20th november,2014 daily exclusive oryza e newsletter by riceplus magazine

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Daily November 20, 2014

Exclusive ORYZA E-Newsletter

DAILYCompiled EXCLUSIVE ORYZA E-NEWSLETTER & Edited by Riceplus Magazine

November 20, 2014 Vol 4 Issue XI

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DAILY EXCLUSIVE ORYZA E-NEWSLETTER News Headlines…          

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India's Eastern State Odisha Calls for Investments in Rice Sector Asia Rice Quotes Unchanged Today European Paddy Rice Quotes Continue Lower Cambodia Seeks to Explore New Export Markets Indonesia Plans Agricultural Stimulus Package to Boost Rice Production in 2015 Pakistan Government Considers Subsidies to Basmati Rice Farmers Global Rice Quotes Oryza U.S. Rough Rice Recap - Sellers Head to Sidelines ahead of Iraqi Tender Results Thailand Sets Stage to Revive Jasmine Rice Exports to Hong Kong Oryza Overnight Recap - Chicago Rough Rice Futures Quiet Overnight, Grains Seen Sharply Lower upon Open of Pit Trading Venezuela Fixes Maximum Retail Price for Rice Iraq to Procure Rice from Local Farmers at aboveMarket Prices Oryza Afternoon Recap - Chicago Rough Rice Futures Rally on Rumors of Possible Export Business Pakistan FY 2014-15 Milled Rice Production Estimated to Decline 19% y/y to 5.65 Million Tons

News Detail....

India's Eastern State Odisha Calls for Investments in Rice Sector Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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Nov 19, 2014

The government of India's eastern state Odisha is inviting investments into the state's rice sector to improve production capacity in the state, according to local sources.The Chief Secretary of the state said advanced technologies in rice milling and warehousing systems are needed to produce quality rice.

Speaking at a workshop organized by Micro, Small and Medium Enterprises (MSME), National Mission for Food Processing (NMFP) and International Food Corporation (IFC), he said the government is encouraging investments in the rice sector. The MSME Secretary added that the state government will provide up to 25% of the project cost subject to a limit of Rs. 2 crores (around $322,865) and about 33% subsidy subject to a limit of Rs.3 crores (around $484,297) to investors in the sector.

Odisha accounts for about 7.5% of total India's rice production. The state produced around 7.6 million tons of rice in 2013-14, up about 3% from around 7.3 million tons in 2012-13, according to the Indian Ministry of Agriculture. Local sources say though the productivity per hectare improved to around 2 tons in 2013-14 from around 1.45 tons in 2004-05, the state still lags behind other rice producing states in the country.

Also. due to lack of effective milling units in the state, paddy is often transported to neighboring states for milling. A representative of All Odisha Rice Millers Association (AORMA) added that increase in private milling units could help carry out milling within the state itself and would support the sector to a great extent. This will also help the state generate about 200 mega watts power from about 12 lakh tons of rice husk that is produced after milling as well as provide means to increase rice bran oil production in the state.

India produced around 106.54 million tons (91.69 from kharif and 14.85 from rabi) of rice in 2013-14 (October – September), up about 1% from around 105.31 million tons in 2012-13.

Tags: India rice production, Odisha rice production, milling capacity

Asia Rice Quotes Unchanged Today Nov 19, 2014

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Asia rice sellers kept their quotes mostly unchanged today.

5% Broken Rice Thailand 5% rice is quoted at around $405 - $415 per ton, on par with Vietnam 5% rice shown at around $405 - $415 per ton. India 5% rice is quoted at around $410 - $420 per ton, about $20 per ton premium on Pakistan 5% rice quoted at around $390 - $400 per ton.

25% Broken Rice

Thailand 25% rice was last quoted at around $350 - $360 per ton, about $25 per ton discount to Vietnam 25% rice shown at around $375 - $385 per ton. India 25% rice is quoted at around $370 - $380, about $20 per ton premium on Pakistan 25% rice quoted at around $350 - $360 per ton.

