5th July, 2014 Daily Global Rice E-Newsletter by Riceplus Magazine

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Latest News Headlines
NFA warns rice traders against profiteering
Indonesia's Plan To Import Rice Over El-Nino Threat Hailed
Cambodia's rice export up 1 pct in 1st half of 2014
NACC and NCPO investigate possible rice stock corruption
Truant rains hit kharif planting in AP, Telangana
Indian monsoon revives after weakest start in five years
Nagpur Foodgrain Prices - APMC & Open Market-July 3
Worst over for Asia rice prices, but Thai stockpile still a threat: Russell
Food exports down by 1.41%, rice exports up 14.5% in July-May 2014
BAAC targets 10% growth in loans
News Detail
NFA warns rice traders against profiteering
July 4, 2014 5:01pm


The National Food Authority on Friday warned profiteers
against repacking sacks of low-cost government rice to be
sold as expensive commercial rice.In a statement, NFA
administrator Arthur Juan noted the regular NFA rice is
being sold at P27 per kilogram and the well-milled variety
for P32 per kg.However, "because of its good quality," some
unscrupulous traders jack up the commercial prices, he
added.Juan said they have coordinated with the Philippine
National Police-Criminal Investigation and Detection Group
to help the NFA enforce rice trading rules and regulations.It
was through this coordination that CIDG operators raided
the Jommaro Star Rice Mill, owned by Roberto and Regina
Pualengco, in Abangan Norte in Marilao, Bulacan early this
week. The raiding team caught men repacking about 100
sacks of NFA rice, said Juan. Two ten-wheeler trucks
parked outside the rice mill were also discovered to be
loaded with 1,068 sacks of NFA rice."The NFA will
continue to conduct surveillance activities, in coordination with the authorities, to thwart similar nefarious
activities all over the country," Juan said.NFA is encouraging the public to immediately report all irregular rice
trading practices. Those who want to report suspicious activities may call NFA through mobile number 0906-
4363133. Amanda Fernandez/VS, GMA News

Indonesia's Plan To Import Rice Over El-Nino Threat Hailed
KUPANG, July 3 (Bernama) - Agribusiness observer from the University of Nusa Cendana Kupang Leta Rafael
Levis has hailed the government's plan to import 500,000 tonnes of rice in anticipation of the impact of El
Nino.The weather phenomenon is feared to hit the eastern regions of the country in August, Indonesia's
ANTARA news agency reported.
"The decision to import rice is a right one to ward off the impact of a long drought brought about by El Nino.
There might be shortage in domestic supply of rice, soybean, tuber and other food products as a result of a long
drought," Leta said Wednesday.
Leta said the rice imports would strengthen stocks in areas which have strong indications of a long
drought.Most farmers in East Nusa Tenggara notably in Timor, Lembata and Sumba are already suffering the
impact of El Nino since April this year."There was no rain when rice and corn began to bear fruits," he
said.Deputy Agriculture Minister Rusman Heriawan said as El Nino has hit the country every year the
government will continue to take precautionary measure to cope with the impact.


"What is important is that rice production would not be less than that in 2013," he said last week.Rusman
predicted El Nino would hit the country in October, November and December.Despite precautionary measures,
however, experts have dismissed fears that the El Nino impact would be serious.Supari, a climatologist from the
Meteorology and Geophysics (BMKG) office, said there was no cause for much concern."The types of El Nino
events that would hit Papua, Maluku, West Nusa Tenggara and East Nusa Tenggara would not cause much
damage," he said.Supari added there is little possibility of forest fires being triggered by El Nino this year as the
weather phenomenon would be weak and there is sufficient rainfall.-- BERNAMA
Rice grower drills into sowing techniques
NSW Country Hour
By Laurissa Smith

