9th July, 2014 Daily Exclusive ORYZA E-Newsletter by Riceplus Magazine

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TOP Contents - Tailored for YOU
Latest News Headlines
Oryza U.S. Rough Rice Recap - Steady Market as Buyers and Sellers Wait for Better Prices
Oryza June 2014 Rice Market Review
Oryza Rice Currency Analysis for Today Brazil Real Advances 0.6%
Oryza Afternoon Recap - Chicago Rough Rice Futures Move Higher as Shorts Hold out on Registering New
Receipts
What if EU Does Not Reconsider Duty Free Rice Imports from LDCs? Riso Italiano Shares its Views with Oryza
Will 2016 Be the Year of Golden Rice?
Missing Rice Bags, Poor Quality Rice Scam Rocks Thai Paddy Sector
Over 87% of Italy 2013-14 Paddy Crop Sold as of July 1, 2014; Three Months Until New Crop Harvest
Vietnam Exports 585,346 Tons of Rice in May 2014; Up 9% m/m and Down 9% y/y
Oryza Overnight Recap - Chicago Rough Rice Futures Bounce Higher Overnight on Support from Other Grains
Pakistan Plans to Strengthen Rice Export Ties with China
Nigeria Lowers Import Duty on Rice Under New Three-Year Fiscal Policy Measure
Asia Rice Quotes Unchanged Today
Cambodia Exports 177,928 Tons of Rice in January-June, 2014; Up 1% from Last Year
Brazil Paddy Rice Index Declines Slightly From Last Week
Philippines Mulls New Rice Policy with More Imports and No Subsidies
European Farmers Federation Collaborates with IBMA to Develop Plant Protection Solutions in EU
Oryza Global Rice Quotes

News Detail

Oryza U.S. Rough Rice Recap - Steady Market as Buyers and Sellers Wait for Better
Prices


Jul 08, 2014
The U.S. cash market held steady today with very little trade activity as buyers and sellers continue to hold out
for better prices.As of today, old crop offers could still be found near $15.55 per cwt fob farm (about $343 per
ton) for July shipment although a few sellers are hoping to net around $16.00 per cwt fob farm (about $355 per
ton) before the end of the marketing year.
Bids from exporters were unchanged around $14.70 per cwt (about $324 per ton) for July delivery while some
smaller mills were still said to be paying around $15.90 per cwt (about $351 per ton) for the same delivery
period although no trades were reported.

Oryza June 2014 Rice Market Review

The Oryza White Rice
Index, a weighted average
of global white rice export
quotes, ended the month of
June at $461 per ton, up $1
per ton from a month ago
and down $13 per ton from
a year ago. Asian quotes
remained fairly stable in
June. Only in Thailand did
rice quotes have some
momentum, due to
temporary suspension of
rice sales from government
stocks.

The IGC has estimated
2014 world rice trade at a
record 40 million tons, up
about 5% from 38 million
tons in 2013 due to
increased imports by Far
East Asian and African
countries. The IGC
estimates 2013-14 global


rice production at about 476 million tons, up about 1% from about 472 million tons in 2012-13 mainly due to
improved harvests in India, Vietnam and Pakistan. And world rice ending stocks in 2013-14 is expected to
decline to about 109 million tons from about 110 million tons in the previous year, according to the IGC.

Thailand

Thailand 5% broken rice ended the month of June at about $385 per ton, up about 1% from a month ago and
down about 20% from a year ago.

Thailands general election may be held October 2015 and interim cabinet is expected by September 2014,
Thailand military government announced at end of June. Separately, the Bank of Agriculture and Agricultural
Cooperatives in Thailand has completed all the outstanding payments to rice farmers five days ahead of the
scheduled date of June 22, 2014, according to local sources. The bank had paid about 90 billion baht (about
($2.8 billion) to about 800,000 farmers, who pledged paddy rice from the 2013-14 main crop (October 2013 -
February 2014) since the military junta has taken over on May 22 and prioritized payments to rice farmers.

The Thai military government has announced cultivation subsidy and soft loans as measures to help rice farmers
after recently abandoning the populist rice pledging scheme, according to local sources. The Bank of
Agriculture and Agricultural Cooperatives has also offered about 137 billion baht (about $4 billion) loans to rice
farmers as a part of the military government's plans to provide measures such as cultivation subsidy and soft
loans to help rice farmers.

Meanwhile, the Thai Rice Exporters Association expected that Thailand will export about 9 million tons rice in
2014. Thailand paddy rice production is estimated to reach about 38.8 million tons in crop year 2014-15
(January 2014 - December 2014), slightly more than the estimated 38.79 million tons in 2013-14, despite a 1%
decline in planted area this year, according to data from the Office of Agricultural Economics .

