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Jagat Agro

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802, 8th Floor, Ambadeep Building, 14  K. G. Marg Connaught Place, New Delhi - 110001

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We will be happy to supply you rice as per your requirement. Ask us for a quote when you want to buy next. 

RICE NEWS YOU CAN USE

Issue 60 - 04 May 2009

According to the projections by the Food and Agricultural Organization (FAO), global rice stocks carried over to the current annual year are projected to be at a seven-year high of 118 million MT which are 9 MT higher than last year and the highest since 2002.

Prices of rice, too, are expected to drop in view of the economic downturn but the decline may result in problems for the producers.

On the price front, FAO said the rates had been declining since hitting the peak in May last year. Still, rice prices ended 84 per cent higher in 2008 compared with 2007.

Rice prices continue to fall below the level witnessed a year ago, mainly due to various programs being implemented in China, Thailand, Pakistan and Vietnam. These are also geared towards sustaining producer or export prices.    

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Miscellaneous Rice News

India Likely To Lift Ban On Rice Exports - Industry experts have predicted that the new Indian government to be formed after the ongoing federal elections is most likely to lift the ban on exports of wheat and common grades of rice.

A new federal government, expected to be in place by June, has little choice but scrap the ban as state-run granaries are bursting at the seams and lack of storage space for the new crop is becoming an issue. Industry officials estimate at least 3 million to 5 million MT of wheat and an equal quantity of rice will have to be exported this year to prevent a domestic glut.

India banned the export of wheat and non-basmati rice in 2007 to control rising prices. Since early 2009, however, inflation has come down and stocks have risen to more comfortable levels.

On April 1, the state-owned Food Corporation of India was holding a stock of about 14 million MT of wheat and 20 million MT of rice.

India's Rice Procurement To Cross 300 Lakh MT- India's rice procurement figure is likely to cross the 300-lakh MT mark by the end of the current season in September as the central government has purchased over 50 % of the paddy arriving in the markets.

According to the latest Food Corporation of India (FCI) data, the rice procurement has increased by 20 %t to 264.72 LT so far this season (October-September), which includes 83.86 LT levy rice received from millers. It was 219.79 LT in the corresponding period last year.

Sub1 rice variety released in Uttar Pradesh and Orissa, India - Sub1 rice or “Scuba rice” that can survive more than two weeks under water can now be planted by farmers to improve rice yields on flood-prone land in the Indian states of Uttar Pradesh and Orissa. The variety is called Swarna Sub1 (Improved Swarna).

David Mackill, senior scientist and plant breeder at the International Rice Research Institute (IRRI), said being nearly identical--apart from its flood tolerance--to Swarna, these inaugural releases of a Sub1 mega-variety occurred very quickly, only 6 years after the first cross was made at IRRI.

The SUB1 gene--identified by IRRI and University of California (UC) researchers--allows rice to survive complete submergence for up to 17 days.

Prices & Analysis 

Prices of Sella 1121 are still rising on continued demand from Iran, inspite of the fact that no other countries are buying especially Saudi Arabia. As if in sympathy, prices of other varieties are also rising - although not to that extent.

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.   PRICES ARE EXCLUSIVE OF EXPORT DUTY IF APPLICABLE

Crop                                 Year->

2007-08

2008-09 

Basmati

Raw Basmati 

1510

1410

Parboiled Basmati 

NA

1310

Raw Pusa  

NA

950

Pusa Parboiled 

NA

910

Pusa Steam

NA

990

Rice 1121 Steam

NA

1510

Rice 1121 Parboiled

NA

1350

Non Basmati

Sharbati Raw

NA

580

Sharbati Steam

NA

610

Sharbati Parboiled

NA

600

PR 106 Parboiled broken 5% 2/3 basis 

NA

430

PR 11 Steam

NA

530

Rice 11 Parboiled

NA

510

Rice 11 Raw

NA

490

 

Trade Reporting 

Large quantities of Sella 1121 purchased by Iranian Buyers at $ 1250/- to Rs 1280/-. Export of Non Basmati Rice may be allowed once the new Government settles down.

Recomendations 

Buyers should cover.

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 month. 

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