Parboiled Rice Thailand parboiled rice is quoted at around $405 - $415 per ton. India parboiled rice is quoted at around $380 - $390 per ton, about $45 per ton discount to Pakistan parboiled rice quoted at around $425 - $435 per ton.

100% Broken Rice Thailand broken rice, A1 Super, is quoted at around $330 - $340 per ton, about $5 per ton premium on Vietnam 100% broken rice shown at around $325 - $335 per ton. India's 100% broken rice is shown at around $310 - $320 per ton, about $10 per ton discount to Pakistan broken sortexed rice quoted at around $320 - $330 per ton.

Tags: Vietnam rice prices, India rice prices, pakistan rice prices, Thailand rice prices

European Paddy Rice Quotes Continue Lower Nov 19, 2014

European paddy prices continue to decline, especially for Indica varieties. The remarkable differences in quotations among the countries where European rice is grown remain: average Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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Indica paddy price levels are at the same level they reached in 2009, around 255 euros ( about $ 319) per ton, but in Italy and in Greece it is shown at around 240 euros ( about $ 300) per ton and in Spain at 270 euro per ton (about $ 338); usually Japonica paddy is fixed at higher quotations, among 280-400 euros (about $ 351-501) per ton, where Spanish rice reaches 280 euro per ton (about $ 351) and Greek one 400 euro per ton (about $ 501). Even more significant differences come out looking at milled quotations: they start from French Indica, at 550 euro per ton (about $ 689) to about 690 euro (about $ 865) per ton of Italian Japonica.

Tags: Europe, Rice Prices, paddy prices, Paddy Rice Prices

Cambodia Seeks to Explore New Export Markets Nov 19, 2014

The Cambodian government has recognized the need to explore new export markets for its rice in order to achieve its export target of one million tons by next year, according to local sources.Cambodia, which is hosting the sixth World Rice Conference, is keen on promoting the country's rice sector and exports. Speaking at the opening ceremony of the event, the President of the Cambodia Rice Federation (CRF) noted that Cambodia should address some issues such as producing and supplying quality rice seeds, helping farmers adopt modern production techniques and setting up efficient logistic systems, at home before promoting its rice exports abroad.

The Cambodian Commerce Minister noted that currently the southeast Asian nation exports its rice to around 57 countries with 80% going to the European Union under the Everything But Arms (EBA) duty-free clause. He added that now they are seeking to expand their market base as they do not want to keep all their eggs in one basket.The Minister stressed that the image of Cambodia as the land of killing fields and landmines should be changed and for that they are working towards rebranding the whole country. He noted that Cambodian rice is gaining good reputation globally. He reminded that Cambodia's jasmine rice won the best rice award for two consecutive years in 2012 and 2013 from the Rice Traders World Rice Conference.

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A study titled 'Improving Rice Production and Commercialization in Cambodia' by the Asia Development Bank (ADB) has also pointed out that Cambodia's rice sector is plagued by inefficient irrigation systems as well as lack of domestic milling facilities and uncertified farm lands.

So as to address these gaps, the government has launched its first large-scale paddy rice bank with an aim to support the local rice industry by way of purchasing, storing and drying rice, to help farmers by disbursing loans in exchange for paddy put up as collateral and to ensure uninterrupted supplies to millers and exporters. The government has also sought financing from China's Export-Import Bank (Ex-Im) to enhance the country's rice infrastructure such as warehouses and post-harvest facilities.

Cambodia exported around 269,370 tons of rice in January - September 2014, up about 1.2% from around 266,123 tons exported during the same period in 2013, according to the Secretariat One Window Service (SOWS-REF) under the Ministry of Trade. USDA estimates Cambodia to export around 1 million tons of rice in 2014, including both official and unofficial exports to Vietnam.