In beginning of the month, Thailand's National Anti-Corruption Commission will probe assets and liabilities of
the former Prime Minister, Yingluck Shinawatra, two of her former Commerce Ministers and two of her Deputy
Commerce Ministers who were involved in framing policy for rice pledging scheme as well as sale of rice
stocks, according to local sources.

India

India 5% broken rice ended the month of June at about $435 per ton, up about 1% from a month ago and down
about 2% from a year ago.

Indias rice stocks in the central pool as of June 1, 2014 were about 28.03 million tons (including a milled
equivalent of about 11.361 million tons of paddy), down about 16% from about 33.306 million tons recorded
during the same time last year and double the required buffer and strategic reserve norms of about 14.2 million
tons for this time of the year, according to data from the Food Corporation of India.


Meanwhile, India exported a total of 10.78 million tons of rice in fiscal year 2013-14 (April 1, 2013 - March 31,
2014), up about 6% from about 10.15 million tons exported in FY 2012-13, according to data from the
Agricultural and Processed Food Products Export Development Authority (APEDA) in India.

The Indian government is planning to release about 5 million tons of rice from central reserves into the open
markets, to prevent rice price hikes due to likely El Nino-triggered poor monsoons, according to sources.
Separately, the Indian government has increased the minimum support price (MSP) for paddy rice to about
Rs.1,360 per quintal ($226 per ton), up about 3.8% from about Rs.1,310 per quintal (about $218 per ton) for
common grade paddy and the MSP for Grade 'A' paddy to about Rs.1,400 per quintal (about $233 per ton), up
about 4% from about Rs.1,345 per quintal (about $223 per ton), for the 2014-15 crop year (October -
September).

Meanwhile, some analysts are expecting India wholesale rice prices to remain stable in 2014 despite below-
normal monsoon as predicted by the Indian Meteorological Department, as the government has enough rice
stocks. Separately, the Indian Meteorological Department has predicted a 60% probability of El Nino occurring
this monsoon season (June - September). However, The Indian government is ready with contingency plans for
dealing with El Nino triggered poor monsoon rains, according to the Indian Agriculture Minister.

The Indian state of Punjab, the largest producer of basmati rice in the country, has proposed to double area
under basmati to one million hectares from the current 500,000 hectares, and cut-down area under non-basmati
paddy by about 120,000 hectares over the next couple of years, because some new high-yielding basmati variety
will require less irrigation than common rice, according to local sources.

Vietnam

Vietnam 5% broken rice ended the month of June at about $410 per ton, up about 1% from a month ago and up
about 11% from a year ago.

Vietnam exported about 3 million tons of rice in first half of the year 2014, down about 14% from about 3.5
million tons of rice exported during same time last year, according to data from the Vietnam Food Association
(VFA). The average rice export price so far in this year stands at about $432 per ton (FOB), up about $1 per ton
from about $431 per ton recorded during same time in last year.

The Vietnam government has issued a blueprint to develop domestic rice market as well as expand trade
promotion activities to increase Vietnamese rice exports, according to local sources. In this plan the government
will study the current and past rice export situation and will recommends solutions to expand exports in the
future. They will also work towards striking a balance between the domestic market's supply and demand for
commercial rice and exports markets.

Pakistan


Pakistan 5% broken rice ended the month of June at about $445 per ton, down about 3%from a month ago and
up about 5% from a year ago.

According to the FAO, Pakistan is expected to export about 3.3 million tons of rice in 2014, up about 5% from
last year. The FAO estimates that Pakistan will produce about 9.8 million tons paddy in 2014, up about 2%
from last year. Meanwhile, The National Space Agency of Pakistan (SUPARCO) has estimated Pakistan FY
2013-14 (July - June) milled rice production at about 7 million tons from an estimated area of about 2.879
million hectares and an estimated yield of about 2.5 tons per hectare.

Separately, Pakistan's opposition party, also urged the government to fix minimum support price (MSP) for
basmati rice at Rs.3,000 per 40-kilogram bag, or Rs.75,000 (about $755) per ton to help rice farmers and
exporters become more competitive versus Indian and Thai exporters, according to local sources. The party
leader also urged the government to fix the MSP for non-basmati IRRI rice at Rs.1,500 per 40-kilogram bag, or
Rs.37,500 (about $378) per ton. Meanwhile, Pakistan rice sector has been ignored in the recently announced
budget despite it being the second largest foreign exchange earner.

The Pakistan Agricultural Storage and Services Corporation is planning to re-open tender to sell about 201,000
tons of rice, as the previous tender fetched too low price, according to local sources.

Cambodia

Cambodia 5% broken rice ended the month of June at about $445 per ton, up about 1% from a month ago.

