12th november,2013 daily rice e newsletter(global news) by riceplus magazine

12th November , 2013

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 India West Bengal State Provides Financial Support to Build 165 Rice Mills  Thailand Exports 4.6 Million Tons of Rice in January 1 – September 30, 2013, Says USDA Post  Bangladesh Approves Confined Trial of Golden Rice  FAO Aromatic Rice Price Sub-Index Up 23% Year-on-Year  India Rice Stocks in Central Pool Stand at 28.2 Million Tons; Down 2.5% from Last YearVietnam Exports 5.8 Million Tons of Rice in January 1 – November 7, 2013  Thailand Rice Sellers Lower Some of Their Quotes; Vietnam, Pakistan Rice Sellers Increase Some of Their Quotes  Oryza Afternoon Recap – Chicago Rough Rice Futures Begin the Week on a Negative Note  Oryza Rice Currency Analysis for Today – India Rupee Plunges 1.2%  Oryza U.S. Rough Rice Recap – Market Unchanged as Farmers Gear Up for Deer Hunting Season Typhoon Haiyan Reaches Vietnam, China; Another Typhoon Approaches Philippines Oryza Quick Glance at World News

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India West Bengal State Provides Financial Support to Build 165 Rice Mills Nov 11, 2013

The Indian eastern state of West Bengal is providing financial support to businesses interested to build about 165 new rice mills in the state.According to local sources, the West Bengal government will provide about 25% of the required amount or about Rs. 55 – Rs. 80 lakh (about $87,000 - $126,000) for the construction of new rice mills. An additional Rs. 5 lakh (about $8,000) will also be provided to each mill. The new mills are likely to begin functioning from next year and will augment the number of rice mills in the state to over 1,183 mills.According to the West Bengal government, new rice mills will reduce transportation costs for farmers and reduce distress sales. The subsidy will also help businesses secure bank loans, the government said.West Bengal is a key rice producing state in India and accounts for around 14% of India’s total annual rice production of around 105 million tons.

Tags: India rice production

Thailand Exports 4.6 Million Tons of Rice in January 1 – September 30, 2013, Says USDA Post Nov 11, 2013

Thailand has exported around 4.6 million tons in January - September, 2013, down about 8% from rice exports during the same period last year, according to the USDA Post in Bangkok.The Post says that exports of white and parboiled rice have declined around 34% this year (January to November 3, 2013), while exports of fragrant rice have increased around 10% from the same period last year. The increase in fragrant rice exports is partly due to lower prices due to release of rice from the government stockpile.The Post says that domestic and export prices declined in the first week of November due to sales of government rice stocks to large exporters and the beginning of the 2013-14 government mortgage program under which around one million tons of paddy rice (about 0.7 million tons, basis milled).Local sources in Thailand say that delays in payment of purchases under the rice mortgage program and capping of sales at 350,000 baht (about $11,000) per household under the program are causing domestic prices to decline. The USDA Post says that Thailand rice exporters are currently fulfilling export orders for around 250,000 tons of white rice from the new harvest to Iran.

Tags: Thailand rice exports 2013, USDA

Bangladesh Approves Confined Trial of Golden Rice Nov 11, 2013

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The Bangladesh Rice Research Institute (BRRI) has received the approval of the National Bio-safety Committee to conduct confined trials of golden rice (genetically modified or GM rice).

Local sources cited BRRI officer saying, “We received approval from the environment ministry to run the confined trial to develop the rice variety.” The next step for BRRI will be to conduct tests for one more season and seek final approval for commercial release of golden rice.The International Rice Research Institute (IRRI) is also seeking approval of government regulatory agencies in the Philippines for the commercial release of golden rice, a process which could take around two years, IRRI says.

