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December 22, 2014

Exclusive ORYZA E-Newsletter

DAILYCompiled
EXCLUSIVE
ORYZA E-NEWSLETTER
& Edited by Riceplus Magazine

December 22, 2014

Vol 4 Issue XII

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

News Headlines
o How Organic is Italy's Organic Rice?
o India Basmati Rice Export Prices Decline to
$900 per Ton; Down 36% from Last Year
o Italian Government Approves Use of
Chemicals to Control Herbicide Resistant
Weeds
o Oryza Overnight Recap - Chicago Rough
Rice Futures Find a Bid Despite Lower
Grains in Early Friday Trading
o Oryza Afternoon Recap - Chicago Rough
Rice Futures Rally as Market Appears to
Price in Positive Potential of Future Trade
with Cuba
o Indonesia Vice-President Stresses for Rice
Self-Sufficiency, Zero Imports
o Thailand Signs Two Million Ton Rice MoU
with China
o UDP Fertilizer Technique Gaining Popularity
in Ghana
o Weekly Recap: Oryza White Rice Index
Pulled Lower by Declining India, U.S. Rice
Export Quotes
o FAO Forecasts China 2014 Rice Imports at
2.4 Million Tons; Unchanged from Last Year
o Thailand Rice Sellers Lower Some of Their
Quotes Today; Other Asia Rice Quotes
Unchanged

News Detail

How Organic is Italy's Organic Rice?

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

Dec 19, 2014

Of late, organic rice and other organic

food items have been gaining popularity
in Italy. Especially, organic rice farmers
have been selling their rice three times
higher than that of conventionally
grown rice. For instance, they sell
organic rice at around 750 (around
$926) per ton compared to around 250
(around $308) per ton of conventional
rice. Organic rice farmers also claim
that they produce about 6.7 tons per
hectare compared to traditional rice yield of about 6.5 million tons.
However, there are concerns that the so-called organic rice is grown using traditional methods as
a laboratory testing after milling process is not able to differentiate between organic rice and
traditional rice. Also, experts say under normal conditions, organic rice is grown without
chemicals and its yield cannot cross 3.5 tons per hectare.Some rice farms that claim to be organic
farms grow both organic and non-organic rice, further muddling the distinction between the two
in production and sales processes.
Some farmer groups are calling for strict controls over use of use of chemicals in organic farms.
They are demanding public and private institutions in various regions and provinces, and
certification institutes, to verify the use of chemicals in the growing season. They say releasing
such into the market tends to a fraud and those resorting to such frauds deserve punishment.

India Basmati Rice Export Prices Decline to

$900 per Ton; Down 36% from Last Year
Dec 19, 2014

Basmati rice export prices this year fell to around $900 per ton, down about 36% from around
$1,400 per ton last year, according to local sources. The decline is largely attributed to an
expected increase in basmati rice production and decline in export demand, particularly from
Iran.

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

Average basmati paddy rice prices

fell to around Rs.2,200-2,800 per
quintal (around $348-$443 per ton)
this year from around Rs.3,5004,000 per quintal (around $554$663 per ton) last year.Iran
imported around 1.44 million tons
of rice in 2013-14 (April - March),
up about 33% from around 1.08
million tons imported in 2012-13.
Indian basmati farmers expecting
the same trend to continue
increased basmati rice acreage in
2014 kharif rice season (June - December) by about 40% to around 3.5 million hectares from
around 2.5 million hectares last year. Indian government authorities are expecting basmati rice
output this year to reach around 8.5 million tons, up about 40% from around 6.25 million tons
produced last year.
However, Iran's stance to ban rice imports, is severely hurting Indian basmati rice farmers and
exporters. While farmers are not getting fair prices, exporters who have already procured enough
quantities of basmati rice expecting export orders are short of orders. According to the President
of the All India Rice Exporters Association (AIREA), demand for basmati rice from other
markets such as Europe and Saudi Arabia is stable, but due to excess supplies, exporters are
forced to sell stocks at low prices.The AIREA President noted that there is yet no clarity over
resumption of basmati rice imports by Iran, which constitutes about 35% of India's basmati rice
exports. A senior official from the Agriculture and Processed Food Products Exports
Development Authority (APEDA) noted that basmati rice prices currently are unrealistic and
need a correction.
India exported 1.64 tons of basmati rice in the first six months of 2014-15 (April - September),
down about 15% from around 1.94 million tons exported during the same period last year. At
this pace, India's basmati rice exports are expected to decline by about 10-15% this year.India
exported around 3.76 million tons of basmati rice in 2013-14, up about 9% from around 3.46
million tons exported in 2012-13.

