25th june ,2016 daily global,regional & local rice e newsletter by riceplus magazine

Daily Global Rice E-Newsletter 2016
www.ricepluss.com www.riceplusmagazine.blogspot.com
For information : Mujahid Ali mujahid.riceplus@gmail.com 0321 369 2874
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www.ricepluss.com
www.riceplusmagazine.blogspot.com
Vol 7,Issue VI
June 25 ,2016

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Editorial Board
Chief Editor
 Hamlik
Managing Editor
 Abdul Sattar Shah
 Rahmat Ullah
 Rozeen Shaukat
English Editor
 Maryam Editor
 Legal Advisor
 Advocate Zaheer Minhas
Editorial Associates
 Admiral (R) Hamid Khalid
 Javed Islam Agha
 Ch.Hamid Malhi
 Dr.Akhtar Hussain
 Dr.Fayyaz Ahmad Siddiqui
 Dr.Abdul Rasheed (UAF)
 Islam Akhtar Khan
Editorial Advisory Board
 Dr.Malik Mohammad Hashim
Assistant Professor, Gomal
University DIK
 Dr.Hasina Gul
Assistant Director, Agriculture KPK
 Dr.Hidayat Ullah
Assistant Professor, University of
Swabi
 Dr.Abdul Basir
Assistant Professor, University of
Swabi
 Zahid Mehmood
PSO,NIFA Peshawar
 Falak Naz Shah
Head Food Science & Technology
ART, Peshawar
Today Rice News Headlines...
 Monsoon may shrug off delay; cover whole country ahead of
 Lifting of sanctions against Iran fuels hope for Bijnor Basmati farmers
 Thai rice exports to benefit from increased demand, struggling
competitors
 Monsoon to end late, benefit farmers
 Rice exports to get a boost in the second half of this year
 Wheat remains weak on adequate stocks
 Rice is Guyana‘s major export to Brazil under preferential trade
accord
 Students learn rice production
 PH achieves ‗historic best‘ in farm output
 SPECIAL REPORT: Nigeria‘s Elephant Group in $5.5 million rice
import mess
 25 companies sign MoU to particpate in ECOWAS rice programme
 PhilRice reaps scientific awards in national confab
 Foodgrain production expected to be 270 million ton this year: ICAR
 Nineteenth Annual U.S.-Japan Rice Technical Meeting Held
 APEDA AgriExchange Newsletter - Volume 1502Rice Prices
 06/24/2016 Farm Bureau Market Report
News Detail...
Monsoon may shrug off delay; cover whole
country ahead of time
Vinson Kurian
The Hindu
Thiruvananthapuram, June 22:
The monsoon covered Madhya Maharashtra, east Madhya Pradesh and Bihar,
most parts of west Madhya Pradesh, east Uttar Pradesh, Uttarakhand and
Himachal Pradesh on Wednesday. It has already covered Jammu & Kashmir
and parts of west Uttar Pradesh as rains pushed in from the Bay of Bengal.

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Normal schedule
The monsoon continues to be delayed in Gujarat by more than a week; on Wednesday, it has
entered its border with neighbouring west Madhya Pradesh.
But the thrust from the Bay has taken it to parts of west Uttar Pradesh, Uttarakhand, and
Himachal Pradesh around the normal onset date.
It is this context that its coverage during the last week of June assumes significance. The normal
schedule suggests that the national coverage is complete as rain pushes past Rajasthan by July
15.
Forecasts put out by global models indicate that this could happen even ahead, which would
mean that the eight day drag from a delayed onset over Kerala will have been more than made
up.
Likely ‘low’
Crucial to this scenario is the assumption that a helpful weather system would form in the Bay of
Bengal over the next few days to blow in even more monsoon easterlies into North-West India.

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A familiar storm tracker featured by the US Climate Prediction Centre maintains that such a
system would drop anchor over the ‗Head Bay‘ (around Kolkata), the sweet spot for monsoon
systems.
The US agency suggested that the system (which is expected to grow into a low-pressure area)
would form over the next four days. From here, it is forecast to travel in a west-northwest
direction along the plains in Bihar and Uttar Pradesh before heading into Rajasthan.
This makes for a copy-book style propagation of the monsoon from the Bay of Bengal into the
farming heartland over East and North-West India.
The India Met Department appears to concur with this outlook. A preliminary circulation has
already formed in the Bay, located on Wednesday off north Tamil Nadu and south Andhra
Pradesh.
The system is expected to drive the monsoon to a fresh peak during the week beginning on
Wednesday. The rains will now be concentrated over East, Central and North-West India
http://www.thehindubusinessline.com/economy/agri-business/monsoon-may-shrug-off-delay-cover-
whole-country-ahead-of-time/article8760710.ece
Lifting of sanctions against Iran fuels hope for Bijnor
Basmati farmers
With an eye on export to Iran, the agriculture department advises farmers to sow high-quality ‗PB-6‘
variety of Basmati rice. This year, a large number of farmers are sowing this variety as it has high demand
in Gulf countries including Iran, which is now importing the commodity after lifting of sanctions by the
United Nations. In the current financial year, 40 traders have secured export licences in the state
http://www.indiafoodbrief.com/337849-lifting-of-sanctions-against-iran-fuels-hope-for-bijnor-basmati-
farmers-times-of-india
Thai rice exports to benefit from increased demand,
struggling competitors
BANGKOK, 24 June 2016 (NNT) – The Ministry of Commerce has forecast rice exports to
rise during the second half of this year, reaching its annual output target of 9.5 million
tons.
Commerce Minister Apiradi Tantraporn said the expected increase is due to continuous demand
in both domestic and foreign markets, such as the government-to-government deal with China
for one million tons of rice, which commences in August. Other notable rice importers, such as

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the Philippines and Indonesia, will be seeking additional G2G rice procurement.Meanwhile,
India, one of Thailand‘s main competitors globally, is currently suffering from drought. The
country has shifted to storing rice for domestic consumption, compromising its export
capabilities.
Due to these factors, the Ministry of Commerce has concluded that Thailand will be able to
achieve its annual output target of 9.5 million tons.In the first half of 2016, Thailand exported
4.71 million tons of rice worth 1.55 billion dollars or 73.90 billion baht. The amount marks an
11.42% increase in rice exports and a 7.81% increase in export value, compared to the same
period last year.Thailand‘s major export markets consist of Africa, Asia, the Americas and
Europe
http://news.thaivisa.com/thailand/thai-rice-exports-to-benefit-from-increased-demand-struggling-
competitors/146591/
Monsoon to end late, benefit farmers
NEW DELHI | By Sankalp Phartiyal and Mayank Bhardwaj