Tags: Bangladesh rice production, Golden rice

FAO Aromatic Rice Price Sub-Index Up 23% Year-on-Year Nov 11, 2013

The FAO rice price sub-index for aromatic rice in January – October 2013 stood at 269 points, up about 50 points or about 23% from 219 points in January – October 2012.Higher aromatic rice prices helped the subindex remain at high levels. According to the FAO, the aromatic rice sub-index recovered in October 2013 after consecutive declines in the previous five months. The sub-index stood at around 1,149 in October 2013, up about 2% from 1,127 points in the previous month, but down about 8% from 1,244 points in April 2013.

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Pakistan basmati rice sub-index in January – October stood at 1,367points, up about 23% from 1,114 points during the same period last year, the FAO says.

However, the FAO index for overall rice prices stood at around 235 points during January – October 2013, up about 2% from around 230 points recorded for the same period last year.

Tags: FAO

India Rice Stocks in Central Pool Stand at 28.2 Million Tons; Down 2.5% from Last Year Nov 11, 2013

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India’s rice stocks in the central pool stand at around 28.2 million tons (including milled equivalent of around 11.38 million tons of paddy) as of November 1, 2013, which is down about 2.5% from rice stocks in the central pool recorded on November 1, 2012.However, month-on-month, India’s rice stocks in central pool are up about

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23% from about 23 million tons recorded on October 1, 2013 according to data from the Food Corporation of India (FCI). Current rice stocks in India’s central pool are about four times the required buffer and strategic reserve norms of around 7.2 million tons for this time of the year.According to the FCI, total food grain stocks with India’s central pool stand at around 62.4 million tons, down about 10% from last year. The decline is mainly due to lower wheat stocks which stand at around 34.1 million tons as of November 1, 2013, down about 16% from around 40.5 million tons recorded during the same time last year.

Tags: India rice stocks

Vietnam Exports 5.8 Million Tons of Rice in January 1 – November 7, 2013 Nov 11, 2013

Vietnam’s rice exports from the beginning of the year to November 7, 2013 have reached around 5.8 million tons, down about 19% from around 7.1 million tons exported during January 1- November 30, 2012, according to data from Vietnam Food Association (VFA).Average export price during January 1 – November 7, 2013 stands at around $430 per ton (FOB), down about 6% from the same period last year.During November 1-7, 2013, Vietnam exported around 56,062 tons of rice at an average export price of about $436 per ton (FOB), VFA says. Rice exports in the first week of November are about one-tenth of total rice exports of around 537,066 tons of rice in the full month of October 2013 at an average export price of about $435 per ton

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(FOB).According to the VFA, domestic paddy prices in the Mekong Delta for common stock stand at around VND 5,300 - 5,400 per kilogram (about $247 - $251 per ton, using current exchange rates), unchanged from last week.

Vietnamese 5% broken domestic rice prices stand at around VND 7,300-7,400 per kilogram (about $340 - $345 per ton, using current exchange rates), and 25% broken rice prices stand at around VND 7,000-7,100 per kilogram (about $326 - $331 per ton, using current exchange rates), also unchanged from last week.

Tags: Vietnam rice exports 2013

Thailand Rice Sellers Lower Some of Their Quotes; Vietnam, Pakistan Rice Sellers Increase Some of Their Quotes Nov 11, 2013

Thailand rice sellers lowered their quotes for 25% broken rice by about $5 per ton to about $385 - $395 per ton today. Vietnam rice sellers increased their quotes for 5% broken rice and 25% broken rice by about $5 per ton each to about $395-$405 per ton and $365 - $375 per ton respectively. Pakistan rice sellers increased their quotes for 5% broken rice by about $375 - $385 per ton. India rice sellers kept their quotes mostly unchanged.

5% Broken Rice Thai 5% rice is quoted around $405 - $415 per ton, about a $10 per ton premium over Viet 5% rice shown around $395 - $405 per ton, up about $5 per ton from Friday.

Indian 5% rice is quoted around $415 - $425 per ton, about a $40 per ton premium over Pak 5% rice quoted around $375 - $385 per ton, up about $5 per ton from Friday.

