Daily Global

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by Riceplus Magazine
November 20,2015
Vol 5, Issue XI

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Rice export to Indonesia, Philippine, Sri Lanka on the cards

Dastagir says reason behind decrease in export is depressed prices of rice in international market
Agencies
November 20, 2015, 1:45 pm

ISLAMABAD - Federal Minister for Commerce Engineer Khurram Dastagir Khan on Friday
informed the National Assembly that export of rice to Indonesia, Philippine and Sri Lanka would
start very soon.
Replying to various questions during Question hour, he said, agreement
to export rice to Indonesia has been finalized while with Philippine it is
in final stage, adding that concern of Sri Lanka about quality has been
removed and export will start soon.He said exports of rice in the current
markets are also being increased besides Trade Development Authority
of Pakistan (TDAP) is actively supporting the rice exporters and finding
new markets as Pakistan has world class Basmati rice.

The Minister said an agricultural exhibition was held in Russia for the first time and Russian
Federation would become a new market for Pakistan, adding that in the recent days talks with
officials of South Africa, Russia, France, Indonesia, Angola, Germany were held to increase export
of Pakistani rice to these countries.He said surplus stock of basmati rice is available with the private
sector in the country due to bumper crop and less exports. However, it is hard to determine the exact
quantity of stocks.
The Minister said the reason behind decrease in export is depressed prices of rice in international
market due to introduction of new low cost high yielding varieties of rice by international
competitors.He said the export of rice is in the private sector and one time purchase of stocks by the
government will not resolve the problem. He, however, said the government is in contact with the
stakeholders to devise a mechanism to support the private sector in export efforts.He said the Prime
Minister has constituted a committee to support the growers and has announced Rs 350 billion
Kissan Package to help mitigate sufferings of the growers, particularly rice growers.
http://www.dailytimes.com.pk/business/20-Nov-2015/export-of-rice-to-indonesia-philippine-sri-lanka-tostart-soon

Delay in new trade policy hurting exports

MUBARAK ZEB KHAN PUBLIS HED A DAY AGO

ISLAMABAD: After a delay of five months, the Ministry of Commerce has sent a summary of
the Strategic Trade Policy Framework (STPF) 2015-18 to the prime minister for his approval, an
official told Dawn on Thursday.The policy was to be implemented from July 1, 2015 as the

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STPF 2012-15 expired on June 30, 2015. An official said implementation of the new STPF could
go a long way in arresting the trend of decline in exports. In the first four months of this fiscal
year, the countrys export proceeds witnessed a double digits decline.The process on the
formulation of the new policy was started in September 2014 and the commerce ministry
received 837 proposals. Of these 50 came from FPCCI, 110 from chambers of commerce and
industries, 160 from trade associations, 240 from Pakistans trade mission abroad and 200 from
federal and provincial government departments.
The official said the proposals were examined between November 2014 to March 2015. This
exercise was followed by inter-ministerial consultation between March-April 2015. And the
advisory council meeting was held in May 2015.After completion of the whole exercise, the
commerce ministry sent a request to the prime minister secretariat seeking time to give
presentation before formally submitting the policy to the cabinet for approval.Instead of
implementing the policy, the prime minister constituted a cabinet committee on production and
exports in August 2015. The committee, headed by the finance minister, held two meetings on
the STPF and approved it on August 29. It was placed on back burner for more than two and a
half months.The draft policy envisages $35 billion ambitious export target. It is focusing on
markets as well as products with a specific support measures in the next three years.
The government would also provide Rs20bn for research and development.The new policy
targets product sophistication and diversification; market access; institutional development and
strengthening and trade facilitation.Under the policy, the focus market for basmati rice exports
will be Iran, Saudi Arabia. The fresh vegetables and fruits exports like kinno, mango, vegetables,
potato, and onion will be supported to markets of South East Asia and Middle East.In the same
category, exports of meat products will be promoted to the markets of Middle East including
Iran.The government will provide freight subsidy on export of cement to Africa. Other potential
market for cement are Sri Lanka, India and Afghanistan.
The duty structure will be revised on raw material including coal and shredded tyre as well.As
per the draft policy, the market-linked focus products for Iran consist of basmati rice and meat.
Under this scheme, for Iran government will provide warehousing support, branding support,
certification support, border market support as well infrastructure development support to the
identified sectors.For Afghanistan exports of wheat, rice, meat and cement will be promoted. For
Afghanistan, the strategy includes infrastructure development, banking and rail link, zero rating
on export of plastics.For China, the products exports of which will be promoted included rice,
yarn, fabrics, and garments.
Published in Dawn, November 20th, 2015
http://www.dawn.com/news/1220847/delay-in-new-trade-policy-hurting-exports