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Labourers plant saplings in a paddy field on the outskirts of the eastern Indian city of
Bhubaneswar in this July 19, 2014 file photo.
Reuters/Stringer
Monsoon rains are likely to end in India later than usual this year, with plentiful
showers towards the latter stages of the season helping farmers recover from two
straight droughts, the chief of the country's weather office told Reuters on
Friday.onsoon rains are the lifeblood of India's agriculture-dependent economy and
a week's delay in their onset this year has caused the planting of summer-sown
crops such as cotton, rice, soybean and sugar cane to drop by nearly 24 percent.
The monsoon has remained 15 percent lower than average in June, but the deficit is
expected to narrow in the days to come, Laxman Singh Rathore of the Indian
Meteorological Department said in an interview.The weather office forecasts
monsoon rains to be above average this year after the droughts ravaged crops and
worsened rural distress.Finance Minister Arun Jaitely on Friday singled out good
rains as one of the factors helping India when Britain's vote to leave the European
Union is roiling world markets.
Monsoon rains typically arrive at the southern coast of Kerala state by June 1 and
start retreating by September from the western state of Rajasthan. But a late start is
no guarantee of a delayed end."There is a strong possibility that the terminal phase
will be wetter and the withdrawal will be later than normal," Rathore said.Farmers
will need to adjust their sowing period to reap a good crop, Rathore added.
An extended monsoon leaves the soil moist for the sowing of winter crops such as
rapeseed, wheat and lentils.(Reporting by Sankalp Phartiyal and Mayank
Bhardwaj; Editing by Malini Menon and Keith Weir)
http://in.reuters.com/article/india-monsoon-rains-retreat-idINKCN0ZA28N
Rice exports to get a boost in the second half of this year
THE NATION June 24, 2016 1:00 am
THE COMMERCE Ministry expects rice exports to increase in the latter half of this year and
meet this year‘s target of 9.50 million tonnes, amid the constant demand for the
staple.Commerce Minister Apiradi Tantraporn said yesterday that local and overseas markets
continued to have demand for rice with good signals from major importers like China, the

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Philippines and Indonesia.Government-to-government rice deals with the Chinese government
are also continuing.
Under the new contract, about 1 million tonnes of rice will be shipped to the Chinese
government in August.Major buyers including the Philippines and Indonesia are expected to
want more government-to-government rice deals in the rest of the year.
Drought in India
Thailand's key rival India is suffering from
drought and needs to stock more rice to ensure
sufficient domestic supplies to meet
consumption needs in the country.Under the
marketing plan, promotional activities will be
prepared consistently to drive up rice exports
and rice products.Delegations will be dispatched
to Singapore, China, Hong Kong, Mozambique
and Kenya.For the first six months of this year,
rice exports rose 11.4 per cent year on year to 4.71 million tonnes worth US$1.55 million or
Bt73.90 billion.
White rice topped the list, amounting to more than half of exports, followed by jasmine rice,
steamed rice, sticky rice, Pathum Thani rice and brown rice.Most of Thailand's rice exports go to
Africa, Asia, the Americas and Europe.
http://www.nationmultimedia.com/business/Rice-exports-to-get-a-boost-in-the-second-half-of--
30288942.html
Wheat remains weak on adequate stocks
PTI | Jun 24, 2016, 03.20 PM IST
New Delhi, Jun 24 () Wheat prices fell further by Rs 10 per quintal at the wholesale grains
market today due to adequate stocks position on improved supplies from producing belts against
reduced offtake by flour mills.However, other grains including rice basmati continued to move in
a narrow range in scattered deals and settled around previous levels.Traders said reduced offtake
by flour mills against ample stocks position on increased supplies from producing regions kept
pressure on wheat.
In the national capital, wheat dara (for mills) shed another 10 to Rs 1,800-1,805 per quintal. Atta
chakki delivery followed suit and traded lower by a similar margin to Rs 1,805-1,810 per 90 kg.
Following are today's quotations (in Rs per quintal):

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Wheat MP (desi) Rs 2,285-2,835, Wheat dara (for mills) Rs 1,800-1,805, Chakki atta (delivery)
Rs 1,805-1,810, Atta Rajdhani (10 kg) Rs 275, Shakti Bhog (10 kg) Rs 275, Roller flour mill Rs
970-980 (50 kg), Maida Rs 1,020-1,030 (50 kg) and Sooji Rs 1,070-1,080 (50 kg).
Basmati rice (Lal Quila) Rs 10,700, Shri Lal Mahal Rs 11,300, Super Basmati Rice Rs 9,700, Basmati
common new Rs 5,800-6,000, Rice Pusa (1121) Rs 4,700-5,650, Permal raw Rs 2,000-2,050, Permal
wand Rs 2,175-2,250, Sela Rs 3,000-3,050 and Rice IR-8 Rs 1,870-1,880, Bajra Rs 1,660-1,670, Jowar
yellow Rs 1,900-2,000, white Rs 3,500-3,600, Maize Rs 1,625-1,635, Barley Rs 1,680-1,685. SUN KPS
PRB MR
Rice is Guyana’s major export to Brazil under preferential
trade accord
Posted by: Denis Chabrol in Business, News June 23, 2016
Minister of Foreign Affairs, Carl Greenidge
(centre) flanked by technical officers at the
Foreign Relations Sectoral Committee meeting
that examined the status of the Guyana-Brazil
Partial Scope Agreement.Rice has been making
up the bulk of Guyana‘s exports to Brazil
under a preferential trade agreement mainly,
the Foreign Relations Sectoral committee was
told Thursday.Briefing the committee under
the chairmanship of opposition People‘s
Progressive Party Civic‘s (PPP), Gail Teixeira, the Foreign Affairs Minister of Guyana, Carl
Greenidge said since the Rupununi-based Santa Fe mega-farm, owned by Sir Kyffin Simpson
and family of Barbados, began exporting rice to Brazil, that grain has been Guyana‘s major
export to the neighbouring South American country.
―The main factor contributing to that jump…in this case the increase in Guyana‘s exports to
Brazil seem to be accounted for by the exports by Simpson‘s Santa Fe Farm as well as Guyana
Rice Development Board and Pak and Sons exports of rice to Brazil,‖ reenidge said.Figures
presented to the sectoral committee show that Guyana sold GYD$1.8 billion worth of rice to
Brazil in 2015 and GYD$264 million up to June, 2016.Trade Officer at the Ministry of Foreign
Affairs, Sherwyn Naughton said that so far all of Guyana‘s exports to Brazil for this year have
been been rice, and of the GYD$1.881 billion worth of exports to Brazil in 2015, GYD$1.842
was for rice. Naughton said other exports to Brazil included wheat, pasta, alcohol, bauxite,
textiles and wooden furniture. ―They are in very small quantities so rice has been the major
export to the Brazilian market making up ninety percent or more of the exports,‖ he said.

