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TOP Contents - Tailored for YOU
Latest News Headlines
Thai Rice Subsidy Leaves Junta in a Quandary
El Nio Lagging Behind, Could Come in September Australia
Thailand dumps rice subsidy scheme
BAAC believes rice mortgage payout stimulates GDP and lifts investor confidence
Thai farmers satisfied with measures to reduce production costs
Thai military proposes new scheme to help rice producers
FAO forecasts bumper rice output
Nagpur Foodgrain Prices Open- June 18
India to Sell 25% of Rice Stocks in Bid to Curb Inflation
Odisha prepares for erratic monsoon
Iran Reports Fall In Rice Imports In Two Months
Rice piles up as exports slow
Plan will limit crop production costs
Rice agencies, farmers hash out subsidy details
BAAC completes rice payments
Badal slashes cancer cess on rice millers' demand
KMP warns against intense hunger with price of rice rising
15th RMA Convention: Trends, Challenges, Opportunities
Marvin "Butch" Baden Honored with RMA Distinguished Service Award
CCC Announces Prevailing World Market Prices
US wants science to settle GMO debate in trade deal with EU
China Now Has Steamed Rice Vending Machines
Cost-Buster Cooking: Beans and rice make a cool summer salad combo
News Detail
Thai Rice Subsidy Leaves Junta in a Quandary


Selling Grain Stockpile Would Drive Prices Lower; Keeping It Risks Theft, or Spoilage
By WARANGKANA CHOMCHUEN

Updated June 18, 2014 11:25 p.m. ET
BANGKOKWhen Thailand's army chief Gen. Prayuth Chan-ocha
grabbed power in a coup d'tat, he acquired a long list of problems to
solve, not least the question of what to do with Thailand's botched
attempt to steer world rice prices higher.The previous government
launched the move in 2011 to make good on election pledges to
increase incomes in Thailand's vote-rich rural heartland. It involved the
state buying up rice from farmers at up to 50% above the market rate
and then stockpiling it in vast warehouses.
The idea was that because Thailand was the world's largest
exporter of rice at the time, withholding the grain would
lead to a global price surge.Instead, other countries, notably
India and Vietnam, filled the gap, knocking Thailand from
its position as the world's top exporter and costing the
country $9.2 billion in paper losses, based on
an investigation in May by the country's independent
anticorruption panel.The subsidy, which expired in
February, has also left Thailand with an estimated 10
million to 15 million metric tons of riceequivalent to
almost two years of the country's rice exportsthat the
now-ousted government bought at above-market prices.
Authorities expect the next harvest, due by the last quarter of this year, to weigh in at 20 million tons.Prices for
Thai rice are now 30% lower than they were before the subsidy was introduced. The decline accelerated late last
year, when Yingluck Shinawatra, prime minister at the time, pushed to sell rice to raise money after the subsidy
plan ran into cash-flow problems."The dramatic change in the world market this year has been Thailand's
prices, which have fallen heavily," said Darren Cooper, senior economist at the London-based International
Grains Council.


"It's now the cheapest major origin for white rice."Now that Gen. Prayuth has installed himself as Thailand's
leader, he and his junta are figuring out how to clean up the mess. One of his first orders following the May 22
coup was for the authorities to count and audit rice tonnage in the state's stocks and hold off on offloading them
to prevent a further price slump."It's better that we control the quantity of rice in the market and maintain the
market price," Gen. Prayuth said in a televised speech June 6. "We have to be very careful."The quandary is a
real one.
Holding on to the rice risks large portions of it rotting or being stolen. Selling at market prices would incur a
hefty loss, and potentially drive rice prices down further. That could hurt farmers whose new crops are about to
hit the market and spark a price war among major exporters.Global rice production for 2014 is expected to rise
1% to 480.7 million tons, a record high, according to the U.S. Department of Agriculture. Ample supplies of the
grain, and higher consumption, are expected to lead to more rice being traded internationally this year and in
2015.
Rice in a warehouse in February Bloomberg News
While Thailand's vast rice stocks are unlikely to drag the market
much lower, they are expected to exert enough pressure for prices to
bounce along at $400 per ton, or slightly below, said Thomas Pugh, a
London-based commodity economist at Capital Economics.Thai rice,
valued for its quality and Thailand's long history of reliable
shipments, typically sells for about $50 more per ton than similar
varieties from other exporters, but that premium has vanished. Given
the state's rice inventories, it is unlikely to return any time soon.
Thailand's benchmark grade of white rice, with 5% broken grains, is quoted at around $380-$390 a ton, about
$25 and $40 lower than the equivalent offered in Vietnam and India, respectively.Traders said they see few
factors that will support the price.To be sure, the El Nio weather phenomenon could bring drought, disrupting
rice production in Asia. Less rainfall than normal has been forecast for India's monsoon; rice output in India
was cut by 10%, or 10 million tons, by the most recent El Nio in 2009.
But the impact on rice stocks world-wide is expected to be mild to medium. Global stockpiles have grown about
one-third to 100 million tons from 75 million tons in 2008, when fears of a shortage pushed up prices and
encouraged expanded production."We can't count on India unless there's good weather, but you can count on
Vietnam and Thailand, which has large stocks of rice," said Samarendu Mohanty, an agricultural economist at
the International Rice Research Institute in the Philippines. "As long as the production isn't going down by tens
of millions of tons, we're OK."


Thai workers unload rice in December. Associated Press
Some Thai traders said the price of Thai rice is expected
to hit rock bottom this year, but a substantial rebound
isn't likely. "It's going to be tricky to push the prices
higher than $10-$20 per ton," said Chookiat
Ophaswongse, honorary president of the Thai Rice
Exporters Association.The low prices could help
Thailand export more. The country beat other exporters
in the first quarter, shipping 3.93 million tons, and is
expected to export around 9 million tons this year. The
U.S.Department of Agriculture has forecast that
Thailand will reclaim its export crown from India next
year, shipping around 10 million tons.
"As long as the stock released by the government of Thailand remains competitively priced, it will be the price-
setter," said Mr. Cooper of the International Grains Council.With its rice selling at a discount, Thailand will
again become more attractive to countries in sub-Saharan Africa, which have bought mostly from India in the
past few years. Thailand could also take a larger share in China, a market Vietnam usually serves, he said."The
extent of the competition now depends on Vietnam and India," Mr. Cooper said.Meanwhile, Gen.
Prayuth has ordered state-owned farmers' banks to disburse some $2.7 billion owed to approximately 800,000
farmers who had been left unpaid for months for their rice. The general said last week he has no immediate plan
to revive the rice-buying program to help farmers, who since the program ended are forced to sell the grain in
the open market for half the rate they used to receive.But Gen. Chatchai Sarikalaya, the junta's deputy chief for
economic affairs, told reporters Wednesday after a meeting on the rice subsidy that the junta is considering
helping farmers with production costs, such as fertilizer and seeds, but will avoid giving cash hand-outs. The
state-owned Bank of Agriculture and Agricultural Cooperatives said it will offer low-interest loans.State rice
stocks are expected to be kept in the warehouses for the time being.
"We are still looking into a proper measure to release the rice stocks. We have no conclusion yet," said
Yongyuth Mayalarp, a spokesman for the junta.Vichai Sriprasert, president of Riceland International Ltd., one
of the country's top rice exporters, said the junta should allow farmers to sell the new crop in the open market,
so people can get a decent price, before unloading the stockpile.Rice held by the government, which is older,


will trade at lower prices, so the state will have to absorb some losses. "It's a tradeoff to ensure price
stabilization," Mr. Vichai said. "And as for what to do next, follow market mechanism is my advice."
Write to Warangkana Chomchuen at warangkana.chomchuen@wsj.com

Image: A subsidy plan has left the Thai government with as much as 15 million tons of rice. Here, workers harvest the
grain this month. Getty Images
El Nio Lagging Behind, Could Come in September Australia
By Esther Tanquintic-Misa | June 18, 2014 3:14 PM EST
From an initial July impact forecast, the Australia's Bureau of
Meteorology announced the El Nio weather phenomenon
seemed to lag behind and might probably develop by
September, even as it saw a deceleration in Pacific Ocean
warming associated with the weather pattern. From an initial
July impact forecast, the Australia's Bureau of Meteorology
announced the El Nio weather phenomenon seemed to lag
behind and might probably develop by September, even as it
saw a deceleration in Pacific Ocean warming associated with
the weather pattern.

