1st July, 2014 Daily Exclusive ORYZA E-Newsletter by Riceplus Magazine

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TOP Contents - Tailored for YOU
Latest News Headlines
Iraq Issues International Tender to Purchase Minimum 30,000 Tons of Rice
Oryza Rice Currency Analysis for Today Brazil Real Falls 0.7%
Oryza Afternoon Recap - Chicago Rough Rice Futures Little Changed as New Crop Futures Gain while Old Crop
Falls
Forest Fires Can Give Birth to New Rice Crops
Oryza Overnight Recap - Chicago Rough Rice Futures Softer Overnight as Industry Participants Expect Large
Number of Warehouse Receipts to be Registered Shortly
South Korea to Affirm Stance on Rice Import Liberalization Soon
Thailand General Elections Likely in October 2015, Interim Cabinet Expected by September 2014; TREA
Estimates Thai Rice Exports to Reach 9 Million Tons in 2014
Thailand BAAC to Offer $4 Billion in Loans to Rice Farmers
Philippines Reduces MAV Rice Import Tariff by 5% to 35%
Vietnam Exports 2.85 Million Tons of Rice During January 1 June 26, 2014
Asia Rice Quotes Unchanged Today
Oryza Shares Press Release: Appointment of new ICRISAT Director-General
Oryza Global Rice Quotes

News Detail
Iraq Issues International Tender to Purchase Minimum 30,000 Tons of Rice
Jun 30, 2014


Iraq Grains Board (IGB) has issued an international tender to purchase a minimum of 30,000 tons of rice,
according to information from European traders, reports Reuters.The company will accept bids until July 6,
2014 and the offers will be valid until July 10, 2014. It is understood that it seeks to purchase rice sourced from
Uruguay, Argentina, Brazil, Vietnam, Thailand and the U.S. It will also accept Vietnamese jasmine rice and
Thai white rice.According to the traders, the Iraq's state grains buyer rejected all bids for 30,000 tons of rice
tendered on June 23, 2014. Last week, Iraq also issued a separate tender to buy 15,000 tons of basmati rice from
India.Iraq purchased around 120,000 tons of rice sourced from Vietnam, Uruguay and the U.S. on June 5, 2014.

Oryza Rice Currency Analysis for Today Brazil Real Falls 0.7%

Jun 30, 2014

U.S. dollar index was down -0.31% from the open today, when it traded at 79.789 at the close.
Euro was stronger +0.32% by the close, trading around 1.3693 by end of day, after trading between an intraday
high of 1.3698 and low of 1.3640.
Thai baht was stronger +0.05%, trading at 32.443 at the close of business.
Indian rupee was weaker -0.17% at 60.1862.
Brazilian real was weaker -0.74% at 2.2103 reais per dollar.
Pakistan rupee was +0.03% stronger at 98.7235.
Vietnamese dong was unchanged at 21330.
Mexican peso was weaker -0.09% today, when it traded at 12.9746 pesos per dollar by the close of business.
Chinese yuan was stronger +0.24% at 6.2031.
Argentine peso was stronger +0.01% at 8.1323 pesos per dollar.
%, to 4,416.04. Equities rose to session highs on Monday after the National Association of Realtors reported
signed contracts to purchase existing homes surged 6.1 percent last month from April, the largest monthly gain
since April 2010. Gold is trading about 0.5% higher, crude oil is seen trading about 0.3% lower, and the U.S.
dollar is seen trading 0.3% lower at about 1:00pm Chicago time.Friday, there were 1,053 contracts traded,
down from 1,786 contracts traded on Thursday. Open interest the number of contracts outstanding on Friday
decreased by 242 contracts to 8,431.