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Guyana is allowed to sell, among other products, 10,000 tons of rice and sugar to Brazil under
the Partial Scope Agreement that allows for either duty free or 50 percent or less duty-free access
for some categories of products manufactured in either country.
The Parliamentary Committee on Foreign Relations in session on Thursday under the
chairmanship of the PPPC‘s Gail Teixeira (backing camera in blue dress).The Foreign Affairs
Minister said trade has improved between Guyana and Brazil since Bon Fim was approved as a
port of entry and the Takatu Bridge was built in 2009.Figures presented to the sectoral committee
show that Guyana purchased more than GYD$5.1 billion in goods from Brazil in 2011 with
about GYD$2.32 billion to date in 2016. There was a decline in 2014 and 2015 possibly due to a
depreciation of the Brazilian currency.
―It is very much in favour of Brazilian,‖ said Greenidge. While the private sector has not
requested an addition to the list of the 830 tariff lines, he acknowledged the suggestion by
Teixeira to conduct periodic outreaches to chambers of commerce in the Rupununi and
elsewhere to ascertain if there are other products that they would like to have added. An
administrative commission that monitors implementation of the Partial Scope Agreement is
supposed to meet annually but there has been no meeting since 2010.
Under the Partial Scope Agreement, Guyana is entitled to sell red peppers, bottled rum, copra
fruits and vegetables, calcined bauxite, PVC pipes, corrugated cardboard, and alu-zinc sheets.
Brazil is entitled to sell machinery parts, building materials, agro-based products, pastas noodles
jams, jellies, rum and spirits, and pharmaceuticals. In some instances, there is a quota system to
ensure that there is no market distortion and domestic producers are not displaced. In apparent
response to the fact that Brazil has a larger number of product lines compared to Guyana 127
tariff lines. ―Guyana has a relatively limited range of products that it can export, almost a feature
of our under-development but also a feature of the limited capacity of our exporters,‖ he
remarked.
http://demerarawaves.com/2016/06/23/rice-is-guyanas-major-export-to-brazil-under-preferential-trade-
accord/
Students learn rice production
While visiting, the students learned about a variety of subjects studied at the two facilities
including utilizing rice germplasm diversity from Dr. Anna McClung; use of wild species in
breeding from Dr. Georgia Eizenga; rice breeding from Dr. Karen Moldenhauer, UA RREC;
marker assisted selection by Melissa Jia and Aaron Jack...
Dawn Teer/Stuttgart Daily LeaderAaron Jackson, geneticist (left), explains a
process to Olivia Leaven and Summer Buckley during their tour learning about rice production
systems and research issues.

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Posted Jun. 23, 2016 at 12:21 PM
STUTTGART
Recently, three students, Demetris Anderson, Summer Buckley and Olivia Leaven, came to
Stuttgart to spend a week at the Dale Bumpers National Rice Research Center (DBNRRC) and
the University of Arkansas Rice Research Center (UARRC) as part of an outreach project funded
by the National Science Foundation and awarded to Dr. Venkatesan Sundaresan at the University
of California at Davis. Sundaresan partnered with the Univeristy of Arkansas at Pine Bluff
(UAPB), and Dr. Bihu Huang, for an outreach event. These undergraduate students from UAPB
visited the DBNRRC and the UARRC the week of June 6-10.
The purpose of their visit here was to learn about rice production systems and research issues.
They were chosen by having a GPA of 3.0 or higher, their interest in plant or biological sciences
and plans to go to graduate school after graduation. After a week here, they will go to UC Davis
for a two-week in-lab genomics training known as the Plant Discovery Genome program.

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While visiting, the students learned about a variety of subjects studied at the two facilities
including utilizing rice germplasm diversity from Dr. Anna McClung; use of wild species in
breeding from Dr. Georgia Eizenga; rice breeding from Dr. Karen Moldenhauer, UA RREC;
marker assisted selection by Melissa Jia and Aaron Jackson; bioinformatic analysis from Dr.
Jeremy Edwards; grain inspection service and assuring quality from Sandra Metheny; diseases of
rice from Dr. Yulin Jia and Dr. Yeshi Wamishe; physiological stress and photosynthesis from
Dr. Jai Rohila; weed management from Dr. David Gealy; irrigation management from Dr. Chris
Henry; the role of extension and prominent production issues from Dr. Jarrod Hardke; mineral
uptake and milling quality from Dr. Shannon Pinson; nutritional, sensory and cooking quality
from Dr. Ming-Hsuan Chen; quality lab, budget sheets, tracking inputs and income from Brad
Watkins; and foundation seed production from Dr. Glenn Bathke.
On the final day the students and a few members of the DBNRRC staff held a roundtable
discussion to better help the students understand what they do there. Dr. Anna McClung
explained a little about the purpose of the roundtable and gave them an opportunity to ask
questions about how they got to where they are and what they do at DBNRRC. Jace Everett,
biological science technician, spoke next because he was working on research that was time
sensitive. Everett told the students he had a chemistry background, started at UAPB and then
received his master‘s from the University of Arkansas at Little Rock (UALR). He currently
works under Dr. Ming-Hsuan Chen. He explained what his project group works on. He told them
he is currently working with starch, starch fractions and different compounds found in rice bran.
At this point Everett had to leave to go back to his research project.
Matt Schuckmann then spoke to them about his history and he went on to speak about projects
he has worked on. He discussed different fields he has worked in doing research. He discussed
AIDS research and what they learned as a result. He also discussed the seriousness of Hepatitis
C, which afflcits more people than HIV. With his research he worked in cloning, mutating,
expressing and purifying active enzymes that led to a job with Monsanto. He discussed working
in industry and how he began working at DBNRRC. Rachel Vargas spoke next on how to seek
internships and jobs with the government. Jonathon Moser spoke next regarding finding your
passion, getting job experience and volunteer experience. Moser also spoke to them about
making contacts.

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―Never underplay things that you do because they could play a critical role in getting what you
want down the line,‖ Moser said. He then stressed the importance of education, not just a
Bachelor‘s degree, but also a Master‘s and Doctorate. He went on to say that sometimes it just
comes down to luck — being in the right place at the right time. Dr. Anna McClung closed out
the roundtable session with recommendations on how to make job searching easier. She then
asked them what they thought about their tour of the Rice Research Center.
Buckley discussed how very much she enjoyed it, how helpful the scientists and technicians
were and she went on to say how impressed she was about what she learned about rice. Anderson
agreed with Buckley and said there were a few highlights to the week for him. The trip to see
Sandra Metheny with GIPSA was one. When asked what he liked about it, he said, ―Almost
everything.‖ His field of study is regulatory science and it was right up his alley. They were able
to watch the process of grading rice.
On Friday Dr. Jarrod Hardke took them out to see the rice plots. Leaven said she learned so
much about the rice world. She liked the fact that the two facilities collaborated together on
research. "Every aspect of rice, literally from farm to fork is right here.‖ she said. Anderson and
Buckley agreed the whole week was amazing. Anderson went on to say he didn‘t really want to
go to California, he wanted to stay here. McClung then told them the facility they would be
touring in California is top notch.
She also shared some of what she has been working on in her research. McClung asked if they
felt they needed to improve on the way they did things. The students shared they thought it
worked great, they enjoyed the scientists sharing their backgrounds and being so willing to
answer questions. Buckley said she enjoyed how they had life references that they shared.
McClung told them, ―No matter what your path is don‘t get discouraged. When I look at where I
started out and where I ended up, it is not a straight line.‖
Buckley had this to say about her experience, ―I enjoyed it so much! This was out of my realm of
study but it opened so many new doors in the world of science. I learned so much about rice in
such a short amount of time and I really do thank Dr. McClung for putting it together. I had a lot
of favorite parts of the tour but I enjoyed the hands on labs and talking with the doctors about
their specialties of study. Going to the field was fun, too, even though I had a hole in my boots!
Overall it was a great experience and hopefully next summer I'll be working with Dr. Jia because