A worker unloads a sack of rice at the central rice market in Jakarta in this November 20, 2012 file photo. Indonesia could
more than double its rice imports this year to keep domestic food prices stable as an election looms and with a possible El
Nino weather pattern on the horizon, industry officials and analysts said. Picture taken November 20, 2012.
REUTERS/Enny Nuraheni/Files (INDONESIA - Tags: BUSINESS FOOD).The bureau said ocean warming had eased off
in recent weeks, which runs contradictory to previous El Nio events when temperatures continued to rise.

"Warming of the tropical Pacific Ocean over the past several months has primed the climate system for an El Nio in
2014," Australia's weather bureau said. "However, in the absence of the necessary atmospheric response, warming has
leveled off in recent weeks."Andrew Watkins, Supervisor Climate Prediction at the Australian Bureau of Meteorology,
told Reuters the occurrence of the 2014 El Nio remained "likely.""The recent observations may suggest a later El Nio
and it has perhaps reduced the chance of very strong El Nio like we saw in 1997/1998."El Nio forms when waters in the


eastern Pacific turn extraordinarily warm compared with the west, stalling or reversing the easterly trade winds, the
Courier said. When this happens, droughts and bushfires in Australia and east Asia could be expected while countries
bordering the eastern Pacific suffer from heavy rains and floods.

The last El Nio the world experienced was from 2009 to 2010. The Pacific has been in its cooler state, called La Nia, or
neutral since then."The odds of having a very strong event have probably eased somewhat (from readings in April and
May)," Watkins said. "But it (still) can't be ruled out," he stressed, noting sub-surface temperatures in the Pacific at 100
metres deep continue to run at 5 degrees above normal.Surface temperatures remain likewise 1-2 degrees above normal
for much of the equatorial ocean.September is the start of spring season in Australia. It ends through November.To report
problems or to leave feedback about this article,
e-mail: e.misa@ibtimes..com.au
To contact the editor, e-mail: editor@ibtimes.com
Thailand dumps rice subsidy scheme

Thailands rice subsidy scheme was the previous government main populist policy, but within two years of
highly subsidised prices it has turned into a political and economic disaster.Unsurprisingly, Thailands military
leader, General Prayuth Chan-Ocha, dismissed the program adding that alternative measures were needed to
boost agricultural development and support to farmers.The rice subsidy policy, known domestically as the rice-
pledging scheme, was a two fold plan.

First, the price offered to Thai rice farmers was to be raised through direct government purchase to levels about
50 per cent above the prevailing market price, creating a strong electoral basis for the Pheu Thai ruling party of
Yingluck Shinawatra.Second, the international price was to be raised by reducing Thai exports, as Thailand is
normally the top rice exporter in the world. But the second part of the plan didnt worked so well, and Thailand
was left with a huge stockpile of unsold rice rotting in packed warehouses, while India and Vietnam were
expanding their market shares betting on lower prices.

Thailands warehouses could be holding as much as 18 million tons of rice, some of them smuggled from
neighbouring rice-producing countries, especially Cambodia, to take advantage of the above-market prices
being offered by the Thai government.The NACC, Thailands anti corruption commission, is
currently investigating losses of up to $16 billion, with almost 3 million tons of rice missing from warehouses.


One thing is for sure : corruption or not, the scheme, generated huge losses, and as financing dried up last year,
it left hundreds of thousands of farmers in debt with payment for they hard earned crop overdue for more than
six month.David Dawe, a senior economist with the United Nations Food and Agriculture Organization (FAO),
said sales of Thai rice this year led to lower global prices.
One of the ways that they were raising money is they realized that they were going to have to sell some of the
huge stocks that they had, Dawe said. They just couldnt continue to borrow money and sit on all these stocks
and so they just started selling stocks. Thailand only went out of the market because they were trying to hoard
everything.
In addition, the governments direct purchase of rice had major negative consequences on the rice sector, once
the pride of Thailand.As farmers were offered a subsidy for rice regardless of quality, they began to switch
production from premium fragrant rice varieties to lower-cost, higher-yielding varieties less favoured on the
international market.The rice scheme is also credited with poor efficiency when it comes to fight rural poverty.
Although it is true that the vast majority of Thailands poor people live in rural area, the rice subsidy scheme
actually did little for people it was supposed to benefit. The majority of the money handed went to the
biggest farmers, while the small ones have little if any rice to sell after their own consumption.
BAAC believes rice mortgage payout stimulates GDP and lifts
investor confidence
Date : 18 2557
BANGKOK, 18 June 2014 (NNT) -The President of the Bank for Agriculture and Agricultural Cooperatives (BAAC) has
given an assurance that the full payout of the rice mortgage scheme will return investor confidence and stimulate
Thailand's GDP growth. Mr.Luck Wajananawat, President of the BAAC, said on theThailand Move Forward TV
program that after the assumption of power by the National Council for Peace and Order (NCPO) on 22nd May 2014, the
NCPO immediately solved the rice mortgage payment shortfall by approving 92,000 million baht in loans from the
Government Savings Bank to repay the rice price debt of 2013/2014.
This is expected to stimulate Thailand's GDP, and hasten the return of investor confidence.
Mr. Luck also reported that there is an outstanding payment for 2,000-3,000 farmers in southern provinces.Thai farmers
satisfied with measures to reduce production costs .


Thai farmers satisfied with measures to reduce production costs
Date : 18 2557
BANGKOK, 18 June 2014 (NNT) Thai farmers are satisfied with the measures to reduce production costs after meeting
with Gen. Chatchai Sarikalaya, Deputy Chief of Economic Affairs of the National Council for Peace and Order (NCPO),
acknowledged the president of the Thai Rice Farmers' Association (TRFA) Wichien Puanglamjiek. The sub-committee
supervising measures affecting production and rice marketing, today proposed guidelines for crop cost reduction to the
NCPO chief Gen Prayuth Chan-ocha. The TRFA wants rice mills and brokers to purchase paddy at 8,000-9,000 baht per
ton. The farmers are divided into two categories; farmers in irrigation zones and those outside zones. The NCPO should
therefore help them in line with their situation, as farmers outside the irrigation zones have to cover costs of around 6,500-
7,000 baht per Rai.

BY APORNRATH PHOONPHONGPHIPHAT
BANGKOK Wed Jun 18, 2014 5:12am EDT
(Reuters) - Thailand's ruling military will develop a scheme to help rice farmers cover costs, a top officer said
on Wednesday, in place of a scandal-plagued and costly price support program that helped drive the former
prime minister from office.Junta leader General Prayuth Chan-ocha last week had said the scheme of
guaranteeing prices far above market levels would be scrapped, but had not indicated what would replace it.
The lack of a price subsidy will mark the first time in decades that the rice industry inThailand, until recently
the world's top exporter, will operate without direct state intervention.On Wednesday, one of the generals in
charge of the economy said a new scheme would offer soft loans to producers for fertilizer and other inputs and
benefits for their families."We've not mentioned anything about compensation or money to be given to
farmers," General Chatchai Sarikalaya, a member of the ruling National Council for Peace and Order (NCPO),
told reporters after a meeting of senior economic officials.
"What we do plan is help to farmers to cut production costs and provide them with easier access to capital and
soft loans."The plan, he said, would be submitted to Prayuth.World prices are on the decline in anticipation of
what the United States Department of Agriculture says will be bumper crops in major producer countries,
including India,Thailand and Vietnam.Previous governments, regardless of political persuasion, allocated large
sums of money to purchase part of the rice crop to keep prices artificially above market levels.


