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November 5, 2014
DAILYCompiled
EXCLUSIVE
ORYZA E-NEWSLETTER
& Edited by Riceplus Magazine
November 5, 2014
November 5, 2014
November 5, 2014
News Details...
India 5% broken
410-420
U.S. 4% broken
540-550
330-340
November 5, 2014
330-340
320-330
315-325
NQ
November 5, 2014
November 5, 2014
exporting rice. The Minister of Agriculture added that they have also identified another four to
five thousand hectares of land, which is ideal for rice cultivation. He added that they also have
support of the World Bank and International Fund for Agricultural Development (IFAD) to
achieve this herculean task.
The government is looking forward to harvest first crop under the Vision 2016 agenda this
December. They are also planning to harvest four crops a year and achieve their target within the
stipulated time.
In July this year, the President hinted at a possible retraction of import ban depending on the
production levels in 2014 and 2015. He noted that the rice import ban would hold good if the
country produced sufficient rice to meet local demand by 31 December 2015.
The President was severely criticized when he declared his stance in June 2013. Still some feel
the goal as unrealistic given that The Gambia currently produces only 20% of its rice
consumption needs and it would need to increase its rice production by fivefold or more to reach
self-sufficiency target. Experts say any ban on rice imports without sufficient production may
result in rice smuggling as in the case of Nigeria.
USDA estimates The Gambia to produce around 35,000 tons of rice and import around 125,000
tons in MY 2014-15 (October - September) to meet consumption needs of around 170,000 tons.
Tags: Gambia rice production, Gambia rice imports, Vision 2016 Rice Sufficiency agenda
November 5, 2014
The disease mostly affects the inner part of unmerged leaves and does not allow grains to grow
sufficiently, thereby affecting yields. It initially causes discoloration of rice plants and eventually
leads to crop failure.
The disease was first spotted in 2002, when about 15% of farmers were affected. However, due
to improper containment strategies, the disease has been recurring every year. This year, local
sources say heavy monsoon rains have led to increased spread of the disease and about 68% of
rice farmers are understood to be affected by the disease. In some districts, nearly 55% of rice
farms are likely to be spoilt.
Officials of the Myanmar Agriculture Service say the disease can be contained by taking some
measures such as burning crop residue, planting short-life rice varieties and proper water
management. However, farmers are less educated and often lack understanding about preventive
measures. Rather they use high pesticides to contain such diseases, they say.
Though the officials know the underlying reason for the outbreak of the rice disease, they cannot
afford to make frequent visits to help farmers easily diagnose and respond to the early outbreaks
of Ufra due to insufficient funds. Also adequate funds are not allocated to build embankments,
floodgates and other basic infrastructure that would aid farmers to control the disease.
Ufra thrives mostly in high humid areas especially during heavy rain and flooding. It is most
prevalent in South Asian countries such as India, Bangladesh, Myanmar and Thailand.
USDA estimates Myanmar to produce 18.68 million tons of paddy rice (around 11.96 million
tons, milled basis) and export around 1.3 million tons of milled rice in MY 2013-14 (January December 2014).
Tags:Myanmar rice yields, Ufra rice disease
Iran is likely to cut down on further imports in 2014 as it has surplus stocks that accrued from
high imports last year as well as high seasonal yield this year, according to local sources.
The Minister of Agriculture was quoted as saying that there is as such no restriction or ban on
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November 5, 2014
rice imports but the reduction is only temporary as the existing socks are sufficient to meet the
consumption needs of the country for the remaining part of the year. He noted that rice imports
have been halted for last few months. He told local sources that the rice market is fairly regulated
and prices move in line with demand and supply conditions.
Exporting countries like India and Thailand may
facing a tough time due to Iran's stance of
temporarily halting rice imports. The Middle East
nation's decision to revise the accepted level of
arsenic content in basmati rice from 150 parts per
million (ppm) to 120 ppm has significantly reduced
India's basmati rice exports to Iran. Its stance to
increase the import duty for basmati rice to 45%
from 22% in September has further snubbed down
India's basmati rice exports to Iran. Similarly Thailand is also trying to reinstate its exports to
Iran after the Middle East nation halted imports from the South East Asian country following a
default by a private rice exporter in 2011.