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his area of study sparked my interest the most.‖ She attends UAPB and is majoring in biology
and pre-medicine
http://www.stuttgartdailyleader.com/news/20160623/students-learn-rice-production
PH achieves ‘historic best’ in farm output
By: Ronnel W. Domingo
Philippine Daily Inquirer
12:26 AM June 24th, 2016
When the Aquino administration assumed office in 2010, government officials said the
agriculture sector registered low productivity after years of over-importation of rice, farmers
continued to get low returns for their labors, and farm infrastructure was in poor condition and
not built to face the challenges of climate change.
Six years later, the Department of Agriculture claims to have achieved the country‘s ―historic
best‖ in farm production, particularly for staple grains rice and corn.
Data from the DA show that palay output exceeded 18 million tons yearly from 2012 to 2015,
even during the worst of what was considered as one of the three strongest occurrences on record
of the El Niño phenomenon.
Agriculture Secretary Proceso J. Alcala declares that, although the country failed to achieve self-
sufficiency in rice, the Philippines is now producing 97 percent of the country‘s
requirement. He says this is significantly better than the 81 percent self-sufficiency rate in 2010.
Agriculture officials also say farm incomes rose across commodities in the last six years. Palay
farmers now earn twice as much—P31,375 per hectare from P15,830 in 2010. Corn farmers now
earn about thrice, P16,712 per hectare from the previous average of P5,760.
As for infrastructure, the DA says this has improved through sustained concreting of farm-to-
market roads (2,922 kilometers) and irrigation canal linings to make them ―climate resilient.‖
In terms of resource conservation, the Bureau of Fisheries and Aquatic Resources (BFAR) closed
fishing grounds during spawning seasons to allow different species to reproduce undisturbed.
BFAR also ramped up its campaign against illegal fishing, helped tremendously by an amended
fisheries code that imposed stiffer penalties for violations.
But the DA acknowledges that agriculture continues to face major challenges. Foremost among
these is the relatively high cost of production, especially of palay.

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The situation becomes more problematic as import curbs—a quota system—will expire in mid-
2017. This is expected to result in the flooding of cheaper rice from neighboring countries.
The International Rice Research Institute has warned about this possibility and said the
Philippines had to prepare farmers for competition.
―One of the reasons why the country‘s rice is not as competitive as the commodity in Vietnam,
Thailand and other rice-producing countries is the high cost of production,‖ says Bruce
Tolentino, IRRI‘s deputy director general for communication and partnerships.
―This can be attributed largely to high labor costs,‖ Tolentino adds. ―Once we‘re able to manage
rice production and make it less expensive and comparable to, say, Vietnam, we will then be able
to manage production costs.‖
Farmers in Thailand and Vietnam produce palay at a cost of about P6.50 per kilo, while Filipino
farmers spend an average of P11 per kilo.
While the DA says Filipino farmers can achieve competitive prices and costs, only
demonstration farms seem able to do it.
Another issue that has to be addressed is the confusing food policy of the government. Cabinet
officials have argued publicly in the past few years on whether it was better to pursue self-
sufficiency in production or to allow a healthy flow of imports.
The early years of the Aquino administration saw the DA limit the importation of milled rice as
it pushed for self-sufficiency, following the President‘s initial strong stance against excessive
importation done by the National Food Authority during the Arroyo administration.
But by mid-term, key members of the economic team including then Economic Planning
Secretary Arsenio Balisacan dismissed the policy of attaining rice self-sufficiency, pushing
instead for a renewed inflow of imported rice to ensure enough supply and to let market forces
determine prices.
This even led to the creation of the Office of the Presidential Assistant on Food Security and
Agricultural Mondernization, which brought back the NFA — and the Philippines — among the
world‘s largest importers of rice.
http://business.inquirer.net/211325/ph-achieves-historic-best-in-farm-output#ixzz4CaEP6vpm
SPECIAL REPORT: Nigeria’s Elephant Group in $5.5
million rice import mess
June 24, 2016Emmanuel Mayah

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Elephant Group, one of Nigeria‘s biggest commodity traders, is enmeshed in a fresh scandal
following a near clandestine import last week of a vessel-load of rice using expired import
papers.In what would amount to a double exploitation of the already weak Nigerian economy,
the company used questionable documents to by-pass approval for $5.52 million in foreign
exchange from the Central Bank to import a commodity clearly listed by the Federal
Government as unqualified for forex approval.Under the current fiscal policy of the President
Muhammadu Buhari government, aimed at conserving scarce foreign currencies and at relaxing
pressure on the already weak Naira, rice is one of the 41 import items on the exclusion list of the
Federal government and as such is excluded from forex approval.
Documents obtained by PREMIUM TIMES show that the name of the vessel that brought in the
rice imported by Elephant Group is Auckland Spirit. The import which came in through Apapa
Port was for 30,650 metric tonnes of rice.
The Rice Racketeering
Disturbed by the nation‘s huge import bill, the President Goodluck Jonathan administration in
2014 came up with a new rice policy to fast-track national self-sufficiency in rice production.
The policy specified that owners of existing rice mills and new investors with verifiable
backward integration in the rice value chain will be allowed to import rice at 10 per cent duty
and 20 per cent levy (30 per cent); while merchants who have nothing to contribute to local