Cambodia has joined hands with Thailand to build a state-of-the art rice milling and refining factory with an
estimated investment of about $50 million according to some local sources. The factory will be operational by
the first quarter of 2015 and will be capable of processing about 300,000 tons of rice annually. Separately,
Cambodia rice exporters fear that the Indian government's decision to release 5 million tons of rice in the open
market to control price hikes may have a spillover effect on global rice exports, according to local sources.
Meanwhile, the Acting Secretary of the Cambodian Rice Federation told local media sources though it is
immediately difficult to assess the impact of India's move on Cambodia's exports; he expressed concern that the
move will affect global rice prices.

Brazil

According to CONAB, Brazil paddy rice production is expected to reach at about 12.25 million tons, up about
4% from about 11.82 million tons produced in last year. Meanwhile, Brazil has exported about 557,063 tons of
rice in January - May 2014, up about 35% from about 412,639 tons exported during the same period last year,
according to data released by the Rice Institute of Rio Grande do Sul (IRGA).

U.S.


U.S. 4% broken rice ended the month of June at about $575 per ton, down about 2% from a month ago and
down about 7% from a year ago.

The U.S. International Trade Commission, an independent, nonpartisan, fact-finding federal agency, has
launched an investigation to study global competitiveness of the U.S. rice industry, on request from the U.S.
Trade Representative, the House Committee on Ways and Means. The agency will hold a public hearing as part
of the study on September 10, 2014, and will also encourage written submissions related to the study before
December 9, 2014, which would be made available for public inspection. The agency will focus its study
during the period 2009 - 2013 and will submit its findings to the Committee by April 14, 2015.

China

According to the FAO, China's paddy rice production is expected to reach at about 207.440 million tons in
2014, up about 2% from last year due to higher plating area expected favorable weather conditions and
continued government support to the rice sector. Meanwhile according to data from China Customs General
Administration, China has imported about 1.08 million tons rice in January-May, 2014, down about 7% during
the same period in last year and exported about 63,771 tons of rice in January - May 2014, down about 75%
from about 256,623 tons exported during the same period in 2013.

Philippines

Total rice stocks in the Philippines as of May 1, 2014 reached at about 2.52 million tons, up about 16% from
about 2.18 million tons recorded in April 2014, and down about 3% from about 2.61 million tons recorded in
May 2013, according to the Philippines Bureau of Agricultural Statistics.
In beginning of the month, the Philippines government unveiled the road map for its new rice sufficiency program, under
which it targets to produce about 19.07 million tons of paddy rice in 2014, up about 3.4% from about 18.44 million tons
produced in 2013, according to local sources.
Separately, the Philippines is set to import another 250,000 tons of rice in 2014 supplementing the 800,000 tons of rice
already being imported from Vietnam to boost the current buffer stock and control increasing prices, according to local
sources.
The World Trade Organization Committee on Trade and Goods (WTO-CTG) has allowed the Philippines to continue
imposing quantitative restrictions (QRs) on rice imports until 2017, which expired in June 2012; the Philippines
Agriculture Secretary was quoted as saying in a media briefing. The Philippines has also reduced tariffs on rice imported
under the Minimum Access Volume (MAV) to 35% from the previous 40%, according to local sources.
Europe
European Union milled rice production is expected to decline to about 1.78 million tons in the MY2013-14 (September
2013 - August 2014), down about 6% from about 1.89 million tons produced in MY 2012-13, according to the latest
balance sheet published by the EU Directorate General for Agriculture and Rural Development. Meanwhile, the European