Keeping the large constituency of rice farmers happy is a priority for the military, which seized power on May
22, pledging to end six months of political turmoil. Discontent among rural residents could derail the junta's
plans to restore order and nurse an economyteetering on the brink of recession.The military has already handed
out 92.4 billion baht ($2.86 billion) in payments to rice farmers that the caretaker government of ousted Prime
Minister Yingluck Shinawatra had failed to disburse.Thai common grade 5 percent white rice was offered at
$390 per metric ton on Wednesday, up from a 2014 low of $370. That price was hit in early May, before the
coup, when a caretaker government rushed to sell rice from state stocks to secure funds to pay arrears to
millions of farmers.
Traders said the introduction of a new scheme would support prices."Prices are set to fall eventually on
increasing supply, but they are unlikely to fall sharply," Charoen Laothamatas, head of the Thai Rice Exporters
Association, told Reuters.A Bangkok-based trader said prices were also supported by demand from traditional
buyers - Indonesia, the Philippines and African and Middle East countries."Prices are unlikely to fall sharply as
there are buyers out there. But there is also very little room for prices to rise as demand is not very strong," he
said.
($1 = 32.3500 Thai baht)
(Editing by Ron Popeski and Michael Urquhart)
FAO forecasts bumper rice output

Star Business Report
Cereal production, including the staple paddy, is likely to increase 1 percent in 2014 from last year's record 5.51
crore tonnes, the Food and Agriculture Organisation said.Assuming a good monsoon season and continued
government support to the rice sector in the form of seeds, fertilisers and fuel subsidies, total paddy production
(including the ongoing aus, aman and boro seasons) will rise 1 percent year-on-year to 5.20 crore tonnes, FAO
said.In 2013, rice production stood at 5.15 crore tonnes, a record output.On average, aus, aman and boro
seasons account for 7 percent, 38 percent and 55 percent respectively of annual paddy production.

Citing remote-sensed data, the United Nations agency said plantation of aus completed by mid-May and the
above-average rainfall from early March to early June over the main rice-producing areas has facilitated land
preparation and early crop development.It puts current season's aus paddy output at 36 lakh tonnes, 3 percent
higher from the corresponding season of last year.Wheat output may also rise 2 percent year-on-year to 14 lakh


tonnes, it said.This reflects a slight expansion in area planted due to high prices at sowing time and improved
yields, following adequate supplies of irrigation water, said FAO.Production of maize is also likely to increase
in the current year.

Despite high rice production last year, cereal imports are forecasted to surge 70 percent to 32 lakh tonnes in
fiscal 2013-14.The projected increase mainly reflects higher wheat imports, said FAO, citing that wheat
imports are expected to soar 40 percent to 26 lakh tonnes from last year's low level.The increased wheat import
reflects the government efforts to restore stock for public distribution programmes and stabilise domestic
prices.Rice imports, mainly by private traders, may increase to 6 lakh tonnes this year, prompted by lower
prices in international market, it said.Meanwhile, the UN agency said rice and wheat prices fell slightly in May
with the start of the 2014 Boro harvest.

Rice prices are expected to decline further in the coming months when the bulk of the harvest will enter the
markets, it said.Similarly, wheat flour prices weakened in May, as a result of the record 2014 wheat harvest
and continuing distributions by the government through open market sales.However, the ongoing procurement
programme, which is set to end in June, offset further price declines, said FAO.

Published: 12:00 am Thursday, June 19, 2014

Nagpur Foodgrain Prices Open- June 18
Wed Jun 18, 2014 2:58pm IST
Nagpur, June 18 (Reuters) - Gram prices in Nagpur Agriculture Produce and
Marketing Committee (APMC) reported higher on good buying support from local millers amid tight supply from
producing regions because of heavy rains yesterday evening. Fresh rise on NCDEX,upward trend in Madhya Pradesh
gram prices and renewed buying support from South-based millers also jacked prices, according to sources.
* * * *
FOODGRAINS & PULSES
GRAM
* Gram varieties ruled steady in open market here but demand was poor weak in
restricted trading activity.

TUAR
* Tuar gavarani reported a marginal rise in open market here on good demand from local
traders amid thin supply from producing belts.


* Watana green best zoomed up in open market on good marriage season demand from local
traders amid tight supply from producing regions.

* In Akola, Tuar - 3,800-4,100, Tuar dal - 5,700-6,000, Udid at 6,500-6,800,
Udid Mogar (clean) - 7,600-8,100, Moong - 7,200-7,600, Moong Mogar
(clean) 8,600-9,300, Gram - 2,000-2,200, Gram Super best bold - 3,000-3,300
for 100 kg.

* Wheat, rice and other commodities remained steady in open market
in thin trading activity, according to sources.

Nagpur foodgrains APMC auction/open-market prices in rupees for 100 kg

FOODGRAINS Available prices Previous close
Gram Auction 2,000-2,490 2,000-2,400
Gram Pink Auction n.a. 2,100-2,600
Tuar Auction n.a. 3,800-4,250
Moong Auction n.a. 4,600-5,000
Udid Auction n.a. 4,300-4,500
Masoor Auction n.a. 2,600-2,800
Gram Super Best Bold 3,500-3,600 3,500-3,600
Gram Super Best n.a.
Gram Medium Best 3,100-3,300 3,100-3,300
Gram Dal Medium n.a. n.a.
Gram Mill Quality 2,800-2,900 2,800-2,900
Desi gram Raw 2,500-2,800 2,500-2,800
Gram Filter new 2,900-3,100 2,900-3,100
Gram Kabuli 8,000-10,000 8,000-10,000
Gram Pink 7,300-7,900 7,300-7,900
Tuar Fataka Best 6,100-6,400 6,100-6,400
Tuar Fataka Medium 5,900-6,100 5,900-6,100
Tuar Dal Best Phod 5,500-5,700 5,500-5,700
Tuar Dal Medium phod 5,100-5,400 5,100-5,400
Tuar Gavarani 4,150-4,250 4,100-4,200
Tuar Karnataka 4,000-4,100 4,000-4,100
Tuar Black 7,400-7,700 7,400-7,700
Masoor dal best 6,000-6,200 6,000-6,200
Masoor dal medium 5,800-6,000 5,800-6,000
Masoor n.a. n.a.
Moong Mogar bold 8,900-9,600 8,900-9,600
Moong Mogar Medium best 8,300-8,700 8,300-8,700
Moong dal super best 7,600-8,000 7,600-8,000
Moong dal Chilka 7,700-8,300 7,700-8,300
Moong Mill quality n.a. n.a.
Moong Chamki best 7,800-9,000 7,800-9,000
Udid Mogar Super best (100 INR/KG) 8,200-8,500 8,200-8,500


Udid Mogar Medium (100 INR/KG) 6,800-7,600 6,800-7,600
Udid Dal Black (100 INR/KG) 5,700-6,000 5,700-6,000
Batri dal (100 INR/KG) 3,800-4,800 3,800-4,800
Lakhodi dal (100 INR/kg) 2,900-3,000 2,900-3,000
Watana Dal (100 INR/KG) 3,350-3,450 3,350-3,450
Watana White (100 INR/KG) 3,700-3,800 3,700-3,800
Watana Green Best (100 INR/KG) 5,200-5,800 5,000-5,400
Wheat 308 (100 INR/KG) 1,200-1,500 1,200-1,500
Wheat Mill quality(100 INR/KG) 1,450-1,550 1,450-1,550
Wheat Filter (100 INR/KG) 1,200-1,400 1,200-1,400
Wheat Lokwan best (100 INR/KG) 1,900-2,200 1,900-2,200
Wheat Lokwan medium (100 INR/KG) 1,600-1,800 1,600-1,800
Lokwan Hath Binar (100 INR/KG) n.a. n.a.
MP Sharbati Best (100 INR/KG) 2,500-3,200 2,500-3,200
MP Sharbati Medium (100 INR/KG) 2,000-2,400 2,000-2,400
Wheat 147 (100 INR/KG) 1,100-1,300 1,100-1,300
Wheat Best (100 INR/KG) 1,500-1,800 1,500-1,800
Rice BPT (100 INR/KG) 2,900-3,200 2,900-3,200
Rice Parmal (100 INR/KG) 1,600-1,800 1,600-1,800
Rice Swarna old (100 INR/KG) 2,700-2,900 2,600-2,800
Rice HMT (100 INR/KG) 3,800-4,200 3,800-4,200
Rice HMT Shriram (100 INR/KG) 4,400-5,200 4,400-5,200
Rice Basmati best (100 INR/KG) 10,400-13,900 10,400-13,900
Rice Basmati Medium (100 INR/KG) 7,300-10,000 7,300-10,500
Rice Chinnor (100 INR/KG) 4,800-5,400 4,800-5,400
Jowar Gavarani (100 INR/KG) 1,300-1,500 1,300-1,500
Jowar CH-5 (100 INR/KG) 1,600-1,700 1,600-1,700