Italian Government Approves Use of

Chemicals to Control Herbicide Resistant
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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

Weeds
Dec 19, 2014

Nearly 30% of Italian rice fields are infested by

herbicide resistant weeds, according to the Italian
Herbicide Resistance working group GIRE. The
group is vigorously trying to help farmers overcome
these weeds, which are known to severely impact rice
production.The government is particularly concerned
of the presence of barnyard grass, Echinocloa spp.,
and its several biotypes, including Alisma plantagoaquatica, Cyperus difformis, Schoenoplectus mucronatus, in rice fields across the country. The
Ministry of Agriculture recently approved use of powerful chemicals like quinclorac,
pretilachlor, and propanil, mixed with herbicides ALS and in some cases with ACCAsi inhibitors
to control herbicide resistant weeds. The use of these chemicals helped in controlling weeds to a
large extent, according to the Ministry.
The Ministry also noted that a new weed called Eclipta prostata, mostly found in Spain, has been
traced in Italy and is known to significantly reduce the paddy output. This particular weed can be
controlled before seeding with oxadizon, or with ALS-inhibitors after seeding or with a mix of
propanil and MCPA at a later stage also, according to the Ministry.Apart from weeds, presence
of weevil such as Lissorhoptrus oryzophilus, is impacting productivity in some provinces like
Mantua Verona, Ferrara and Sardinia.However, the Ministry recommended the use of these
chemicals only for a limited time.

Oryza Overnight Recap - Chicago Rough

Rice Futures Find a Bid Despite Lower
Grains in Early Friday Trading
Dec 19, 2014

Chicago rough rice futures for Jan delivery were trading 11.5 cents per cwt (about $3 per ton)
higher at $12.225 per cwt (about $270 per ton) during early floor trading in Chicago. The other
grains are seen trading lower: soybeans are currently seen 0.4% lower, wheat is listed about 1.8%
lower and corn is currently noted about 0.6% lower.U.S. stocks rose on Friday, with the Dow
industrials and S&P 500 on track for their second best week in nearly two years. After veering
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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

between small gains and losses, the Dow Jones Industrial Average was lately up 41.95 points, or
0.3%, at 17,820.10.
The S&P 500 added 7.78 points, or 0.4%, to 2,069.01, with energy rising the most and
telecommunications the sole laggard among its 10 main sectors. The Nasdaq gained 12.02 points,
or 0.3%, to 4,760.38. On Thursday, U.S. stocks rallied, with the Dow industrials climbing more
than 400 points for the first time in three years, as investors applauded the Federal Reserve's
pledge that it would be patient in increasing interest rates. Gold is currently trading about 0.5%
higher, crude oil is seen trading about 2% higher, and the U.S. dollar is currently trading about
0.2% higher at 8:40am Chicago time.

Oryza Afternoon Recap - Chicago Rough

Rice Futures Rally as Market Appears to
Price in Positive Potential of Future Trade
with Cuba
Dec 19, 2014