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production in the form of rice farms or mills will be charged 10 per cent duty and 60 per cent
levy (70 per cent). Technically, it was a subsidy aimed at building local capacity in rice
production.
In an investigation published in December 2015, PREMIUM TIMES had detailed the corruption
that plagued the 2014 Rice Import Quota Allocations. This newspaper reported that 26
companies were involved in the N117 Billion rice subsidy. Not all of the 26 companies selected
for the scheme made the list on merit. Elephant Group was among those not deemed qualified for
the subsidy at the time. It, however, found a smart way to benefit from the programme by
soliciting and obtaining a quota originally given for ―donated foodstuff‖ to a religious
organization, the Jama‘tul Nasril Islam (JNI).Some industry players had at the time cried out that
the bulk of the rice imported by Elephant using the quota was sold in the open market. The
company denied any wrongdoing.
The 2014 rice import quota expired in December of the same year. A botched attempt to obtain
new import quota was made in April 13, 2015 when a list of 22 beneficiary companies was
released by the Federal Ministry of Agriculture after what was supposed to have been a laborious
due process.However the joy of the new beneficiaries were short-lived when nine days later, on
April 22, the same Agric Ministry reversed itself and cancelled and withdrew all allocations.
Permanent Secretary of the ministry, S. T Echono, had hinged the cancellation on a new
information reaching the ministry to the effect that some Nigerian rice farmers were unable to
sell their paddy to local rice millers due to a flooding of the market with imported rice, which he
said was threatening the objectives of the quota policy.
PREMIUM TIMES had also reported that a few hours to the expiration of President Goodluck
Jonathan‘s tenure, papers for a huge rice import quota worth billions of Naira were rushed in for
the president‘s accent, ostensibly as parting gifts to cronies and businessmen close to the power
corridor. That import quota was signed by the President on his last day in office. However, the
new government of President Muhammadu Buhari failed to recognize the quota and thus
Customs refused to honour it.Because the two quotas issued in 2015 were both cancelled, the
Central Bank had since the advent of the Buhari administration not opened Form M for any
company to import rice. But that did not stop the Elephant Group from testing the resolve of the
new government.
Shipping documents obtained by PREMIUM TIMES show that in late November 2015, weeks
before Christmas when rice is usually in high demand, the Elephant Group made its first attempt
to discharge 33,000 MT of rice import using an expired import quota.

17
The company met a brick wall in the form of the new Comptroller General of Customs, Retired
Colonel Hameed Ali, who turned down Elephant‘s request to clear the import by paying 31.5 per
cent duty instead of 71.5.Had the Customs boss compromised, the Elephant Group would have
succeeded in getting a cash-strapped Federal Government to subsidize its private business by 40
percent.
Buzz in Apapa Port
Since the berth last week of the vessel Auckland Spirit, tongues have been wagging inside and
outside the Apapa Port. With the throwing away of the two rice import quotas issued in 2015 by
President Jonathan, the Buhari government has so far not announced any new quota.Indeed the
government has placed a technical ban on rice import.Barely one month after the new
government came in, the Central Bank of Nigeria (CBN) announced in June 2015 that it would
no longer approve forex for rice imports. For importers, this meant an indirect ban on rice. Since
import of rice from overseas has to be paid for in foreign currency, usually the US dollar, the
pronouncement from the CBN was seen as a technical embargo.
Even though the CBN also mentioned that people can import rice if they have their own source
of forex, the same apex bank ceased to approve Form M, which is mandatory before anyone can
import any commodity into the country.Prospective importers that went further to declare they
have their own forex and will not seek foreign exchange from the government or banks in
Nigeria failed to get Form M approval from the CBN.After its failure to get the Customs to allow
it discharge rice at 31.5 per cent duty, Elephant Group then chose to dust up an old Form M
originally valid for forex. PREMIUM TIMES investigation reveals that this Form M was
obtained by Elephant Group on May 22, 2015, seven days to the exit of the Jonathan
government.
The validity of this Form M was for one year. It expired on May 16, 2016. Elephant claimed it
got the Form M extended by six months but there was no proof of that in the accompanying
documents. The process of the said extension remains hazy.A Customs source told this
newspaper that it is puzzling how Elephant Group got its Form M extended.―I say it is puzzling
because you have to look at the technical details. By the time the Form M expired, the CBN had
discontinued with the old import regime, so how can something that was legally no longer in
existence be extended and by who?‖ the Customs source queried.
In searching for why and how the old Form M got extended, PREMIUM TIMES discovered that
some companies that also got, in the same manner as Elephant, Form M approval in the dying
days of the Jonathan‘s administration had theirs rejected for import. One of the companies is
Viscous Global.A closer scrutiny of Elephant‘s import documents reveals other anomalies that
raise serious questions about due process. It was discovered that the Form M used for the import
expired in May 2016.

18
The rice cargoes were stated in one document to have been loaded in April and May 2015, yet in
another document the Manifest was filed with the Nigeria Customs Service, 13 months later, on
June 10, 2016. At the time the Manifest was filed, Elephant Group was doing so using an expired
Form M.In what is probably the clearest case of a fraudulent process, the Pre-Arrival Assessment
Report (PAAR) number was given as20150509514/TOT and dated May 25, 2015. Although
PAAR can be issued before the Manifest is filed by the importer, the same cannot be said of the
Single Goods Declaration (SGD).
In the case of Elephant Group, the Manifest was filed on 10th June 2016 while the PAAR was
dated a year earlier on May 25, 2015.The SGD used for the rice import by Elephant Group was
dated May 25, 2016.In shipping procedures the SGD can only be filed after the Manifest is filed,
esperts said. This is because the Manifest must be referenced while filing the SGD. The Manifest
in this case was filed on June 10, 2016, about 16 days after the SGD.A Customs official with a
deep knowledge of shipping procedure explained that a Manifest must capture all the details of
the ship, the cargoes it is carrying and the port of discharge among other things.It is after the
Manifest is filed that the importer is given a rotation number by the Customs, he said. This
rotation number must be quoted on the SGD and the same number is needed for duty assessment.
In the controversial import made by Elephant Group, the SGD appeared to have been filed before
the Manifest to show that the transaction happened before the Form M expired or on a date not
too far off.
Elephant Group reacts
Contacted by PREMIUM TIMES, Mr. Tunji Owoeye, Founder/Group Managing Director of
Elephant Group insisted that the allegations against his company were ―false and baseless and
possibly the handiwork of those who do not mean well for the economy of our great country. We
are a company that believes in this country.‖Steering him back to specifics, PREMIUM TIMES
asked to know how an expired Form M issued in the old regime could had been valid for $5.52
million forex, especially when CBN had ceased to issue or allow forex from whatever source for
importation of certain items including rice. This newspaper also sought to know why all the
documents used for clearing the rice cargo brought in by MV Auckland Spirit were filed in
reverse order.
Mr. Owoeye was silent on the forex transaction but said that his Form M was valid for one year
and could not be said to have expired. His answer contradicts the information on the documents
supplied by his own company one of which was that the Manifest was filed on June 10, 2016 at
which time the Form M obtained on May 22, 2015 had, after one year, expired on May 16, 2016.
Stating that he was not too familiar with shipping and Customs technicalities, the Elephant boss
was unable to explain how his SGD came before his Manifest when the later was a requisite for