WEATHER (NAGPUR)
Maximum temp. 41.1 degree Celsius (106.0 degree Fahrenheit), minimum temp.
23.7 degree Celsius (74.7 degree Fahrenheit)
Humidity: Highest - n.a., lowest - n.a.
Rainfall : 14.9 mm
FORECAST: Partly cloudy sky. Rains or thunder-showers likely towards evening or night. Maximum and Minimum
temperature likely to be around 34 and 25 degree Celsius respectively.

Note: n.a.--not available

(For oils, transport costs are excluded from plant delivery prices, but included in market prices.)

India to Sell 25% of Rice Stocks in Bid to Curb Inflation

By Prabhudatta Mishra and Ketaki Gokhale Jun 18, 2014 4:43 PM GMT+0500


Photographer: Dhiraj Singh/Bloomberg
Rice samples are displayed at a warehouse store in the Vashi Agricultural Produce.

India will offload about a quarter of its rice stockpiles and ease
restrictions on selling fruits and vegetables to stem Asias
second-fastest inflation as a weak monsoon threatens to curb
crop output.Prime Minister Narendra Modis administration
will sell 5 million tons of rice from central reserves at subsidized
rates as soon as possible, Food Minister Ram Vilas Paswan told
reporters in New Delhi yesterday. It will also help states import
pulses and cooking oils if needed, and fix minimum export
prices for potatoes to discourage overseas sales, Finance
MinisterArun Jaitley said separately.In light of the forecast of
a below-normal monsoon, some hoarding seems to have
started, Jaitley told reporters yesterday after a meeting to
discuss ways to curb inflation.

We will ask states to crack down on hoarders firmly. The steps are being taken in anticipation of further price
rises.Modis government faces pressure to curb quickening inflation several weeks after taking power in a
nation where about 70 percent of the population lives on less than $2 a day. Wholesale price
inflation accelerated to the fastest pace in five months in May and consumer prices rose 8.28 percent.As a first
step, this looks very sensible, Shubhada Rao, an economist at Yes Bank Ltd. in Mumbai, said by phone. The
government taking steps to manage all of this will have a much more calming impact on inflation.

Inflation Risks

More than half of Indias farmlands get water from the June-September rainfall, which has been 49 percent
below normal so far. Food Corp. of India, the nations procuring agency, has been instructed not to retain grains
for more than 18 months, Paswan said.Jaitley said farmers will be permitted to sell fruits and vegetables
anywhere they wish rather than only in state-controlled markets. The government yesterday imposed a
minimum export price of $300 per ton for onions.Food costs have boosted the inflation rate in the last couple of
months and the hope is that with appropriate food management these prices will come down, Reserve
Bank of India Governor Raghuram Rajan said in Mumbai yesterday. He held the benchmark repurchase
rate at 8 percent on June 3, and said further tightening wont be warranted if consumer-price inflation stays on
course to hit 8 percent in January 2015.

El Nino


A 10 percent drop in rainfall may add more than a percentage point to the consumer-price index, and a full
blown drought risks shaving as much as half a percentage point off economic growth, according to HSBC
Holdings Plc. The monsoon will be 7 percent below normal this year as an El Nino emerges, Indias weather
department said on June 9.The probability of an El Nino, which brings drought to parts of Asia, is at 70 percent
in the Northern Hemisphere summer and at 80 percent in fall or winter, the United Nations Food &
Agriculture Organization said in an e-mailed statement yesterday, citing an update on the weather event from its
Global Information & Early Warning System.

An El Nino will reduce Indias monsoon rainfall and crops from cotton to sugar and rice may be hurt, Newedge
LLC said in a report dated June 5. In 2009, the last time India experienced the event, rainfall was 22 percent
below the 50-year average, reducing food-grain output and more than doubling inflation from the previous year,
official data show.The government has amassed about 21 million tons of rice and 42 million tons of wheat,
more than twice the recommended buffer stock, Agriculture Minister Radha Mohan Singh said on June 9. Other
contingency measures under consideration include a diesel subsidy to allow farmers to run pumps to irrigate
standing crops, and more government funds to help buy seeds.

The government should sell 10 million tons of wheat from its inventories starting July to prevent a run-up in
prices, Veena Sharma, secretary of the Roller Flour Millers Federation of India, said in a phone interview.
Domestic prices usually increase from July as the harvest concludes, she said.

To contact the reporters on this story: Prabhudatta Mishra in New Delhi atpmishra8@bloomberg.net; Ketaki
Gokhale in Mumbai at kgokhale@bloomberg.net
To contact the editors responsible for this story: Daniel Ten Kate at dtenkate@bloomberg.

Odisha prepares for erratic monsoon

Bhubaneswar, June 18 (IANS): Odisha, the country's seventh largest producer of paddy, has prepared a
contingency plan to deal with deficient rains this monsoon."We have a contingency plan of corrective measures
in collaboration with Odisha University of Technology," S. Santhanagopalan, director of the state's agriculture
and food production department, told IANS.
"The plans are to deal with an early drought or a medium drought. Early drought means farmers can go for short
duration paddy. Medium drought means farmers can go for pulses.
But if the drought hits late, nothing can be done," he said.The weather office has predicted the state may get
below normal monsoon rain this season."If there is going to be an uniform six percent deficit over all over the
state, we have nothing to worry. However, if there is a deficit in July, farmers will have to go for short duration
paddy," he said.The state has already witnessed a deficit rain in June.


Although many places witnessed rain or thunder shower both Tuesday and Wednesday, the southwest monsoon,
the life line of agriculture, is expected to hit the state in a day or two."We have started stocking short duration
paddy for distribution to farmers if there is a failure in July," he said.Odisha produced an all time high of 9.3
million tonnes of paddy in 2013-14 against six million tonnes it was producing about 10 years ago.
Iran Reports Fall In Rice Imports In Two Months
TEHRAN, June 18 (Bernama) -- Iran imported over 196,600 tonnes of rice in the first two months of the current
Iranian calendar year from March 21 to May 21.The figure shows a 39.34 per cent decline compared to the
same period in the previous year, Iran's Mehr News Agency (MNA) reports.Rice imports during this period
amounted to US$235.1 million, a 36.23 per cent drop over the same period last year, the Iranian Customs
Administration said.

