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RICE NEWS YOU CAN USE

Issue 44 - 17 Dec 2007

Some hill stations in North India have experienced early snowfall this year - perhaps a sign of onset of good winters, its a welcome change from gloomy news of global warming.  

This month's eBook is Magical Healing Properties of Indian Gooseberry(Amla).  Gift it to your friends. Its simple - simply mail them this newsletter. They can download it just like you can.

India gains as Pakistan loses Iranian rice market - Pakistani rice exporters are up in arms against the government, as India has emerged as the preferred exporter of the commodity to Iran due to heavy tariff on imports through land routes. Pakistani exporters of the cash crop are blaming Islamabad's lack of coordination, weak foreign policy and apathy of their apex body, the Rice Exporters' Association of Pakistan, for the predicament. Three years back, India was just a blip on the Iranian rice import map, with just 60,000 tonnes. But in 2006-07, imports from the South Asian neighbour jumped to around 225,000 tonnes, the exporters said.

What has left exporters even more worried is that in recent months there has also been a drastic drop of exports to Europe, Russia, Middle East and Saudi Arabia. India has been the major gainer from this. Pakistani rice exporters want their government to take up the matter with Tehran, which has imposed heavy tariffs on commodities exported from Pakistan overland. India exports rice to Tehran through the sea route. For 2007-08, India has already secured contracts for shipping around 150,000 tonnes. Pakistani exporters estimate the total exports above the 300,000 tonnes figure, a big landmark for India. Indian exporters are selling Pusa-1121 variety, a non-basmati long grain aromatic rice, to Iran. 

Stocks scrape 25-year lows as world gulps bowls of rice - The world is eating rice much faster than it can produce. For the first time in 25 years, there will be just enough rice left to feed the world for two months at the end of the 2007 marketing season. The main reason for the depletion this year is the growing hunger for rice in China, India, Bangladesh and Indonesia, where it remains the most important foodgrain. With supply tight within India, ordinary rice has become more expensive than wheat, onions, potatoes and sugar. For consumers across the world, plummeting stocks is plain bad news because when extra rice is available, it acts as a cap and keeps prices steady. In India this year, with impoverished families buying 2 million tonnes (MT) each month from ration shops and the rest from open market, rice stocks have little chance of increasing. As a result, by mid-November, price of local rice shot up close to 15% over last year. 

Globally, with less rice available in the trade pipeline, price quotes for Thailand's high-quality long-grain milled rice — a benchmark for global trading prices — are up more than 16% from a year earlier and 8% higher than in August. But for paddy farmers it has led to a bonanza. American paddy farmers have got the highest price for their crop in 25 years. US price quotes for both long- and medium-grain rice are the highest since early 1994. Despite a record rice harvest of 421 MT in 2007-08, the world's rice basket has never been so empty in 25 years. The reason: the world has consumed a record 424 MT this year. With demand continuing to outpace supply, the rice stocks left over from previous years has dropped to a new low of 74.1 MT, 4% below the levels a year earlier and the smallest since 1983-84. 

In India, even after a record and a near-record procurement of rice by the Centre in marketing years 2005-06 and 2006-07, respectively, government rice stocks on October 1 this year fell to 5.5 MT. That is well below the October 1, 2006, stocks of 6 MT. According to the US department of agriculture, the global stocks-to-use ratio is 17.5%, the smallest since 1976-77. The rapid depletion of Chinese rice stocks is the main reason for most of the decline in global ending stocks since 2000-01, USDA said. But no rice in the trade pipeline may be just one of the reasons for the steep jump in prices. USDA believes Thai prices are high due to export bans by Vietnam and India (non-basmati only), a stronger baht, expectations of declining global stocks and higher overall commodity prices. The big reason for the rise in US rice prices is the expectation of a very small Australian harvest in April-May 2008 that will sharply reduce Australia's exports. 

Details of Rice Exported Through Kandla Port during October 2007. 

Srl No.   Destination   Qty(MT)   Value(In Lakhs)
Basmati
1.         S. ARABIA       16640      5412.70

Srl No.   Destination   Qty(MT)   Value(In Lakhs)
Non Basmati

1.          S. ARABIA      27052      3795.78

2.           KENYA           2087        314.65

            Total                 29139       4110.43

2007-08 Crop paddy prices have again risen to new heights. The major buyer i.e Saudi Arabia which imports more than 65% of Indian Rice has announced a subsidy of $267/- PMT effecting this rise.

Prices (All prices in USD). 

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

About 70000 MT Parboiled mix of 70 Basmati 30 Pusa sold to a single Saudi Arabian Buyer at $1350/-. More Importers expected to follow suit. 

To buy immediately as contrary to the thinking prices should fall have now taken an about turn. 

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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