Tags: Cambodia rice sector, Cambodia rice exports

Indonesia Plans Agricultural Stimulus Package to Boost Rice Production in 2015 Nov 19, 2014

Indonesian government is planning to introduce an agricultural stimulus package to boost rice production in the country, according to local sources.The government is targeting an increase of about 4% in the paddy rice production in 2015 to around 73.4 million tons (around 48.44 million tons, basis milled) from an estimated 70.61 million tons (around 46.65 million tons, basis milled) in 2014, according to local sources.The country's Central Statistics Agency (BPS) estimates 2014 paddy rice production at around 70.61 million tons, down about Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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0.94% from an estimated 71.28 million tons in the previous year.

The new President, who took charge on October 20, 2014, is keen on achieving self-sufficiency in rice production and ending rice imports within the next two years. In line with its targets, the government is planning to rehabilitate around one million hectares of tertiary irrigation channels for paddy production and distribute 25,000 tons of subsidized seeds and subsidized fertilizer for around one million hectares of paddy fields. The government has allocated around Rp 2 trillion ($163.8 million) for the purpose.

The government is ensuring that the stimulus package will be implemented fairly without any misappropriations.Indonesia's state-owned logistics agency Bulog is targeting to procure about 3.2 million tons of rice from local farmers in 2015 to maintain its stockpiles. Bulog procured about 2.4 million tons of rice from local farmers so far this year against the targeted 3.2 million tons due to an expected decline in production. Bulog has signed contracts with Thailand and Vietnam to import around 425,000 tons of rice this year to compensate for the expected shortfall in production.

USDA estimates Indonesia to produce around 36 million tons of rice, basis milled, and import around 1.4 million tons of rice in MY 2013-14 (January 2014 - December 2014, more than double an estimated 650,000 tons imported in 2013. Consumption in 2014 is expected to increase by 1% to around 38.65 million tons from 38.13 million tons in 2013.

Tags: Indonesia paddy rice production, Indonesia agricultural stimulus package, Indonesia rice imports

Pakistan Government Considers Subsidies to Basmati Rice Farmers Nov 19, 2014

The Pakistan government is planning to provide subsidies to basmati rice farmers to help them wade off the effects of declining rice export prices, which is in line with the global trend, according to the Press Trust of India.Pakistan's Prime Minister, reportedly directed the Ministries of Finance and Food Security to come up with necessary proposals and formulate plans to bring down production costs and agricultural inputs. He also said the concerned ministries should develop a system under which it is Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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ensured that the entire subsidy is enjoyed by the farmers and not middlemen.

Pakistan is a major exporter of basmati rice after India. Pakistan exported 145,224 tons of basmati rice in the first three months (July - September) of FY 2014-15, marginally up from around 144,666 tons exported during the same period in FY 2013-14. Pakistan exported 622,602 tons of basmati rice in FY 2013-14.Average Pakistan basmati rice export prices declined about 1% to around $1,435 per ton in October 2014 from around $1,450 due to increasing supplies from ongoing harvests and falling export demand.According to the FAO, export rice prices in Thailand, Vietnam and India too have been declining since the end of September due to increasing supplies from ongoing harvests and stiff competition between exporting countries.

Tags: Pakistan rice sector, Pakistan rice subsidies, Pakistan basmati rice

Global Rice Quotes November 19th, 2014

Long grain white rice - high quality Thailand 100% B grade 420-430 Vietnam 5% broken 405-415 ↔ India 5% broken 410-420 ↔ Pakistan 5% broken 390-400 ↔ Cambodia 5% broken 455-465 ↔ U.S. 4% broken 540-550 ↔ Uruguay 5% broken 595-605 ↔ Argentina 5% broken 595-605 ↔

↔

Long grain white rice - low quality Thailand 25% broken NQ ↔ Vietnam 25% broken 375-385 ↔ Pakistan 25% broken 350-360 ↔ Cambodia 25% broken NQ ↔ India 25% broken 370-380 ↔ U.S. 15% broken 510-520 ↔ Long grain parboiled rice Thailand parboiled 100% stxd 405-415 Pakistan parboiled 5% broken stxd 425-435 India parboiled 5% broken stxd 380-390 U.S. parboiled 4% broken 580-590 ↔ Brazil parboiled 5% broken 570-580 ↔ Uruguay parboiled 5% broken NQ ↔