Rice was Iran's fourth major non-oil import commodity in the two-month period, accounting for 3.2 per cent
and 3.06 per cent of the country's total non-oil imports in weight and value respectively.Iran imported 1.96
million tonnes of rice valued at US$2.30 billion in the previous calendar year ending March 20, 2014 -- a 50.86
per cent rise in weight and 74.62 per cent growth in value compared to the year ending in March 2013.Iran's
annual rice production stands at about 2.5 million tonnes and domestic consumption is 3 million tonnes.
Rice piles up as exports slow
Wed, 18 June 2014
Hor Kimsay
Lagging demand from foreign buyers has led to Cambodian rice
being stockpiled at the countrys mills, according to the head of
the countrys peak rice body.Sok Puthyvuth, president of the
Cambodia Rice Federation (CRF), said that with exporters
receiving fewer orders, the countrys larger rice millers have been
able to sell only 20 per cent of stock produced during the most
recent harvest season.[Orders] have fallen sharply in recent
times. Exports this year are proving very difficult for our
members, he said, adding that this time last year, at least 70 per
cent of stock had been sold by the bigger companies for export.
Puthyvuth said the slump in Cambodian rice orders was due to deflated prices in Vietnam and in Thailand,
where a recent rice surplus sell-off saw 12.8 million tonnes equal to about a third of the worlds total export
market flood the market from January.Cambodian rice currently trades at $440 per tonne. Meanwhile, rice in
Thailand and Vietnam is selling for $385 per tonne and $405 per tonne respectively.


With the next harvest season due to begin in just three months, Lim Bun Heng, chairman of rice export firm
Loran Group, said that millers had been pressuring his company to find buyers for Cambodian grain.They are
concerned and are asking us to find a way to export the rice stocks as soon as possible, he said.Most of them
borrow money from banks to buy the rice from the farmers in the first place, so they need to start repayment.
In addition, the informal export of raw paddy, which is often traded over the border, has also slowed, making
collection easier for local millers.However, as demand for exports of Cambodian milled rice weakens, a
bottleneck is resulting, which itself results in increasing stockpiles, Heng added.A rice mill owner, who asked
not to be named for fear of damaging his businesss reputation, said that he had more than 2,000 tonnes of rice
waiting for a buyer in Battambang province.
The mill owner added that he had accrued over $400,000 worth of bank loans to buy the rice off local farmers in
the hope of selling it on to exporters for overseas markets.To pay back the bank only, I am forced to sell the
paddy off at a lower price than what I bought it for, he said.Independent agricultural analyst Srey Chanthy said
Cambodia must lower both paddy and milled rice prices to maintain sustainable competition with regional
producers.Our rice quality is already good, so what we need to do is focus on price, he said.If we can
produce and sell at a similar price as others, we will be able to enter many other markets.Image:Workers plant
a new crop of rice in Kampong Chams Batheay district late last year. Only 20 per cent of rice produced during
the past harvest season has been sold.Hong Menea
Plan will limit crop production costs
Published: 19 Jun 2014 at 00.06 |
Newspaper section: Business
Writer: Phusadee Arunmas
Measures to address low paddy prices and spiralling production costs are likely to be finalised tomorrow, but
some farmers may feel a bit disappointed as neither cash handouts nor any other sort of compensation will be
involved.

Officials from the Office of the Auditor-General and the
army's Region 2 climb to the top of a rice stack kept at a
warehouse in Nakhon Ratchasima province. Inspections
have been carried out nationwide to examine the quantity
and quality of the states pledged rice.PRASIT
TANGPRASERT
The meeting between Gen Chatchai Sarikalya, deputy
head of economic affairs for the National Council for
Peace and Order (NCPO), and representatives from rice
millers, farmers, exporters and relevant state agencies
yesterday agreed on guidelines to help farmers cope with production costs.Within the guidelines, vendors of


chemical fertiliser, insecticide, rice seeds, rice harvesters and land owners who rent their farmland agreed to cut
their product prices, while the state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) is set
to offer special low-interest loans to farmers and committed to design additional measures to raise the paddy
prices.
Gen Chatchai insisted the measures will not include cash or other forms of subsidies, but rather focus on how to
lower farmers' production costs.All proposals raised at the meeting were to be mentioned to NCPO chief Gen
Prayuth Chan-ocha for consideration yesterday evening, so that measure can be in place for the 2014-15 crop
year.BAAC president Luck Wajananawat said lower production prices were estimated to help cut farmers'
production costs by 432 baht a rai from an average of 4,787 baht a rai.If the low-interest loan programme is
included, farmers' production costs drop by a combined 582 baht per rai.
The state bank proposed to cut its loan rate by 3% from the minimum lending rate for six months.Wichien
Phuanglamjiak, president of the Thai Agriculturist
Association, said the junta's commitment to stabilise paddy
prices at 8,500 to 9,000 baht was acceptable, but he urged it
to classify the farmers into two groups, noting that farmers
who stayed in non-irrigated areas normally had higher
production costs, averaging 6,500 to 7,000 baht per
rai.Rawee Rungruang, who leads a network of farmers, said
the guidelines are acceptable given the current limited fiscal
budget conditions. He also urged the junta to help cut diesel
prices for farmers in the same manner provided to the
fisheries sector.
Nipon Poapongsakorn, a distinguished fellow at the Thailand
Development Research Institute, said the junta's focus on
cutting production costs in lieu of cash subsidies was understandable, given budget constraints.But he said the
junta still required close monitoring to check if the cooperation it was asking for from private operators to help
cut production prices could actually be put into practice.Mr Nipon said if cash subsidies were still deemed
necessary, there should be a mechanism to ensure the cash went directly to poor farmers.
Rice agencies, farmers hash out subsidy details
Published: 18 Jun 2014 at 00.34
Newspaper section: Business
Writer: Phusadee Arunmas


A conclusion on how much of a subsidy each rice farming household will
receive has not been settled, but an academic warns the junta it should focus
on the quality of fertiliser if it decides to subsidise the product. Bang Palasan
(in orange shirt), a farmer in Khon Kaen, shows the 100,000 baht she was
paid yesterday by the BAAC for rice pledging. BAAC president Luck
Wajananawat said this was the final payment under the scheme.

Some 89.9 billion was paid to 838,538 farmers.We disagree with any plans to control fertiliser prices, as their prices for
rice plantation are now quite competitive and the import tariff is waived, said Nipon Poapongsakorn, a distinguished
fellow at the Thailand Development Research Institute.The junta is being urged to limit subsidies for rice farmers,
focusing mainly on the poorest ones.To ensure the state subsidy goes directly to poor farmers, the number of rice plots
farmers can own should be limited to 10 rai per family, said Mr Nipon.
He estimates 70 billion baht will be the cost of the state subsidy if it is allocated to 3.5 to 3.7 million farmer households
nationwide under such conditions.A subcommittee on rice production standards and marketing chaired by Gen Chatchai
Sarikalya, deputy head of economic affairs for the National Council for Peace and Order (NCPO), is expected to finalise
measures to help rice farmers deal with low paddy prices and spiralling production costs this week.The NCPO is due to
call a meeting with farmers and millers today to discuss both short- and long-term measures they feel they need.A
National Rice Policy Committee source earlier said 50-60 billion baht would be used to help farmers suffering from low
paddy prices.
Over the long term, the junta pledged to work out measures to cut production costs for farmers such as a cap on prices of
planting raw materials such as fertilisers, chemicals and farmland rental.It also pledged to help subsidise the cost of seeds,
fertiliser and agricultural chemicals worth 1,700 to 2,000 baht a rai by using a combined 40-50 billion baht for 3.5 million
households of rice farmers.The Office of Agricultural Economics estimates farmers have average rice production costs of
4,000 to 4,500 baht per rai.The junta will assign the Bank for Agriculture and Agricultural Cooperatives (BAAC) to
earmark 20 billion baht as working capital for farmers cooperatives and agricultural institutes to buy fertiliser or rice seed
to sell to farmers at low prices.The capital will also be used to buy paddy from farmers to be processed as white rice for
sale to local buyers.
BAAC president Luck Wajananawat said his bank was set to propose measures to the NCPO aimed at helping
farmers.The measures include a special credit line to be given to farmers to delay selling their paddy, available from the
2014-15 season, and a lending facility for agricultural institutes to buy paddy in order to help cut the supply into the
market.
The BAACs long-term measures will look at how to cut production costs for farmers including farmland rental, a
campaign to use more organic fertiliser, a bank dedicated to rice seeds and fertiliser, productivity enhancement and a
central market for rice farmers.Rawee Rungruang, who leads a network of farmers, said the subsidy proposal of 1,700 to
2,000 baht a rai for production costs and a cap of 15 rai was a bit low.We propose a subsidy worth 2,500 baht per rai and
a cap at 30 rai per family, he said.Small-scale farmers should be classified as those owning no more than 25-30 rai per


