 million tons in stocks in MY 2012-13. The International Food Policy Research Institute (IFPRI) published a book that looks at 11 different agricultural practices and technologies, and researchers at the IFPRI believe that with these innovations, global rice production could be increased by 43% and global food prices could be reduced by 50%, all by the year 2050.Rice market focus remains on Thailand and what is likely to happen there in the coming months and how that may ripple out to the rest of the global rice market. 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. 8. Thailand Thai 5% broken rice is today shown about $440 per ton, unchanged from a week ago, up about $20 per ton from a month ago and down about $115 per ton from a year ago.The Thailand rice scheme is becoming another legendary lesson the futility in trying to corner a market, a well-known example being the failed attempt by the Hunt brothers in the late 1970s trying to corner the silver market. When Thailand tried to buy paddy rice from farmers at about $500 per ton, twice the market rate, in hopes of winning votes at home while passing the increased cost along to international buyers, global markets reacted in kind with a resounding ‗no.‘ While the idea of suddenly commanding prices nearly twice as high as other rice origins seems delusional, there were some traders who said Thailand could possibly pull this off it was able to hold rice stocks long enough for the global rice market to suffer some sort of supply crunch whereby Thailand could step in and supply the market with rice at a premium high enough to cover its costs. Perhaps the government‘s worst mistake was making a promise it had no ability to keep due to poor and corrupt execution. If stocks were managed properly and all accounted for, a collateral-backed loan may have been possible/affordable to keep the scheme going. However, the timing of Thailand‘s rice mortgage scheme made it more impossible with India returning to the non-basmati rice export market, becoming the top rice exporter in 2012 and 2013 with a record rice production projected for the 2013-14 crop year. A functioning Thailand government may have several options on how to resolve the funding crisis for the rice mortgage scheme: 1 – Sell rice (limited by ideas that rice stocks are not what they are thought to be and prices could nose dive on major tonnage liquidation) 2 – Issue bonds 3 – Raise taxes 4 – Reduce other government spending to cover the costs of the scheme 5 – Print baht to pay the farmers, devaluing the currency The question on everyone’s mind is how a fully functioning Thai government will come into being. It is in the interest of the opposition to perhaps delay democratic elections as long as possible in an effort to inflict more pain on rice farmers (the political base of the caretaker government Pheu Thai Party) in hopes of eroding rice farmer‘s support for the Pheu Thai Party and the caretaker PM, Yingluck. This may be difficult to do unless the opposition can make a clear argument for exactly how they propose resolving the current funding crisis. In the meantime, the Pheu Thai Party/ Yingluck can always (and has been) blaming the opposition for not allowing her the power necessary to resolve the funding crisis through rice sales or bond issuance. In essence, the opposition may have been better off allowing the election to continue on February 2 and to wait and see how the government resolves the funding crisis, letting the government either resolve it, or fail on its own. One could argue that if a policy is bad policy, or unsustainable policy, the best bet is to let that policy meet its natural end. However, the opposition was/is obviously concerned about how long this will take and was motivated to, on November 26 2013, call for unelected "people's council" be established and to rid the country of the influence of self-exiled Thaksin (Yingluck‘s brother and rumored puppet master). This follows the November 1 2013 passage of the amnesty bill that would have exempted leaders, including Thaksin from 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. 9. political offenses since the 2006 coup. It seems that the opposition to Thaksin/Yingluck simply reached its breaking point in regards to the amnesty bill. As long as Yingluck can promise the resumption of the rice mortgage scheme once elected, as she did back in 2011, she may be able to regain enough control to continue funding the scheme and potentially push through the amnesty bill. However, the rice mortgage scheme started to run into funding problems as far back as at least September 2013, the very start of the latest main crop harvest. It is almost as if the Yingluck government began to panic that they would soon lose their political capital and needed to push the amnesty bill through parliament – now or potentially never. What‘s next? Yingluck needs to regain power to pass the amnesty bill. Will the opposition let her? At what point of political maneuvering/force does one side give up? Win? Or, when would