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Daily Exclusive ORYZA RiceNewsletter
Volume 5, Issue I
February 25, 2015

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Brazil Paddy Rice Index Declines About 2%
from Last Week
Feb 24, 2015
The Brazilian paddy rice index maintained by
the Center for Advanced Studies on Applied
Economics (CEPEA) reached around 36.78
real per 50 kilograms as of February 23,
2015, down about 2% from around 37.49 real
per 50 kilograms recorded on February 17,
2015.In terms of USD per ton, the index
reached around $255.4 per ton on February
23, 2015, down about 3.6% from around
$255.4 per ton recorded on February 17,
2015.
Global Rice Quotes
February 24th, 2015
Long grain white rice - high quality
Thailand 100% B grade 415-425 ↔
Vietnam 5% broken 355-365 ↔
India 5% broken 390-400 ↔
Pakistan 5% broken 335-345 ↔
Myanmar 5% broken 410-420 ↔
Cambodia 5% broken 430-440 ↔
U.S. 4% broken 480-490 ↔
Uruguay 5% broken NQ ↔
Argentina 5% broken NQ ↔
Long grain white rice - low quality
Thailand 25% broken 365-375 ↔
Vietnam 25% broken 325-335 ↔
Pakistan 25% broken 305-315 ↔
Cambodia 25% broken 410-420 ↔
India 25% broken 355-365 ↔
U.S. 15% broken 470-480 ↔
Long grain parboiled rice
Thailand parboiled 100% stxd 405-415 ↔

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Pakistan parboiled 5% broken stxd 385-395 ↔
India parboiled 5% broken stxd 385-395 ↔
U.S. parboiled 4% broken 555-565 ↔
Brazil parboiled 5% broken 570-580 ↔
Uruguay parboiled 5% broken NQ ↔
Long grain fragrant rice
Thailand Hommali 92% 920-930 ↔
Vietnam Jasmine 460-470 ↔
India basmati 2% broken NQ ↔
Pakistan basmati 2% broken NQ ↔
Cambodia Phka Mails 785-795 ↔
Brokens
Thailand A1 Super 320-330 ↔
Vietnam 100% broken 305-315 ↔
Pakistan 100% broken stxd 275-285 ↔
Cambodia A1 Super 365-375 ↔
India 100% broken stxd 280-290 ↔
Egypt medium grain brokens NQ ↔
U.S. pet food 380-390 ↔
Brazil half grain NQ ↔
All prices USD per ton, FOB vessel, oryza.com
Government of India Will Not Consider
Recommendation to Increase MSP on Rice
Feb 24, 2015
The government of India today specified in
the Parliament that it would not consider
the recommendations of the National
Commission on Farmers (NCF) to increase
the minimum support price (MSP) on rice
and wheat to at least 50% more than the
weighted average cost of production,
according to local sources.

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The Junior Farm Minister apprised the Parliament in a written statement that the government has
decided not to increase the MSP in line with the NCF's recommendations as it would distort
markets. He also noted that the concept of MSP was recommended by the Commission for
Agricultural Costs and Prices (CACP) after considering many objective factors and a variety of
relevant factors.He specified that the government would implement all the other
recommendations made by the NCF, which is chaired by the rice veteran M.S.Swaminathan, as
well as is regularly monitoring the national policy for farmers announced by the previous
government in 2007.
The government is also considering direct cash transfers in lieu of subsidized grains under the
public distribution system, which means the government may limit the procurement and storage
of food grains to strategic buffer norms.For the 2014-15 kharif marketing season (KMS), the
government increased the MSP for common grade paddy by about 3.8% to around Rs.1,310 per
quintal (around $218 per ton) and increased the MSP for Grade 'A' paddy by about 4% to around
Rs.1,345 per quintal (around $223 per ton).
Indonesia to Release 400,000 Tons of Rice to
Control Price Hikes, Says Vice-President
Feb 24, 2015
Indonesia's State Logistics Agency
Bulog has decided to release about
400,000 tons of rice into the market
to control price hikes, according to
Bloomberg.The country's Vice-
President told reporters that Bulog
currently has 1.4 million tons of rice
and can release another 500,000 tons
if needed. He noted that the
government is targeting to increase
Bulog stocks to 3 million tons by the
end of this harvest season. Bulog
aims to procure about 3.2 million
tons of rice in 2015.