↔ ↔ ↔

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Long grain fragrant rice Thailand Hommali 92% 850-860 Vietnam Jasmine 545-555 ↔ India basmati 2% broken NQ ↔ Pakistan basmati 2% broken NQ ↔ Cambodia Phka Malis 835-845 Brokens Thailand A1 Super 330-340 ↔ Vietnam 100% broken 325-335 Pakistan 100% broken stxd 320-330 Cambodia A1 Super NQ ↔ India 100% Broken stxd 310-320 Egypt medium grain brokens NQ ↔ U.S. pet food 445-455 ↔ Brazil half grain NQ ↔

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All prices USD per ton, FOB vessel, oryza.com

Oryza U.S. Rough Rice Recap - Sellers Head to Sidelines ahead of Iraqi Tender Results Nov 19, 2014

The U.S. cash market continued to firm today as sellers were hard to come by in advance of the results of the latest Iraqi Grain Board tender which are expected to be announced tomorrow, November 13.

Analysts contend that farmers that were not sellers in the face of weak prices over the last few months will likely continue to hold out for better prices even if Iraq passes on the U.S. again while others who would likely sell at the current market would rather take their chances and see if prices get a bounce.

Meanwhile, most buyers were reluctant to pay these higher prices today given tepid demand and the potential downside risk if Iraq passes yet again.

Tags: U.S. rice prices, U.S. rice market

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Thailand Sets Stage to Revive Jasmine Rice Exports to Hong Kong Nov 19, 2014

Thailand, which has lost significant share of jasmine rice exports to Hong Kong during the last three years, is again planning to revive jasmine rice exports to the Chinese territory, according to local sources. Hong Kong is one of main destinations for Thai fragrant rice (Hom Mali rice) but Thailand's share in Hong Kong's rice market had declined to around 46% in 2013 from around 90% in 2008. Trade sources are blaming the rice pledging scheme introduced by the previous government for fall in the percentage of Thai fragrant rice exports to Hong Kong. In 2012, rice export prices increased hugely as the government kep on buying rice much above the market prices under the rice pledging scheme.

However, with the abandonment of rice pledging scheme, the prices of Thai fragrant rice have become very competitive and the Thai Commerce Ministry is negotiating with the Hong Kong government and importers to revive its lost share in the Hong Kong rice market.

Thailand's Deputy Commerce Minister held discussions with nearly 40 rice importers from Hong Kong in Bangkok yesterday to discuss the futher plan of action. The Commerce Ministry has decided to team up with the Thai rice exporters and Hong Kong rice importers to beef up rice exports of Thai Hom Mali rice exports to Hong Kong.

According to local sources, Hong Kong importers have suggested that the Thai government officially certify Hom Mali rice to build confidence about its quality among Hong Kong consumers. Sources also noted that the Thai rice exporters are trying to woo Hong Kong traders to deal in higher volumes of Thai Hom Mali rice by offering higher margins.

Thai Hom Mali rice exports declined about 12% to around 1.38 million tons in 2012 from around 1.56 million tons in 2011. They recovered slightly in 2013 and reached around 1.48 million tons.

Thailand exported 1.3 million tons of Hom Mali rice in the first nine months of 2014, down about 4.6% from around 1.36 million tons exported during the same period last year.

Thailand's Hom Mali rice exports to Hong Kong declined from 156,000 tons in 2011 to around 134,000 tons in 2012 due to high prices and again recovered to around 142,000 tons in 2013 due to the government's partnership with exporters and millers to sell Hom Mali rice directly to Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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buyers.The Deputy Commerce Minister expressed confidence that they will be able to resume the lost share due to the reputation enjoyed by the Thai fragrant rice among Hong Kong consumers.