family.In a related development, the NCPO approved an allotment of 6.6 billion baht yesterday from the central budget
to help rubber farmers suffering from low rubber prices and another 5.49 billion to help rubber farmers affected by natural
disasters from 2013-14.
BAAC completes rice payments
Published: 17 Jun 2014 at 12.25 | Viewed: 2,204 | Comments: 1
Online news: Finance
Writer: Online Reporters
The Bank for Agriculture and Agricultural Cooperatives (BAAC) made the final outstanding payments to
farmers who had pledged rice to the previous government, and closed the book, in Khon Kaen on
Tuesday. BAAC president Luck Wajananawat said the bank had distributed another 90 billion baht to over
800,000 farmers in overdue payments for pledged rice frorm the harvest year 2013/2014, which ended in
February.A total of 1.69 million farmers had pledged 11.81 million tonnes of main crop rice for a total of
195.45 billion baht.

The BAAC had now paid them 195.394 billion baht -- 164.894 billion baht from the Commerce Ministrys
sales of rice, 10.5 billion baht from a special farmer fund and 20 billion baht from the governments central
budget.However, there were still small numbers of farmers in the South, where the harvest season was later
than in other regions, and farmers with some document problems who have not yet received payment. Mr Luck
said the comletion of the payments, which is five days earlier than the schedule of June 22, was expected to
help drive the economy and generate around 0.2% in additional GDP growth.Under the previous government
led by then prime minister Yingluck Shinawatra, the government bought up every grain of rice at the pledged
prices, which were 40-50% higher than market prices -- resulting in huge losses and an inability to make
payments.

Badal slashes cancer cess on rice millers' demand

HT Correspondent, Hindustan Times Chandigarh, June 18, 2014
First Published: 21:21 IST(18/6/2014) | Last Updated: 21:23 IST(18/6/2014)
Conceding demand of the Punjab Rice Millers and Exporters Association, Punjab chief minister Parkash Singh
Badal on Wednesday announced to slash the cess levied on the purchase of basmati from 0.25% to 0.1% on
account of a dedicated fund for cancer and drug de-addiction treatment (CADA fund) with minimum annual
contribution of `50 crore.A decision to this effect was taken by the chief minister in a meeting with the
delegation of the Rice Millers and Exporters Association led by its president Arvinder Pal Singh here at the
CMO on Wednesday.


Expressing gratitude to the chief minister for accepting their long-pending demand, the delegation assured
Badal that in case during a particular season the total amount of cess levied on the purchase of basmati fell short
of `50 crore, the deficit would be voluntarily borne by the association as per their commitment.Responding to
another demand to wave the condition of 200 metre of mix land use along both sides of the Amritsar-Tarn
Taran road, the chief minister asked the Punjab Urban Planning and Development Authority to get this issue
sympathetically examined before taking a final decision so that the investment in the rice sheller industry is not
hampered.
On the pursuance of the chief minister, the delegation agreed to run a 25-bed drug de-addiction centre by their
association in the building allotted by the state government in Amritsar. They also agreed to bear the entire cost
of medicine, logistics besides hiring manpower, including the requisite doctors and psychiatrists, as per the
norms prescribed by the health department.

KMP warns against intense hunger with price of rice rising

Category: Agri-Commodities
18 Jun 2014
Written by Jonathan L. Mayuga
THE Kilusang MagBubukid ng Pilipinas (KMP) on Wednesday urged the Catholic Bishops Conference of the
Philippines (CBCP) to take the cudgel and stand beside the Filipino poor on the spike of food prices,
particularly the staple food, which it blames on the governments alleged anti-poor and anti-people
policies.KMP Chairman Rafael Mariano wants CBCP to break its silence on the ongoing food-price hikes in the
country and tell the government to act with dispatch to address the problem.The group said that with no rice
price rollback in sight, and with more price hikes waiting to happen in the next few months until October, the
poor, who could not afford the high prices of basic food commodities such as rice, will be severely affected.
Farmers, workers, fishers, and the urban poor are the hardest hit by the recent spikes in food prices brought
about the alleged rice importation and trade-liberalization policy being pursued by the Aquino administration,
Mariano said.Worse, he said the government is aggravating the situation with the removal of regulation and
control on prices and its alleged coddling of rice cartels and smugglers, and lack of subsidy to rice farmers.The
Aquino government is deceiving the Filipino people. It does not have a concrete solution to the lingering food
and hunger problem, Mariano said, noting that Malacanangs prediction of food stability by September is
baseless and a mere political pacifier.The rice-price hikes started in July last year with a P2 to P4
increase. This caused prices of commercial rise to go up from P32 to a low of P34 and as high as P36 per kilo.
Another wave of price increase happened last September pegging prices between P38 to P40. The current P2
increase in rice prices pegged the prices of commercial rice at P42.In retail stores that sell rice, prices are as


high as P48 to P65 per kilo, depending on the quality of the grains.The KMP said rice-price hikes and intense
hunger will continue to hound the country in the next few months and worse, with Aquinos anti-poor food
policy, there is no price rollback in sight even during harvest season in October.
KMP cited a report of the Bureau of Agricultural Statistics stating that countrys rice inventory could last for
74 days, longer than the 64 days in April.Of the total inventory last month, 39 days worth of rice were held by
households, while 21 days were in commercial warehouses. The remaining 14 days were in depositories of the
National Food Authority (NFA). Mariano said the 14-day supply held by the NFA cannot influence prices in the
local market. This is exactly the reason why cartels increased rice prices in a click of a mouse, Mariano
said. The rice situation will get worse with the governments release into the local market of the 800,000 metric
tons of imported rice currently entering the countrys ports, he said.
The release of the imported rice, that will eventually fall at the hands of rice cartels, will further push rice
prices up, Mariano said.The KMP also continued to belie reports that so-called market forces and the high
prices of palay (unhusked rice) caused the sudden increases in rice prices.In the Philippine rice industry where
big landlords and rice cartels rule and dictate price movements, the so-called market forces theory is nothing but
pure fiction, Mariano said.He said in the provinces of Isabela and Quirino the buying price of traders for
newly harvested or wet palay are now pegged at P17-18 per kilo while prices of dry palay are pegged at
P20-22 per kilo. In Bicol, the price of wet palay is pegged at P18.50 per kilo.Mariano said the government
should stop blaming rice farmers in their failure to address rice price increases.The average P17 per kilo of
palay at the farm gate completely belie claims that high palay prices triggered rice price hikes, he said.The KMP
noted that in Guimba town in Nueva Ecija, agents by traders are allegedly buying dried palay at a price of P26
per kilo. However, farmers do not have palay to sell at P26 per kilo since farmers no longer have palay
15th RMA Convention: Trends, Challenges, Opportunities
Chris and Chase Crutchfield
RMA Chairman Chris Crutchfield, and future chair Chase Crutchfield kick off the Convention
LAKE TAHOE, NV -- The 115th USA Rice Millers' Association (RMA)
Convention got underway with this morning with two special presentations,
first the national anthem was performed by RMA Chairman Chris
Crutchfield's five-year old daughter, Chase, and the RMA Distinguished
Service Award was presented to Marvin Baden of Producers Rice Mill. The
first day's general session and trade show highlighted markets, trade, and
new products and technologies. "This year's convention promises to be
provocative as well as informative," said Crutchfield. "The educational
program covers a variety of topics including the commodity super cycle,
global competitiveness, and a discussion on the current realities of the rice
trade in Mexico. Add to that sessions on "big picture" business
opportunities and changing consumer trends and you can see we've got