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The agency currently distributes rice at a fixed price of 7,400 Rupiah per kilogram (around $576
per ton) on the market.
Domestic rice prices have been surging since September 2014. According to data from the UN's
Food and Agricultural Organization (FAO), local rice prices currently stand at around 9.78
million Rupiah (around $761) per ton, up about 10% from around 8.93 million Rupiah (around
$750) per ton in September 2014, and up about 9% from their year ago levels.
The Vice-President reiterated that the government would not import rice despite surging prices
ahead of the harvest season as the supply is expected to increase during the harvest time between
March and May 2015.
Thai Finance Ministry Estimates Total Losses
from Rice Pledging Schemes at $21.5 Billion
Feb 24, 2015
Thailand's Finance Ministry has estimated the total losses
from 11 subsidy schemes covering 15 harvests from 2004-
14 at around 700 billion baht (around $21.5 billion),
according to Bloomberg. The Finance Permanent Secretary
was quoted as saying that losses from the rice pledging
scheme introduced by the Yingluck-led government alone
amounted to around 536 billion baht (around $16.5
billion). He also noted that the estimated losses exclude
425,000 tons of rice, the quality of which could not be
assessed by the government, and 130,000 tons that are
missing.Thailand is planning to auction about one million
tons of rice in early March. The Thai Commerce Ministry
sold about 496,243 tons of rice from the one million tons
auctioned on January 29, 2014. The government is planning
to sell 10 million tons of rice this year and about 7 million
tons next year.
Oryza Afternoon Recap - Chicago Rough
Rice Futures Make Afternoon Recovery to

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Erase Early Losses but Remain Slightly
Lower on the Day
Feb 24, 2015
Chicago rough rice futures for Mar delivery settled 2 cents per cwt (about $0.44 per ton) lower at
$10.445 per cwt (about $230 per ton). The other grains finished with mixed results; Soybeans
closed about 1.7% higher at $10.1600 per bushel; wheat finished unchanged at $5.0575 per
bushel, and corn finished the day about 0.3% lower at $3.7750 per bushel.U.S. stocks traded near
highs on Tuesday as the first of Fed Chair Janet Yellen's two-day congressional testimonies
indicated that a rate hike would likely come later rather than sooner. Stocks trimmed gains
following the end of Yellen's remarks to the Senate Banking, Housing and Urban Affairs
Committee. She will address the House Financial Services Committee on Wednesday.
Yellen's prepared remarks said no rate hike is expected for the next few FOMC meetings. She
later said in a question-and-answer session that the Fed would not raise rates before it found
confidence in the economic recovery, overcoming current concerns about the labor market,
below-objective inflation and the decline in energy prices. The Dow Jones Industrial Average
traded up 91 points, or 0.50%, to 18,207. The S&P 500 gained 4.5 points, or 0.21%, to 2,114,
with telecommunications leading gains and energy and health care the greatest laggards. The
Nasdaq gained 1 point, or 0.03%, to 4,692. Gold is trading about 0.2% lower, crude oil is seen
trading about 0.6% higher, and the U.S. dollar is seen trading marginally lower at about 1:00pm
Chicago time.Monday, there were 1,053 contracts traded, down from 1,573 contracts traded on
Friday. Open interest – the number of contracts outstanding – on Monday decreased by 125
contracts to 9,048.
Oryza Overnight Recap – Chicago Rough
Rice Futures Unable to Find Momentum
Despite Firmer Grains and Crude
Feb 24, 2015
Chicago rough rice futures for March delivery are currently listed 1.5 cents per cwt (about $0.33
per ton) higher at $10.480 per cwt (about $231 per ton) during early floor trading in Chicago.
The other grains are seen trading higher this morning; soybeans are currently seen about 1.8%
higher, wheat is listed about 0.7% higher and corn is currently noted about 0.8% higher.U.S.

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stocks traded narrowly mixed at records on Tuesday ahead of the first of Fed Chair Janet
Yellen's two-day congressional testimonies.
The Dow Jones industrial average traded modestly higher, touching a new intraday record. The
S&P 500 also briefly hit records but struggled to stay in positive territory. The Nasdaq declined
slightly. Yellen's prepared remarks said no rate hike is expected for the next few FOMC
meetings. Yellen addresses the Senate Banking, Housing and Urban Affairs Committee on
Tuesday and the House Financial Services Committee on Wednesday. Futures moved little on
the news before the bell that Eurozone finance ministers officially approved a four-month bailout
extension for Greece.
On the data front, the S&P/Case-Shiller composite index of home prices in 20 cities increased by
4.5% in December from the same period last year. The release of February's consumer
confidence index at 10.00 a.m. will be of interest, with expectations for a retreat from the
previous month's post-crisis high. The Dow Jones Industrial Average opened up 32 points, or
0.17%, to 18,147.73. The S&P 500 opened flat near 2,109.61, with consumer discretionary
leading three sector gains and telecommunications the greatest laggard. The Nasdaq opened
down 8.60 points, or 0.17%, to 4,952. Gold is currently trading about 0.3% lower, crude oil is
seen trading about 0.6% higher, and the U.S. dollar is currently trading about 0.2% higher at
8:00am Chicago time.
Oryza U.S. Rough Rice Recap – Prices Dip
Slightly as Farmers Look to Move Paddy
Ahead of Planting
Feb 24, 2015
The U.S. cash market was slightly weaker today as some farmers look to move paddy ahead of
spring planting while buyers remain mostly uninterested in this market.Analysts note that the
mills have a good amount of business and will remain busy through April however without an
uptick in paddy exports this market will struggle to find a bottom.
Nigeria Milled Rice Production Increases
52% y/y to 2.9 Million Tons in 2014, Says
Agriculture Minister