Tags: Thailand rice sector, Thailand rice exports, Thai jasmine rice exports

Oryza Overnight Recap - Chicago Rough Rice Futures Quiet Overnight, Grains Seen Sharply Lower upon Open of Pit Trading Nov 19, 2014

Chicago rough rice futures for Jan delivery are currently trading 1 cent per cwt (about $0.22 per ton) higher at $12.010 per cwt (about $265 per ton) during early morning floor trading in Chicago. The other grains are seen trading lower: soybeans are currently seen about 1.6% lower, wheat is listed about 1.3% lower and corn is noted about 1.3% lower.

U.S. stocks tallied modest losses on Wednesday, as investors waited for minutes from the Federal Reserve's last meeting and after data indicated the housing market is regaining traction.

The Commerce Department reported housing starts unexpectedly fell in October, down 2.8%, while permits surged to their highest in more than six years. The Dow Jones Industrial Average dropped 38.18 points, or 0.2%, to 17,649.64. The S&P 500 fell 5.10 points, or 0.3%, to 2,046.70, with telecommunications leading sector declines that extended to eight of 10 major industry groups. The Nasdaq dropped 15.85 points, or 0.3%, to 4,686.59. Gold is currently trading about 0.1% lower, crude oil is seen trading about 0.1% lower, and the U.S. dollar is currently trading about 0.1% higher at 9:00am Chicago time.

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

Venezuela Fixes Maximum Retail Price for Rice Nov 19, 2014

The Venezuelan government has fixed maximum retail price (MRP) for rice under Administrative Order No. 0070/2014. The government specified MRP for the producer and/or primary importer as well as the agribusiness wholesale distributor, according to local Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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sources.The government fixed the MRP for paddy rice at around 9.63 Bolivars per kilogram (around $1,532 per ton) for the producer and/or primary importer and around 26.25 Bolivars per kilogram (around $4,175 per ton) of milled rice for the agribusiness wholesale distributor.

While the order specifies the price within the compulsory labelling of the amount of the taxed products, excluding Value Added Tax, it requires the agribusiness wholesale distributor to print or label the price in a conspicuous place the container, packaging or wrapping end.In the beginning of this month, USDA Post reported that Venezuelan farmers have been urging the government to increase the fixed retail price for rice from the current 9.50 bolivars per kilogram (around $1,520 per ton) as the earlier price was almost same as the control farm-gate price of around 8.6 bolivars per kilogram ($1,360 per ton) and farmers are being de-motivated to grow rice. The Post noted that inadequate agricultural inputs and prevailing price controls have been hindering rice production in the country.

The government also fixed MRPs for other agricultural products such as maize, hybrid sorghum and beans.USDA estimates Venezuela paddy rice production to decline to around 560,000 tons (around 380,000, basis milled) in MY 2014-15 (April - March), down about 1% from an estimated 567,000 tons (around 385,000 tons, basis milled) in MY 2013-14. It also expects Venezuela rice imports to increase to around 425,000 tons in 2015, up about 36% from an estimated 312,000 tons last year. USDA estimates Venezuela rice exports to increase to around 150,000 tons in 2015, up about 50% from an estimated 100,000 tons last year.

Tags: Venezuela rice prices, Venezuela rice production

Iraq to Procure Rice from Local Farmers at above-Market Prices Nov 19, 2014

The Iraq government has decided to buy rice from local farmers at above-market prices during the 2014-15 season to encourage farmers, according to Bloomberg.AN email statement from the Cabinet has been quoted as saying that the government will procure Jasmine rice at around 700,000 dinars (around $601.89) per ton and Anber variety at around 900,000 dinars around $773.87) per ton.

USDA estimates Iraq's MY 2014-15 (October - September) paddy rice production to decline about 5.5% to around 255,000 tons (around 170,000 tons, basis milled) from an estimated 270,000 tons (around 180,000 tons, basis milled) in MY 2013-14. It estimates Iraq to import Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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around 1.45 million tons of rice in MY 2014-15, up about 7.4% from around 1.35 million tons in MY 2013-14.