Oryza Afternoon Recap - Chicago Rough Rice Futures Little Changed as New Crop
Futures Gain while Old Crop Falls
Jun 30, 2014
Chicago rough rice futures for Sep delivery settled 1.5 cents per cwt (about $0.33 per ton) higher at $13.570 per
cwt (about $299 per ton). The other grains finished the day drastically lower following a bearish grain report;
soybeans closed about 5.7% lower at $11.5725 per bushel; wheat settled about 2.7% lower at $5.7750 per


bushel, and corn finished the day about 4.9% lower at $4.2525 per bushel.U.S. stocks mostly rose on Monday,
with the S&P 500 in position for its longest streak of quarterly gains since 1998, as investors sorted through
mixed data in trying to determine the direction of the U.S. economy.

Monday's economic reports included better-than-expected numbers on the housing market and a worse-than-
anticipated report on factory activity in the Chicago region. After turning positive, the Dow Jones Industrial
Average wobbled between gains and losses, lately off a point at 16,850.84. Erasing losses, the S&P 500 rose
above its June 20 record close, and was lately up 2.35 points, or 0.1%, at 1,963.32, with utilities and materials
leading gains and telecommunications and industrials falling hardest among its 10 major industry groups.
Rising to a 14-year high, the Nasdaq rose 18.11 points, or 0.4%, to 4,416.04. Equities rose to session highs on
Monday after the National Association of Realtors reported signed contracts to purchase existing homes surged
6.1 percent last month from April, the largest monthly gain since April 2010. Gold is trading about 0.5% higher,
crude oil is seen trading about 0.3% lower, and the U.S. dollar is seen trading 0.3% lower at about 1:00pm
Chicago time.Friday, there were 1,053 contracts traded, down from 1,786 contracts traded on Thursday. Open
interest the number of contracts outstanding on Friday decreased by 242 contracts to 8,431.

Forest Fires Can Give Birth to New Rice Crops
Jun 30, 2014
Can the aftermath of a fire give life to a new crop? Perhaps yes, says Professor Steven Smith and his team from
the University of Western Australia (UWA) giving hope to the changing dynamics of plant genetics.
Experiments to establish rice in paddy fields are underway in China.The team found that Karrikins, a chemical
found in bushfire (Australian forest fire), may be able to help crops such as rice to grow more rapidly and better.
The chemical compound which is produced when plant material is burnt imitates plant hormones and aids this
development.Karrikins associate with receptor protein KAI2 on seeds to stimulate germination.

The manner in which seeds' respond to Karrikins is being perceived as an evolutionary adaptation to wildfires.
Incidentally, the benefits of this chemical in bushfire was discovered as early as 2004 and scientists are now
actually trying to apply this knowledge on the plants.In China, the researchers are focussing on directly planting
rice, instead of transplanting seedlings into a paddy. The intention is to plant seeds directly and germinate them.

Oryza Overnight Recap - Chicago Rough Rice Futures Softer Overnight as Industry
Participants Expect Large Number of Warehouse Receipts to be Registered Shortly

Jun 30, 2014


Chicago rough rice futures for Sep delivery were paused 3 cents per cwt (about $1 per ton) lower at $13.525 per
cwt (about $298 per ton) during the trading break in Chicago. The other grains are seen mostly lower this
morning ahead of floor trading in Chicago: soybeans are currently seen about 0.1% lower, wheat is paused
about 0.8% lower and corn is noted about 1% lower. .S. stock index futures were little changed on Monday,
ahead of housing-market data. Pending home sales figures for last month will be published at 10 a.m. ET.

These will follow the Chicago purchasing managers' index (PMI) of manufacturing activity for June at 9:45
a.m. Analysts at Barclays Research forecast a modest rise in existing home sales in May. Investors are also
awaiting June's non-farm payrolls report on Thursday ahead of Friday's July 4 holiday. Economists forecast
213,000 jobs were created this month, while the jobless rate is seen steady at 6.3%. The week will be a quiet
one for earnings, with next week the start of second quarter earnings season. No major companies are slated to
report this Monday. US stock index futures are currently seen trading marginally lower, gold is currently trading
about 0.4% lower, crude oil is seen trading about 0.5% lower, and the U.S. dollar is currently trading slightly
lower at 8:45am Chicago time.