Updated Thu 3 Jul 2014, 1:13pm AEST
PHOTO: Nuffield Scholar Peter Kaylock has been investigating ways to improve direct drilled rice crops on
his property at Moulamein in south-west NSW.(Laurissa Smith)
AUDIO: Study inspires improved rice techniques(ABC Rural)
MAP: Moulamein 2733
Planting rice straight into the ground with an air seeder might not be the most common way to sow a
crop in Australia.
But, if the method uses less water and chemical, as New
South Wales Nuffield Scholar Peter Kaylock suggests, it
could give the aeroplane a run for its money.The rice
grower from Moulamein in the western Riverina, has
been direct drilling rice crops on the 7,000 hectare
property, he manages with his family, for a number of
years.With local research on the method still evolving,
he wanted to learn how other farmers overseas have
tackled weed problems and improved their yields in
direct drilled crops.With support from the Rural
Industries Research and Development Corporation
(RIRDIC) and Ricegrowers' Association R & D
committee, he travelled extensively.
He visited the United States, visiting farms in Louisiana, Ohio and California, then across to the United
Kingdom, Italy, France and South America.He says some of the European farmers planted cover crops to
improve their soils and he believes a similar approach on his country would give the crop a head start."What


I've done in the last couple of years and want to do a lot more of, is try and establish a pasture before our rice
and sod seed straight in to it."It's what we used to do 50 years ago in rice.
"It seems to keep the moisture in the ground, it doesn't crack open and the seed seems to germinate quite
readily."During his travels abroad, Peter Kaylock was also inspired to try out some new technology.While in
England, he came across a company near York, which sold machinery to measure the plants chlorophyll and
density levels.He says the system collected the information and conveyed it to a spreader mounted on the back
of a tractor, which then applied fertiliser to crop in the paddock according to the measured parameters.
"The biggest factor in our rice crop, because we leave all our water off for a long period and then put on our
nitrogen as we go to permanent water, we've really got no way of knowing the amount of nitrogen we need to
finish the crop."With this, I used it last year for the first time, I gave it two applications of fertiliser and it did
even the crop out."Peter Kaylock says direct drilled rice systems are the way of the future."There will be a lot
more scrutiny on how much water we use."There's definite savings and it gives us different management
techniques to manage different situations."
Topics: rice, moulamein
First posted Thu 3 Jul 2014, 10:27am AEST
PHNOM PENH, July 3 (Xinhua) -- Cambodia exported 178,000 tons of milled rice in the first six months of
2014, up only one percent from 176,000 tons over the same period last year, according to official figures
released Thursday.Some 64 companies have brokered Cambodian rice for 54 countries and regions around the
world, said the data compiled by the Secretariat of One Window Service for Rice Export.Main buyers are
Poland, France, the Netherlands, Malaysia, Belgium, Czech republic and China.

"A slight increase in rice exports in the first semester of this year was due to a tough competition with other
countries' rice, especially Thailand and India," said Kim Savuth, vice president of the Federation of Cambodian
Rice Exporters.The Southeast Asian nation made roughly 9.4 million tons of paddy rice last year. With the
amount, it has over three million tons of milled rice left over for exports this year.The country is expected to
export one million tons of milled rice a year from 2015. Last year, it exported some 379,000 tons of milled rice,
up 84 percent year-on-year.
NACC and NCPO investigate possible rice stock corruption
Thursday, 03 July 2014By NNT
BANGKOK, 2 July 2014 - Mr. Panthep Klanarongran, President of the National Anti-
Corruption Commission (NACC) has disclosed that NACC officials will investigate areas
involving possible fraud in the rice-pledging scheme, along with total rice stocks as well as


the rice distribution process, to gather information for further investigations. National Council for Peace and
Order (NCPO) officials and representatives of other related sectors have also been requested to join the NACC
in the probe.Rice mills and storage warehouses, which have claimed unusual rice stocks, will be the first
inspected.