something for everyone.
"Among the speakers scheduled to appear at this year's convention are commodity expert David Hightower,
Under Secretary of Agriculture Michael Scuse, and the CEO of AgriGrain Mexico S.A. de C.V., Guillermo
Crdenas. Founded in 1899, RMA is one of the oldest agribusiness trade organizations in America. RMA
membership, which includes farmer-owned cooperatives and privately-owned mills, represents virtually all of
U.S. rice milling capacity, with mill members in Arkansas, California, Florida, Louisiana, Mississippi,
Missouri, and Texas. RMA associate members include exporters, shippers and other businesses allied with the
rice trade.
Contact: Deborah Willenborg, (703) 236-1444
Marvin "Butch" Baden Honored with RMA Distinguished Service Award
Keith Glover and Butch Baden
A lifetime of service honored
LAKE TAHOE, NV - Today, the USA Rice Millers' Association (RMA) named Marvin "Butch" Baden of
Producers Rice Mill, Stuttgart, Arkansas, recipient of the RMA Distinguished Service Award, the association's
highest honor. Baden began his service on the RMA Board in 1982 and served as Chairman in 1992. He has
chaired the Convention Coordinating Committee since 1996. "Butch has given 56 years to the U.S. rice
industry during which time he has sold, or been responsible for selling, more than 1.3 billion bushels of rough
rice here and around the world," said Keith Glover, president and CEO of Producers Rice Mill who made the
award announcement.
"I can think of no more appropriate award to bestow on Butch than the lifetime achievement award, and on
behalf of all the people whose lives he has touched in a positive way, I extend my sincere and heartfelt
appreciation and congratulations.""The RMA Distinguished Service Award is our association's highest honor
and a fitting tribute to recognize Butch's dedication and contributions to RMA, the rice milling industry, and the
rice industry as a whole," said RMA Chairman Chris Crutchfield who presented the award to Baden.Baden was
caught off guard by the surprise presentation, but true to form, he recovered quickly, expressed his appreciation
and told the crowd how lucky he considers himself to have spent his life working in an industry he truly
loves.The RMA Distinguished Service Award honors extraordinary lifetime contributions to the industry and is
not awarded each year.
The last award was given in 2011.Baden began working in the rice industry at the age of 17 and held numerous
positions, first at Riceland, and at Producers Rice Mill for the past 36 years. His wife of 52 years, Kaye, was on
hand for the presentation. Baden has two sons and seven grandchildren, all of whom joined Baden in
celebrating this important event.
Contact: Michael Klein (703) 236-1458


CCC Announces Prevailing World Market Prices
WASHINGTON -- The Department of Agriculture's Commodity Credit Corporation today announced the
following prevailing world market prices of milled and rough rice, adjusted for U.S. milling yields and location,
and the resulting marketing loan-gain (MLG) and loan deficiency payment (LDP) rates applicable to the 2013
crop, which became effective today at 7:00 a.m., Eastern Time (ET). Prices are unchanged from the previous
announcement.
World Price
MLG/LDP
Rate

Milled
Value
($/cwt)
Rough
($/cwt)
Rough
($/cwt)
Long-Grain 17.72 11.63 0.00
Medium-/Short-
Grain
17.37 11.89 0.00
Brokens 12.14 ---- ----

This week's prevailing world market prices and MLG/LDP rates are based on the following U.S. milling yields
and the corresponding loan rates:

U.S. Milling Yields
Whole/Broken
(lbs/cwt)
Loan Rate
($/cwt)
Long-Grain 57.94/11.23 6.65
Medium-/Short-Grain 63.26/7.45 6.58

The next program announcement is scheduled for June 25.
CME Group/Closing Rough Rice Futures
CME Group (Preliminary): Closing Rough Rice Futures for June 18


Month Price Net Change

July 2014 $14.785 + $0.135
September 2014 $13.810 - $0.200
November 2014 $13.990 - $0.200
January 2015 $14.140 - $0.195
March 2015 $14.295 - $0.200
May 2015 $14.295 - $0.200
July 2015 $14.295 - $0.200

US wants science to settle GMO debate in trade deal with EU
18/06/2014 - 08:50
US Agriculture Secretary Tom Vilsack at the National Press Club in Washington, DC. June 2011. [USDA/Flickr]
A planned EU/US trade deal should sweep away "non-
scientific barriers" to US sales of many genetically
modified crops and some chemically treated meats in
Europe, the US agriculture secretary said on Tuesday (17
June).The two sides aim to create the world's largest free-
trade pact, whose advocates say it could boost their economies
by $100 billion (74bn) a year each.But after a year of talks on
the Transatlantic Trade and Investment Partnership (TTIP),


agriculture is emerging as one of the most difficult areas.The European Union has ruled out importing meat
from animals injected with hormones and said that it will not simply open the door to GM crops.
Vilsack: 'Science is a common language'
US Agriculture Secretary Tom Vilsack said both sides should have the common goal of opening markets and
eliminating "non-scientific barriers"."Science is a common language ... We will be working towards making
sure that whatever agreements are reached, they are consistent with sound science," he told a media briefing
during a visit to Brussels.In the case of GM crops, the EU has cleared for import some 50 of about 450
commercial strains. The bloc takes in about 30 million tonnes a year for its cattle, pigs and poultry, but EU
retailers hardly stock any GM food because of widespread consumer resistance.Vilsack said it was not
acceptable that it took four years or more for GM strains to gain access to European markets after winning
clearance from the European Food Safety Authority. That compared with a US norm of about 18 months.The
United States is demanding the regulatory process be harmonised.The European Commission said EU Trade
Commissioner Karel De Gucht had repeatedly set out red lines on a number of contentious issues for the
European public and that the European Union would not be changing its food safety laws under TTIP."That
goes for genetically modified food and hormone-treated beef as much as other products," Commission
spokesman John Clancy said.
Safety argument
Ecological group Greenpeace says GM crops are part of large-scale intensive farming which degrades soils and
pollutes water. It says they create herbicide-resistant superweeds that require more pesticides and are not proven
to be safe to eat, with much of the research funding coming from industry.
Vilsack said the US government was very concerned about suggestions that GM products posed a safety risk,
which he said was not borne out by science.Labelling, suggested by some in Europe, would not be a solution, he
said. US labels, he said, typically concerned nutritional information or carried a specific warning, for example
to alert those with a peanut allergy.Insisting on a label indicating a foodstuff contained a GM product risked
sending a wrong impression that this was a safety issue, he said.Vilsack said smartphones might offer an
eventual solution by allowing consumers who wanted extensive information, such as on GM content, to gain
access to it by scanning a barcode in a supermarket.


Vilsack said the European Union should also rethink its current bans on chlorine-washed chicken and beef from
cattle raised with growth hormones.Only last month German Chancellor Angela Merkel ruled out imports of the
former. But Vilsack said the chlorine treatment was a safe way of reducing pathogens.He added that a deal
struck with the EU to allow in a quota of hormone-free US beef to settle a dispute at the World Trade
Organisation was not a permanent solution."We are still going to have to have some conversation about the beef
question," he said.The European Commission said what could be offered to the United States was the possibility
of exporting a greater quota of hormone-free beef, as has already been agreed between the EU and Canada.

By Apornrath PhoonphongphiphatReuters
4:17 a.m. CDT, June 18, 2014

By Apornrath Phoonphongphiphat

BANGKOK (Reuters) - Thailand's ruling military will develop a scheme to help rice farmers cover costs, a top
officer said on Wednesday, in place of a scandal-plagued and costly price support program that helped drive the
former prime minister from office.Junta leader General Prayuth Chan-ocha last week had said the scheme of
guaranteeing prices far above market levels would be scrapped, but had not indicated what would replace it.
The lack of a price subsidy will mark the first time in decades that the rice industry in Thailand, until recently
the world's top exporter, will operate without direct state intervention.On Wednesday, one of the generals in
charge of the economy said a new scheme would offer soft loans to producers for fertilizer and other inputs and
benefits for their families. "We've not mentioned anything about compensation or money to be given to
farmers," General Chatchai Sarikalaya, a member of the ruling National Council for Peace and Order (NCPO),
told reporters after a meeting of senior economic officials.