19
the other to be decided. He only added that the documents were computer generated and that if
there was any irregularities, the system would have rejected it.
―In any case, Manifest is an independent thing. Manifest is handled by government, not us,‖ Mr.
Owoeye submitted.Speaking to PREMIUM TIMES on the transaction, a staff member of
Elephant Group, Mr. Murphy Alabi added a twist to the controversy saying the rice import was
paid for in Naira, not in US dollars. He said his company had an agreement with its trading
partner in Thailand to accept Naira.Mr. Murphy however refused to name the trading partner.
Nna Godwin, a freight forwarder of over 23 years in experience told PREMIUM TIMES that he
had never seen a clearing process that generates first the SGD before the Manifest.
―I have never seen that before. It is like working from the answer. Even when we were using the
Risk Assessment Report (RAR) which is now replaced by PAAR, you still needed to have your
Manifest before the assessment can be done. So what will the assessment be based upon when
you don‘t have your Manifest?‖ Godwin pondered.Reminded that before the current import
brought in by MV Auckland Spirit, Elephant Group had been involved in two controversial rice
imports, all aimed at beating the system, Mr. Owoeye explained that his company got involved
with the religious organization JNI because the later had neither the experience nor capacity to
directly utilize the quota given to it by President Jonathan.
e insisted that of the 100,000 MT approved, only 16,000 MT was imported before the expiration
of the quota in 2014. He denied that the rice imported in the name of JNI was sold in the open
market.Mr. Owoeye also denied any wrongdoing in November 2015 when Elephant Group,
claiming quota status when none existed at the time, attempted to make the federal government
to fund 40 per cent of its import.He did not explain why his company wrote a letter to a new
Comptroller General of Customs asking to be allowed ―on compassionate ground‖ to pay only
31.5 per cent duty when government had cancelled every form of rice subsidy and when
Elephant Group was not involved in local rice production and had no investment in the rice value
chain that needed government protection through subsidy.He owned up to aborted deal but said
the transaction was disallowed by Customs not because it was fraudulent; rather because the new
Customs Comptroller insisted that his mandate was to generate revenue for government and
nothing else.
http://www.premiumtimesng.com/business/business-news/205880-special-report-nigerias-elephant-
group-5-5-million-rice-import-mess.html
25 companies sign MoU to particpate in ECOWAS rice
programme

20
June 25, 2016 Ezekiel Enejeta BUSINESS & ECONOMY
Twenty-five seed companies on Friday in Gwagwalada, FCT, signed a Memorandum of
Understanding with the Seed Entrepreneurs Association of Nigeria (SEEDAN) to produce
certified rice seeds for farmers in the country.The News Agency of Nigeria (NAN) reports that
the MoU is under the recently launched ECOWAS Rice Seed Up-scaling Project, aimed at
boosting local production of paddy rice.
It is being implemented by SEEDAN in collaboration with the West and Central African Council
for Agricultural Research and Development (CORAF/WECARD) and other regional partners.
The project is targeting the production of 60,000 metric tonnes of paddy rice by December 2017
using 1,200 metric tonnes of certified seeds to be produced by the companies.The United States
Agency for International Development (USAID) is funding the project with 800,000 dollars, 30
per cent of which is set aside as grant to the seed companies.
NAN reports that the MoU signing event also saw the distribution of breeder and foundation
seeds to the companies by SEEDAN.Speaking at the event, the President of SEEDAN, Mr
Richard Olafare, urged the companies to justify the confidence reposed in them by ensuring strict
compliance with the terms of the contract.Olafare said that the country could not afford to
disappoint USAID and other development partners, hence the need for them to produce and
deliver the seeds on schedule.
He told NAN after the event that the project was strictly a private sector affair, designed to help
seed companies from over-reliance on government for survival.―Over the years, our major
market has been government, which has not been sustainable.―But what we are trying to do with
this project is look at a more sustainable way to be in business, by creating the market for
ourselves.―This involves coordinating the farmers at one end of production, linking them to the
off-takers or rice millers, who have agreed to buy off whatever they produce under this project.
―We feel in this manner there is a better sustainable way of doing our business, because it is now
strictly business.―We are linking ourselves with farmers who actually want to see farming as
business.―So, with this arrangement, if we can get support for our farmers through the
commercial banks or Bank of Agriculture, then we are in business,‘‘ Olafare said.
http://www.financialwatchngr.com/2016/06/25/25-companies-sign-mou-particpate-ecowas-rice-
programme/
PhilRice reaps scientific awards in national confab
Posted by Web Team Posted on Jun - 24 - 2016

21
Three teams of PhilRice experts won awards in the 46th
Crop Science Society of the Philippines
(CSSP) Scientific Conference held in General Santos City, June 13-18.The study titled Potential
of Algae as Aquaculture Feed Ingredient won the Best Paper award for downstream category. It
was authored by researchers from the Rice Chemistry and Food Science Division (RCFSD) of
PhilRice, the Bureau of Fisheries and Aquatic Resources – National Freshwater Fisheries
Technology Center (BFAR-NFFTC), and the Institute of Biological Sciences – University of the
Philippines Los Baños (IBS-UPLB).
―Algae is abundant in bodies of water such as in ponds and rice paddies. But it is often neglected
and underutilized,‖ said Evelyn Bandonill, main author.The study has shown feasibility of
mixing algae in aquaculture feeds and recommended further research on the ―economic viability
of manufacturing algal-incorporated animal feed‖ that can potentially increase farmers‘
income.Meanwhile, the Best Poster for downstream category was awarded to the study
Suitability of Adlai in Complementing Rice as Staple Food. With the aim to help achieve rice
self-sufficiency through alternative staple, RCFSD researchers Henry Mamucod, Amelia
Morales, Rosaly Manaois, and Marissa Romero explored the potential of adlai, an indigenous
food crop, as a complementing staple food to rice.
The study showed that ginampay, a variety of adlai, can be a good source of carbohydrates
substituting rice at 50:50 ratio while providing the consumer the same eating satisfaction and
higher amount of protein and fats.