Union has imported about 820,438 tons of milled rice in September 1, 2013 - June 17, 2014, up about 17% from about
701,855 tons imported during the same period last year, according to the EU data.
Separately, in an attempt to support national rice growing sector, Italy is against duty free import of rice by the European
Union from Cambodia.
Other Markets
The Japan International Cooperation Agency (JICA), which is assisting the Nigerian government toward achieving self-
sufficiency in rice production and banning rice imports by 2015, is currently focusing on providing access to quality rice
seeds of improved rice varieties to Nigerian farmers, according to local sources. The JICA said that a good rice seed
sector is important for Nigeria to achieve its target.
Rwanda has increased tariffs on rice imported from outside the East African Community (EAC), of which Rwanda is a
member, to 45% from the current 30% to protect local farmers, according to local sources.
Rice industry officials and analysts are expecting Indonesia to more than double its rice imports to about 1.5 million tons
in 2014 from an estimated 700,000 tons imported in 2013 ahead of a general election and El Nino, according to some
local sources. Analysts expect that the outgoing administration could ease its rice sufficiency-targets and import about 1.5
million tons of rice to prevent food inflation and social unrest in the country. Meanwhile, the IRRI said, there are lapses
in the rice strategy of Indonesia, according to local sources. It added that Indonesia is the world's third largest rice
producer but it needs to import rice every year due to increasing consumption and inefficient production techniques. The
IRRI said that Indonesia needs to focus on increasing production in line with growing consumption needs and become
self-sufficient in rice production. Separately, the Indonesian government has decided to amend its "Rice for the Poor"
program (Raskin) based on recommendations by the Corruption Eradication Commission (KPK), according to local
sources.
South Korea may have to reduce its own rice production this year as the country is likely to face a rice surplus, thanks to
increase in imports and a decline in the country's rice consumption, as the country's self-sufficiency rate for rice may
touch 92% this year, crossing the 90% mark of the last four years, according to some local sources. Meanwhile, South
Korea has excluded rice and other rice related products from the Korea-Colombia Free Trade Agreement. Separately, a
survey conducted in a South Korea showed that nearly 83.2% of respondents preferred locally produced rice to imported
rice, 2.2% of them consumed imported rice occasionally or regularly, and 4.1% of them liked to consume imported rice in
near future. Separately, South Korea will also announce its stance on rice import market liberalization before the end of
July 2014 as the country's current import quotas expire at the end of this year and it has to specify to the World Trade
Organization whether it would continue with the quotas or would liberalize the rice sector imposing high tariffs before
September 2014.
Australia's paddy rice production in MY 2013-14 (April 2013 - March 2014) is estimated to decline to about 825,000
tons, down about 29% from about 1.161 million tons produced in MY 2012-13, according to data from the Australian
Bureau of Agricultural and Resource Economics and Sciences.


FAO estimates that Sri Lanka will produce about 3.9 million tons paddy in 2014, down about 16% from about 4.62
million tons produced in 2013, due to significant reduction in the output from the 2013-14 Maha crop, which contributes
to over 60% of the country's annual paddy rice production. Meanwhile, according to the government sources, Sri Lanka
will import about 100,000 tons of rice to meet the requisite demand and curb price increases in the domestic market.
According to the Bangladesh Food Ministry, the country imported about 374,560 tons of rice in FY 2013-14 (July 2013 -
June 2014) as on June 5, 2014, up about 13 times from about 28,812 tons imported during the same period in FY 2012-13.
Separately, the Bangladesh Rice Research Institute has introduced "Food Yield Gap Minimization" projects to boost
Bangladesh paddy production by 7.3 million tons, according to local sources.
Bangladesh has also extended the ongoing ban on non-fragrant rice exports to the fiscal year 2014-15 (July 1, 2014 - June
30, 2015) in order to ensure supplies and control price hikes in the local market, according to a gazette notification issued
by the Commerce Ministry last week, local sources report.
Oryza Rice Currency Analysis for Today Brazil Real Advances 0.6%
Jul 08, 2014
U.S. dollar index was down -0.05% from the open today, when it traded at 80.174 at the close.

Euro was stronger +0.05% by the close, trading around 1.3611 by end of day, after trading between an intraday
high of 1.3617 and low of 1.3588.
Thai baht was stronger +0.09%, trading at 32.385 at the close of business.
Indian rupee was stronger +0.38% at 59.7887.
Brazilian real was stronger +0.56% at 2.2125 reais per dollar.
Pakistan rupee was -0.10% weaker at 98.8915.
Vietnamese dong was stronger +0.06% at 21263.
Mexican peso was stronger +0.23% today, when it traded at 12.9896 pesos per dollar by the close of business.
Chinese yuan was stronger +0.02% at 6.2020.
Argentine peso was weaker -0.05% at 8.1432 pesos per dollar.
Oryza Afternoon Recap - Chicago Rough Rice Futures Move Higher as Shorts Hold
out on Registering New Receipts
Jul 08, 2014
Chicago rough rice futures for Sep delivery settled 8.5 cents per cwt (about $2 per ton) lower at $13.700 per cwt
(about $302 per ton). The other grains finished the day lower; soybeans closed about 0.8% lower at $11.1625


per bushel; wheat settled about 0.1% lower at $5.5625 per bushel, and corn finished the day about 0.5% lower
at $4.0425 per bushel.U.S. stocks skidded lower on Tuesday, extending the prior day's drop from last week's
records, as investors braced for quarterly earnings and considered valuations. Small-cap companies were hit for
a second session, with the Russell 2000 falling 1%, after Monday's 1.8% decline.

After falling as much as 149 points, the Dow Jones Industrial Average was more recently down 87.21 points, or
0.5%, to 16,937. The S&P 500 declined 10.49 points, or 0.5%, to 1,967.16, with telecommunications pacing
sector declines and utilities faring best among its 10 major industry groups. The Nasdaq fell 51.91 points, or
1.2%, to 4,399.62. Gold is trading about 0.1% higher, crude oil is seen trading about 0.2% lower, and the U.S.
dollar is seen trading about 0.1% lower about 12:00pm Chicago time.Monday, there were 171 contracts traded,
up from 168 contracts traded on Friday. Open interest the number of contracts outstanding on Monday
decreased by 49 contracts to 8,029.

