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Email: info@livericeindex.com
Introduction
Welcome to the new “Live Rice Index” Report
produced by Jackson Son & Co (London) Ltd. This
report will be published weekly and will include market
commentary and our weekly price assessments.
We are also developing a new website that will be
available soon. We expect it to become a valuable
resource for up to date information and historical data,
catering to all sectors of the industry from farmers to
the point of sale.
All our price assessments will be determined in line
with the “LRI Methodology” with particular attention
to those that we have chosen to be benchmarks,
marked with this symbol: B For more information on
our benchmarks and assessment principles please
refer to our methodology statement available on our
new web site:
www.livericeindex.com
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Report Date: 27/05/2011
We want to encourage you to take an active role in the
price assessment process and help us to ensure that
the price assessments become increasingly accurate
and robust. Have your say. Don’t be left out. You can
call us or email us with the information that you would
like us to take into account.
We will continue to develop our list of price
assessments and our methodology, listening carefully
to the participants in the rice industry in order to keep
them relevant to the international rice market. Updates
will be published in our report and on our website.
We hope that this will become a useful and reliable
resource for the industry.
Page 02
Live Rice Index Report Date: 27/05/2011

THAILAND - LONG GRAIN WHITE RICE +/- PRICE PAKISTAN - LONG GRAIN WHITE RICE +/- PRICE U.S.A. - GULF LONG GRAIN RICE +/- PRICE
100% Grade B B -5 $485 IRRI-6 5% Broken B 10 $500 U.S. #2, 4% Broken, Hard Milled 0 $520
5% Broken B -5 $460 IRRI-6 10% Broken 10 $495 U.S. #3, 15% Broken, Hard Milled 0 $489
10% Broken -5 $455 IRRI-6 15% Broken 10 $485 U.S. #5, 20% Broken, Hard Milled 0 $460
15% Broken -5 $450 IRRI-6 25% Broken 13 $458 U.S. #1, Parboiled Milled 4% Broken 0 $610
25% Broken -5 $440 386 2% Broken - n/a U.S. #2, Paddy, 55/70 Yield (ex-spout) 0 $280
A1 Super Broken -5 $405 Broken Rice - n/a Southern Flour Quality Broken Rice 0 $330
Southern Pet Food Quality Broken Rice 0 $300
THAILAND - LONG GRAIN PARBOILED RICE +/- PRICE PAKISTAN - LONG GRAIN PARBOILED RICE +/- PRICE
Parboiled Milled Rice 100% STX B -5 $485 IRRI-6 Parboiled Milled Rice 5% Broken STX 20 $550 U.S.A - CALIFORNIAN MEDIUM GRAIN RICE +/- PRICE
Parboiled Milled Rice 100% -5 $475 IRRI-6 Parboiled Milled Rice 15% Broken STX 20 $540 U.S. #1, 4% Broken 0 $865
Parboiled Milled Rice 5% STX -5 $480 IRRI-9 Parboiled Milled Rice 5% Broken - n/a U.S. #1 Paddy, 58/69 Yield 0 $550
Parboiled Milled Rice 5% -5 $470
PAKISTAN - BASMATI RICE +/- PRICE
385 Long Grain White Basmati Rice 2% 45 $870 S. AMERICA - LONG GRAIN WHITE RICE +/- PRICE
THAILAND - LONG GRAIN FRAGRANT RICE +/- PRICE D-98 Long Grain White Basmati Rice 2% 25 $825 (FOB FCL)
Hom Mali White Rice 100% Grade B New B 0 $965 Super Kernel White Basmati Rice 2% 5 $980 Uruguayan 5% Broken 0 $525
Hom Mali White Rice 100% Grade B Old - n/a Super Kernel Parboiled Milled Basmati Rice 2% 5 $1,020 Argentine 5% Broken 0 $520
Hom Mali White Rice A1 Super B 0 $465 Brazilian 5% Broken 0 $570
Pathumthani Fragrant 100% Grade B 0 $645 INDIA - LONG GRAIN WHITE RICE +/- PRICE Brazilian Broken Rice (1/2 Grain Brokens) 0 $415
IR 64 5% Broken - n/a
THAILAND - LONG GRAIN GLUTINOUS RICE +/- PRICE IR 64 25% Broken - n/a S. AMERICA - LONG GRAIN PARBOILED RICE +/- PRICE
White Glutinous Rice 10% Broken 0 $870 PR 106 5% Broken - n/a (FOB FCL)
White Glutinous Rice 10% Broken (Sanpathong) 0 $1,000 PR 106 25% Broken - n/a Brazilian Parboiled Milled Rice 5% Broken STX 0 $500
White Glutinous Broken Rice A1 0 $750 1001 / PANT 4 25% Broken - n/a Uruguayan Parboiled Milled Rice 5% Broken STX 0 $530
VIETNAM - LONG GRAIN WHITE RICE +/- PRICE INDIA - LONG GRAIN PARBOILED RICE +/- PRICE
5% Broken B -3 $460 IR 64 Parboiled Milled Rice 5% STX - n/a
EGYPT - WHITE RICE +/- PRICE
10% Broken -3 $452 Medium Grain #2 6% Broken - n/a
PR 106 Parboiled Milled Rice 5% STX - n/a
15% Broken -3 $442 Medium Grain #3 12% Broken - n/a
25% Broken -9 $429 INDIA - BASMATI RICE +/- PRICE Round Grain #2 6% Broken - n/a
Broken Rice -3 $405 Traditional White Basmati Rice 2% 0 $1,230 Round Grain #3 12% Broken - n/a
Traditional Brown Basmati Rice 2% 0 $1,060 Broken Rice Grade 0 8 $473
VIETNAM - LONG GRAIN FRAGRANT RICE +/- PRICE Traditional Parboiled Milled Basmati Rice 2% 0 $1,050
Fragrant Rice 5% Broken New 0 $590 Pusa White Basmati Rice 2% 0 $1,080
Fragrant Rice 5% Broken Old - n/a Pusa Brown Basmati Rice 2% 0 $900
Pusa Parboiled Milled Basmati Rice 2% 0 $1,050 B = INDICATES BENCHMARK
1121 White Basmati Rice 2% 0 $1,040
1121 Parboiled Milled Basmati Rice 2% 0 $1,090

