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RICE NEWS YOU CAN USE

Issue 40 - 14 Aug 2007

The overall impact of monsoons on rice sowing so far is still not very clear. The monsoon has been inconsistent and erratic, at places farmers are praying for rains and at places floods have caused  devastation. 

This month's eBook is Art of Meditation.  Gift it to your friends. Its simple - simply mail them this newsletter. They can download it just like you can.

Bangladesh has decided to import 50,000 tonnes of rice from India to supplement its rice stocks. An advisor's committee meeting on purchase chaired by Financial Advisor Mirza Azizul Islam gave the approval for rice import to help Bangladesh meet its procurement targets and keep the prices of the principal staple commodity down. LMJ International Ltd, an Indian company, was the lowest bidder to supply rice worth 1.28 billion Takas ($1.86 million). The company offered $349.90 per tonne, while two other Indian bidders offered $368.11 and $372 for the same quantity. As per The Daily Star, Bangladesh would be purchasing this coarse quality rice at 24 Takas per kg, two takas higher than the local price.

India and Pakistan have decided to jointly work for preventing any third country from patenting Basmati rice and agreed to allow two of their banks to operate across the border by the end of this year. The two countries decided they would jointly work for protection of Basmati Rice from unauthorised patenting using the Geographical Indication (GI) tool. At the meeting between Commerce Secretary G K Pillai and his Pakistani counterpart Syed Asif Shah, Islamabad questioned New Delhi's notification to allow export of Super Basmati variety. Pakistan claims the variety of rice has been developed by it and India has no right to export it under that brand. 

Russia lifts ban but wants double safety check on rice from India - After lifting the ban on import of rice from India, Russia has informed New Delhi that it would like to inspect Indian laboratories, which test and certify the grain for safety and quality before its export. A Russian team of experts will soon be here and visit Indian laboratories shortlisted for issuing safety and quality certificates. Moscow removed the ban on rice consignments from India with effect from July 20. But the shipments had to be accompanied by import quarantine permission, a safety and quality certificate issued by Shri Ram Institute for Industrial Research and Phytosanitary Certificate (SRIIRPC). While SRIIRPC is the only institution giving these certificates, the Agricultural and Processed Food Products Export Development Authority has submitted a list of accredited laboratories which can issue safety and quality benchmarks for rice exports from India. 

Details of Rice Exported 

Through Kandla Port during May 2007. 

Srl No. Rice Type   Destination   Qty(MT)   Value(In Lakhs)

1.       Basmati       S. ARABIA      32684      8420.54

2.       Basmati       RUSSIA           5760        658.86

            Total                                    38444      9079.40

Through Kakinada Port during

January 2007

February 2007

March 2007

Details of Basmati exported to EU countries during 2005-06 are as under (Source DGCIS)

As reported earlier, due to shortage of crop in Pakistan, the resultant heavy demand on India has caused the upward spurt in prices.

Prices (All prices in USD). 

Export Prices CNF Gulf Countries. In USD PMT, all prices tentative in 45/50 kg new jute bags (Sortexed)                        

Heavy demand for 1121 Steam at $1125 to $1150/- reported from Dubai for onwards destination to Iran. As on today no seller is willing to sell at these prices. 

Too late to cover up now. 

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 month. 

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