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Sole Suppliers To A Reputed MNC Exporter Since 15 years
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RICE NEWS YOU CAN USE (Issue 4 - 22 Oct 2004) Hope you liked the eBooks Qutub Minar & Taj Mahal sent with our last two newsletters. Gift eBook of the Fortnight. Jama Masjid (Delhi, India) (JAMA.ZIP 527 kb) Connect to the internet and click the left button of your mouse twice or the right button of the mouse once HERE to download the eBook at your convenience anytime after 26 Oct and before 30 Nov 2004. Festival Season in India. Though India is a country where we have a major festival almost once a month, but from now to end Dec we have more festivals than during other periods of the year. Miscellaneous Rice News. Unseasonal rains lashed North India starting 1/2 Oct 2004 and continued intermittently for about 10 days or so. Stocks of paddy lying in many mandis(trading centers) got damaged due to flooding. Standing paddy crop got flattened in many areas. The overall damage to Basmati crop was significant. Overall rice production in the country has come down this year compared to last year due to prolonged dry period in some states and floods in others. A likely decline in rice production and procurement, a steep fall in government rice stocks, and higher domestic prices will adversely affect rice exports. Due to cessation of rice export subsidies, Indian white rice is now priced out of the world market, with the exception of basmati rice and parboiled rice. Indian white rice (25% broken), priced at $225 per metric ton FOB, compares unfavourably with Thai price. However Indian parboiled rice (15% broken), currently priced at about $235 per metric ton (FOB), is cheaper than similar Thai rice by almost $10. Due to the low quality of its parboiled rice, the USA has lost a significant share of the huge South African market. Indian exporters have an opportunity to increase their current market share of 34% of parboiled rice in South Africa. Despite a ban on import of rice, Indonesia has allowed a private company to import Indian rice to meet the demand of those suffering from diabetes and cholesterol. "Golden Rice" a genetically engineered variety with fortified rice strains that stores Vitamin A precursor in seeds, with grains of pale yellow colour, due to accumulation of beta carotene in the endosperm is likely to be launched by ICAR within about two to three years. Analysis Prices (All prices in USD). Price of Basmati Paddy has risen to $ 350 PMT ex Mandi (Trading Centers) in gunny bags. Rice prices have risen to $ 650 PMT for raw and $570 PMT for non- sortexed for sela (Parboiled) ex factory in gunny bags. New crop prices are expected to be $ 315 PMT for paddy resulting in $ 590 PMT for raw and $510 for Parboiled. Ex factory. Export Prices CNF Gulf Countries. In USD PMT, all prices tentative in 45/50 kg new jute bags (Sortexed) Old Crop
New Crop
Trade Reporting. New Crop Pusa and Sharbati paddy is available and is being sold in the market. From the Old Crops only Basmati is now available. Pusa and Sharbati are in short supply. No large trading was noticed. A leading Importer from Saudi Arabia was in town. Apparently no purchase deal was struck. Recomendations. Stocks of Old Crop Basmati are fast dwindling. Buyers needing to buy the same should not wait. Those interested to buy new crop should wait for some time to let the market stabilise. Disclaimer. Though analysis & recommendations contained herein are unbiased & sincere views expressed by Jagat News Team, buyers are advised to use their personal experience, wisdom and discretion for making purchase decisions. Please lookout for the next issue of Rice News You Can Use after a fortnight.
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