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Thailand Report Date: 27/05/2011

The market is rather quiet and prices farmers. Given that this could double the THAILAND - LONG GRAIN WHITE RICE +/- PRICE
are slightly softer in reflection of the low price that farmers are receiving under 100% Grade B B -5 $485
activity. The Thai Bhat has weakened the current scheme this policy should 5% Broken B -5 $460
against the US Dollar which is also go some way to ensuring that Pheu Thai 10% Broken -5 $455
contributing to this softer market. The only gain significant support from the farmers. 15% Broken -5 $450
exceptions are with fragrant varieties, However, implementing such a policy 25% Broken -5 $440
where Hom Mali prices remain firm and seems extremely problematic, that is, A1 Super Broken -5 $405
the price of Pathamthani fragrant rice has without burdening the country with huge
stabilised as expected. debts. THAILAND - LONG GRAIN PARBOILED RICE +/- PRICE
Parboiled Milled Rice 100% STX B -5 $485
Parboiled Milled Rice 100% -5 $475
Glutinous rice prices remain stable and
with the Indonesian quota for glutinous Export Statistics: Parboiled Milled Rice 5% STX
Parboiled Milled Rice 5%
-5
-5
$480
$470
imports fast approaching, prices may
strengthen moderately. Arrivals from the Unofficial Thai rice exports from the
latest dry season harvest have slowed 9th of May 2011 to the 15th of May THAILAND - LONG GRAIN FRAGRANT RICE +/- PRICE
and there are limited supplies of paddy 2011 were 194,850 MTS, excluding Hom Mali White Rice 100% Grade B New B 0 $965
rice available for milling and parboiling. Hom Mali White Rice 100% Grade B Old - n/a
fragrant rice. This represents a
We should see a pick-up in supplies again Hom Mali White Rice A1 Super B 0 $465
decrease of 28,652 MTS from the
in the second half of July. Pathumthani Fragrant 100% Grade B 0 $645
previous week.
THAILAND - LONG GRAIN GLUTINOUS RICE +/- PRICE
ThaiFex begins this week and the busy Exports of white and parboiled rice White Glutinous Rice 10% Broken 0 $870
schedule may interrupt some export from January 1st until May 15th 2011 White Glutinous Rice 10% Broken (Sanpathong) 0 $1,000
activities. totaled 3,718,813 MTS, which is an White Glutinous Broken Rice A1 0 $750
increase of 67.8% from the same
Focus will now be drawn to the upcoming period last year.
elections in Thailand with each party’s
respective rice policy at the centre of Source: Thai Rice Exporters.
many discussions. The opposition party
(Pheu Thai) is proposing a guaranteed
CURRENCY THB
price intervention scheme to support
1 USD $ 30.38
INVERSE 0.033