Chicago rough rice futures for Jan delivery settled 20 cents per cwt (about $4 per ton) higher at
$12.110 per cwt (about $271 per ton). Rough rice futures traded steadily higher throughout the
session today. Despite the days strong showing the market finished the week with a 3.5 cent per
cwt (about $1 per ton) loss on account of a steep mid-week decline. The market remains trapped
within an $11.800 -$13.000 per cwt (about $260-$287 per ton) trading range and looks poised to
continue to do so in coming sessions. It will likely require a change in the fundamental outlook
to push the market in either direction. The other grains were led lower by a sharp decline in
wheat today; Soybeans closed about 0.5% lower at $10.3850 per bushel; wheat finished about
3.5% lower at $6.3225 per bushel, and corn finished the day about 0.1% lower at $4.1050 per
bushel.
U.S. stocks rose on Friday, with the Dow industrials and S&P 500 on track for their second best
week in nearly two years. After veering between small gains and losses, the Dow Jones
Industrial Average was lately up 23.85 points, or 0.1%, at 17,7802. The S&P 500 added 8.57
points, or 0.4%, to 2,069.80, with energy rising the most and telecommunications the worst
performing among its 10 main sectors. The Nasdaq gained 18.33 points, or 0.4%, to 4,766.73.
Gold is trading about 0.2% higher, crude oil is seen trading about 5.8% higher, and the U.S.
dollar is seen trading about 0.4% higher at about 1:00pm Chicago time.

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

Thursday, there were 1,324 contracts traded, down from 2,442 contracts traded on Wednesday.
Open interest the number of contracts outstanding on Thursday decreased by 132 contracts to
9,908.

Indonesia Vice-President Stresses for Rice

Self-Sufficiency, Zero Imports
Dec 19, 2014

Indonesian Vice-President has stressed on the

importance of achieving self-sufficiency in rice
production and stop importing rice, according to local
sources.Speaking to the Agriculture Ministry officials,
he noted that the country has vast land territory and does
not have the need to import rice. He ordered all the
agricultural experts in the Ministry to visit rice fields
regularly so that they can focus on the problems faced by
the rice sector.
The Vice-President said that the 15-hectare agricultural land under the Agricultural Ministry
could be used in an effective manner to achieve the self-sufficiency goal. He also noted that in
order to achieve self-sufficiency in rice production, the government should ensure good
irrigation network, supply of good quality seeds and availability of fertilizers.Indonesia's new
President who took over in October this year also advocated the policy of achieving selfsufficiency in basic food items such as rice, corn and sugar over the next four years. The
government planning to introduce an agricultural stimulus package to boost rice production in
the country.
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.Indonesia imported around 425,000 tons of rice so far this year. USDA estimates
Indonesia to produce around 36.3 million tons of rice, basis milled (around 57.17 million tons,
basis paddy) 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.

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

Thailand Signs Two Million Ton Rice MoU

with China
Dec 19, 2014

Thailand has signed a memorandum of understanding (MoU) with China today to export two
million tons of rice next year in Bangkok during the two-day
Greater Mekong Sub-region (GMS) summit scheduled for 19-20
December 2014, according to local sources.Details of the MoU
would be discussed in the meeting, the Thai Prime Minister was
quoted as saying. The Chinese Premier also confirmed the
signing of the MoU. Last month, the Thai Commerce Minister
hinted at striking a government-to-government (G2G) deal with
China to export 2 million tons of rice next year.
The two countries also signed a MoU under which China will construct two dual-track rail lines
covering a total of 867 kilometers (around 542 miles). The two MoUs are expected to strengthen
trade relations between China and Thailand.Thailand is also planning to speed up the delivery
process under the existing one-million tons G2G contract with China. Thailand so far shipped
300,000 tons to China under the existing contract and is scheduled to export remaining 700,000
tons by July 2015. Thailand exported around 277,547 tons of rice to China in 2013, up about
94% from around 143,082 tons exported in 2012, according to data from Thai Rice Exporters
Association (TREA).
Thailand currently has about 17.8 million tons of rice in its stockpiles, according to Bloomberg.
The Thai Prime Minister was quoted as saying that it could three years to sell all the stocks. He
noted that the government is planning to sell the stocks gradually to avoid price falls. According
to a stock audit report of the existing rice stocks, 2.35 million tons are of good quality; 14.4
million tons are substandard but quality can be improved; 694,999 tons are of poor quality; and
390,000 tons are missing.
Meanwhile, the Thai Prime Minister hinted at filing civil and criminal law suits against previous
governments' rice pledging schemes, which led to cumulative losses of around 680 billion baht
(around $21 billion) to the exchequer. He noted that those responsible for losses would be sued
for compensation.Today, the National Anti-Corruption Commission (NACC) has cleared senior
Democrat Party leaders of misconduct in connection with rice sales struck in 2009 when in
government.