22
On the other hand, researchers from the FutureRice Program won the Best Poster in the
technology extension, dissemination, and education category. The researchers explored the
challenges and opportunities of building a rice agri-tourism farm in line with the recently signed
Farm Tourism Development Act of 2016. The team is composed of Jan Lois Zippora Libed,
Roger Barroga, Marian Rikka Anora, and Nehemiah Caballong.
The team has integrated recreational facilities, hands-on experience, and educational facilities in
the 5-ha FutureRice farm. It was also the site where ―AlDub Rice‖ was created as a form of rice
paddy art. The farm was formally opened April this year and has stirred public interest on rice
innovations.
PhilRice delegation joined over 200 crop science researchers, academicians, development
professionals, and students from public and private institutions in the CSSP with this year‘s
theme, Empowering Crop Scientists for ASEAN Leadership.
http://www.philrice.gov.ph/philrice-reaps-scientific-awards-national-confab/#sthash.j0VNnRLO.dpuf
Foodgrain production expected to be 270 million ton this
year: ICAR
Director General, ICAR, T Mohapatra, made the announcement while speaking to reporters on
the sidelines of 23rd ICAR Regional Committee Meeting in Hyderabad.
By: PTI | Hyderabad | Published:June 25, 2016 11:16 am
The Indian Council of Agricultural Research (ICAR) on Friday said a production of 270 million
tons of foodgrains was expected during the kharif and rabi seasons this year, thanks to the
forecast of a normal monsoon.Director General, ICAR, T Mohapatra, made the announcement
while speaking to reporters on the sidelines of 23rd ICAR Regional Committee Meeting in
Hyderabad.―270 million tons production is forecast this year due to normal monsoon,‖ he
said.He said that several rice varieties which can withstand heavy downpour have been
developed by researchers, and submergence-tolerant rice varieties like `Swarna sub 1′ should be
cultivated to withstand heavy rains/flash flood situations.
Similar ―calamity-tolerant‖ varieties were being developed by Centre for Rice Research Institute,
Bhubaneshwar, he said.ICAR was also getting ready to commercialise rice varieties ‗Bina Dhan 8‘ and
‗Bina Dhan 10′, he said.Mohapatra said even though there was normal monsoon this year, cotton
cultivation in rain-fed areas should be discouraged.
Regarding GM technologies, he said ICAR was increasing investment in research to resolve bio safety
analysis issues.Pulses promotion was also being taken up in a big way and there was special focus on high
yielding varieties. Rs 500 crore has been allocated for pulses‘ promotion, he added

23
http://indianexpress.com/article/india/india-news-india/foodgrain-production-expected-to-be-270-million-
ton-this-year-icar-2874817/
Nineteenth Annual U.S.-Japan Rice Technical Meeting Held
By Kristen Dayton
SACRAMENTO, CA -- Representatives of the U.S. and Japanese rice industries met here Wednesday
and Thursday for the 19th
annual U.S.-Japan rice technical meeting. "These annual meetings are an
important part of strengthening the rice trade between our two countries by providing an opportunity to
discuss and resolve technical issues," said Alex Balafoutis of PGP International, Inc. and the U.S.
chairman of the Japan Technical Group.
The two sides reviewed rice production, trade, and utilization in both countries; key upcoming supply
and demand developments in both markets, and discussed quality characteristics of U.S. rice exported to
Japan.
Following a day-long session on Wednesday, the Japanese delegation toured a rice farm on Thursday with
U.S. delegation member and farmer Michael Rue, who provided information on rice production, drying,
and storage, followed by a mill tour of Farmers' Rice Cooperative.

24
"USA Rice also participates in technical meetings with Korea and Taiwan, however having 19 years of
technical meetings with Japan has resulted in more transparency of trade between our two countries by
working together to rectify technical issues," concluded Balafoutis.
Japan imports about 325,000 metric tons of U.S. rice each year with a value of more than $275 million
dollars, making it one of the largest markets for the United States. Both sides agreed that the 20th
U.S.-
Japan Rice Technical meeting will be held in Japan next year.
APEDA AgriExchange Newsletter - Volume 1502
International Benchmark Price
Price on: 23-06-2016
Product Benchmark Indicators Name Price
Garlic
1 Chinese first grade granules, CFR NW Europe (USD/t) 3500
2 Chinese Grade A dehydrated flakes, CFR NW Europe (USD/t) 4500
3 Chinese powdered, CFR NW Europe (USD/t) 3000
Ginger
1 Chinese sliced, CIF NW Europe (USD/t) 2150
2 Chinese whole, CIF NW Europe (USD/t) 2300
3 Indian Cochin, CIF NW Europe (USD/t) 2850
Guar Gum Powder
1 Indian 100 mesh 3500 cps, FOB Kandla (USD/t) 3675
2 Indian 200 mesh 3500 cps basis, FOB Kandla (USD/t) 1075
3 Indian 200 mesh 5000 cps, FOB Kandla (USD/t) 2195
Source: oryza, agra-net For more info
Market Watch

25
Commodity-wise, Market-wise Daily Price on 22-06-2016
Domestic Prices Unit Price : Rs per Qty
Product Market Center Variety Min Price Max Price
Maize
1 Haveri (Karnataka) Local 1520 1650
2 Vadali (Gujarat) Other 1500 1600
3 Dhing (Assam) Other 1100 1400
Paddy(Dhan)
1 Kasargod (Kerala) Other 1500 1600
2 Sindevahi (Maharashtra) Other 1800 1900
3 Sainthia (West Bengal) Common 1250 1270
Mousambi
1 Manjeri (Kerala) Other 3800 4000
2 Roorkee (Uttrakhand) Other 1000 2000
3 Taura (Haryana) Other 2500 2500
Brinjal
1 Palayam (Kerala) Other 1100 1300
2 Deogarh (Orissa) Other 1500 2500
3 Sirhind (Punjab) Other 1000 2100
Source:agmarknet.nic.in For more info
Floriculture Unit Price : US$ per package
Price on 21-06-2016
Product Market Center Origin Variety Low High
Rose Flower Package: bunched 10s

26
1 Boston Ethiopia Assorted Colors 12.50 12.50
Orchid Flower Package: bunched 10s
1 Boston Thailand Dendrobium 18 18
Lilies Flower Package: per bunch
1 Boston California Asiatic Type 13.50 13.50
Sunflower Package: per stem
1 Boston Mexico Large Head 2.00 2.00
Source:USDA
Rice Prices
as on : 24-06-2016 08:10:23 PM
Arrivals in tonnes;prices in Rs/quintal in domestic market.
Arrivals Price
Current
%
change
Season
cumulative
Modal
Prev.
Modal
Prev.Yr
%change
Rice
Bazpur(Utr) 200.00 -9.09 44907.21 1850 2636 -2.63
Azamgarh(UP) 118.00 -7.45 5306.00 2210 2190 11.62
Indus(Bankura Sadar)(WB) 50.00 42.86 185.00 2150 2100 -
Khatra(WB) 38.00 2.7 989.00 2150 2200 -4.44
Cachar(ASM) 30.00 50 2280.00 2500 2500 -7.41
Bishnupur(Bankura)(WB) 20.00 - 20.00 2150 - -
Kolaghat(WB) 18.00 NC 739.00 2300 2300 4.55

27
Tamluk (Medinipur E)(WB) 18.00 NC 758.00 2300 2300 9.52
Robertsganj(UP) 17.50 NC 437.50 1870 1865 0.54
Chengannur(Ker) 7.00 -6.67 621.50 2300 2300 -8.00
Silapathar(ASM) 5.00 -3.85 630.40 3000 3000 NC
Karanjia(Ori) 5.00 -9.09 293.80 2600 2600 4.00
Mirzapur(UP) 5.00 11.11 1358.60 1980 1975 NC
Nimapara(Ori) 4.50 NC 231.50 1900 1900 NC
Karimpur(WB) 3.00 NC 85.00 3150 3150 NC
Sardhana(UP) 1.00 NC 89.30 2340 2340 9
http://www.thehindubusinessline.com/economy/agri-business/article8768593.ece
06/24/2016 Farm Bureau Market Report
Soybeans
High Low
Cash Bids 1151 1064
New Crop 1131 1057
Riceland Foods
Cash Bids Stuttgart: - - - Pendleton: - - -
New Crop Stuttgart: - - - Pendleton: - - -