the military potentially step in? The Oryza has been criticized for suggesting Thailand could slip into a civil war but this is something sources in Thailand have expressed fear of. The question is to what lengths is Thaksin likely to take to regain political power and to what links are some Thais willing to go to stop him? Obviously everyone hopes that Thailand can reach a democratic resolution and the nation‘s rice farmers are paid in full for their paddy, but how exactly this will happen remains terribly uncertain. In the meantime, the continuation of the Thailand rice scheme is unlikely and depending on the quantity of stocks left to liquidate (not lost destroyed or already sold via corrupt channels) Thailand rice quotes could continue to decline. Many analysts think that after Thailand‘s rice stocks are mostly cleared, prices will again firm. They point out that Thailand does not currently command much, or any, market premium, a sign that historically indicated that rice quotes have bottomed out and will head higher. Bullish ideas are further encouraged by ideas India’s rice harvest could dramatically disappoint if the nation suffers a weather crisis. As always, we welcome our readers‘ comments and we are open to publishing quality opinion pieces from those in the industry. India India 5% broken rice today quoted at about $420 per ton, up about $5 per ton from week ago, up about $10 per ton from month ago and down about $20 per ton from a year ago. For now, the India rice export engine remains full steam ahead. From April-December in the fiscal year 201314, India exported about 7.9 million tons of rice (basmati and non-basmati both), an increase of about 5% from the same period in the previous year, according to provisional data by the Agricultural and Processed Food Products Export Development Authority (APEDA). Total rice exports over the period valued about Rs. 335,437 crore (about $5.6 billion), which is about 41% higher from the same period in the previous year (in terms of USD, the exports grew by only 28%). Non-basmati rice exports during this period were steady at about 5.17 million tons worth about Rs. 128,940 crore (about $2.13 billion), only about 1% higher in volume but about 18% higher in value than the same period in 2012-13. Basmati rice exports increased more significantly, reaching about 2.74 million tons valued at about Rs. 206,496 (about $3.46 billion) AprilDecember 2013-14, up about 13% in volume and 60% in value from the same period in the previous year. The President of the All India Rice Exporters Association (AIREA) anticipates rice exports from India will reach a 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. 10. record high of 11 million tons this year. Although India excludes agricultural produce from paying its 12.36% service tax, rice is now not excluded from the tax. Thus, if the Prime Minister does not declare rice an ―unambiguous‖ agricultural product and it is subject to this tax, rice prices may increase. Wheat is exempt from the service tax. According to the Indian government, rice production in 2013-14 (October-September) is predicted to reach 106.19 million tons, which would be the highest year on record and about 1% higher than total production in 2012-13. India‘s rabi (winter) rice crop is about 2.8 million hectares currently, an increase of about 33% from this time last year, according to the Ministry of Agriculture. Meanwhile, rice stocks in the central pool have declined to about 31.27 million tons as of February 1, a decrease of about 12% from the same time last year but an increase of about 5% month-over-month, according to the Food Corporation of India (FCI). The High Court in the state of Bihar has ordered the government to provide more information about the alleged Rs. 2,400 crore (about $387 million) rice scam by the officials of the Bihar State Food and Civil Supplies Corporation Limited in collusion with private millers across the state. Mills were found to have less rice than they were supposed to have, something that may mirror the Thailand rice scheme. The USDA predicted rice production in Bangladesh may increase 2.34% to 34.59 million tons in the fiscal year 2013-14 due to favorable weather. Vietnam Vietnam 5% broken rice ended the week at $395 per ton, down about $10 per ton from a week and a year ago and down about $5 per ton from a month ago. In January 2014, Vietnam exported 307,000 tons of rice, down about 24% from the same period in the previous year, according to the Vietnam Food Association (VFA). The value of the exports was $127.5 million, about 31% less than January 2013. Most of the rice was exported to the Philippines. The Vietnam Ministry of Industry and Trade (MIT) continues its efforts to expand the country‘s exports to African countries, sending delegations to Angola and the Ivory Coast to promote their rice. Meanwhile, the Minister of Agriculture and Rural Development (MARD) announced that the country will expand corn planting areas and eliminate about 130,000 hectares of rice fields in efforts to decrease its corn imports. There‘s been concern that rising rice acreage has not translated into rising rice farm income. Pakistan 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. 