Paddy prices go up, still below production cost

20 Nov, 2015 00:00:00
Yasir Wardad

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The food minister's declaration of raising duty on rice import has helped increase paddy prices at home
slightly but the prices are still much below production cost, insiders said.Market insiders said the decision
of hiking import duty should be implemented within a week to help most of the farmers get returns from
the harvest.Paddy prices increased by Tk 40--50 per maund (40 kg) in last five days with the
announcement of the food minister that the government would raise import duty of rice.Swarna variety
was selling at Tk 580-620 per maund which dropped to just Tk 500-550 per maund in different districts
as the harvest began in the last week of October, sources in Rangpur, Rajshahi, Kushtia and Jessore
regions said.Md Shah Suja, a farmer at Ramnagar in Nilphamari, told the FE that he has been getting poor
prices for paddy from last Aman season due to flooding of the market with imported low-cost Indian rice.

He said the prices of paddy in this Aman season dropped below the level of the last season. "We also
incurred losses in last Boro season as price of Brridhan-28 was below Tk 650 per maund against a
production cost of minimum Tk 700," he said.The agriculture ministry, however, has estimated a
production cost of Tk 740 per maund paddy in this Aman season.The government recently declared its
procurement target for public food storage. The government will buy 0.2 million tonnes of Aman (rice
form) at Tk 31 per kg which will be started from December 15. The food minister at a meeting of the
Food Planning and Monitoring Committee at the ministry also declared that duty on rice import would be
raised further from the earlier 10 per cent.However, the government imposed a 10 per cent import duty at
the end of last Boro season which became effective from July 01 last.
Before that, having a zero-tariff facility, the private sector of the country made a record import of over
1.49 million tonnes of rice from India in the financial year 2014-15. The import continues as the
importers brought another 0.122 million tonnes in last four and half months. Secretary of the Bangladesh
Auto Major Husking Mills Owners Association KM Layek Ali told the FE that apart from formal import,
a huge volume of rice is being smuggled into the country from India."Smuggling is ten times higher than
that of formal import," he said."The government should impose at least 30 per cent duty on rice import
and also combat smuggling," he said.
Agricultural economist Golam Hafiz Kennedy said the food
minister's declaration should be made effective within a week so as to help the farmers get some
returns.He said due to a flood this year, production might decline slightly or might be static this season.
"So, farmers should be encouraged to raise production in the Boro season," he said."To encourage
farmers, there is no alternative but to ensure good price," he said.
However, Aman harvest has been going on in full swing across the country. According to the Department
of Agriculture Extension (DAE), 30 per cent harvest was completed until November 17. Our field report
is showing that per hectare yield has increased, Dr Md Abduhu, deputy director, monitoring wing under
the DAE, said. "But overall acreage under Aman farming has dropped by nearly 40,000 hectares this
season than that of the last due to a three and half months long flood from July to October," he said.The
government has set a target to grow 13.35 million tonnes of rice from 5.6 million hectares in the current
Aman season, he said.Rice production in Aman season was a record 13.2 million tonnes in FY'15.Aman
is the second largest crop which constitutes 38 per cent of the overall rice production in the country.
tonmoy.wardad@gmail.com
http://www.thefinancialexpress-bd.com/2015/11/20/118993

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Indonesia's Rice Production Expected to Fall After Planting