28
Futures:
SOYBEANS
High Low Last Change
Jul '16 1132.00 1099.25 1099.50 -25.00
Aug '16 1131.00 1097.50 1098.00 -25.50
Sep '16 1116.75 1082.00 1082.25 -26.75
Nov '16 1109.50 1072.50 1073.50 -28.00
Jan '17 1106.50 1070.25 1071.50 -27.50
Mar '17 1071.25 1042.50 1042.75 -24.50
May '17 1065.00 1035.50 1035.50 -22.75
Jul '17 1063.50 1033.50 1034.00 -22.25
Aug '17 1036.50 -4.50
Soybean Comment
Soybeans like other commodities moved lower today as they were influenced by outside forces.
Yesterday's vote by Britain to leave the EU surprised the market and left financial markets in ruin. Sharp
increases in the dollar and threats of collapse in global market led to bearish moves in most commodities.
Soybeans are likely to move back to trade on fundamental as we approach next week's USDA acreage
report. Most expect soybeans see larger acreage in this report which could see further losses.
Wheat
High Low
Cash Bids 465 397

29
New Crop 459 434
Futures: WHEAT
Jul '16 454.75 441.75 450.50 -3.75
Sep '16 466.25 453.25 461.50 -4.25
Dec '16 486.25 473.25 481.25 -5.00
Mar '17 505.50 493.25 499.25 -5.50
May '17 513.00 505.00 509.50 -5.75
Jul '17 522.00 513.25 516.50 -7.00
Sep '17 529.50 524.25 525.00 -7.25
Dec '17 544.75 536.50 542.25 -4.00
Mar '18 553.00 553.00 553.00 -6.00
Wheat Comment
Wheat prices were one of the few markets to close with positive gains today. Wheat remains near contract
lows and today's gains were surprising given the sharp increases in the dollar. Wheat may need additional
bearish fundamentals before wheat will move below contract lows.
Grain Sorghum

30
High Low
Cash Bids 352 277
New Crop 360 283
Corn
High Low
Cash Bids 408 357
New Crop 403 373
Futures: CORN
Jul '16 390.00 373.50 382.00 -5.25
Sep '16 395.00 378.00 386.75 -5.75
Dec '16 400.50 382.50 391.75 -6.00
Mar '17 407.00 390.00 399.25 -6.00
May '17 410.50 394.25 403.50 -5.75
Jul '17 414.00 397.00 406.75 -5.25
Sep '17 398.00 387.00 390.75 -6.00

31
Dec '17 400.25 390.00 394.00 -4.25
Mar '18 401.75 399.50 400.00 -5.25
Corn Comment
Corn prices closed lower again today. While weather forecasts continue to improve, today's' losses were
the result major losses in major financial markets following Britain's vote to leave the EU yesterday. As
we head into next week's acreage report, corn prices could get a boost if the USDA forecasts lower
acreage, but with the improvements in weather the market will need to continue to see robust demand to
keep losses in check.
Cotton
Futures:
COTTON
Jul '16 64.94 63.7 64.5 -0.38
Oct '16 65.43 64.06 64.83 -0.79
Dec '16 65.43 63.83 64.42 -1
Cotton Comment
Cotton futures were mostly lower today. December failed at resistance at Friday‘s high of 66.64 cents
earlier this week. Uprtending support is near 63.31 cents. Better exports this week gave the market a boost
Thursday, thanks to some weakness in the dollar. Weekly export sales of 178,100 running bales boosted
15-16 commitments to 9.137 million bales.
Rice

32
High Low
Long Grain Cash Bids - - - - - -
Long Grain New Crop - - - - - -
Futures:
ROUGH RICE
Jul '16 1099.0 1065.0 1077.5 -3.5
Sep '16 1123.0 1087.0 1101.0 -3.0
Nov '16 1148.5 1118.5 1122.0 -10.0
Jan '17 1156.0 1156.0 1156.0 0.0
Mar '17 1180.0 1160.0 1165.0 -10.0
May '17 1194.5 -18.0
Jul '17 1208.5 -18.0
Rice Comment
Rice futures were mostly lower at mid-day. Crop conditions remain generally favorable, with 68% of the
crop rated good to excellent. July is testing support at $10.75. A close below that level could signal a
move toward support a dollar below that level. The market needs to see better export movement to
generate buying interest. Net sales for this week totaled 50,100 tons for the 15-16 marketing year
cancellations resulted in -100 tons for 2016-2017 delivery.
Cattle

33
Futures:
Live Cattle: LIVE CATTLE
Jun '16 116.450 114.100 114.700 -2.050
Aug '16 113.275 110.850 110.875 -2.975
Oct '16 112.775 110.750 110.875 -2.750
Dec '16 113.450 111.550 111.950 -2.450
Feb '17 113.000 111.250 111.875 -2.050
Apr '17 112.400 110.450 111.400 -1.750
Jun '17 106.125 104.850 105.950 -1.050
Aug '17 104.250 102.500 103.850 -1.125
Feeders:
FEEDER CATTLE
Aug '16 141.025 137.875 139.450 -2.925
Sep '16 139.750 136.675 138.275 -2.550
Oct '16 138.250 135.025 136.800 -2.350
Nov '16 135.550 132.275 134.200 -2.175
Jan '17 130.850 128.700 129.775 -2.000
Mar '17 128.650 125.225 127.200 -1.775
Apr '17 127.600 127.125 127.575 -0.925

34
May '17 126.325 -0.925
Cattle Comment
Cattle prices closed sharply lower today. Weakness in global financials caused by Britain's exit from the
EU led to cattle prices giving back gains over the last 2-days. Cattle prices have tried to establish lows
after setting new contract lows last week. So far the market is holding those lows, but will need new
support new week to prevent further losses.
Hogs
Futures: LEAN HOGS
Jul '16 84.475 83.675 84.050 -0.225
Aug '16 85.425 84.200 84.975 -0.475
Oct '16 72.100 71.000 71.950 -0.250
Dec '16 64.250 63.525 64.150 -0.750
Feb '17 66.800 66.025 66.625 -0.650
Apr '17 69.650 68.650 69.650 -0.200
May '17 75.200 -0.100
Jun '17 77.075 76.100 77.075 -0.425
Jul '17 76.925 76.875 76.925 -0.475

25th june ,2016 daily global,regional & local rice e newsletter by riceplus magazine

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