South Korea to Affirm Stance on Rice Import Liberalization Soon
Jun 30, 2014
South Korea will announce its stance on rice import market liberalization before the end of July 2014, according
to local sources.The South East Asian country's current import quotas expire at the end of this year and it has to
specify to the World Trade Organization (WTO) whether it would continue with the quotas or would liberalize
the rice sector imposing high tariffs before September 2014. South Korea is keen on liberalizing the country's
rice import market rather than pursuing further extension of the quotas, say local sources.

Under the WTO quotas, South Korea was obligated to import 4% of its annual rice consumption for ten years in
1993. The agreement was extended for another ten years in 2004 obligating the country to import 7.96% of
annual rice consumption. With the annual consumption declining, South Korea is planning to limit rice imports
to control food supplies in the country. Under current import quota system, South Korea cannot limit imports as
it is under obligation to import at least 400,000 per year tons of rice as per WTO rules. If it decides to continue
with the import quotas, it has to curtail its own domestic production, which may be not so advisable to the
economy and farmers.

Experts say since South Korea is self-sufficient in rice production, it may not need to import rice, but may resort
to importing more on rice arbitrage if the import market was entirely liberalized. Currently, the government is
working on tariff rates it has to impose on rice imports if it opts for rice market liberalization. Experts say it
may settle at rates more than 400%, but would need WTO's approval for that. Local sources say the
government may not immediately specify tariff rates even if it declares its stance over opening its rice import
market in July. USDA estimates South Korea to import around 410,000 tons of rice in MY 2013-14
(November 2013 - October 2014), down about 20% from 510,000 tons imported in MY 2012-13. Rice


production in 2013-14 is expected to reach around 4.2 million tons of rice in MY 2013-14, and its annual rice
consumption is estimated at about 4.6 million tons

Thailand General Elections Likely in October 2015, Interim Cabinet Expected by
September 2014; TREA Estimates Thai Rice Exports to Reach 9 Million Tons in
2014

Jun 30, 2014
Thailand military government (National Council for Peace and Order - NCPO) Chief announced that a general
election could be held around October 2015 and the NCPO has begun an overhaul of the electoral system,
according to New York Times.The NCPO Chief told local media sources that the they are working on a
temporary charter, which would be ready in July and that would be helpful in installing an interim cabinet by
September 2014. He added that a reform council would then work on a longer-term constitution.

The NCPO Chief and the Permanent Secretary for Defence reportedly met with the Election Commission on
Monday to discuss the setting up of an interim cabinet and the possible election date. The U.S. and the
European Union have downgraded their diplomatic ties with Thailand and are seeking a civilian government to
restore ties with the South East Asian nation.Separately, the Thai Rice Exporters Association (TREA) has
projected Thai rice exports to reach around 9 million tons in 2014 earning about $4.75 billion due to
competitive prices and increasing export demand for Thai rice. Thailand exported around 3.82 million tons of
rice in the first five months of 2014, up about 52% from around 2.5 million exported during the same period in
2013. Benin Republic, China, Ivory Coast, Cameroon and the U.S. were major importers of Thai rice during the
period. USDA estimates Thailand to export around 9 million tons of rice in 2014, up about 45% from around
6.72 million tons exported in 2013.

Thailand BAAC to Offer $4 Billion in Loans to Rice Farmers

Jun 30, 2014
The Bank of Agriculture and Agricultural Cooperatives (BAAC) has announced to offer around 137 billion baht
(around $4 billion) in loans to rice farmers a part of the military government's plans to provide measures such as
cultivation subsidy and soft loans to help rice farmers after recently abandoning the populist rice pledging
scheme, according to local sources.The BAAC President told local media sources that around 100 billion baht
(around $3 billion) will be released as a working capital loan under which 50,000 baht (around $1,510) would
be to lent to each of the 2.3 million rice farmers at an interest rate 3% below the minimum lending rate (MLR).


