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RICE NEWS YOU CAN USE Issue 48 - 27 Apr 2008 Surging commodity prices have pushed up global food prices 83% in the past three years, according to the World Bank - putting huge stress on some of the world's poorest nations. As per an official of an Asian rice organization “There is no possibility of rice prices going down in the next two years”
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Raise In MEP Of Basmati & Banning Of Non Basmati Rice - DGFT vide their latest Notification No. 93 (RE – 2007)/ 2004 – 2009 dated 31st March 2008 have fixed the Minimum FOB Export Price for Basmati as US$1200/ton and have banned exports of Non Basmati Rice. FAO
to help poor farmers increase production- The Federal
Agriculture Organization of the United Nations has launched a $17 million
initiative for technical and policy assistance to help farmers increase food
production in poor countries affected by high food prices. Field activities
are starting in Burkina Faso, Mauritania, Mozambique and Senegal. FAO will
also help governments prepare actions and strategies to increase agricultural
production. In collaboration with the World Food Programme and other partners,
FAO will establish a food market information unit to pull together and
analyze various data sources at local, national and international levels.
Prices of bread, rice, corn products, milk, oil, soybeans and others basic
foods have increased sharply in recent months in a number of developing
countries despite policy measures, including export restrictions, subsidies,
tariff reductions and price controls, taken by governments of both cereal
importing and exporting countries to limit the impact of international prices
on domestic food markets. Food riots have been reported in Egypt, Cameroon,
Cote d’Ivoire, Senegal, Burkina Faso, Ethiopia, Indonesia, Madagascar, the
Philippines and Haiti in the past month. In Pakistan and Thailand, army
troops have been deployed to avoid seizing of food from the fields and from
warehouses.
Major Turmoil in the Market. Non- Basmati exports banned and large scale checking of stocks by the Government to curtail hoarding. Hence price after rising to a new high, scales down below March level especially for non basmati rice which includes 1121. 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
Large quantities of Parboiled 1121 sold at $1600/- prior to the Government banning Non Basmati Rice but shipments pending because as yet the Government of India has still not declared 1121 as Basmati. No major business forthcoming from Saudi Buyers.
Wait and watch.
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