Beruflich Dokumente
Kultur Dokumente
March 01,2016
Vol 7,Issue III
www.ricepluss.com
www.riceplusmagazine.blogspot.com
The government of Rwanda may stop importing rice by 2018 as part of its efforts to reduce the
bulging trade deficit, according to local sources. Rwanda imported around $37 million worth rice
in 2015 compared to around $31.1 million in 2014. The country 's trade deficit stood at around
$1,761.3 million in 2015. Higher deficit is attributed to a fall in the countrys exports due to
falling global prices.
The State Minister for Agriculture reportedly told the Parliament recently that the Agriculture
Ministry has drafted a new plan aimed at increasing the local rice production, enough to meet all
the country's needs by 2018.
Cambodian rice exporters have expressed concerned that Cambodia lacks a comprehensive rice
export policy, which can aid in boosting production and exports, according to the Phnompenh
Post.
They noted that despite winning the world's best rice competition for three consecutive years, the
Cambodian rice industry continues to face challenges such as access to finance, as well as
inadequate irrigation, milling and storage facilities.
Relevant ministries such as the Ministry of Economy and Finance together with the Ministry of
Agriculture and CRF [Cambodian Rice Federation] have yet to come up with a thorough strategy
design, accompanying policies and policy implementation framework that can be rolled out to
enhance the competitiveness of our rice industry in the global market, especially within the
context of how to allow Cambodian millers to become a cost leader to compete with the same
level playing field [of our] Thai and Vietnamese counterparts, one of the leading exporters was
quoted.
3
Authorities from the Directorate of Revenue Intelligence (DRI) have unearthed a massive scam
involving over 200,000 tons of basmati rice worth Rs.1,000 crore (around $146 million) in rice
exports routed to Iran, according to the Press Trust of India (PTI).
The DRI authorities found that the rice routed to the Bandar Abbas port in Iran was being
fraudulently diverted mid-sea to Dubai. They noted that exporters involved in the scam would
load the rice at the Kandla port in Gujarat. They have also filed shipping bills to Iran. However,
the consignment was diverted mid-sea to Dubai allegedly with the connivance of cargo ship
operators carrying the goods. They also noted that payments are understood to be made from Iran
to these exporters with the importers and port officials officially acknowledging the receipt of
rice.
The authorities are reportedly suspecting the involvement of about 25 rice exporters from
Haryana and Punjab in this scam.
Local sources noted that the intelligence agencies are investigating the end use of the rice offloaded in Dubai. They noted that the authorities are suspecting the use of rice as barter system to
fund some illegal activities. Locally, they are expecting the proceeds of the scam are a form of
black money, the sources said.
The DRI has reportedly involved the Supreme Court-appointed Special Investigation Team on
black money as well as the Enforcement Directorate to resolve the case. It is also in touch with
the concerned authorities in Dubai
Oryza CBOT Rough Rice Futures Recap Chicago Rough Rice Futures Bounce Higher
to Start the Week on a Positive Note
5
Chicago rough rice futures for Mar delivery settled 10.5 cents per cwt (about $2 per ton) higher
at $10.495 per cwt (about $231 per ton). The other grains finished the day with mixed results;
Soybeans closed about 0.3% lower at $8.6100 per bushel; wheat finished about 0.2% higher at
$4.5325 per bushel, and corn finished the day about 0.7% lower at $3.5700 per bushel.
U.S. stocks traded higher Monday, the last trading day of February, amid higher oil prices and
after some disappointing data. U.S. crude oil futures extended gains trading more than 2.5%
higher near $33.70 a barrel in afternoon trade. In economic news, Chicago PMI came in at 47.6
in February, missing expectations and dropping from 55.6 in January. Pending home sales fell
2.5% in January, versus expectations for a slight gain. Key data for the week include ISM
manufacturing on Tuesday and the jobs report on Friday.
European equities came off session lows to close mixed after China's central bank announced
further stimulus measures. The People's Bank of China cut further the reserve requirement ratio,
the amount of cash the country's banks have to hold, by 0.5% points after China's markets closed
Monday. The cut was the first since October and the fifth since last February. The reserve
requirement ratio comes into effect Tuesday and means most large Chinese banks will have a
reserve ratio of 17%, Reuters said. Asian equities closed mostly lower, with the Shanghai
composite down about 2.9% but above session lows and the Nikkei 225 reversing gains to close
down 1%.In afternoon trade, the Dow Jones industrial average was up 42 points, or 0.25%, at
16,682. The S&P 500 traded 5 points higher, or 0.4%, at 1,953, with utilities leading eight
sectors higher and health care and energy the only decliners. The Nasdaq composite was up 17
points, or 0.38%, to 4,607. Gold is seen trading about 1.1% higher, crude oil is seen trading
about 2.6% higher, and the U.S. dollar is seen trading about 0.1% higher at about 1:00pm
Chicago time.
