April 13, 2015

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Volume 5, Issue I
Daily Exclusive

ORYZA Rice
Newsletter

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Pakistan rice Quotes Mixed Today; Other

Asia Rice Quotes Unchanged
Apr 10, 2015

Pakistan rice sellers increased their quotes for 5% broken rice by about $10 per ton to around
$370 - $380 per ton and lowered their quotes for 25% broken rice by about $5 per ton to around
$330 - $340 per ton today. Other Asia rice sellers kept their quotes unchanged today.
5% Broken Rice
Thailand 5% rice is indicated at around $385 - $395 per ton, about a $25 per ton premium on
Vietnam 5% rice shown at around $360 - $370 per ton. India 5% rice is indicated at around $375
- $385 per ton, about a $5 per ton premium on Pakistan 5% rice shown at around $370 - $380 per
ton, up about $10 per ton from yesterday.
25% Broken Rice
Thailand 25% rice is shown at around $355 - $365 per ton, about a $15 per ton premium on
Vietnam 25% rice shown at around $340- $350 per ton. India 25% rice is indicated at around
$345 - $355, about a $15 per ton premium on Pakistan 25% rice shown at around $330 - $340
per ton, down about $5 per ton from yesterday.
Parboiled Rice
Thailand parboiled rice is indicated at around $385 - $395 per ton. India parboiled rice is
indicated at around $360 - $370 per ton, about a $35 per ton discount to Pakistan parboiled rice
shown at around $395 - $405 per ton.
100% Broken Rice
Thailand broken rice, A1 Super, is indicated at around $320 - $330 per ton, about a $10 per ton
premium on Vietnam 100% broken rice shown at around $310 - $320 per ton.
India's 100% broken rice is shown at around $275 - $285 per ton, about a $10 per ton discount to
Pakistan broken sortexed rice shown at around $285 - $295 per ton.

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Global Rice Quotes

April 13th, 2015
Long grain white rice - high quality
Thailand 100% B grade 395-405

Vietnam 5% broken

360-370

India 5% broken

370-380

Pakistan 5% broken

370-380

Myanmar 5% broken

410-420

Cambodia 5% broken

435-445

U.S. 4% broken 480-490

Uruguay 5% broken

575-585

Argentina 5% broken

565-575

Long grain white rice - low quality

Thailand 25% broken

355-365

Vietnam 25% broken

340-350

Pakistan 25% broken

330-340

Cambodia 25% broken 410-420

India 25% broken

345-355

U.S. 15% broken

470-480

Long grain parboiled rice

Thailand parboiled 100% stxd

385-395

Pakistan parboiled 5% broken stxd

380-390

India parboiled 5% broken stxd 360-370

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U.S. parboiled 4% broken

555-565

Brazil parboiled 5% broken

570-580

Uruguay parboiled 5% broken NQ

Long grain fragrant rice

Thailand Hommali 92% 890-900

Vietnam Jasmine

470-480

India basmati 2% broken

NQ

Pakistan basmati 2% broken

NQ

Cambodia Phka Mails

810-820

320-330

Vietnam 100% broken 310-320

Brokens
Thailand A1 Super

Pakistan 100% broken stxd

Cambodia A1 Super

285-295

345-355

India 100% broken stxd 275-285

Egypt medium grain brokens

NQ

U.S. pet food

370-380

Brazil half grain NQ

All prices USD per ton, FOB vessel, oryza.com

Iran Adopts Codex Plus Standard for

Basmati Rice Imports, Says India Commerce
Secretary
Apr 10, 2015

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Indias Commerce Secretary and a high level delegation visited Iran this week to discuss ways to
boost trade, including revival of the rice trade between the two nations.Iran has assured the
delegation about reviving basmati rice imports from India soon, local sources quoted India's
Commerce Secretary, who led a team of delegation to Iran in the beginning of this week, as
saying.He noted that the delegation had discussed issues regarding the revival of basmati rice
imports from India as well as high import duty and stringent standards with the Iranian
authorities.The Secretary also noted that Iran has adopted the Codex plus standard and they are
expecting all rice suppliers, including Indian exporters to comply with the standard. Codex is an
international standard for food trade for safety and quality.
Iran is a major destination for India's basmati rice exports and accounts for nearly 40% of India's
total basmati rice exports. While Iran's basmati rice imports from India increased about 33% y/y
to around 1.44 million tons in 2013-14, the Middle East nation's imports have declined in 201415 primarily due to its stance to revise the accepted level of arsenic content in basmati rice from
150 parts per billion (ppb) to 120 ppb in March 2014. Later in September 2014, Iran also
increased import duty on basmati rice from 22% to 45% before banning rice imports in