Truant rains hit kharif planting in AP, Telangana
KV KURMANATH
HYDERABAD, JULY 3:
Nothing seems to be rolling in favour of farmers in Telangana and Andhra Pradesh this year. As they wait for a
decision on waiver of loans, lakhs of farmers are also looking at the skies praying for rain.Sowing has not begun
in most parts of both these States. Wherever it has, farmers are desperately looking for a few showers to protect
their crops.All the major crops of paddy, maize, groundnut and cotton have been hit. This might hit the overall
productivity and production.As the monsoon has failed to spread evenly as per schedule, the deficit in some
parts of the States ranges from 50 to 90 per cent.Farmers in Telangana have been able to plant only in 11 per
cent of the total area of 40 lakh hectares under kharif.
About 8,000 hectares of area under maize in Mahboobnagar district are withering, a senior official in the
Agriculture Department told Business Line.The coverage of foodgrains is just 75,000 hectares, one-third of the
usual area that should have been covered by now.The situation in the neighbouring Andhra Pradesh, is no
better.Farmers there have covered just seven per cent of the normal area of 42 lakh hectares. By this time,
plantings should have been completed in at least 20 lakh hectares.Nellore, the only district where the coverage
in better, too has reported a 25 per cent drop in plantings.The monsoon is inactive. Isolated showers were
received, resulting in agricultural operations being affected. We have an overall deficit of 57 per cent in
rainfall, an official of AP Agriculture Department said. Plantings of foodgrains have been completed in only
50 per cent of area of 1.51 lakh hectares as paddy, the predominant kharif crop in the coastal areas, has been
sown only in 42,000 hectares (80,000 hectares).According to India Meteorological Department, monsoon is 54
per cent deficient in coastal Andhra Pradesh and 82 per cent in Telangana.
Surprisingly, it is 8 per cent excess in the Rayalaseema region.On the other hand, the Central Water
Commission data shows poor storage level in Nagarjuna Sagar and Srisailam reservoirs. While storage level is
zero in Srisailam, in Nagarjuna Sagar the water level is only four per cent of the capacity.On the other hand, the
levels in Sriramsagar, Somasila and Lower Maniar are higher than last year.Last year, the rabi crop in Andhra
Pradesh and Telangana was affected as these regions were battered by at least three cyclones.
(This article was published on July 3, 2014)
Indian monsoon revives after weakest start in five years

Reuters | New Delhi | Published: Jul 03 2014, 20:14 IST


Indian monsoon rains revived in the key
planting month after recording the weakest
first month of the June-September monsoon
season in five years, weather officials said on
Thursday.Indian monsoon rains revived in
the key planting month after recording the
weakest first month of the June-September
monsoon season in five years, weather
officials said on Thursday.A late surge in the
monsoon rains has come as a relief to
farmers who can now begin to plant summer
crops such as rice, corn, cane, soybean and
cotton."The monsoon has revived in many
parts of central and north India," said B.P. Yadav, head of the National Weather Forecasting Centre at the India
Meteorological Department.
India, one of the world's top producers and consumers of rice, corn, cooking oil, sugar and cotton, relies heavily
on the summer rains as nearly half of its farmland is rainfed.July, the second month of the monsoon season,
usually receives the maximum rainfall, accounting for about a third of the seasonal rainfall. Summer sowing
activities pick up during the month as the monsoon rains cover the entire the country."The revival phase is
expected to continue next week," said a weather official, who did not wish to be named as he is not authorised
to speak to the media.
Annual rains arrived five days late than the normal June 1 start over the southern Kerala coast, and then covered
half of India four days later than the usual date of June 15.India's farm sector shares around 14 percent of its
nearly $2 trillion economy, and two-thirds of its 1.2 billion population live in rural areas.Rainfall was 53
percent below average for the week ended on July 2 as against 31 percent deficiency in the previous week as the
monsoon advancement towards the central and north regions had stalled after the second week.However, Yadav
said monsoon progress has resumed in the first two days of July, with the country receiving heavy rainfall in
many parts of north India, including the capital city New Delhi.On Wednesday, a top official confirmed the
revival in soybean areas of central and cane areas of north India, but warned the country was still likely to have
a below-average rainfall in 2014 due to the weak start.
Nagpur Foodgrain Prices - APMC & Open Market-July 3
Thu Jul 3, 2014 2:37pm IST
Nagpur, July 3 (Reuters) - Gram and tuar prices in Nagpur Agriculture Produce and


Marketing Committee (APMC) recovered on renewed demand from local millers amid weak supply from
producing regions. Delay in monsoon arrival in Vidarbha, firm trend in Madhya Pradesh pulses and weak
overseas supply also pushed up prices, according to sources.