He noted that around 20 billion baht (around $604 million) will be lent to agricultural cooperatives to buy paddy
from farmers; and the remaining 17 billion baht (around $513 million) will be lent to rice farmers in the upper
North and Northeast regions to delay selling paddy, a step taken to prevent paddy prices from falling
further.The National Rice Policy Committee (NRPC) is likely to recommend to the military government
(National Council for Peace and Order - NCPO) to subsidize the interest rate cost to the BAAC, according to
the local sources. The NCPO is planning to stabilize the paddy price for 25% moisture content at around 8,500 -
9,000 baht (around $257 - $272) per ton, and for fragrant rice at around 13,000 - 14,000 baht (around $393 -
$423) per ton.In mid-June, the NCPO agreed to provide a subsidy of around 500 baht per rai or around 3,125 baht
(around $96) per hectare, which would translate into a subsidy of around 1,096 baht (around $34) per ton of paddy
produced, considering an average paddy yield of around 2.85 tons per hectare.

The Office of Agricultural Economics (OAE) estimates Thailands paddy rice (with 15% moisture content)
production to reach around 38.8 million tons (about 26 million tons, basis milled) in crop year 2014-15 (January
2014 - December 2014), slightly more than the estimated 38.79 million tons in 2013-14. USDA estimates Thailands
paddy rice production to reach around 31 million tons (about 20.5 million tons, basis milled) in MY 2013-14
(January 2014-December 2014), up about 1.5% from around 30.6 million tons of paddy (about 20.2 million tons,
basis milled) in MY 2012-13.

Philippines Reduces MAV Rice Import Tariff by 5% to 35%
Jun 30, 2014
The Philippines has reduced tariff on rice imported under the Minimum Access Volume (MAV) to 35% from the previous
40%, according to local sources.The Agriculture Undersecretary told local media sources that tariff on imports outside
MAV will continue to be 50%. He noted that earlier the government planned to reduce import tariff to 35% for only
imports from ASEAN countries, but has now reduced on imports from all WTO member countries. The Philippines
government decided to increase rice imports under the MAV quota to 805,000 tons from the existing 350,000 tons, after
the World Trade Organization (WTO) Committee on Trade and Goods (CTG) approved it to continue quantitative
restrictions (QRs) on rice imports until June 2017.

The Agri Undersecretary noted that the new rates would be effective after the WTO-CTG endorses to the WTO General
Council regarding the Philippines continuation of QRs on rice imports on July 15, 2014.Under the new MAV, 755,200
tons will be allocated as country specific quotas (CSQ) and the remaining 50,000 tons can be imported from any WTO
member country. The CSQ allocations are as follows: Australia (15,000 MT), China (50,000 MT), El Salvador (4,000
MT), India (50,000 MT), Pakistan (50,000 MT), Thailand (293,100 MT) and Vietnam (293,100 MT).The QRs on the
Philippines rice imports expired in June 2012, and since then the Southeast Asian nation has been seeking extension for
another five years until 2017, to help its rice sector become more competitive and achieve self-sufficiency in rice
production.


While China, India and Indonesia approved the Philippines' request for continuing implementation of the quotas in 2013,
Australia, Canada, Thailand and the U.S. approved after several months of negotiations. The USDA estimates the
Philippines will import around 2 million tons of rice in MY 2013-14 (July June), including around 500,000 tons of
unofficial rice imports, and the UNs Food and Agriculture Organization estimates the country to import around 1.2
million tons of rice in 2014 (January December).

Vietnam Exports 2.85 Million Tons of Rice During January 1 June 26, 2014

Vietnam exported
about 2.848 million
tons of rice during
January 1 June 26,
2014, down about
19% from about 3.5
million tons of rice
exported during
January - June,
2013, according to
data from the
Vietnam Food
Association (VFA).
Average rice export
price so far in this
year stands at about
$432 per ton (FOB),
up about $1 per ton
from about $431 per
ton recorded during
January - June,
2013.

During June 1 - 26,
2014, Vietnam exported about 512,904 tons of rice, down about 27% from about 698,199 tons rice exported in
full month of June 2013, and down about 12% from about 585,536 tons rice exported in full month of May
2014. Average export prices so far in June stands at about $423 per ton, up about $13 per ton from a year ago,
and down about $2 per ton from a month ago.