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

UDP Fertilizer Technique Gaining Popularity

in Ghana
Dec 19, 2014

The Urea Deep Placement (UDP) method of fertilizer application, which was first time
introduced in 2012 in Ghana, is now
gaining popularity across the country,
according to local sources.Under the UDP
method, pellets of super granule fertilizer
known as briquettes is placed near the root
zone of the rice plant. Usually one pellet is
inserted between four rice plants.
This method of fertilizer application is said to deliver more nutrients to the plant all through the
growth cycle by helping primary nutrients such as nitrogen, phosphorus and potassium as well as
secondary nutrients such as sulphur, magnesium and calcium, nor micronutrients, zinc, copper,
manganese, iron, boron and molybdenum retain in the soil. In traditional fertilizer application
methods, fertilizer is usually leeched into streams and rivers leading to environmental
pollution. A group of farmers were introduced to this method as part of a project by the West
Africa Fertilizer Program (WAFP), International Fertiliser Development Centre (IFDC) and
Africa Fertiliser and Agribusiness Partnerships (AFAP).
The project was financed by the United States Agency for International Development
(USAID).Farmers who adopted this method said by applying fertilizer using the UDP has
increased their paddy yields by about 18 - 50% while reducing the cost of fertilizer by about 20 30%. They noted that this method has helped them to reduce input costs and increase
incomes. The Chief of Party of the WAFP noted that the UDP method is found to more useful in
Ghana where soil fertility is declining. It will help increasing yields by providing the needed
nutrients and very little wastage and reducing carbon emissions significantly compared to the
traditional methods.With the experiences of farmers who used the UDP technology, the WAFP is
planning to vigorously promote the use of this method to help Ghana farmers increase their
yields and reduce costs.
Ghana produces only 35% of the required demand of around 975,000 tons and imports the rest.
Ghana's annual rice import bill stood at $306 million in 2013 and the government is planning to
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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

increase rice production by about 20% per annum over the next four years to make Ghana selfsufficient in rice. It is targeting at least 13% surplus rice production by 2018. The government
has also sought technical support from Turkey, India and the Dutch to increase rice production in
the country. It also developed a national rice seed map (NRSRM) to ensure self-sufficiency in
quality rice seed production by 2018.According to the USDA, Ghanas rice production is
estimated at about 330,000 tons (milled basis) in MY 2014-15 (October - September). The U.S.
agency expects Ghana to import 620,000 tons of rice during the year to meet consumption needs
of around one million tons of rice.

Weekly Recap: Oryza White Rice Index

Pulled Lower by Declining India, U.S. Rice
Export Quotes
Dec 19, 2014

The Oryza White Rice

Index
(WRI),
a
weighted average of
global white rice
export quotes, ended
the week at about
$430 per ton, down
about $6 per ton from
a week ago, down
about $17 per ton
from a month ago and
down about $26 per
ton from a year
ago.The
USDA
forecasts 2015 global
rice trade at about
41.9 million tons,
pretty
much
unchanged from 2014
estimates. The USDA forecasts 2014-15 global milled rice production at 475.2 million tons,
down slightly from last year. The organization forecasts 2014-15 global rice acreage at about
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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

160.6 million hectares, down slightly due to expected declines in yield.