Delay
Jakarta. Rice production is expected to fall next year as planting is
delayed due to a prolonged dry season this year, a farmers
association representative said on Friday.Prolonged drought
conditions induced by the El Nino weather phenomenon has
destroyed some harvests across the archipelago, prompting the
Central Statistics Agency (BPS) to cut the expected rice production
by 560,000 tons to 74.99 million tons this year.Next year the
harvest is likely lower than in 2015, as delays in planting will disrupt harvest, sai Dwi Andreas
Santosa, chairman of Indonesian Farmer Seed Bank Association (AB2TI).
The association assists thousands of smallholding farmers by providing seeds and improving
agriculture techniques and practices.A majority of association members 62 percent will
only begin planting in December, two months behind the standard schedule, Dwi Andreas
said.Around 23 percent of AB2TI members will plant this month, while just 15 percent were able
to begin planting rice in October thanks largely to irrigation systems, he said.The government is
importing 1.5 million tons of rice from Thailand and Vietnam by the end of the year in
anticipation of a shortage.Vice President Jusuf Kalla earlier this month suggested it was
unlikely Indonesia will need to import rice in 2016, as he expects an end to the drought
conditions.
http://jakartaglobe.beritasatu.com/business/indonesias-rice-production-expected-fall-planting-delay/

Thai Rice En Route to Indonesia, More From Vietnam to

Come
Jakarta. Indonesia's procurement body Bulog expects to see 500,000 tons of rice from Thailand entering
the archipelago next month, an agency official said on Thursday.The shipment is part of the government's
plan to import 1.5 million tons of rice from its Southeast Asian neighbor and Vietnam, in a move to
anticipate a shortage of the food staple following an extended dry season brought on by El Nino,

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according

to

Bulog

procurement

director

Wahyu.

The rice will go through Bulogs warehouses in Bitung [North Sulawesi], Lokhseumawe [Aceh], Medan
[North Sumatra] and Surabaya. The supply will then be sent directly to East Nusa Tenggara and Papua,
[...] areas with the most severe rice shortage, Wahyu said.Saigon Port, Vietnam's largest port located
along Saigon river in Ho Chi Minh City, has been loading 183,000 tons of rice bound to Indonesia in the
past three weeks, Reuters reported on Wednesday.

Cook-Off Caps USA Rice-led GBI in Ghana

Lining up for a taste of U.S. rice
ACCRA, GHANA -- The second U.S Food Products Cook-off involving local talent was held here
yesterday with the theme: "U.S. Foods - Great in Quality, Great in Taste." This year's event, part of the
USA Rice-led Global Based Initiative (GBI) activity, attracted more than four hundred traditional caterers
from various food service associations across the nation. The cook-off was the capstone of three regional
food service seminars organized by USA Rice, the USA Poultry and Egg Export Council, and the
American Peanut Council. More than 1,500 foodservice providers participated in all of the regional
seminars, and gained information and education on U.S. rice, poultry, and peanut butter.
The U.S. Department of Agriculture's (USDA) Regional Agricultural Counselor Kurt Seifarth attended
the event, along with officials traveling with the USDA agribusiness trade mission in Sub-Saharan Africa,
and expressed their strong support for this platform for the artisanal catering industry to showcase their

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culinary skills and creativity, using high quality U.S. food products.Finatrade and Sucatrade, both local
Ghanaian importers of U.S. rice and poultry, donated food products for the cook-off.This week's event
coincides with the end of a six-month advertising campaign in major cities that was a focal point of the
GBI. The campaign includes large format billboards and radio advertising to raise awareness of the U.S.
commodities.
Contact: Eszter Somogyi 011-49-40-4503-8667

CORRECTED-Thailand to start sale of 2 mln T of spoiled rice

this month
Fri Nov 20, 2015 4:20am GMT

(Corrects 9th paragraph in story published Monday to say sales worth 52 billion baht ($1.5
billion), not 5.2 billion baht ($145 million).Nov 16 Thailand's military government will begin
auctioning 2 million tonnes of rotten rice by the end of this month, looking to offload stockpiles
of the staple grain built up under a previous support scheme for farmers.Thailand, the world's
second biggest rice exporter after India, is holding about 13 million tonnes of rice bought at
higher-than-market prices to help farmers, a scheme that cost the previous government billions of
dollars.Some 2 million tonnes of the stored rice that has been judged unfit for human or animal
consumption is to be auctioned away for such industrial uses as producing ethanol."Within this
week the foreign trade department at the ministry will announce the terms for selling the ruined
rice," said Chutima Bunyapraphasara, the commerce ministry's permanent secretary.
It will be the first time rotten rice has been sold from Thailand's stockpiles strictly for industrial
uses.Of the 13 million tonnes of rice Thailand still holds in its state warehouses, around half, or 6
million tonnes, is "below-standard or rotten", said a commerce ministry statement.The commerce
ministry plans to start this month's auction in lots of between 1,000 and 6,000 tonnes, Chutima
told reporters, with interested buyers able to inspect the stocks and submit their bids by the end
of the month.Analysts have said the rotten rice would be sold for far less than edible stocks.Since
Thailand's military government took power in 2014, it has auctioned off 5 million tonnes of rice
through several tenders, with sales worth about 52 billion baht ($1.5 billion), the commerce
ministry said.
Thailand accounts for about a quarter of the global rice trade and so far this year has exported
around 8 million tonnes, earning the country around 127 billion baht ($3.5 billion).Thailand's
goal to export 10 million tonnes of rice this year to regain its crown as top exporter will likely
not be met, said the commerce ministry.India was the top rice exporter in 2014, eclipsing
Thailand after its multi-billion dollar subsidy scheme led to a massive build-up of rice in
storage.($1 = 35.98 baht) (Reporting by Panarat Thepgumpanat and Patpicha Tanakasempipat;
Writing by Amy Sawitta Lefevre; Editing by Tom Hogue)
http://uk.reuters.com/article/2015/11/20/thailand-rice-idUKL3N13B2VJ20151120