"What we do plan is help to farmers to cut production costs and provide them with easier access to capital and
soft loans."The plan, he said, would be submitted to Prayuth.World prices are on the decline in anticipation of
what the United States Department of Agriculture says will be bumper crops in major producer countries,
including India, Thailand and Vietnam.Previous governments, regardless of political persuasion, allocated large
sums of money to purchase part of the rice crop to keep prices artificially above market levels.


Keeping the large constituency of rice farmers happy is a priority for the military, which seized power on May
22, pledging to end six months of political turmoil. Discontent among rural residents could derail the junta's
plans to restore order and nurse an economy teetering on the brink of recession.The military has already handed
out 92.4 billion baht ($2.86 billion) in payments to rice farmers that the caretaker government of ousted Prime
Minister Yingluck Shinawatra had failed to disburse.Thai common grade 5 percent white rice was offered at
$390 per metric ton on Wednesday, up from a 2014 low of $370. That price was hit in early May, before the
coup, when a caretaker government rushed to sell rice from state stocks to secure funds to pay arrears to
millions of farmers.
Traders said the introduction of a new scheme would support prices."Prices are set to fall eventually on
increasing supply, but they are unlikely to fall sharply," Charoen Laothamatas, head of the Thai Rice Exporters
Association, told Reuters.A Bangkok-based trader said prices were also supported by demand from traditional
buyers - Indonesia, the Philippines and African and Middle East countries."Prices are unlikely to fall sharply as
there are buyers out there. But there is also very little room for prices to rise as demand is not very strong," he
said.
($1 = 32.3500 Thai baht)
(Editing by Ron Popeski and Michael Urquhart)
China Now Has Steamed Rice Vending Machines
Hit-Or-Miss
June 17, 2014 // 4:06 pm // By: Dominique Zamora

No offense, but we kind of figured this thing already existed. At the South China
University of Technology, theyve just installed new vending machines
specifically designed to drop mushy dollops of steamed rice directly onto
students clanking silver trays. Hows that for technology?.Installed in what
looks like a cafeteria, the two machines allow students to swipe their cards
before automatically dispensing warm steamed white rice an irrefutable (if
slightly stereotypical) staple in many an Eastern Asian diet.Other iterations of
the rice vending machine have appeared on the interwebs in the past, but always in dry bag form. Which is kind
of weird coming from a country that eats so much rice and already has a live crab vending machine. Uhh?
H/T FWF

Cost-Buster Cooking: Beans and rice make a cool summer salad combo
June 18, 2014 01:00 AM,
Were now entering the time of the year that we start looking for cold versions of many of our favorite foods
ones that are enjoyed piping hot at other times of year. Potato salad replaces mashed potatoes, while chilled
pasta replaces hot pasta or polenta.And then theres the time-honored combination of beans and rice. These two
inexpensive foods have become the backbone of the diet in many countries around the world for centuries, and
they can be served cold, too. What ancient peoples from the Caribbean and Africa to Latin America and the


Pacific Basin knew intuitively and we now know scientifically is that these two foods eaten either together or
within a few hours of each other create a complete protein. Thats why beans and rice are included in so many
vegetarian and vegan diets the do not take advantage of the complete proteins provided by animals.

Not to turn this into a nutrition class, but your body needs protein to build and repair tissue, and proteins are
made up of amino acids, eight of which are essential and must come from food because the body cant make
them. Animal protein, including meats and cheeses, all contain the Essential Eight but plant sources lack at
least one. Youll find that serving rice and bean salad during the summer is a delicious way to utilize these
inexpensive foods.

Cost-Buster Cooking tips

Both of these recipes call for cans of precooked beans. But youve got to cook the
rice yourself and its going to be hot. Heres a trick used in professional kitchens:
Spread out hot food in as thin a layer as possible on a baking sheet and refrigerate it.
While a deep mixing bowl of hot rice would take an hour or more to even reach room
temperature, a thin layer will chill in 10 minutes.Rice has some aroma and flavor, but
its subtle. But a way to have vibrant flavor in rice salads without too much oil-based
dressing is to flavor the rice as it cooks. Of course cook rice in water if youre going
to top it with a stew, but when its the star of a hot dish or a salad become more
creative. Cook it in stock or tomato juice. If using water, season it with anything from herbs and spices to garlic
cloves or slices of fresh ginger.

And always remember to salt whatever liquid you use.Feel free to substitute brown rice for white rice in any
recipe. Theres no question that the grains still covered the germ and bran are more nutritious, but the downside
is that brown rice can take upwards of fifty minutes to cook while white rice is ready in 15 minutes. If using a
recipe calling for white rice, add an extra 1/2 cup of liquid to the brown rice to compensate for the evaporation
that will occur during cooking.Ellen Brown, founding food editor of USA

Today, is the author of 41 cookbooks, including The New Cast Iron Skillet Cookbook: 150 Fresh Ideas for
Americas Favorite Pan (Sterling Epicure, 2014). She lives in Providence. E-mail her at
cost.buster.cooking@gmail.com.
Yellow Rice and Black Bean Salad
1 1/2 cups chicken stock
3/4 teaspoon turmeric
2 garlic cloves, minced
1 chipotle chile in adobo sauce, finely chopped
1 (2-inch) cinnamon stick
Salt to taste
1 cup long-grain white rice
1 (15-ounce) can black beans, drained, rinsed, and chilled
1 cup cherry or grape tomatoes


2 teaspoons ground cumin
1/4 cup lime juice
Freshly ground black pepper to taste
1/4 cup olive oil
Lime wedges for garnish (optional)
Combine the chicken stock, turmeric, garlic, chile, cinnamon stick, and salt in a saucepan and bring to a boil
over high heat, stirring occasionally. Stir in the rice, reduce the heat to low, and cook the rice, covered, for 15 to
18 minutes, or until the liquid is absorbed and the rice is tender. Chill the rice until cold.
Combine the rice, beans, and tomatoes in a bowl. Combine the cumin, lime juice, salt, and pepper in a jar with a
tight-fitting lid and shake well. Add the oil, and shake well again. Drizzle the dressing over the salad and serve,
garnishing the platter with lime wedges, if using.
Note: The rice can be cooked up to 2 days in advance and refrigerated, tightly covered. Do not assemble the
salad or toss it with the dressing until just before serving.
Serves 4 to 6.
Cajun Red Bean and Rice Salad
1 cup long-grain rice
1 teaspoon dried thyme
Salt and freshly ground black pepper to taste
1 (15-ounce) can red kidney beans, drained, rinsed, and chilled
4 scallions, white parts and 3 inches of green tops, thinly sliced
1/4 green bell pepper, seeds and ribs removed, finely chopped
1 celery rib, finely chopped
1/3 cup cider vinegar
1 tablespoon Dijon mustard
2 garlic cloves, minced
2 teaspoons Cajun seasoning
1/2 cup olive oil
Bring 1 1/2 cups of water to a boil over high heat, stirring occasionally. Stir in the rice, thyme, salt, and pepper.
Reduce the heat to low, and cook the rice, covered, for 15 to 18 minutes, or until the liquid is absorbed and the
rice is tender. Chill the rice until cold.
Combine the rice, beans, scallions, green bell pepper, and celery in a bowl. Combine the vinegar, mustard,
garlic, and Cajun seasoning in a jar with a tight-fitting lid and shake well. Add the oil, and shake well again.
Drizzle the dressing over the salad and serve.
Note: The rice can be cooked up to 2 days in advance and refrigerated, tightly covered. Do not assemble the
salad or toss it with the dressing until just before serving.
Serves 4 to 6.
For Advertising SPECS & RATES
Contact: Advertising Department
Mujahid Ali
mujahid.riceplus@gmail.com +92 321 369 2874

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