Iran is an important destination for India's basmati rice and constitutes about 30% of India's total
basmati rice exports. India exported around 1.44 million tons to Iran in FY 2013-14 (April March), which is around 36% of India's total basmati rice exports of around 4 million tons during
the period, according to data from Agricultural and Processed Food Products Export
Development Authority (APEDA).
USDA estimates Iran to produce around 1.683 million tons of rice and import around 1.7 million
tons in MY 2014-15 (October - September) to meet the consumption demand of around 3.45
million tons.
Tags: Iran rice imports
The U.S. cash market was seen steady today with little change in prices. Analysts contend that
the price direction for the U.S. market going forward will likely be determined by the outcome of
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November 5, 2014
the latest Iraqi tender which we expect to have results on later this week.
As of today, offers could we unchanged near $12.00-$12.35 per cwt fob farm (about $265-$272
per ton) while bids could still be found around $12.00-$12.25 per cwt (about $265-$270 per ton)
for November delivery and there were more reports of rice trading around $12.25 per cwt
delivered (about $270 per ton).
Tags: U.S. rice prices, U.S. rice news
Chicago rough rice futures for Jan delivery are currently noted 1.5 cents per cwt (about $0.33 per
ton) lower at $12.315 per cwt (about $271 per ton) during early morning floor trading in
Chicago. The other grains are seen trading lower: soybeans are currently seen about 2.1% lower,
wheat is listed about 1.3% lower and corn is noted about 2.1% lower.
U.S. stocks mainly declined on Tuesday, with benchmark indexes not far from record highs, as
the price of oil slid to a three-year low, intensifying concerns about a slowing global economy.
Brent crude fell to a more than four-year low near $82 a barrel after Saudi Arabia lowered the
price of oil exported to the United States, while increasing the cost to Asia and Europe.
The European Commission reduced its estimates for euro-zone growth, projecting the 18-nation
region's gross domestic product would climb by 0.8% in 2014 and 1.1% next year, a decline
from estimates of 1.2 and 1.7%.The Commerce Department reported U.S. factory orders fell
0.6% in September. Erasing losses, the Dow Jones Industrial Average rose 4.53 points, or 0.1%,
to 17,370.77. The S&P 500 dropped 5.02 points, or 0.3%, to 2,012.79, with energy hardest hit
and utilities the best performing of its 10 major sectors. The Nasdaq declined 14.40 points, or
0.3%, to 4,624.54. Gold is currently trading about 0.2% lower, crude oil is seen trading about
2.6% lower, and the U.S. dollar is currently trading about 0.1% lower at 9:00am Chicago time.
Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market
November 5, 2014
Chicago rough rice futures for Jan delivery settled 10.5 cents per cwt (about $2 per ton) higher at
$12.435 per cwt (about $274 per ton). The other grains closed lower today; Soybeans closed
about 1.9% lower at $10.0975 per bushel; wheat finished about 1.4% lower at $5.3050 per
bushel, and corn finished the day about 2.4% lower at $3.7350 per bushel.
U.S. stocks mainly declined on Tuesday, a day after benchmarks rose to records, as the price of
oil continued its slide and as Americans cast ballots in midterm elections. In congressional
elections being held across the nation, Republicans were expected to increase their numbers in
the House and Senate, although whether the GOP garners enough seats to take control of the
latter body was viewed as too close to call. Brent crude fell to a more than four-year low near
$82 a barrel after Saudi Arabia lowered the price of oil exported to the United States, while
increasing the cost to Asia and Europe.
The European Commission reduced its estimates for euro-zone growth, projecting the 18-nation
region's gross domestic product would climb by 0.8% in 2014 and 1.1% next year, a decline
from estimates of 1.2 and 1.7%. Erasing losses, the Dow Jones Industrial Average was lately up
about half a point at 17,366.63. The S&P 500 dropped 7.83 points, or 0.4%, to 2,009.98, with
energy hardest hit and consumer staples the best performing of its 10 major sectors. On Monday,
both the Dow and S&P 500 advanced to intraday records before closing in the red. The Nasdaq
declined 26.29 points, or 0.6%, to 4,612.2. Gold is trading about 0.2% lower, crude oil is seen
trading about 2.3% lower, and the U.S. dollar is seen trading about 0.3% lower at about 1:00pm
Chicago time.
Monday, there were 728 contracts traded, down from 1,220 contracts traded on Friday. Open
interest the number of contracts outstanding on Monday decreased by 154 contracts to 9,778.
Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market
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