Nigeria hopes to reach rice mill deal with China by year-end

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By
Staff Writer
November 21, 2015
ABUJA, (Reuters) Nigeria hopes to reach a deal with China within weeks to set up 40 rice
mills, its new agriculture minister said, as part of plans to eliminate the need for any imports of
the grain within two years.Audu Ogbeh said in his first interview since taking office last week
that Africas top oil exporter wants to boost production of tomatoes, soy beans, nuts and plant
two million cocoa trees to reduce an annual food import bill of $20 billion and create jobs for its
impoverished youth.President Muhammadu Buhari, who took office in May on a campaign to
usher in a new era for a country hit by corruption and mismanagement, wants to boost the
agricultural sector and end reliance on oil exports after a plunge in crude prices.That will be an
uphill challenge as pot-holed roads hamper the transport of goods. Nigeria has tens of millions of
farmers but the vast majority of them work on a subsistence basis and live on less than $2 a day
http://www.stabroeknews.com/2015/news/world/11/21/nigeria-hopes-to-reach-rice-mill-dealwith-china-by-year-end/#utm_source=rss&utm_medium=rss&utm_campaign=nigeria-hopes-toreach-rice-mill-deal-with-china-by-year-end

Mekong rice straw to go to Japan

Rice straw drying in Dien Lam Commune, central Nghe An Province's Dien Chau District. Rice
straw will be exported to Japan as animal feed. VNA/VNS Photo Lan Xuan
HCM CITY (VNS)
Rice straw, which is
usually burnt by Cuu
Long (Mekong) farmers
at rice fields after harvest,
will be exported to Japan
as animal feed, according
to Song Hau State Farm
in the Mekong City of
Can Tho.At a meeting on
Wednesday
,
the
management board of
Song Hau State Farm
negotiated
with
representatives of Japan
Beef Import/Export Association (JBIX) on a project to process rice straw from the Mekong Delta
for export to Japan where the material will be used as animal feed.A representative of JBIX said
Japan needs sources of clean feed for its husbandry industry, especially for its herd of 4.3 million
cows. The demand includes 220,000 tonnes of processed rice straw per year.

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Under the project, JBIX will provide capital and equipment to its Vietnamese counterpart, and at
the same time send Japanese experts to Song Hau Farm to provide technical know-how and staff
training.Nguyen Thanh Phu, director of Song Hau State Farm, said if the project goes smoothly,
the first shipments of processed rice straw from the Mekong Delta would be exported to
Japan.The project is expected not only to better benefit Mekong farmers but also help reduce
pollution caused by straw burnt after the harvest. VNS
http://vietnamnews.vn/economy/278776/mekong-rice-straw-to-go-to-japan.html

Is El Nio the Solution to California's Drought?