Vietnam's rice exports during June 1-26, 2014 include: 246,807 tons of 15-20% broken rice (about 48% of total
rice exports in June 2014); 126,878 tons of 3-10% broken rice (about 25% of total rice exports in June 2014);
69,222 tons of Aromatic rice (about 14% of total rice export in June 2014); and 43,369 tons Nep or glutinous
rice (about 9% of total rice exports in June 2014).Asia was the major rice exporting destination for Vietnam rice
so far in June 2014, with about 395,687 tons or about 77% of total rice exports. The Americas was the second
largest destination, accounting for of about 70,592 tons of rice exports (equivalent to about 14% of total rice
exports in June 2014). Vietnam also exported 32,749 tons of rice to the Africa, about 6,273 tons of rice to the
Europe, about 5,713 tons of rice to the Middle East, and about 1,890 tons of rice to Australia in June 2014.

Asia Rice Quotes Unchanged Today
Jun 30, 2014
Vietnam, India and Pakistan rice sellers kept their quotes mostly unchanged today. Thailand rice quotes for
white rice are not available today.

5% Broken Rice

Thai 5% rice (of new crop) was last quoted at around $380 - $390 per ton, about $25 per ton lower than Viet 5%
rice (of new crop) quoted at around $405 - $415 per ton.
Indian 5% rice is quoted at around $430 - $440 per ton, about $10 per ton lower than Pak 5% rice quoted at
around $440 - $450 per ton.

25% Broken Rice

Thai 25% rice (of the old crop) was last quoted at around $350 - $360 per ton, about $5 per ton lower than Viet
25% rice (of new crop) quoted at around $355 - $365 per ton. Indian 25% rice is quoted at around $390 - $400
per ton, about $5 per ton above Pak 25% quoted at around $385 - $395 per ton.

Parboiled Rice

Thai parboiled rice (of the old crop) is quoted at around $425 - $435 per ton.
Indian parboiled rice is quoted at around $405 - $415 per ton, about $30 per ton lower than Pak parboiled rice
quoted at around $435 - $445 per ton.
100% Broken Rice
Thai broken rice, A1 Super, (of the old crop) was last quoted at around $310 - $320 per ton, about $20 per ton
lower than Viet broken rice (of new crop) quoted at around $330 - $340 per ton. Indian broken sortexed rice is


quoted at around $315 - $325 per ton, about $10 per ton lower than Pak broken sortexed rice quoted at around
$325 - $335 per ton.
Oryza Shares Press Release: Appointment of new ICRISAT Director-General

Jun 30, 2014
Hyderabad, Telangana, India (27 June 2014) : The Governing Board of the International Crops Research
Institute for the Semi-Arid Tropics (ICRISAT) is pleased to announce the appointment of Dr David Bergvinson
as the next Director General of ICRISAT for a five-year term, effective January 01, 2015. He will replace the
current Director General, Dr William Dar who has served the Institute with admiration and distinction since
1999.
Dr Bergvinson is currently with the Bill and Melinda Gates Foundation in Seattle,
USA, as Senior Program Officer, Crop Value Chains and Digital Design for
Agriculture Development. He has been with the Foundation since 2007. In this role,
he has accelerated the development and delivery of farmer-preferred products and
services for staple crops in the developing world through formulating strategies,
forging partnerships and applying digital technologies. He currently represents the
Foundation on the CGIAR Fund Council.
Dr Bergvinson has a well-articulated passion for smallholder agriculture, and a strong desire to improve the
lives of the hundreds of millions of impoverished small farmers and their families living in the semi-arid tropics
of Asia and Sub-Saharan Africa. He regards himself as an agent of change, and he possesses a clear vision for
how science and partnerships can come together to accelerate the pace of development in the world's poorest
and most disadvantaged agrarian regions.Science should not be an end in itself. Science is a means to mitigate
poverty, eradicate malnutrition and provide environmentally sustainable solutions to the most pressing
challenges faced by the smallholder farmer. ICRISAT can achieve the impossible by forging strong partnerships
with the public, private and civil society sectors. I look forward to working closely with all the staff and
partners to realize ICRISATs vision of a prosperous, food-secure and resilient dryland tropics, said Dr
Bergvinson.