Tags: Iraq rice procurement, Iraq rice production, Iraq rice imports

Oryza Afternoon Recap - Chicago Rough Rice Futures Rally on Rumors of Possible Export Business Nov 19, 2014

Chicago rough rice futures for Jan delivery settled 40.5 cents per cwt (about $9 per ton) higher at $12.405 per cwt (about $273 per ton). Rough rice futures rocketed higher today as the market appears to have bottomed out just below $12.000 per cwt (about $265 per ton) in recent sessions and now appears prepared to move higher. A recent review of the commitment of traders report shows specs holding a large net short position and moves like today can be indicative of a change in sentiment on the part of speculative traders.

Today’s rally coincided with an uptick in trade volume, which is seen as further confirmation of a reversal of the recent bearish trend. Traders will keep a close eye on tomorrows trade action as an indication of as to weather a bullish reversal is indeed underway. A higher close tomorrow would likely trigger additional follow-through technical buying in coming sessions. Today’s rally appeared to be sparked by rumors of the possibility that the US could be in store for a “good chunk” of export business that had long been on the radar of industry participants. The other grains closed sharply lower today; Soybeans closed about 1.8% lower at $10.0475 per bushel; wheat finished about 2.1% lower at $5.3775 per bushel, and corn finished the day about 2.4% lower at $3.6325 per bushel.

U.S. stocks declined on Wednesday, a day after the S&P 500 and Dow closed at record highs, as investors waited to hear from the Federal Reserve and after data indicated the housing market is regaining traction. The minutes from the central bank come from its October session, at which the Fed finished its bond-buying program, while sticking with its pledge to keep interest rates low for a considerable period.

The Commerce Department reported housing starts unexpectedly fell in October, down 2.8%, while permits surged to their highest in more than six years. A separate report, this one from the Mortgage Bankers Association, had mortgage applications unexpectedly rising last week. The Dow Jones Industrial Average dropped 16.15 points, or 0.1%, to 17,671.67. The S&P 500 fell Riceplus Magazine wwww.ricepluss.com mujahid.riceplus@gmail.com Cell: +92 321 369 2874 28

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4.51 points, or 0.2%, to 2,047.29, with telecommunications the worst performing and energy faring the best of 10 major industry groups. The Nasdaq dropped 18.11 points, or 0.4%, to 4,684.33. Gold is trading about 0.4% lower, crude oil is seen trading about 0.6% higher, and the U.S. dollar is seen trading slightly higer at about 1:00pm Chicago time.

Tuesday, there were 439 contracts traded, up from 212 contracts traded on Monday. Open interest – the number of contracts outstanding – on Tuesday increased by 33 contracts to 9,905.

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

Pakistan FY 2014-15 Milled Rice Production Estimated to Decline 19% y/y to 5.65 Million Tons Nov 19, 2014

The National Space Agency of Pakistan (SUPARCO), in its November report, has estimated Pakistan FY 2014-15 (July - June) milled rice production to decline about 19% to around 5.65 million tons (around 8.437 million tons, basis paddy) from around 6.98 million tons produced last year as the floods in the month of August has damaged around 116,700 hectares of paddy fields and over 217,000 tons of paddy is said to be lost. Floods have damaged paddy rice fields in the districts of Hafizabad, Jhang, Gujranwala and Chiniot.According to the report, harvesting of the FY 2014-15 kharif rice crop (May - December) started at the end of October across the country. SUPARCO is estimating FY 2014-15 paddy rice acreage at around 3.29 million hectares and yield at around 1.86 tons per hectare.

According to SUPARCO, the cumulative monthly rainfall during July and August was about 40% lower than last year, due to an impending El Nino. However, rains in some districts resulted in floods in river Chenab. Temperatures were relatively higher. However, water supply from irrigation head works was higher by about 5% higher compared to last year's supply.USDA estimates Pakistan's MY 2014-15 (November 2013 - October 2014) milled rice production to decline about 3% to around 6.5 million tons from around 6.7 million tons in MY 2013-14.

Tags: Pakistan rice production, Pakistan paddy rice acreage, Pakistan paddy rice yields

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