25% Broken Rice Thai 25% rice is quoted about $385 - $395 per ton, down about $5 per ton from Friday and about a $20 per ton premium over Viet 25% rice shown around $365 - $375 per ton, up about $5 per ton from Friday.

Indian 25% rice is quoted about $370 - $380 per ton, about a $35 per ton premium over Pak 25% rice quoted around $335 - $345 per ton.

Parboiled Rice Thai parboiled rice is quoted around $440 - $450 per ton.

Indian parboiled rice is quoted around $385 - $395 per ton, about a $30 per ton discount to Pak parboiled rice quoted around $415 - $425 per ton.

100% Broken Rice Thai broken rice, A1 Super, is quoted around $345 - $355 per ton, about a $5 per ton premium over Viet broken rice shown around $345 - $355 per ton.

Indian broken sortexed rice is quoted about $310 - $320 per ton, about a $25 per ton discount to Pak broken sortexed rice quoted around $335 - $345 per ton.

Tags: Asia rice quotes, India rice quotes, Pakistan rice quotes, Vietnam rice quotes, Thailand rice quotes

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Oryza Afternoon Recap – Chicago Rough Rice Futures Begin the Week on a Negative Note Nov 11, 2013

Chicago rough rice futures for January delivery settled 6.5 cents per cwt (about $1 per ton) lower at $15.630 per cwt (about $345 per ton). Rough rice futures settled lower after a session of back-and-forth trading. After getting off to a slow start prices were seen trading as much as 5.5 cents per cwt (about $1 per ton) higher in mid-day trading. However a lack of fundamental support as well as reduced trade volume saw early gains slip away and a fresh round of selling by the closing bell was enough to pull prices back into negative territory. The other grains finished mixed today; soybeans finished the day about 0.4% higher at $13.0800 per bushel; wheat finished about 0.5% lower at $6.4625 per bushel; and corn finished the day about 1.9% higher at $4.3575 per bushel.

U.S. stocks were mildly higher on Monday, with the Dow Jones Industrial Average extending its record rise, as Wall Street looked to earnings reports this week from retailers including Wal-Mart Stores and Macy's to get a read on consumer spending. After closing at a record on Friday, the Dow Jones Industrial Average wavered between small gains and losses. The S&P 500 fluctuated, and was lately a fraction under its record close of 1,771.95, set on Oct. 29, with health care the best performing and telecommunications hardest hit among its 10 major industry groups. The Nasdaq Composite turned higher. U.S. stock markets are currently trading up about 0.4%, gold is trading about 0.2% lower, crude oil is seen trading about 0.2% higher, and the U.S. dollar is seen trading about 0.3% lower at about 2:00pm Chicago time.

Looking to the daily continuation chart of Chicago rough rice futures for January delivery, the market failed to find enough follow-through buying interest leaving prices unsupported on a day of reduced trade volume.

Despite today’s negative move on the chart, some traders feel that the fact that prices did manage to carve out a higher high as well as high low as a positive sign and are calling for a continuation of the recent trend of higher prices in the coming sessions. Price action remains in technically bullish territory while the upper Bollinger band at $15.788 per cwt (about $348 per ton) acts as the current price objective. Today’s trading range is noted as $15.545-$15.750 per cwt (about $343-$347 per ton).

Friday, there were 510 contracts traded, down from 809 contracts traded on Thursday. Open interest – the number of contracts outstanding – on Friday decreased by 49 contracts to 8,512.

Tags: chicago rough rice futures, U.S. rice market, U.S. rice prices

Oryza Rice Currency Analysis for Today – India Rupee Plunges 1.2% Nov 11, 2013

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U.S. dollar index was down -0.26% from the open today, when it traded at 81.085 at the close.

Euro was +0.32% higher today by the close, trading around 1.3409 by end of day, after trading between an intraday high of 1.3416 and low of 1.3345. The common currency was bid higher as money was moved from emerging markets into Europe.