What if EU Does Not Reconsider Duty Free Rice Imports from LDCs? Riso Italiano
Shares its Views with Oryza
Jul 08, 2014
If the European Union (EU) does not reconsider its stance of stopping duty-free rice imports from Less
Developed Countries (LDCs) such as Cambodia under the Everything but Arms (EBA) clause by next year, or
initiate a safeguard measure, the Italian rice growing area will shrink, warns www.risoitaliano.eu.

The Italian government has submitted a dossier to the EU highlighting negative aspects of continuing the duty-
free rice imports under the EBA clause. It is understood that the EU is not in a hurry to do away with the EBA
clause or begin negotiations with Cambodia over imposing import tariffs. While Spain and Romania have been
supporting Italy's argument, northern European Union countries are unwilling to compromise the humanitarian
policy of EBA to defend a small sector such as rice growing area, especially in Italy.

Prices of Italian rice varieties have been declining to compete with cheap Cambodian imports. The Italian
dossier also stated that Italy's geo-ecological balance would be under threat if rice is not grown. It also
highlighted about the risk of bankruptcy (mostly for the rice industry, dual wire linked with agriculture) and
indicated that level of 195 euro (around $258) per ton is unsustainable for the current costs of rice production in
Italy. However, a further delay by the EU may lead to more protests by Italian farmers. Already Italian farmers
have started showing their dissent for the EU by occupying and blocking local grain exchanges saying Brussels
is not defending them against duty-free imports of milled rice from Cambodia.

Will 2016 Be the Year of Golden Rice?
Jul 08, 2014


The wait is almost over. It may take just about two more years - in 2016 to be precise before Golden Rice, the
controversial bright yellow rice fortified with Vitamin A - could find place on your dining table, said Antonio
Alfonso, a researcher from the Philippine Rice Research Institute.The $ 30 million Golden Rice project
currently awaits clearance on various fronts - safety for health and the environment; if the vitamin can indeed
show its efficacy when eaten with rice; environmental clearance from the GM point of view; if rice eaters would
find it tasty enough; if farmers would be willing to grow it in their farms and other such concerns.

It was way back in 1992 that two scientists mooted the idea of inserting genes which could boost Vitamin A
content into rice to ensure millions of poor people have access to this vitamin-enriched rice that can prevent
blindness.Bruce Tolentino, deputy director general of the Philippines-based International Rice Research
Institute (IRRI) says the future of Golden Rice will depend on the regulatory authorities.

Missing Rice Bags, Poor Quality Rice Scam Rocks Thai Paddy Sector
Jul 08, 2014
The Thailand police seemed to have unearthed a full-fledged rice scam in the central and northern provinces of
Pathum Thani and Phichit on Tuesday. Among the irregularities were 90,000 missing bags of rice, inferior
quality rice being passed off as superior; lesser than specified quantity of rice in several silos; broken milled rice
in place of what was claimed to be 5% milled rice etc. The police also found that some of the rice was found to
be older than what it was claimed as in the warehouse report, indicating a rice scam in the country. Starting
Tuesday till July 22, a special investigation team will inspect 11 warehouses in Bang Rakam district, eight in
Bang Krathum and 10 in Wat Bot district, the police announced. The warehouses have been locked using
extra locks to prevent any tampering with the pledged rice until the team gets underway with the investigation.

Over 87% of Italy 2013-14 Paddy Crop Sold as of July 1, 2014; Three Months Until
New Crop Harvest

Over 87%, or around 1.26 million tons of total Italian 2013-14 paddy crop is sold out as of July 1, 2014, down
about 11% from around 1.4 million tons sold during the same period last year. Around 184,906 tons of rice is
remaining from the 2013-14 crop and three months is remaining before the new harvest.hile about 93% of Long
A variety is sold out, only 79.5% of Long B is sold. However, last year by this time, more of Long B variety
(about 87.7%) was sold out compared to Long A variety (about 83.9%).

In the week June 24 - July 1, 2014, a total of 26,272 tons of paddy were sold, including about 728 tons of Long
A and about 10,762 tons of Long B. About 8,989 tons of round paddy was sold during the week. Nearly 87.9%
or 346,740 tons of round paddy was sold since the beginning of crop year (September 1, 2013), up about 3%
from around 335,459 tons sold during the same period last year.


About 793 tons of medium paddy was sold during the week. Nearly 85.4% or 24,532 tons of medium paddy
was sold since the beginning of crop year (September 1, 2013), down about 34% from around 36,963 tons sold
during the same period last year.Around 9,000 tons of paddy (all varieties) from the 2012-13 crop year were
available as beginning stocks for the 2013-14 crop year. A total of around 1.45 million tons of paddy was
available as beginning stocks in 2013-14, down about 12% from around 1.65 million tons available last year.