11. Pakistan 5% broken rice ended the week at $400 per ton, up about $5 per ton from a week and a month ago and down about $30 per ton from a year ago. With Pakistani basmati quotes around $1,300 per ton, about a $200 per ton discount to Indian basmati rice, the country is looking to regain some of the global market share that Indian basmati rice has recently taken. Brazil Brazil 5% broken rice ended the week at about $665 per ton, unchanged from a week and a month ago. Conab increased its projection for paddy rice production for 2013-14 to about 12.51 million tons. This is about 1% higher than its previous estimate, and about 6% higher than the 11.82 million tons produced in 201213. Rice acreage is declining but higher yields are expected to more than make up for it. Brazil paddy stocks in December 2013 are down about 19% from December 2012, reaching only 904,423 tons, according to Conab, who reports the decline, is mostly in farmers‘ rice stocks. In response, the government has been holding several paddy auctions to boost supplies and stabilize prices. US U.S. 4% broken rice is today shown about $580 per ton, unchanged from a week ago but down about $10 per ton from a month ago and down about $37 per ton from a year ago. The USDA‘s forecast for MY 2013-14 (June-May) total rice exports increased by about 45,360 tons, or about 1% less than the previous estimate, to a total of 4.5 million tons. This number is still down about 7.4% from the 4.86 million tons exported in MY 2012-13. The USDA‘s forecast for MY 2013-14 all rice season-average prices range $346.12-$359.35 per ton. Rough rice futures climbed this week, topping out at $15.790 per cwt (about $348 per ton) on Thursday afternoon and reaching $15.755 per cwt (about $347 per ton) early Friday morning before prices started to drop later in Friday‘s session. Rice farmers in California and Texas continue to face uncertainty about how much water they‘ll get—and when. Other Markets Cambodia 5% broken rice today quoted at about $455 per ton, unchanged from a week ago and down about $5 per ton from a month ago. Cambodia is finalizing its Code of Conduct for the Cambodian rice exporters community to sign with Ministry of Commerce in response to the informal EU concern over authenticity of some Cambodian rice shipments effected in 2013. 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. 12. According to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), poor weather during the summer crop season may lead to a decline in Australia‘s paddy production for FY 2013-14 (April-March). With planting area down about 11% from FY 2012-13, ABARES projects that total rice production may only reach 907,000 tons FY 2013-14, down 22% from the previous year. The Bureau of Agricultural Statistics (BAS) in the Philippines reports that total rice stocks in the country have decreased to about 2.12 million tons as of January 1. This is a decrease of about 16% from the same time last year, and about 15% less than December. That is assuming that household stocks are only down about 3% from the previous year. According to BAS, total rice stocks (household, commercial, and NFA stocks) in the country will last for 62 days. As of this week, Italy has sold about half of its paddy – leaving only 731,876 tons of paddy stocks remain out of the total 1,447,783 tons produced in 2013-14, with 8 months still left until the next paddy harvest. In the tender on February 3, the Iraqi Grain Board purchased 100,000 tons of South American origin rice ranging from $704-713 per ton. U.S. rice exporters found the results disappointing, as they had hoped to participate in the tender. Separately, Iraq’s Ministry of Trade announced they will seek to purchase 30,000 tons of long-grain rice from the U.S., Uruguay, Argentina, or Brazil or medium-grain rice from Spain, the U.S., or Australia. Bids are due February 23 and must remain valid until February 27. Uruguay and Argentina 5% broken rice is today quoted at about $630 per ton, unchanged from a week and a month ago, but up about $20 per ton from a year ago. Total exports out of Argentina during January-November 2013 were 492,807 tons, about 19% less than the same period in 2012, according to the Ministry of Agriculture. Most of the rice was exported to Brazil, Chile, and Bolivia. In the Colombian TRQ on February 3, Col-Rice awarded the full 60,412 ton they made available, with the average bid $168.27 per ton. The majority of the tonnage will be bulk milled rice. China raised the minimum state purchasing price for paddy rice this year, according to local sources. The USDA speculates that increasing support prices will raise domestic prices, leading to higher imports. In terms of USD per ton, support price for early indica rice of about $442 per ton (using current exchange rates) in 2014 is up about 5% from around $420 per ton (using historical exchange rates) in 2013. Support price for mid-and-late indica rice of about $452 per ton (using current exchange rates) is up about 5% from around $430 per ton (using historical exchange rates) in 2013, while support price for japonica rice of about $508 per ton (using current exchange rates) is up about 6% from around $478 per ton (using historical exchange rates) in 2013. The USDA Post in Beijing lowered its estimate for China‘s MY 2013-14 rice imports to 3.2 million tons, about 6% less than official USDA estimates. China remains very price sensitive and could buy more rice if prices came off, potentially acting as a bottom to the rice market; however, the reverse is also true. Tags: 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. 