* * * *

FOODGRAINS & PULSES
GRAM
* Gram mill quality and desi gram reported higher in open market on increased buying
from millers amid thin arrival from producing belts. Stockists were reportedly
active because of delay in monsoon arrival.

TUAR
* Tuar varieties ruled steady in open market on subdued demand from local traders amid
ample stock in ready position.

* Moong and udid varieties zoomed up in open market increased seasonal demand from
local traders amid tight supply from producing belts. Healthy rise in Madhya Pradesh
Moong prices also boosted sentiment.

* In Akola, Tuar - 3,800-4,100, Tuar dal - 5,700-6,000, Udid at 6,500-6,800,
Udid Mogar (clean) - 7,600-8,100, Moong - 7,200-7,600, Moong Mogar
(clean) 8,600-9,300, Gram - 2,100-2,300, Gram Super best bold - 3,100-3,400
for 100 kg.

* Wheat, rice and other commodities remained steady in open market
in thin trading activity, according to sources.

Nagpur foodgrains APMC auction/open-market prices in rupees for 100 kg

FOODGRAINS Available prices Previous close
Gram Auction 2,100-2,690 2,100-2,650
Gram Pink Auction n.a. 2,100-2,600
Tuar Auction 3,400-4,520 3,380-4,475
Moong Auction n.a. 4,400-4,700
Udid Auction n.a. 4,300-4,500
Masoor Auction n.a. 2,600-2,800
Gram Super Best Bold 3,700-3,800 3,700-3,800
Gram Super Best n.a.
Gram Medium Best 3,300-3,500 3,300-3,500
Gram Dal Medium n.a. n.a.
Gram Mill Quality 2,950-3,050 2,900-3,000


Desi gram Raw 2,750-3,000 2,700-3,000
Gram Filter new 3,200-3,400 3,200-3,400
Gram Kabuli 8,000-9,500 8,000-9,500
Gram Pink 7,300-7,500 7,300-7,500
Tuar Fataka Best 6,400-6,700 6,400-6,700
Tuar Fataka Medium 6,200-6,400 6,200-6,400
Tuar Dal Best Phod 5,700-5,950 5,700-5,950
Tuar Dal Medium phod 5,400-5,700 5,400-5,700
Tuar Gavarani 4,400-4,500 4,400-4,500
Tuar Karnataka 4,200-4,300 4,200-4,300
Tuar Black 7,700-8,000 7,700-7,800
Masoor dal best 6,100-6,300 6,100-6,300
Masoor dal medium 5,900-6,100 5,900-6,100
Masoor n.a. n.a.
Moong Mogar bold 8,500-9,300 8,200-9,000
Moong Mogar Medium best 7,900-8,300 7,700-8,000
Moong dal super best 7,700-8,100 7,400-7,800
Moong dal Chilka 7,500-8,500 7,500-8,100
Moong Mill quality n.a. n.a.
Moong Chamki best 7,600-8,900 7,800-9,000
Udid Mogar Super best (100 INR/KG) 7,600-8,000 7,400-7,800
Udid Mogar Medium (100 INR/KG) 6,200-7,000 6,000-6,800
Udid Dal Black (100 INR/KG) 5,500-6,400 5,500-6,400
Batri dal (100 INR/KG) 3,900-4,800 3,900-4,800
Lakhodi dal (100 INR/kg) 2,850-2,950 2,850-2,950
Watana Dal (100 INR/KG) 2,900-3,200 2,900-3,200
Watana White (100 INR/KG) 3,500-3,600 3,500-3,600
Watana Green Best (100 INR/KG) 4,900-5,500 4,900-5,500
Wheat 308 (100 INR/KG) 1,200-1,500 1,200-1,500
Wheat Mill quality(100 INR/KG) 1,550-1,800 1,550-1,800
Wheat Filter (100 INR/KG) 1,200-1,400 1,200-1,400
Wheat Lokwan best (100 INR/KG) 1,900-2,200 1,900-2,200
Wheat Lokwan medium (100 INR/KG) 1,600-1,800 1,600-1,800
Lokwan Hath Binar (100 INR/KG) n.a. n.a.
MP Sharbati Best (100 INR/KG) 2,500-3,200 2,500-3,200
MP Sharbati Medium (100 INR/KG) 2,000-2,400 2,000-2,400
Wheat 147 (100 INR/KG) 1,100-1,300 1,100-1,300
Wheat Best (100 INR/KG) 1,500-1,800 1,500-1,800
Rice BPT (100 INR/KG) 2,900-3,200 2,900-3,200
Rice Parmal (100 INR/KG) 1,600-1,800 1,600-1,800
Rice Swarna old (100 INR/KG) 2,700-2,900 2,600-2,800
Rice HMT (100 INR/KG) 4,000-4,300 4,000-4,300