Thailand
Thailand 5% broken rice is today shown at about $405 per ton, unchanged from a week ago,
down about $5 per ton from a month ago, and up about $20 per ton from a year ago.The UNs
FAO forecasts Thailand to reclaim the worlds top rice exporter status in 2014. The FAO
expects Thailands rice exports to increase about 53% y/y to 10.2 million tons in 2014. The
agency expects Thai exports to further increase to 11 million tons in 2015. The USDA also
estimates Thailand to export a record 11 million tons in 2015.
The National Anti-Corruption Commission has urged the Office of the Attorney General to
protect witnesses involved in dealing with the rice pledging case, some of whom face
counterclaims or parallel law suits that might deter them from testifying accurately, according to
local sources.
India
India 5% broken rice is today shown at about $390 per ton, down about $10 per ton from a week
ago, down about $25 per ton from a month and a year ago.
The USDA Post has estimated Indias MY 2014-15 (October-September) rice exports to be
around 8.7 million tons, down about 16% from last year.
A surprising decision by Iran to ban rice imports temporarily has had a negative impact on Indian
rice exporters: in 2013-14, 85% of Irans rice imports came from Indias basmati rice, a total of
about 1.45 million tons.
The UNs FAO expects Indias rice exports to decline about 5% y/y to 10 million tons in 2014
and to further decline about 18% y/y to 8.2 million tons in 2015.
The depreciation of the Indian rupee, which hit a 13-month low at Rs. 63.53 against the U.S.
dollar due to declining crude oil prices, has started to exert downward pressure on Indian rice
export prices, according to local sources.
Vietnam
Vietnam 5% broken rice is today shown at about $390 per ton, unchanged from a week ago,
down about $20 per ton from a month ago and down about $25 per ton from a year ago.

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

Pakistan
Pakistan 5% broken rice is today shown at about $375 per ton, unchanged from a week ago,
down about $20 per ton from a month ago and down about $10 per ton from a year ago.
Paddy rice production in FY 2014-15 is estimated at 8.437 million tons, according to the
National Space Agency of Pakistan and the UNs FAO, a decrease of about 19% from last year.
Central & South America
Brazil 5% broken rice is today shown at about $550 per ton, unchanged from a week and a
month ago and down about $135 per ton from a year ago.
The Brazilian paddy rice index maintained by CEPEA reached around 37.91 real per 50
kilograms as of December 15, 2014, down about 0.11% from around 37.95 real per 50 kilograms
recorded on December 8, 2014. In terms of USD per ton, the index reached around $283 per ton
on December 15, 2014, down about 3% from around $292 per ton recorded on December 16,
2014.
Five percent broken rice from Uruguay and Argentina is today shown at about $600 per ton,
unchanged from a week and a month ago and down about $30 per ton from a year ago.
Mexicos Secretariat of Agriculture, Livestock, Rural Development, Fisheries and Foodstuffs
(SAGARPA) will provide support payments to rice farmers to help them overcome losses from
declining rice prices since August 2012, according to the USDA Post.
Guyanas rice production in 2014 has reached 633,000 tons, up about 18% from last year,
according to the countrys Agriculture Minister.
U.S.
U.S. 4% broken rice is today shown at about $515 per ton, down about $30 per ton from a week
and a month ago, and down about $75 per ton from a year ago.
Recent actions by President Barack Obama to relax restrictions on food items from the 50-year
embargo with Cuba may lead to increased U.S. exports of agricultural products, including rice.
Chicago rough rice futures dropped on Tuesday, Wednesday, and Thursday after reaching a high
of $12.490 per cwt (about $275 per ton) on Monday. The low this week was on Thursday, when
they fell to $12.050 per cwt (about $266 per ton) but they quickly rebounded on Friday, closing
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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

at the high of $12.345 per cwt (about $272 per ton).