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Vietnam
White rice prices in the Mekong Delta have
softened further on account of decreased
domestic demand and export prices are
following suit. These price decreases have
been witnessed in the domestic market for
both the winter-spring rice as well as the early
arrivals of the summer-autumn crop. Naturally,
in the export market, the strengthening of the
US dollar is also weighing in on prices. For
According to the Vietnamese Ministry of
Finance, around 250,000 MTS of rice will be
imported from Cambodia this year after the
Ministry decided to waive import taxes on
certain agricultural products coming across at
selected border gates.
Export Statistics:
Report Date: 27/05/2011
Pakistan
Prices for both Basmati and non-Basmati
rice continue to increase. In fact, earlier
Export Statistics:
this week we received reports of a season
Pakistan has exported over 3.5 million MTS
high trade for IRRI-6 5% white rice. Input
of rice so far this year.
costs are being cited as one of the key
reasons for the increase as fuel costs
Of this volume, around 2.2 million MTS
have increased by around 12%. Planting
were long grain rice and around1.3 million
for the next crop is under way and will
be available from September onwards.
MTS were Basmati rice.

medium grain and round grain varieties, prices Although we expect the crop to rebound
From the 1st January to May 19th 2011,
are firm and in the case of the medium grain, significantly following last year’s floods, it
Vietnam shipped 2.869 million MTS.
the prices are no longer attractive. remains to be seen whether farmers may
choose to plant different crops. In a situa-
Shipments between May 1st and May 19th
Vietnam remains on target to meet forecasts of tion similar to that experienced by farmers
2011 reached 301,500 MTS.
6.4 million MTS for 2011 as they have signed in the US, certain crops now compare PAKISTAN - LONG GRAIN WHITE RICE +/- PRICE
contracts for 3.9 million MTS to be shipped by favourably to rice in terms of returns to IRRI-6 5% Broken B 10 $500
Source: VFA Report.
the end of June. Exports so far this year are the farmer. We should have a clearer idea IRRI-6 10% Broken 10 $495
valued at US $1.356 billion. The VFA currently come June. IRRI-6 15% Broken 10 $485
has around 1.7 million MTS of rice stocks CURRENCY VND IRRI-6 25% Broken 13 $458
and, in total, local businesses have stocks of In Sindh, the availability of long grain rice 386 2% Broken - n/a
around 300,000 MTS. 1 USD $ 20,560.00 is sufficient whilst in Punjab the region Broken Rice - n/a

INVERSE 0.000049 is completely sold out of all but Basmati

PAKISTAN - LONG GRAIN PARBOILED RICE +/- PRICE
varieties. Sales of Basmati are strong into
IRRI-6 Parboiled Milled Rice 5% Broken STX 20 $550
Saudi Arabia and Yemen and although
VIETNAM - LONG GRAIN WHITE RICE +/- PRICE IRRI-6 Parboiled Milled Rice 15% Broken STX 20 $540
Yemen is not the ideal place to trade cur-
5% Broken B -3 $460 IRRI-9 Parboiled Milled Rice 5% Broken - n/a
rently, buyers are offering full payment in
10% Broken -3 $452
advance as they are desperate to replen- PAKISTAN - BASMATI RICE +/- PRICE
15% Broken -3 $442
ish their stocks. 385 Long Grain White Basmati Rice 2% 45 $870
25% Broken -9 $429
Broken Rice -3 $405 D-98 Long Grain White Basmati Rice 2% 25 $825
Super Kernel White Basmati Rice 2% 5 $980
VIETNAM - LONG GRAIN FRAGRANT RICE +/- PRICE CURRENCY PKR Super Kernel Parboiled Milled Basmati Rice 2% 5 $1,020
Fragrant Rice 5% Broken New 0 $590 1 USD $ 85.60
Fragrant Rice 5% Broken Old - n/a
INVERSE 0.0117