Thursday, November 19, 2015, by Megan Barber
[Houseboats sit in the drought lowered waters of Oroville Lake, near Oroville, Calif. in this Oct.
30, 2014 file photo. AP / Rich Pedroncelli
For the past four years, skiers and snowboarders have suffered through one of the
worst droughts in the history of California. Last year, the Tahoe snowpack on April 1 was so
bad, Governor Jerry Brown ordered the state's first-ever mandatory statewide water
restrictions. This fall, however, the snowpack is measuring well above average and
more storms are on the horizon. And although the strongest effects of El Nio likely won't be felt
until mid-December at the earliest, everyone is wondering: will this year's record-breaking El
Niorescue California from its epic drought?
At this point,
there's not just
the potential for a
strong El Nio this
winter, it's pretty
much
a guarantee. The
National Oceanic
and Atmosphere
Association
(NOAA) notes that "El Nio-related impacts have been occurring around the globe
for months already" and in the United States these impacts will be strongest from December
through March. That's not to say we haven't already seen the influence of warmer surface waters
in the equatorial Pacific, it's just that the strongest effects are yet to be seen.Because El
Nio tends to create wetter and cooler than average conditions across the southern portions of the
United States, and warmer and drier conditions across the northern regions, Californians are
bracing for what could be an epic winter of rain. But it's important to note that even a wet winter
would be, as NOAA put it, "very unlikely to eradicate 4 years of drought."Even with
November's precipitation, most of California is still in an exceptional drought. The most
recent U.S. Drought Monitor map, released November 19, provides a good picture of just how
severe the state's drought remains.

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U.S. Drought Monitor

So what will it take this winter to put a dent into California's water problem? Lots and lots of
rain. For multiple years in a row, the state's rainfall amounts have been between 54-75 percent
of normal. As NOAA explains, "every region in California is missing at least a year's worth of
precipitation," and the southern coast of California (here's looking at you, Los Angeles) is
missing almost two year's worth of rain.California doesn't just need a little bit of rain to end the
drought, it needs a ton of rain or snow. Just check out this map of the percent of normal
precipitationneeded by the end of September 2016:
Percent of normal precipitation required in the upcoming year to mitigate 5-year rainfall
deficits. Maps via NOAA Climate.gov, based on analysis of Climate Division data by Rich
Tinker, NOAA Climate Prediction Center.To put it in perspective, most of California would need
to have one of the wettest years on record to get five-year precipitation deficits out of the
bottom 20 percent. To get out of the 50th percentile, every region of California would
needrecord-breaking amounts of rain. That means that Los Angeles would need nearly 53
inches of rain this year, more than 15 inches higher than the current record for the wettest year
ever.What does this all mean? It's unlikely that this year's El Nio, no matter how strong it is,
can solve California's drought. Even more important, El Nio has the best chance of helping if
precipitation falls across the entire state.
In southern California, where the probability of a wet winter is much higher than the northern
half of the state, El Nio could bring more rain. But the backbone of California's water supply,
delivery system, and reservoir capacity is in Northern California. If heavy rain falls north of
Sacramento, where some of the state's largest reservoirs are located, the El Nio precipitation
would be much more beneficial to ending the drought. Colder temperatures at higher elevations

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would also help replenish the state's snowpack.Drought-relief isn't going to happen overnight,
even with an El Nio this strong.

The most likely scenario is that El Nio brings above average rainfall this winter, but that
the drought remains intact through spring. The best hope is that this year's El Nio makes the
drought less extreme.

CME Group/Closing Rough Rice Futures

CME Group (Prelim): Closing Rough Rice Futures for November 20

Month

Price

Net Change

January 2016

$12.130

+ $0.285

March 2016

$12.395

+ $0.285

May 2016

$12.680

+ $0.285

July 2016

$12.935

+ $0.285

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September 2016

$12.635

+ $0.285

November 2016

$12.635

+ $0.285

January 2017

$12.635

+ $0.285

U.S. Rice Impresses Chef at Food & Hotel Food Show in China
US Rice Impresses Chefs in China
Talking U.S. rice in China
SHANGHAI, CHINA - Last week, USA Rice participated in the Food and Hotel China 2015 international
exhibition here. The U.S. delegation, including John Valpey of American Commodity Company, Kevin
McGilton of Riceland Foods, Ken La Grande and Steve Vargas of Sun Valley Rice Company, and Derek
Alarcon of Farmers' Rice Cooperative, met with importers, distributors, and retailers. Two of the key
meetings were with COFCO (China National Cereals, Oils and Foodstuffs Corporation) and Wal-Mart.
This was USA Rice's second consecutive year at the show and new for this year was a professional chef's
preparation of five different rice dishes for sampling using five different varieties of U.S. rice each day.
The chef, Richard Ong Kahloo, formerly executive chef at the JC Mandarin Shanghai, and now a food
consultant, gave high marks to U.S. varieties he was using.
"Calhikari, as steamed rice, keeps a long time without getting soft and is very good at absorbing the
sauces from the meat and vegetables in the dish," Kahloo said. "I used Calrose in a seafood congee dish
and liked that it gets sticky quickly. And finally, U.S. Jazzman long grain rice is now my favorite rice for
cooking stir-fry. Normally cooked rice for stir-fry should be cooled down after it is cooked, but with
Jazzman, it can be used immediately." Participation at food shows has helped introduce U.S. rice to the
Chinese rice trade in advance of having a protocol agreement for the commercial importation of rice into
the country which has been in the works for years and is expected soon.
Contact: Bill Farmer (832) 302-6710