Vietnam Exports 585,346 Tons of Rice in May 2014; Up 9% m/m and Down 9% y/y
Vietnam's rice exports increased to around 585,346 tons in May 2014, up about 9% from around 538,623 tons exported
in April 2014, and down about 9% from around 645,998 tons exported in May 2013, according to USDA.

Asia accounted for about
497,526 tons or about 85%
of total rice exports by
Vietnam in May 2014, up
about 41% from around
352,778 tons in April 2014,
and around 27% from
around 391,647 tons in May
2013.

Vietnam exported around
35,008 tons of rice to Africa
in May 2014, down about
66% from around 101,779
tons in April 2014, and
down about 81% from
around 181,287 tons in May
2013.

Vietnam exported around
42,961 tons to American
destinations in May 2014,
down about 40% from
around 71,693 tons in April
2014, and down about 16%
from around 50,973 tons in
May 2013.
Vietnam's exports to Europe
and CIS countries accounted for around 9,054 tons, down about 15% from around 10,660 tons in April 2014
and down 57% from around 21,245 tons in May 2013. Vietnam's exports to Australia declined by about 53% to
797 tons in May 2014 from around 1,713 tons in April 2014 and declined by about 6% from around 846 tons
exported in May 2013.


In terms of grade, 15% broken rice exports accounted for 282,316 tons (or, about 48% of total exports in May
2014); 5% broken rice exports accounted for 99,408 tons (or, about 17% of total May exports); Jasmine rice
exports accounted for 109,484 tons (or, about 19% of total May exports) ; 25% broken rice exports accounted
for 12,154 tons (or, about 2% of total exports in May 2014), glutinous rice exports accounted for 58,823 tons
(or, about 10% of total May exports); and 10%, 100% and other varieties accounted for 23,161 tons (or, about
4% of total exports in April 2014).

Oryza Overnight Recap - Chicago Rough Rice Futures Bounce Higher Overnight on
Support from Other Grains
Jul 08, 2014
Chicago rough rice futures for Sep delivery were paused 5.5 cents per cwt (about $1 per ton) higher at $13.655
per cwt (about $301 per ton) during the trading break in Chicago. The other grains are seen mostly higher this
morning ahead of floor trading in Chicago: soybeans are currently seen about 0.1% lower, wheat is paused
about 0.4% higher and corn is noted about 0.1% higher.

U.S. stock index futures indicated a lower open on Tuesday, as second-quarter earnings season gets underway.
On the economic data front, the JOLTS job openings report is due at 10 a.m. ET on Tuesday. Both the
Richmond Fed's Jeffrey Lacker and Minneapolis Fed's Narayana Kocherlakota are also due to speak later in the
day. Their comments will be closely watched ahead of the minutes from the U.S. Federal Reserve's June
meeting on Wednesday. The publication will take on all the more significance after last week's non-farm
payrolls data came in much stronger than expected. Meanwhile in Europe and Asia, stocks traded mostly lower
on Tuesday, tracking the slip in U.S. equities on Monday, when stocks retreated from all-time highs. US stock
index futures are currently seen trading about 0.2% lower, gold is currently trading about 0.5% higher, crude oil
is seen trading about 0.1% lower, and the U.S. dollar is currently trading about 0.1% higher at 8:45am Chicago
time.
Pakistan Plans to Strengthen Rice Export Ties with China
Jul 08, 2014
Given the recent surge in Pakistani rice exports to China, around 244% increase in last two years, the Pakistan China Joint Chamber
of Commerce and Industry (PCJCCI) is planning to further strengthen Pakistan's export ties with China, according to local
sources.The PCJCCI President local media sources that the organization is planning to launch a marketing and promotional drive to
China and try to create awareness and a personalized demand for Pakistani rice among the Chinese. It is particularly planning to
explore Chinese likes for various varieties of rice and adopt Chinese know-how in production and milling techniques, he noted. He
also stated that the PCJCCI will work towards arranging meetings for Pakistani and Chinese rice entrepreneurs to increase demand
for Pakistani rice in China.


The President noted that Pakistan has capability to export around 3.75 million tons of rice to China if the country's rice sector focuses
on improving yield by adopting hybrid rice varieties and new production techniques. He added that the broadcasting system of
planting saplings developed by the Rice Research Institute (RRI) can increase yield while reducing input costs by around Rs.14,000
per acre (around $351 per hectare) as well as saving 30-35% irrigation water.Pakistan exported around 2.9 million tons of rice in the
first eleven months (July May) of the current fiscal year 2013-14 (July - June), down about 8% from around 3.15 million tons of
rice exported during the same period in FY 2012-13, according to the Pakistan Bureau of Statistics (PBS). Pakistan exported about
3.4 million tons of rice worth about $210 billion in FY 2012-13.