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USA
The bad news from the US is that the
rains in the mid-South are ongoing and
have been accompanied by a number of
tornadoes. The good news is that parts of
the Mississippi are now moving barges
during daylight hours. However, according
to recent reports, it is still not possible to
travel to the load port from further up river.
Good quality old crop, particularly out of
Louisiana and Mississippi, is in limited
supply now as buyers look to purchase
as much of the remaining good crop from
last year amid fears that this new crop
could also face quality issues.
As of 22nd May planting in Louisiana,
Mississippi and Texas has caught up to
the level we would expect given the five
year average. In Arkansas only 84% of
the acreage has been planted (the five
year average is 90%) and in Missouri only
53% of the rice acreage has been planted
where we would normally expect 92%
to be complete at this stage. Planting in
California is right on track. However, all of
these states, excluding Mississippi and
Louisiana, are significantly behind on the
percentage of rice that has emerged in
comparison to the 5 year average.
Email: info@livericeindex.com
Report Date: 27/05/2011
The market in California has received a U.S.A. - GULF LONG GRAIN RICE +/- PRICE
timely boost as Japan announced the U.S. #2, 4% Broken, Hard Milled 0 $520
first tender of their new campaign. The U.S. #3, 15% Broken, Hard Milled 0 $489
Japanese tender is for old crop but bids in U.S. #5, 20% Broken, Hard Milled 0 $460
the market for old and new crop both in- U.S. #1, Parboiled Milled 4% Broken 0 $610
creased following the announcement and U.S. #2, Paddy, 55/70 Yield (ex-spout) 0 $280
prices for old crop could increase further if Southern Flour Quality Broken Rice 0 $330
the anticipated demand from Taiwan and Southern Pet Food Quality Broken Rice 0 $300
South Korea is realised.
U.S.A - CALIFORNIAN MEDIUM GRAIN RICE +/- PRICE
U.S. #1, 4% Broken 0 $865
Export Statistics: U.S. #1 Paddy, 58/69 Yield 0 $550
Net sales for the period from the 13th of
May 2011 to the 19th of May 2011 were of
59,000 MTS. Major buyers were:
Mexico 16,700 MTS
Japan 9,800 MTS
Taiwan 5,700 MTS
Canada 4,700 MTS
Jamaica 3,600 MTS
Exports for the same period reached
1074,000 MTS and were mainly to:
Panama 27,100 MTS
Mexico 22,200 MTS
Japan 10,800 MTS
Canada 6,100 MTS
South Korea 6,000 MTS
Source: USDA
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 Report Date: 27/05/2011
South America India
Prices are mostly stable in South Since the beginning of May, the Indian
CURRENCY BRL ARS UYU INDIA - LONG GRAIN PARBOILED RICE +/- PRICE
America with strong Uruguayan exports Government has only procured around
IR 64 Parboiled Milled Rice 5% STX - n/a
to Central American, Caribbean and 1 USD $ 1.616 4.084 18.700 900,000 MTS of paddy from farmers. The
PR 106 Parboiled Milled Rice 5% STX - n/a
Middle Eastern destinations. In Uruguay Government is now facing allegations of
the mills are booked well into July but in poor planning as they have not opened INDIA - BASMATI RICE +/- PRICE
Brazil and Argentina there is still some enough procurement centres. Notably, in Traditional White Basmati Rice 2% 0 $1,230
available milling time in June. Parboiled the administrative division of Chintakani, Traditional Brown Basmati Rice 2% 0 $1,060
prices in Brazil remain competitive farmers have begun to protest by burning Traditional Parboiled Milled Basmati Rice 2% 0 $1,050
against those in Thailand and exporters paddy in the road and bringing traffic to a Pusa White Basmati Rice 2% 0 $1,080
are capitalising on this situation with halt. The Cabinet Committee of Economic Pusa Brown Basmati Rice 2% 0 $900
strong sales to African countries. S. AMERICA - LG WHITE RICE (FOB FCL) +/- PRICE Affairs is due to set the minimum support Pusa Parboiled Milled Basmati Rice 2% 0 $1,050
Overall, we expect that there will be Uruguayan 5% Broken 0 $525 1121 White Basmati Rice 2% 0 $1,040
price for paddy for the coming crop year
Argentine 5% Broken 0 $520 1121 Parboiled Milled Basmati Rice 2% 0 $1,090
around 3million MTS of rice available soon.
for export out of South America this Brazilian 5% Broken 0 $570
year given the bumper crops throughout Brazilian Broken Rice (1/2 Grain Brokens) 0 $415
Ministers will soon convene to make a
Mercosur. The yields that have been decision on the request from Andhra
recorded from the new crops are good S. AMERICA - LG PARBOILED RICE (FOB FCL) +/- PRICE Pradesh to export boiled rice and paddy
throughout the continent at over 8 MTS Brazilian Parboiled Milled Rice 5% Broken STX 0 $500 rice. Meanwhile the Food Minister has
per hectare; in some areas, yields are Uruguayan Parboiled Milled Rice 5% Broken STX 0 $530 announced that no rice or wheat exports
as high as 9.5 MTS per hectare. will be allowed from the government
stocks. It seems likely that any decision
Early indications suggest that the crop to allow non-basmati exports will be
in Brazil may be greatly reduced in the made on an individual basis despite
CURRENCY INR
2011/2012 season after the country expectations of a good monsoon. The 1 USD $ 45.195
produced a record crop in 2010/2011. monsoon is due to hit the mainland on the
The result of such a large supply of rice 31st of May. INVERSE 0.0221
is that the market is depressed and
farmers will look at the high prices of Basmati prices are stable or slightly softer
soybeans in Rio Grande do Sul as an in light of limited fresh offshore demand.
incentive to plant soy instead. Similarly, In the domestic market, non-basmati
in Uruguay and Argentina, production is varieties have held their price despite
expected to decrease following bumper slow sales.
crops in both countries.