Prior to joining the Bill and Melinda Gates Foundation, Dr Bergvinson was a Senior Scientist with the
International Maize and Wheat Improvement Center (CIMMYT) at its Mexico headquarters for over 12 years.
His research background is in crop improvement, plant biochemistry, integrated pest management, and
entomology. He is no stranger to ICRISAT, having interacted with the Institute's scientists on projects dealing


with grain legumes, village level studies, seed systems, and digital technologies in smallholder agriculture. Dr
Bergvinson is highly committed to the success of ICRISAT.

He will lead the Institute's work programme to advance agriculture in the tropical drylands of Asia and Sub-
Saharan Africa as well as uptake of its five mandate crops critical for the drylands - sorghum, pearl millet,
pigeonpea, chickpea and groundnut. Dr Bergvinson is committed to demand-driven innovation that recognizes
the important role of women and youth to enable inclusive market-oriented development.Innovation has to be
driven by the demands of farmers and markets, and the bigger the challenge, the more innovative ICRISAT can
be in its approaches, he said.He is further committed to enhancing ICRISAT's agribusiness innovation
platform, its climate-smart agriculture focus, soil health and watershed management programs, digital
technology to support inclusive market-oriented development, ability to create demand for nutri-cereals and
grain legumes.

Through South-South collaboration, he will strengthen ICRISAT's footprint and impact in both Asia and
Africa.Working to alleviate poverty in drylands across Africa and Asia is extremely challenging and I believe
the Inclusive Market Oriented Development (IMOD) is an exciting and a very important concept to help the
smallholder farmers in Africa and South Asia. Integrating IMOD into ICRISATs programs will enable poor
farmers to translate surplus production into increased income and opportunities for them to realize their full
potential, said Dr Bergvinson.Dr Bergvinson obtained his B.Sc. in Biochemistry and Masters of Pest
Management from Simon Fraser University in British Columbia, Canada, and his Ph.D. in Biology from the
University of Ottawa, Canada. He completed a Postdoctoral Fellowship at Agriculture and Agri-Food Canada in
maize biochemistry and pathology. Dr Bergvinson and his wife Mary have two children, Matthew and Amanda.

Oryza Global Rice Quotes
June 30th, 2014

Long grain white rice - high quality

Thailand 100% B grade NQ
Vietnam 5% broken 405-415
India 5% broken 430-440
Pakistan 5% broken 440-450
Cambodia 5% broken 440-450
U.S. 4% broken 570-580
Uruguay 5% broken 625-635


Argentina 5% broken 620-630

Long grain white rice - low quality

Thailand 25% broken NQ
Pakistan 25% broken 385-395
Cambodia 25% broken 410-420
India 25% broken 390-400
U.S. 15% broken 545-555

Long grain parboiled rice
Thailand parboiled 100% stxd 425-435
Pakistan parboiled 5% broken stxd 435-445
India parboiled 5% broken stxd 405-415
U.S. parboiled 4% broken 630-640
Brazil parboiled 5% broken NQ
Uruguay parboiled 5% broken NQ

Long grain fragrant rice

Thailand Hommali 92% 985-995
Vietnam Jasmine 575-585
India basmati 2% broken NQ
Pakistan basmati 2% broken NQ
Cambodia Phka Malis 845-855

Brokens

Thailand A1 Super NQ
Pakistan 100% broken stxd 325-335
Cambodia A1 Super 350-360
India 100% Broken stxd 315-325
Egypt medium grain brokens NQ
U.S. pet food 470-480
Brazil half grain NQ

Medium grain milled

U.S. Calrose 4% broken 1070-1080
Egypt medium grain 6% NQ
All prices USD per ton, FOB vessel, oryza.com

1st July, 2014 Daily Exclusive ORYZA E-Newsletter by Riceplus Magazine

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