Thai baht was weaker -0.52%, trading at 31.640 at the close of business.

Indian rupee was -1.21% weaker, trading at 63.2375.

Brazilian real was -0.71% weaker than the open at today’s close, when it ended at 2.3298 reais per dollar.

Pakistan rupee was stronger +0.02% trading at 107.4190.

Vietnamese dong was stronger +0.01%, closing at 21098.

Mexican peso was -0.36% weaker today, when it traded at 13.2156 pesos per dollar by the close of business today.

Chinese yuan was weaker -0.01% at 6.0914.

Argentine peso was -0.12% weaker at 5.9710 pesos per dollar.

Tags: foreign exchange rates

Oryza U.S. Rough Rice Recap – Market Unchanged as Farmers Gear Up for Deer Hunting Season Nov 11, 2013

The U.S. cash market was unchanged today with many farmers taking a much needed break and showing very little interest in marketing their rice after winding down their harvest while gearing up for deer hunting season.Offers could still be seen around $15.56-$16.66 per fob farm (about $343-$367 per ton), depending on where they are located in the U.S. mid-South, for November through December shipment. Bids from most larger mills and exporters were unchanged near $15.00 per cwt (about $331 per ton ) and $15.40 per cwt (about $340 per ton), respectively, both for November through December delivery, although it was reported that rice was trading around $15.80 per cwt (about $348 per ton) for prompt delivery.In the meantime, the USDA did not release their crop progress report today to the Veterans Day Holiday however it will return tomorrow.

Tags: U.S. rice prices, U.S. rice, Rice Prices

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Typhoon Haiyan Reaches Vietnam, China; Another Typhoon Approaches Philippines Nov 11, 2013

Super typhoon Haiyan has weakened into a tropical storm and made landfall in Vietnam and South China today, after killing at least 10,000 people, according to local estimates, and causing massive destruction to crop and property in the Philippines during the weekend.Large scale evacuation is going on in China and Vietnam. The danger in China and Vietnam is from flooding due to the storm which could adversely affect late double crop harvest in China and cause storage problems for the justharvested rice crop in Vietnam.

Meanwhile, the Philippines Department of Agriculture estimates that rice crop in around 67,095 hectares are damaged due to typhoon Haiyan, which is equivalent to around 131,611 tons of paddy rice or around 2% of the targeted fourth-quarter paddy rice production target of over 7 million tons.The Philippines Department of Agriculture says that it has sufficient stocks of rice seeds for replanting which will help meet the production target of around 20 million tons of paddy this year. However, analysts say that rice imports could increase much above the USDA projections of around 1.1 million tons (milled basis) in MY 2013-14 (May – April) due to the typhoon.Meanwhile, the Philippines government has issued a new alert to prepare for the 25th storm this year, Zoraida, which is likely to hit the Philippines today.

Tags: Philippinees rice sector, Vietnam rice sector, China rice sector, Haiyan, Zoraida

Oryza Quick Glance at World News Nov 11, 2013

Financial Times – *Senior members of the U.S. Congress insisted on Sunday they would push ahead with a new round of sanctions on Iranian oil exports, after France was accused this weekend of scuppering a widely anticipated deal on Iran’s nuclear program. *Bloomberg News has been accused of quashing a story that alleges financial ties between China’s richest man and relatives of top Chinese Communist party officials because of fears that the government would prevent it from operating in China. *U.K.'s Ministers have been urged to sharpen their focus on commercial diplomacy and do more to engage small businesses in the drive to secure foreign trade if they are to meet their target of doubling U.K. exports by 2020.