13. Oryza White Rice Index (WRI) - See more at: http://oryza.com/reports/oryza-wri/oryza-white-rice-index-thailand-fairytale-rice-scheme-dissolves-andpolitical#sthash.G7nj6R8n.dpuf Oryza Afternoon Recap – Chicago Rough Rice Futures Close Higher on the Week, Despite Double Digit Dive Today; Soybeans Slip While Corn, Wheat Climb Feb 14, 2014 Chicago rough rice futures for March delivery settled 12.5 cents per cwt (about $3 per ton) lower at $15.585 per cwt (about $344 per ton). Rough rice futures tumbled today as the market confirmed yesterday‘s technical forecast for a pull back from the recent highs. Prices made an initial attempt to test yesterday‘s high of $15.775 per cwt (about $348 per ton), but came up a few cents short and quickly came under pressure as the bears piled on the sell side. It is likely that traders took additional profit today, a fact that will be confirmed by a drop in open interest which will be reported on Tuesday. Today‘s move has returned the market within the boundaries of the Bollinger bands, with the upper Band noted at $15.680 per cwt (about $346 per ton) today. Losses were limited by support provided by the 100-day moving average, which was seen at $15.580 per cwt (about $344 per ton) today. Despite suffering double digit losses today the market managed to close 24.5 cents per cwt (about $5 per ton) higher this week, as prices climbed from $15.340 per cwt (about $338 per ton) on Friday February 7 to today‘s settlement price. The other grains were finished mixed today with soy products lower while corn and wheat finished the week on a positive note; soybeans closed about 0.5% lower at $13.3750 per bushel; wheat finished about 0.5% higher at $5.9850 per bushel; and corn finished the day about 1% higher at $4.4525 per bushel.U.S. stocks drifted higher Friday, with all three major averages on track for their biggest weekly gain of the year, following a batch of economic data. The Dow Jones Industrial Average rallied nearly 100 points. The S&P 500 and the Nasdaq were also in positive territory. Among key S&P sectors, telecoms lagged, while energy held small gains. On the economic front, consumer sentiment was unchanged in early February at 81.2, according to the preliminary reading of the Thomson Reuters/University of Michigan. Analysts polled by Reuters expected a February reading of 80.6. Meanwhile, export prices rose 0.2%, while import prices ticked up 0.1%. Industrial production declined 0.3% in January, against an expectation for a gain of 0.3%. Economists trimmed their forecasts for U.S. economic growth in the first quarter of the year, with payroll expansion seen remaining somewhat subdued, but they expect the pace of activity to pick up in the second quarter. Gold is trading about 1.4% higher, crude oil is seen trading about 0.2% lower, and the U.S. dollar is seen trading about 0.2% lower at about 1:00pm Chicago time.Thursday, there were 1,377 contracts traded, up from 886 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday decreased by 139 contracts to 8,074. Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market 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
  14. 14. Oryza Rice Currency Analysis for Today – India Rupee, Thai Baht Advance 0.8% Feb 14, 2014 U.S. dollar index was down -0.23% from the open today, when it traded at 80.134 at the close. Euro was stronger +0.13% by the close, trading around 1.3699 by end of day, after trading between an intraday high of 1.3715 and low of 1.3674. Thai baht was stronger +0.83%, trading at 32.306 at the close of business. Indian rupee was stronger +0.83% at 61.9300. Brazilian real was +0.19% stronger than the open at today‘s close, when it ended at 2.3889 reais per dollar. Pakistan rupee was +0.10% stronger at 104.8275. Vietnamese dong was +0.04% stronger at 21100. Mexican peso was +0.18% stronger today, when it traded at 13.2365 pesos per dollar by the close of business today. Chinese yuan was weaker -0.04%, trading at 6.0662. Argentine peso was -0.24% weaker, trading at 7.8096 pesos per dollar. Tags: foreign exchange rates Advertising SPECS & RATES Contact: Advertising Department Mujahid Ali mujahid.riceplus@gmail.com +92 321 369 2874 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

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