Nigeria Lowers Import Duty on Rice Under New Three-Year Fiscal Policy Measure
Jul 08, 2014
The Federal Government of Nigeria (FGN) has approved plans to lower the controversial 110% duty (100% levy + 10% duty) on
rice imports under a new three-year fiscal plan (2014-17), according to local sources.Local sources report that Nigerian President has
approved the new fiscal plan and is effective from May 26, 2014. As per the new policy, the FGN has decided to lower the import
duty on husked-brown, paddy, unprocessed and semi-milled or wholly milled rice to 30% (20% levy + 10% duty) for investors and
millers, and to 70% (60% levy + 10% duty) for full time traders.
The policy of 110% import duty on rice was initiated in January 2013 to discourage imports and encourage local production.
However, the plan led to an increase in unofficial imports from the land borders of neighboring countries such as Benin Republic
and Cameroon, which had significantly lowered duties on rice imports after Nigeria hiked its duties, causing billions of losses to the
Nigerian government.The FGN has called all importers of rice to clear their shipments, which have been waiting at various sea ports
by submitting a letter of indemnity, which exempts them from paying additional demurrage, to the Nigeria Customs Service (NCS).
Sources at the Ministry of Finance told local media that the Coordinating Minister for the Economy and Finance would convey the
President's approval to all relevant Secretaries and Ministries to ensure strict compliance other requisite formalities. However, traders
say Nigeria's import duties on rice are still higher compared to Cameroon and Benin Republic with 0% duty/levy on rice, adding that
it is still discouraging to full time traders.

Asia Rice Quotes Unchanged Today
Jul 08, 2014
Asia rice sellers kept their quotes mostly unchanged today.

5% Broken Rice

Thai 5% rice (of new crop) is quoted at around $405 - $415 per ton, about $10 per ton discount to Viet 5% rice (of new crop) quoted
at around $415 - $425 per ton. Indian 5% rice is quoted at around $430 - $440 per ton, about $5 per ton discount to Pak 5% rice
quoted at around $435 - $445 per ton.

25% Broken Rice


Thai 25% rice (of the old crop) was last quoted at around $350 - $360 per ton, about $15 per ton discount to Viet 25% rice (of new
crop) quoted at around $365 - $375 per ton. Indian 25% rice is quoted at around $390 - $400 per ton, about $10 per ton premium on
Pak 25% quoted at around $380 - $390 per ton.

Parboiled Rice
Thai parboiled rice (of the old crop) is quoted at around $425 - $435 per ton. Indian parboiled rice is quoted at around $410 - $420
per ton, about $25 per ton discount to Pak parboiled rice quoted at around $435 - $445 per ton.
100% Broken Rice
Thai broken rice, A1 Super, (of the old crop) was quoted at around $310 - $320 per ton, about $20 per ton discount to Viet broken
rice (of new crop) quoted at around $330 - $340 per ton. Indian broken sortexed rice is quoted at around $315 - $325 per ton, about
$10 per ton discount to Pak broken sortexed rice quoted at around $325 - $335 per ton.
Cambodia Exports 177,928 Tons of Rice in January-June, 2014; Up 1% from Last
Year
Cambodia exported about 177,928 tons of rice in first half of calendar year 2014, up about 1% from about 175,959 tons rice
exported in the same period last year, according to data from the Secretariat of One Window Service of Rice Export Formality
(SOWS-REF).

In June 2014,
Cambodia exported
about 29,666 tons of
rice, up about 2%
from about 29,105
tons of rice exported
in June 2013 and up
about 6% from about
27,971 tons of rice
exported in May
2014. During the
month of June,
Cambodia exported
mainly long grain
white rice (about
12,282 tons), Jasmine
rice (about 10,511
tons) and long grain


parboiled rice (about 2,052 tons).European nations, Malaysia, and China remain the main rice export destinations for Cambodian
rice so far this year

Brazil Paddy Rice Index Declines Slightly From Last Week
Jul 08, 2014

The Brazilian paddy rice index maintained by CEPEA reached at about 36.11 real per 50 kilograms as of July 7, 2014, down about
0.33% from about 36.23 real per 50 kilograms recorded on June 30, 2014.In terms of USD per ton, the index reached at about $327
per ton on July 7, 2014, down about 1% from about $329 per ton recorded on June 30, 2014.