Rice HMT Shriram (100 INR/KG) 4,600-5,200 4,600-5,200
Rice Basmati best (100 INR/KG) 10,400-13,000 10,400-13,000
Rice Basmati Medium (100 INR/KG) 7,300-10,000 7,300-10,000
Rice Chinnor (100 INR/KG) 5,000-5,400 5,000-5,400
Jowar Gavarani (100 INR/KG) 1,300-1,500 1,300-1,500
Jowar CH-5 (100 INR/KG) 1,600-1,700 1,600-1,700

WEATHER (NAGPUR)
Maximum temp. 40.5 degree Celsius (104.9 degree Fahrenheit), minimum temp.
28.1 degree Celsius (82.6 degree Fahrenheit)
Humidity: Highest - n.a., lowest - n.a.
Rainfall : nil
FORECAST: Partly cloudy sky. Maximum and Minimum temperature likely to be around 41 and 27 degree
Celsius respectively.
Note: n.a.--not available
(For oils, transport costs are excluded from plant delivery prices, but included in market prices.)
Worst over for Asia rice prices, but Thai stockpile still a threat: Russell
BY CLYDE RUSSELL
LAUNCESTON, Australia, July 3 Thu Jul 3, 2014 9:44am EDT

A soldier checks sacks of rice at a warehouse in Ayutthaya province, north of Bangkok July 3, 2014.
CREDIT: REUTERS/CHAIWAT SUBPRASOM
(Reuters) - Thai rice prices have bounced off a 6-1/2-year low,
but a sustained rally looks unlikely as long as the huge
stockpile built up under the former government's disastrous
subsidy scheme remains unsold.Thai 5 percent broken white
rice ended last week at $415 a metric ton (1.1023 tons), up 12
percent from $370 in the week to May 30, which was the
lowest since January 2008.The current rally has been
supported by concern that checks by Thailand's new military
rulers on the state of government stockpiles will sharply lower
exports.The military government, which overthrew the elected
administration of ousted prime minister Yingluck Shinawatra
in May, is seeking to establish exactly how much rice is in
warehouses and what condition the grain is in

.The checking of about 1,800 warehouses may take about 75 days, an official of the military government said
on July 2.Local media reports suggest as much as 3 million tonnes may have gone missing from stockpiles,
which are estimated at around 14 million tonnes.To put that in perspective, the most ever exported by Thailand
in a year was 10.6 million tonnes in 2011, the year that Yingluck introduced her intervention scheme after a
convincing election victory.Yingluck's signature policy was a rice pledging scheme that paid farmers about


twice the market rate for paddy rice.Her government had, naively, expected that they would simply be able to
pass higher prices on to customers, given Thailand's then status as the top exporter of the grain that is the staple
for about two-thirds of the world's population.