APEDA Commodity News

International Benchmark Price
Price on: 19-11-2015

Product

Benchmark Indicators Name

Price

Turkish No. 2 whole pitted, CIF UK (USD/t)

4875

Turkish No. 4 whole pitted, CIF UK (USD/t)

4375

Turkish size 8, CIF UK (USD/t)

3625

Apricots

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Raisins
1

Californian Thompson seedless raisins, CIF UK (GBP/t)

2422

South African Thompson seedless raisins, CIF UK (GBP/t)

2459

Australian 5 Crown, CIF UK (USD/t)

2940

South African Orange River, CIF UK (USD/t)

2610

Turkish No 9 standard, FOB Izmir (USD/t)

2125

Sultanas

Source:agra-net

For more info

Market Watch
Commodity-wise, Market-wise Daily Price on 19-11-2015
Domestic Prices
Product

Unit Price : Rs per Qty

Market Center

Variety

Min Price

Max Price

Jowar(Sorgham)
1

Siddhpur (Gujarat)

Other

2300

3180

Gulbarga (Karnataka)

Hybrid

1250

1545

Solapur (Maharashtra)

Other

1925

3050

Hassan (Karnataka)

Local

1000

1570

Pune (Maharashtra)

Other

1575

1650

Dahod (Gujarat)

Yellow

1430

1500

Sirhind (Punjab)

Other

2000

3600

Jalore (Rajasthan)

Other

2500

3000

Barara (Haryana)

Other

2900

3100

Chala (Kerala)

Other

2600

2653

Shillong (Meghalaya)

Other

2400

2600

Sainthia (West Bengal)

Other

820

930

Maize

Mousambi

Brinjal

Source:agmarknet.nic.in

For more info

Egg

Rs per 100 No
Price on 19-11-2015
Product

Market Center

Price

Pune

390

Mysore

378

Nagapur

363

Source: e2necc.com

Other International Prices

Unit Price : US$ per package

Price on 19-11-2015

Product

Market Center

Origin

Variety

Low

Colorado

Russet

17

Potatoes

High
Package: 50 lb cartons

Atlanta

Chicago

Idaho

Russet

14

16

Detroit

Wisconsin

Russet

15

15.50

Cucumbers

17.75

Package: cartons film wrapped

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Atlanta

Mexico

Long Seedless

14

14

Dallas

California

Long Seedless

17

18.50

Miami

Honduras

Long Seedless

10

10

Grapefruit

Package: cartons tray pack

Atlanta

Virginia

Red Delicious

27

28

Dallas

Washington

Red Delicious

24

24

New York

Washington

Red Delicious

25

28

Source:USDA

Arkansas Farm Bureau Daily Commodity Report

Rice
High Low
Long Grain Cash Bids - - - - - Long Grain New Crop - - - - - -

Futures:

High
Jan '16 1217.0
Mar '16 1240.5
May '16
Jul '16
Sep '16
Nov '16
Jan '17

Low
1176.0
1206.0

Last Change
1213.0 +28.5
1239.5 +28.5
1268.0 +28.5
1293.5 +28.5
1263.5 +28.5
1263.5 +28.5
1263.5 +28.5

Rice Comment
Rice futures were posting sharp gains at mid-day. January will have resistance near $12.50 on a rebound, while
March has tough resistance at $12.75. Global ending stocks for 15/16 were raised by 3 percent (2.7 million
tons) due to an increase in beginning stocks and a decrease in consumption in the November report. The
average long-grain price is projected down $1.30 from last month to $11.50 to $12.50.

http://www.arfb.com/ag-markets-statistics/report/

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