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*As U.S. budget talks heat up on Capitol Hill, congressional Democrats have floated a list of tax breaks they want to see slashed, posing a fresh threat to wealthy Americans and multinationals but sparing the oil and gas producers that have so often been in their sights. *Divisions at the heart of the ECB over last week’s rate cut have revived fears in Frankfurt of a German popular backlash against the bank’s policymaking, even as the ECB faces decisions critical to the eurozone’s future. *Zhaikmunai, the Kazakhstan-based oil and gas company, backed by steel billionaire Lakshmi Mittal and the son-in-law of Kazakhstan’s president, plans to change its name later this month ahead of a possible London listing. *Franklin Templeton, a big U.S. money manager known for astute but aggressive bets in the sovereign debt market, has emerged as the dominant bankroller of Ukraine despite the country teetering on the edge of an economic crisis. *Banks including JPMorgan Chase are considering banning traders from electronic chat rooms in the wake of the international foreign exchange investigation, according to people familiar with the matter.

Wall Street Journal*The current account, the broadest measure of Japan's trade with the rest of the world, came to a surplus of ¥587.3 billion in September, up 14% from the year-before month, data released by the Ministry of Finance showed Monday. *The first democratically elected president of the Maldives and the brother of the country's former autocratic ruler have qualified for a runoff, according to results in the island nation's presidential election. However, the Supreme Court postponed Sunday's runoff by six days, setting the stage for a constitutional crisis in this tourist paradise nation, which has been buffeted by political turmoil for the past five years. *Syrian opposition leaders said they aim to attend peace talks and hope to win the support of rebel forces on the ground who have long disapproved of the negotiations. *India's prime minister won't attend a summit of Commonwealth leaders in Sri Lanka later this week, amid international criticism of the island nation's human-rights record. *The U.S. government is seeking $864 million in penalties from Bank of America Corporation over a loan production program called the "Hustle," according to a court filing. *Venezuelan President Nicolás Maduro capped off a weekend crackdown on businesses waging what he calls an "economic war" on the government with the arrest of five managers of Daka chain of electronics stores, who were accused of setting inflated prices for merchandise imported with hard currency through the government. *India's central bank has eased one of its biggest restrictions on foreign exchange trading by allowing stateowned oil companies to start buying some dollars directly from the market, illustrating the Reserve Bank of India's growing confidence the Indian currency can stand on its own. *Deutsche Telekom AG plans to acquire telecommunications provider GTS Central Europe for €546 million ($730 million) from a group of private-equity firms, as the German incumbent overhauls its Eastern European activities.

New York Times*Three days after one of the most powerful storms, Typhoon Haiyan, ever to buffet the Philippines, the scale of the devastation and the desperation of the survivors were slowly coming into view. By some estimates, at least 10,000 people may have died in Tacloban alone, and with phone service out across stretches of the far-flung archipelago, it was difficult to know if the storm was as deadly in more remote areas.

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*Maldives police clashed with hundreds of protesters on Monday after outgoing President Mohamed Waheed said he would remain in power after his term ended, defying the opposition-led parliament and throwing the country deeper into crisis. *Garment workers demanding higher pay clashed with police and attacked factories on Monday in an industrial belt on the outskirts of Bangladesh's capital. The workers have rejected a proposed 5,300 takas ($66.25) monthly minimum wage, a raise by 77%. They demand 8,114 takas ($100) instead in place of 3,000 takas ($38) they currently get. *Oman says officials are widening health checks following the country's first death blamed on a SARS-like virus that has been centered in neighboring Saudi Arabia. *India's trade deficit jumped in October after having fallen to a two-and-a-half-year low the previous month, as overseas purchases of gold picked up ahead of the festival season, provisional government data showed on Monday. The deficit for the month stood at $10.56 billion, compared with $6.7 billion in September, the trade ministry said. *ECB board member Benoit Coeure has rejected criticism that the bank's decision to cut interest rates last week is hurting savers. In a guest commentary for German newspaper Handelsblatt published on Monday, he said low interest rates for savers were a result of the recent deep recession and a fragmented financial market in the euro zone.

Tags: World news

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