The U.S. cash market mostly held steady this week, although it dropped some early in the week
in sympathy with the futures market. Trading was limited throughout the week.
Other Markets
Cambodia 5% broken rice is today shown at about $465 per ton, unchanged from a week ago,
up about $5 per ton from a month and a year ago.
In the first ten months of 2014, China imported 2.014 million tons of rice, an increase of about
7% from the same time last year, according to the China Customs General Administration.
The UNs FAO estimates Sierra Leones 2015 rice imports will be about 215,000 tons, slightly
up from 2014, mostly due to decreased production, which is down about 8% y/y, and somewhat
related to the outbreak of the Ebola Virus Disease.
The UNs FAO estimates Guineas 2015 rice imports will be about 320,000 tons, up about 7%
from 2014, due to decreased production resulting from the Ebola Virus Disease outbreak.
Total rice stocks in the Philippines as of November 1 were ab out 2.95 million tons, up about
63% from the previous month and up about 21% from the same period last year, according to the
Bureau of Agricultural Statistics.
Paddy rice production in Nepal is expected to decline about 5.1% from last year to 4.78 million
tons, due to poor rain scheduling, according to the Ministry of Agricultural Development.
Private sector imports in Bangladesh have reached 405,000 tons of rice so far in FY 2014-15
(July-June), up about 8% from last year, according to local sources.
The USDA Post forecasts Ghanas MY 2014-15 rice imports to reach about 600,000 tons, down
about 7% from last year, due to increasing prices of imported rice and the rapid depreciation of
Ghana currency against the U.S. dollar.
Rice prices in Saudi Arabia are expected to fall by about 5-10% in the coming months as crude
oil prices have plunged nearly 50%, according to local rice traders.
Iraq has issued a tender to buy at least 30,000 tons of rice from the U.S. , Uruguay, Argentina,
Vietnam, Brazil, and Thailand with a closing date of December 22.

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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

FAO Forecasts China 2014 Rice Imports at

2.4 Million Tons; Unchanged from Last Year
Dec 19, 2014

The
UN's
Food
and
Agriculture
Organization (FAO) has forecasted China's
2014 rice imports at around 2.4 million tons,
unchanged from last year due to an expected
increase in production.The FAO estimates
China's 2014 paddy rice production at
around 205 million tons (around 143.3
million tons, basis milled), up about 1%
from around 203.6 million tons last
year (around 142.3 million tons, basis
milled) . The increase is attributed to a
slight increase in area planted, prompted by higher minimum purchase/support prices (MSP) and
other government support measures, including direct payments to farmers and subsidies for seed
and machinery as well as other agricultural inputs.
Average prices of Japonica rice remained stable despite increased supplies from the ongoing 214
harvest due to the government support measures.China has imported around 2.014 million tons
of rice in the first ten months of 2014 (January - October), up about 7% from around 1.874
million tons imported during the same period last year, according to data from China Customs
General Administration.USDA estimates China to produce around 144.5 million tons of rice,
import around 4 million tons and export around 400,000 tons of rice in MY 2014-15 (July June).

Thailand Rice Sellers Lower Some of Their

Quotes Today; Other Asia Rice Quotes
Unchanged
Dec 19, 2014

Thailand rice sellers lowered their quotes for 5% broken rice and Parboiled rice by about $5 per
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December 22, 2014

DAILY EXCLUSIVE ORYZA E-NEWSLETTER

ton to around $400 - $410 per ton, each, today. Other Asia rice sellers kept their quotes mostly
unchanged.
5% Broken Rice
Thailand 5% rice is quoted at around $400 - $410 per ton, down about $5 per ton from yesterday
and about $15 per ton premium on Vietnam 5% rice shown at around $385 - $395 per ton. India
5% rice is quoted at around $385 - $395 per ton, about $15 per ton premium on Pakistan 5% rice
quoted at around $370 - $380 per ton.
25% Broken Rice
Thailand 25% rice was last quoted at around $350 - $360 per ton, on par with Vietnam 25% rice
shown at around $350 - $360 per ton. India 25% rice is quoted at around $350 - $360, about $20
per ton premium on Pakistan 25% rice quoted at around $330 - $340 per ton.
Parboiled Rice
Thailand parboiled rice is quoted at around $400 - $410 per ton, down about $5 per ton from
yesterday. India parboiled rice is quoted at around $375 - $385 per ton, about $20 per ton
discount to Pakistan parboiled rice quoted at around $395 - $405 per ton.
100% Broken Rice
Thailand broken rice, A1 Super, is quoted at around $330 - $340 per ton, on par with Vietnam
100% broken rice shown at around $330 - $340 per ton. India's 100% broken rice is shown at
around $300 - $310 per ton, on par with Pakistan broken sortexed rice quoted at around $300 $310 per ton.

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