Instead, rice buyers turned to Vietnam and India, leaving Yingluck's government with an ever-increasing rice
stockpile and massive bills to pay farmers.While not the sole reason for her ouster, the rice scheme proved
unsustainable and put stress on the Thai budget, and Yingluck's lack of transparency over the program opened
her government up to allegations of mismanagement and corruption.It's likely that Thai exports will be
restricted while the new rulers assess the stockpiles, with the key question being what happens once that process
is complete.Given rice cannot be stored indefinitely, it seems likely that the military will resume selling,
probably in a steady manner rather than in a firesale.
This may ensure that prices don't collapse, but it also means that prices for Thai grades are unlikely to rally in
any sustained fashion, and will probably underperform those from Vietnam.Vietnamese 5 percent broken rice
has more often than not traded at a discount to the Thai equivalent, but this changed in March this year when
Yingluck's government starting trying to clear some of its stockpiles.Vietnamese rice ended last week at $425 a
metric ton (1.1023 tons), a premium of $10 to the Thai grade.If Thailand does hold off exporting for a few
months, this premium may disappear, but is likely to return should the military authorities resume exports after
their checks.

INCREASING THAI EXPORTS?

The Thai Rice Exporters Association said on June 4 that it expects exports to reach 9 million tonnes this year,
up from an earlier estimate of 7.5 million tonnes.This would be a sharp increase from the 6.6 million metric tons
in 2013, and enough to allow Thailand to reclaim top exporter status from India and Vietnam.However, the
association's forecast relies on a free market, without government intervention, and was made prior to the
military's decision to stop sales from government warehouses while inventories are being assessed.Other factors
may also influence rice prices, such as the possibility of lower exports from India given a weak start to the
country's annual monsoon rainfall period.

The possibility of an El Nino weather event, which brings lower rainfall to much of Southeast Asia, may also
limit rice production in the region.How much rice major consumers such as the Philippines and Indonesia
import will also be a factor.Indonesia won't import rice this year, industry website Oryza.com reported on
Wednesday, citing a government official.This contradicts the views of industry official and analysts, who told
Reuters that the Southeast Asian nation could double imports this year to 1.5 million tonnes.The Philippines has
lowered tariffs on rice imports, which could boost its demand, with the nation already having bought 1.3 million
tonnes from Vietnam this year.

Overall, the balance of risks suggest that Asian rice prices are unlikely to fall in the short- to medium-term, but
if the Thai authorities do clear their stockpile, it's hard to see a sustained rally until that process is
complete.(Clyde Russell is a Reuters columnist. The views expressed are his own. )
(Editing by Himani Sarkar


Food exports down by 1.41%, rice exports up 14.5% in July-May 2014
July 03, 2014
ISLAMABAD: Although the rice exports form the country increased
by 14.5 percent, the overall food exports from the country witnessed
negative growth of 1.41 percent during July to May fiscal year 2013-14
compared to the corresponding period of last year.The over all food
exports from the country during July-May 2013-14 were recorded at
$4.295 billion compared to the exports of $4.357 billion in July-May
2012-13, according to the data of Pakistan Bureau of Statistics
(PBS).The food products contributed in negative growth in trade
included vegetables, exports of which dropped by 14.03 percent from $234.320 last year to $201.455 in 2013-
14 while the exports of leguminous vegetables (pulses) decreased from $4.463 million to $2.820 million,
showing fall of 36.81 percent.Exports of tobacco decreased by 13.50 percent by declining from $22.909 percent
to $19.817 percent while the exports of wheat decreased by 86.79 by going down from $53.436 million to
$7.058 million.Spices and sugar exports from the country also witnessed decrease of 16.16 percent and 46.12
percent respectively as the exports of spices declined from $61.202 million to $51.312 million while the sugar
exports decreased from $474.768 million to $255.800 million.