Friday, there were 4,710 contracts traded, up from 3,079 contracts traded on Thursday. Open
interest the number of contracts outstanding on Friday increased by 264 contracts to 13,037.
Iraq is seeking to buy about 30,000 tons of rice in tenders from the U.S., Uruguay and Argentina,
Bloomberg quoted a statement from Iraq's Trade Ministry.
Deadline for submission of bid is reportedly March 8, 2016, and the offers will be valid till
March 14, 2016.
6
The State Bank of Pakistan (SBP) has resumed banking ties with Iran allowing all commercial
banks and financial institutions in the country to restart business with their Iranian counterparts,
according to Reuters.
"In line with the federal government's decision to implement the United Nations Security
Council Resolution regarding lifting of sanctions against Iran, the State Bank of Pakistan has
communicated to banks/financial institutions that previous sanctions on Iran have been removed
and normal business activities can be commenced within the scope of the Resolution," the central
bank was quoted.
"It is expected that the lifting of sanctions and restoration of banking channels between Pakistan
and Iran would revive normal trade and business activities between the two neighbours," it
added.
Major Pakistani exports to Iran include basmati rice, plastics, paper and oranges, and the big
imports items include liquefied petroleum gas, petroleum products, electric transformers and dry
fruits. The Rice Exporters Association of Pakistan (REAP) has been urging the government to
restore payment mechanisms between the two countries to help boost exports.
Earlier this month, the global transaction network Society for Worldwide Interbank Financial
Telecommunication (SWIFT) reconnected a number of Iranian banks to its system, allowing
them to restart cross-border transactions with foreign banks. The move came after sanctions were
lifted on Iran in January this year. Iranian banks were removed from the Belgium-based SWIFT
in March 2012, following the tightening of the international sanctions against Iran over its
disputed nuclear program.
India 5% broken
360-370
U.S. 4% broken
455-465
Vietnam Jasmine
415-425
Brokens
Thailand A1 Super 325-335
Vietnam exported about 727,847 tons of rice in January 1 - February 25, 2016, up about 73%
from around 421,202 tons of rice exported in first two months of 2015, according to data from
the Vietnam Food Association (VFA). The average rice export price so far in this year stands at
about $399 per ton (FOB), down about 11% per ton from around $452 per ton recorded during
same last year. During February 1-25, 2016, Vietnam exported around 311,077 tons of rice, up
about 55% from around 200,814 tons rice exported in full month of February 2015, and down
about 25% from around 416,770 tons rice exported in full month of January 2016. The average
export price so far in February stands at around $387 per ton, down about 15% per ton from a
year ago and down about 5% per ton from a month ago.
Vietnam rice sellers increased their quotes for 5% broken rice, 25% broken rice and 100%
broken rice by about $5 per ton each to around $355-$365 per ton, $345-$355 per ton and $330$340 per ton respectively today. Other Asia rice sellers kept their quotes unchanged
today.
5% Broken Rice
Thailand 5% rice is indicated at around $355 - $365 per ton, on par with Vietnam 5% rice shown
at around $355 - $365 per ton. India 5% rice is indicated at around $360 - $370 per ton, about
$25 per ton premium on Pakistan 5% rice shown at around $335 - $345 per ton.
9
The U.S. cash market was seen mostly unchanged today after it was confirmed that Iraq canceled
their U.S. origin only tender and reissued another tender to buy at least 30,000 MT from either
the U.S., Uruguay, or Argentina.
Analyst note that the lower and unsolicited offers from South America on the old tender likely
complicated things for the Iraqi Grain Board as they likely faced difficulties justifying paying a
roughly $90 per ton premium for U.S. rice over South American.
Going forward, analysts expect that offers from the U.S. will decrease while offers from South
America will increase which some believe will give the U.S. a decent shot at booking one cargo.
Offers need to be submitted no later than March 8 and need to remain valid until March 14.
Exclusive News have been shared with written permission of ORYZA.com with thanks
10