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The Rest Of The World
Egypt
Following the latest meeting of the Committee that is
concerned with rice cultivation, the government have
confirmed that the area under cultivation for rice will
remain unchanged at around 1.1 million feddans (ap-
proximately 462,000 hectares). The decision to arrest
the expansion of rice cultivation is based largely on the
amount of water that will be required for the crop. The
government have also confirmed that the ban on rice
exports will be sustained for the foreseeable future.
Australia
The harvest is complete and the estimates were met
as Australia achieved a total rice production around
800,000 MTS basis paddy with yields ranging from 7.5
MTS per hectare to 13 MTS per hectare. The outlook
for next year’s crop also looks very positive with most
farmers expecting to increase their planted area and
good water availability through the rice growing regions.
Offshore demand for the current crop is likely to come
from traditional markets in the Far East such as Taiwan
and Japan. The long awaited vote by Sunrice sharehold-
ers on the takeover by Ebro Foods takes place on the
31st of May.
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Bangladesh
Despite expectations of a good Boro harvest, Bangla-
desh is set to add to the 1.4million MTS of rice that they
have imported so far this year after announcing a new
tender for 50,000 MTS of non-Basmati parboiled rice
with bids to be submitted by the 6th of June. Pakistan is
expected to feature prominently in the bidding but prices
are very competitve in Thailand and we will be watching
India closely. As previously mentioned, any easing of the
Indian export ban is likely to be partial and in the past
this has included Government to Government deals. The
Bangladeshi Government intends to procure 800,000
MTS of rice next year to boost stocks and stabilise
domestic prices.
South Korea
The Government had previously planned to increase
tariffs of rice imports in 2015. However, it now seems
likely that these plans will be brought forward to next
year. South Korea is self sufficient in rice production and
rising stock levels coupled with declining domestic con-
sumption mean that the Government will have to take
these steps to protect the already heavily subsidised
industry. The consumption for 2011/2012 is estimated at
around 350,000MTS. The Agricultural Minister will look
to encourage rice consumption as well as expanding
exports from 50,000MTS to 100,000MTS by 2015.
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Report Date: 27/05/2011
China
In the provinces of Hubei, Jiangxi Hunan and
Guangdong severe drought conditions persist. In Hubei
alone, water levels in 1,300 reservoirs dropped below
the levels where discharging water for irrigation is
permitted. This has resulted in around 200,000
hectares of rice paddies being seriously affected in the
province. From January 2011, the middle to lower reach-
es of the Yangtze River have received around 50% less
rainfall than the average over the past 50 years. These
conditions have caused the water levels in the Yangtze
River to drop significantly (down to 10.9 metres from 17
metres) placing great strain on available drinking water.
In response, the Government ordered that the Three
Gorges Dam release more water to boost levels in the
river. From May 20th to May 24th, the dam increased its
discharge rate to 10,000 cubic metres and between May
25th and June 10th the discharge rate will increase to
11,000 and then 12,000 cubic metres per second.
The Yangtze River is China’s longest river and supports
irrigation of 65% of China’s paddy fields. Following the
action taken at the Three Gorges Dam, water levels
in the Yangtze have increased. However, one likely
consequence of discharging the water from the dam
is that Chinese oil demand could increase by 200,000
to 300,000 barrels a day to compensate for lost Hydro
Electric power.
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 Report Date: 27/05/2011

Offering A Grain
Of Truth...

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