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Feb 24, 2015
Nigeria's milled rice production reached around 2.9 million tons in 2014, up about 52% from
around 1.9 million tons produced in 2013, local sources quoted the country's Agriculture
Minister as saying.
The Minister noted that the government's 'rice revolution' was gaining momentum with the
development of the rice value chain, including subsidized inputs and mechanization services.
The government has been promoting rice production on small, medium and large-scale through
its Growth Enhancement Support Scheme (GESS) under the Agriculture Transformation Agenda
(ATA), launched in 2011, he said.
He also noted that a number of private
investors willing to invest in the country's
rice sector. Already some of the investors
have invested in rice mills at strategic
locations to promote production and milling
activities in captive areas. He added that the
number of integrated rice mills increased
from a mere one in 2011 to 13 in 2015, and
the number of small mills increased about
40% during the period to about 4,350.
The Minister stated that if the 2014 output is added to the existing stock, the country would need
to import around 1.9 to 2 million tons of rice this year to meet a consumption demand of around
6 million tons. The government initially planned achieve rice self-sufficiency and ban rice
imports from 2015.
USDA estimates Nigeria to produce around 2.55 million tons of rice and import around 3.5
million tons of rice in MY 2014-15 (October – September).
Project Aims to Optimize Rice Production in
Spain
Feb 24, 2015

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A new project, called EBRO-ADMICLIM, by the LIFE+ Program of the European Union seeks
to analyze the rice growing conditions in the Ebro Delta river region, which is the main rice
growing area in Spain. Rice is cultivated in about 22,000 hectares in this region (about 21% of
Spain's total rice acreage).The project, the first of its kind in Spain, mainly aims to suggest risk
mitigation actions in rice cultivation, including optimization of greenhouse gases emissions and
increasing ground elevation levels, while boosting the rice production.
The project will mainly study the effectiveness of reducing greenhouse gas emission (GHGs)
through airing the soil at specific times. The process is said to mitigate GHG emissions to a large
extent but was not evaluated earlier. The project aims to carry out the process in different
agricultural conditions, including different flooding levels, different fertilizer combinations, etc,
in about 10 to 15 experimental rice fields during harvest and post-harvest time in the 2014-15
and 2015-16 crop years (September - August).
The project implementation is coordinated by the Institute of Food and Agriculture Research and
Technology (Institut de Recerca i Tecnologia Agroalimentàries, IRTA) and is supported by the
Consortium for dealer councils and water industries of Tarragona (Consorci Concessionari
d’Aigües per als Ajuntaments i Indústries de Tarragona (CAT), Irrigation Farmers’ Association
and Ebro Farmers’ Union (Comunitat de Regants i Sindicat Agrícola de l’Ebre, CRSAE),
Cartographical and Geological Institute of Catalonia (Institut Cartogràfic i Geològic de

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Catalunya, ICGC), Catalan Office for Climate Change (Oficina Catalana del Canvi Climàtic,
OCCC), Cordoba University (Universidad de Córdoba, UCO).
Guyana Facing Challenges in Finding
Lucrative Export Markets, Says President
Feb 24, 2015
The government of Guyana is facing
challenges in finding lucrative markets
for its rice, according to the country's
President Donald Ramotar.Local sources
quoted him as saying that despite the
country's rice sector has developed
quickly, it is facing "monumental
difficulties in finding regional and
international markets, especially at a
price that is acceptable." He added that
production had gone up at a very fast
pace and beyond expectations due to the farmers' hard work but sourcing markets has become a
major challenge.
An Agriculture Ministry Official noted that finding markets at right price has turned into an
uphill task for the government. “We have many, many markets, but most of the time, the prices
offered by the various countries are not satisfactory,” he was quoted as saying.According to the
Minister, prior to 2010, Europe was a major importer of Guyana's rice but as Venezuela's share
in Guyana's market increased, the government paid less attention to the Caribbean and the
European markets. Guyana signed a Petro-Caribe Deal with Venezuela to export rice and import
oil. However, due to problems at home, Venezuela's share in Guyana's rice exports has not been
so phenomenal.Realizing this development, the government again restarted negotiations with
some of its old markets as well as struck deals with Panama, Belize and Haiti for the first time
last year.
Guyana aims to produce about 618,000 tons of milled rice and export around 521,000 tons in
2015. Guyana has exported around 501,208 tons of rice in 2014, up about 27% from around
394,000 tons exported in 2013, according to the Agriculture Minister.