Philippines Mulls New Rice Policy with More Imports and No Subsidies

Jul 08, 2014


The Philippines is likely to consider importing more rice in 2014 as well as ending subsidies to rice farmers, according to
Bloomberg. Officials are understood to meet on July 16, 2014 to decide over the additional quantum of imports and ending
subsidies to farmers.The Philippines government already imported around one million tons of rice (800,000 tons in March 2014 and
200,000 tons in June 2014) from Vietnam, 60,000 tons of which are still due to arrive before September 2014, and allowed private
importers to import around 163,000 tons of rice in February 2014 under Minimum Access Volume - Country Specific Quota
(MAV-CSQ) from Thailand, Australia and India.

Local sources say the The Presidential Assistant for Food Security told was quoted as saying that the government is planning to
import around 1.4 million tons of rice this year, including volumes pending from last year. He added that quantum of additional
imports will depend on the impact of the impending El Nino on the Philippines rice productivity, yields and buffer stocks. The
government is also planning to open rice import market allowing private traders to import more quantities of rice.He also noted that
the government is keen on removing subsidies on rice (by way of buying rice from farmers at higher prices and selling at cheaper
prices through the National Food Authority) to cut down on the NFA debt burden, which is expected to reach around P180 billion
(around $4.1 billion) by the end of 2016 if the current rice policy continues. Analysts say the current policy is flawed as the
government is spending hugely on subsidies but average Filipinos are ending up paying higher prices.
According to the UNs Food and Agriculture Organization (FAO), average retail prices of regular milled rice increased to around
37,020 pesos (around $844) per ton in June 2014, up about 22% from around 30,340 pesos (around $710) per ton in June 2013.
Average retail prices of well milled rice increased to around 39,860 pesos (around $909) per ton in June 2014, up about 20% from
around 33,180 pesos (around $710) per ton in June 2013.The USDA estimates the Philippines will import around 2 million tons of
rice in MY 2013-14 (July June), including around 500,000 tons of unofficial rice imports, and the UNs Food and Agriculture
Organization estimates the country to import around 1.2 million tons of rice in 2014 (January December).

European Farmers Federation Collaborates with IBMA to Develop Plant Protection
Solutions in EU

Jul 08, 2014
The European Federation of Farmers and Agri-Cooperatives (Copa-Cogeca) has collaborated with the International Bio-control
Manufactures' Association (IBMA) to develop reliable and effective plant/crop protection solutions for various crops, including rice,
in the European Union (EU).Copa-Cogeca has expressed concern that the EU agriculture sector lacks proper plant protection
solutions to prevent detect and control pests and diseases, adding that farmers are resorting to alternative pest control methods
without adequate information and knowledge. The latest Common Agricultural Policy (CAP) of the EU has banned many
chemicals and pest control tools and has suggested certain bio-control solutions, which are not easily available to farmers, says
Copa-Cogeca members.

They noted that if this situation continues, the EU food sector may have to compromise over food safety and security as well as
entire food chain, including its productivity and sustainability. Both organizations have released a "Roadmap" for 2014-15 focussing
on identifying the needs of farmers, research and development, and pest and disease management. They mainly aim to help farmers


to provide with requisite pest control tools, which are capable of control any kind of pests and crop diseases.Copa-Cogeca and
IBMA, along with the European Commission (EC) and member states, will also work towards including current gaps and
legislative proposals for low-risk chemical substances and products in the EU Council and Parliament provisions

Oryza Global Rice Quotes
July 8th, 2014
Long grain white rice - high quality
Thailand 100% B grade 425-435
Vietnam 5% broken 415-425
India 5% broken 430-440
Pakistan 5% broken 435-445
Cambodia 5% broken 440-450
U.S. 4% broken 550-560
Uruguay 5% broken 625-635
Argentina 5% broken 620-630
Long grain white rice - low quality
Thailand 25% broken NQ
Pakistan 25% broken 380-390
Cambodia 25% broken 410-420
India 25% broken 390-400
U.S. 15% broken 530-540


Long grain parboiled rice
Thailand parboiled 100% stxd 425-435
Pakistan parboiled 5% broken stxd 435-445
India parboiled 5% broken stxd 410-420
U.S. parboiled 4% broken 630-640
Brazil parboiled 5% broken NQ
Uruguay parboiled 5% broken NQ
Long grain fragrant rice
Thailand Hommali 92% 985-995
Vietnam Jasmine 575-585
India basmati 2% broken NQ
Pakistan basmati 2% broken NQ
Cambodia Phka Malis 845-855
Brokens

Thailand A1 Super NQ
Pakistan 100% broken stxd 325-335
Cambodia A1 Super 350-360
India 100% Broken stxd 315-325
Egypt medium grain brokens NQ
U.S. pet food 470-480
Brazil half grain NQ
Medium grain milled
U.S. Calrose 4% broken 1070-1080
Egypt medium grain 6% NQ

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

9th July, 2014 Daily Exclusive ORYZA E-Newsletter by Riceplus Magazine

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