Meanwhile the food products witnessed positive growth in trade including rice, exports of which increased from
$1.758 million to $2.013 million, showing an increase of 14.50 percent. Among the rice varieties, the exports of
basmati increased by 12.29 percent whereas the exports of other rice commodities expanded by 15.64 percent.The
exports of fish and fish preparations increased by 15.25 percent by going up from $291.301 to $335.732 million
whereas the exports of fruits increased by 16.84 percent from $357.748 million to $417.997 million.The oil seeds,
nuts and kernals exports from the country increased by 136.72 percent from $33.535 million to $79.383 million
whereas the exports of meat and meat preparations increased by 10.24 percent from $194.032 million to $213.893
million.The exports of all other food commodities witnessed negative growth of 19.98 percent by falling from
$871.070 last year to $697.054 million in 2013-14.Countrys overall trade deficit narrowed by 5.66 percent during
first 11 months of current fiscal year as exports expanded by 3.71 percent while imports witnessing negative growth
of 0.57 percent as compared to the same period of last year.On year-on-year basis, the trade deficit witnessed sharp
decrease by 27.60 percent in May 2014 when compared to the deficit of the same month of last year.
According to break up figures, the exports from the country during July-May 2013-14 were recorded at $23.112
billion against the exports of $22.286 billion recorded during July-May 2012-13.On the other hand, the imports into
the country during the period under review were recorded at $40.777 billion against the imports of $41.011 billion
during the corresponding period of last year.Meanwhile, on year-on-year basis the seafood exports from the country
increased by 18.24 percent by going up from $35.520 million last year to $42 million in 2013-14.On month-on-
month basis, the exports of seafood increased by 7.64 percent in May 2014 compared to the exports of $39.018
million during the April 2014, the data revealed.


BAAC targets 10% growth in loans
Savings certificates of B30bn enter market
Published: 3 Jul 2014 at 06.04
Newspaper section: Business
Writer: Wichit Chantanusornsiri
The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) expects its net outstanding loans
will grow by 100 billion baht or 10% for the 2014 fiscal year ending next March 31. Suraphong: Credit growth
steady
Executive vice-president Suraphong Nillaphan said 10% growth in credit was quite steady compared with
recent years.The BAAC's growth target for outstanding loans is based on an assumption that the country's
economy will expand 3-4% this year.The Bank of Thailand recently slashed its forecast for the country's
economic growth this year from 2.7% to 1.5% but raised the projection for next year to 5.5% from 4.8% on
expectations that the economic rebound will gain pace in the second half after the military's takeover of power
ended the months-long political stalemate.The BAAC's loans in fiscal 2013 rose by 120 billion baht to 996
billion from 876 billion in the previous year.Even though demand for new loans from rice farmers has hardly
changed in recent years, farmers may switch to other crops or even cultivate crops earlier, affecting loan
demand in certain periods.
BAAC pesident Luck Wajananawat recently said the bank is set to offer at least
137 billion baht in low-rate loans to rice farmers for planting this year's main
crop as part of the juntas measures to help them cope with low paddy
prices.About 17 billion baht will be lent to rice farmers who have silos in the
upper North and Northeast to encourage them to delay selling paddy, which
should prevent the market price from falling further, while 20 billion will go to
agricultural cooperatives to buy paddy directly from farmers to process and
pack milled rice into bags for sale. Another 100 billion will be for working
capital.The BAAC aims to raise 80 billion in deposits this fiscal year through its
savings products.It yesterday officially launched its Taweesin savings certificates worth 30 billion baht, with
certificates worth 3.5 billion already sold.
The three-year certificates with a face value of 500 baht will offer a return of 18 baht per unit, which does not
take into account prizes from monthly draws. First prize for the draw will be as much as 20 million baht and the
combined prize value will be 58 million per draw.The BAAC contributes one baht for every sold certificate to
help its customers whose homes and assets were hit by the recent earthquake in Chiang Rai province. The
bank's contribution will be 60 million baht if all the certificates are sold.It has provided financial assistance to
its quake-hit debtors by extending the repayment period for loans by one year and offering loans for residential
repairs at a rate below the minimum retail rate (MRR) for the first three years.The BAAC's MRR now stands at
7% per year.The bank's outstanding deposits amounted to 1.1 trillion baht at the end of its 2013 fiscal year, up
from 99 billion in the previous year.

5th July, 2014 Daily Global Rice E-Newsletter by Riceplus Magazine

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5th July, 2014 Daily Global Rice E-Newsletter by Riceplus Magazine

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Daily Rice E-Newsletter by Rice Plus Magazine www.ricepluss.

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