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November 2014.Iran has also proposed a free trade agreement with India to boost bilateral trade
and investment with India.
India exported around 767,697 tons of basmati rice to Iran in the first ten months of FY 2014-15
(April - January), according the Agricultural and Processed Food Products Export Development
Authority (APEDA). At this pace, rice market analysts expect India's basmati rice imports to Iran
to decline by about 15-20% to around 1.15 - 1.2 million tons in 2014-15.India exported around
9.57 million tons of rice (including 2.92 million tons of basmati and 6.65 million tons of nonbasmati) in the first ten months of FY 2014-15 (April - March), up about 7% from around 8.96
million tons (including 3.09 million tons of basmati and 5.87 million tons of non-basmati)
exported during the same period in FY 2013-14, according to provisional data released by the
APEDA.

Pakistan Basmati Rice Export Prices

Increase for Second Consecutive Month
Apr 10, 2015

Pakistan basmati rice prices, which have been declining since September 2014 have reversed and
increased sharply in February 2015 with the increase continuing in March 2015 as well,
according to data from the UN's Food and Agriculture Organization (FAO). The increase can be
attributed to concerns over a likely reduction in 2014-15 production.
In the February Crop Monitoring System Bulletin, the National Space Agency of Pakistan
(SUPARCO) and UNs Food and Agriculture Organization (FAO have estimated Pakistan FY
2014-15 (July - June) paddy rice production to decline about 19% to around 8.437 million tons
(around 5.65 million tons, basis milled) from around 10.04 million tons (around 6.72 million
tons, basis milled) produced last year.
In March 2015, Pakistan's basmati rice export prices have increased slightly to around $985 per
ton from around $978 per ton in February 2014, and down about 28% from their year-ago levels
of around $1,362 per ton.

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In terms of local currency, average Pakistan basmati rice prices in March 2015 declined to
around PKR 99,485 per ton (using historical exchange rates), down about 13% from around PKR
99,512 per ton in February 2015, and down about 25% from around PKR 131,978 per ton in
March 2015.Average Pakistan basmati rice prices stood at around $946 per ton in the first three
months of 2015 (January - March), down about 31% from around $1,369 per ton recorded during
the same period last year.
Average basmati rice prices increased between August and September 2014 and peaked to
around $1,450 per ton in September 2014 due to fears of a fall in production as floods affected
large area of basmati rice acreage in Punjab. However, the overall production of basmati rice has
not been significantly affected by floods. Pakistan basmati growers associations have been
urging the government to provide adequate support to increase competitiveness of Pakistan's
basmati rice in the global market.

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India 2014-15 Rabi Rice Planting Reaches

4.056 Million Hectares as of April 10, 2015;
Down 7% from Last Year
Apr 10, 2015

Planting for the Indian 2014-15 rabi (secondary) rice crop (November - May) has reached around
4.056 million hectares as of April 10, 2015; down about 7% from around 4.355 million hectares
planted during the same period last year, according to preliminary data released by the Indian
Agriculture Ministry.
The decline is reportedly due to untimely rains in some part of the rabi rice growing areas.The
government of India, in its second advance estimates for major crops, has estimated India's rice
production for 2014-15 marketing year (October 2014 - September 2015) at around 103.04
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million tons, down about 3% from an estimated 106.65 million tons in 2013-14, according to a
statement from the Agriculture Ministry. It estimates around 88.02 million tons from kharif rice
crop and around 15.02 million tons from rabi rice crop.

Oryza U.S. Rough Rice Recap - Prices Steady

as Sellers Hold Firm
Apr 10, 2015

The U.S. cash market was mostly unchanged today despite weakness in the futures market as
most sellers put their foot down and would not come off of their price ideas despite seeing
decreasing bids.Analysts note that the cash market is being supported by domestic buyers who
are willing to pay roughly $0.50 per cwt (about $11 per ton) more than exporters, who for the
most part have gone quiet amid limited demand.

Pignoracion Program" Transforms Rice

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Sector in Dominican Republic, Says USDA

Post
Apr 10, 2015

USDA Post reports that the "Pignoracion Program" established by the government of Dominican
Republic in 2005 has played a significant role in transforming the country's rice sector while
stabilizing rice market prices and supply.The Post reports that under the program, the
government will underwrite the storage costs and allows rice producers and millers to pledge
stored rice as collateral for interest-free loans. For participants in the program, the cost of
storage, interest and insurance costs are covered by the government. Currently, the program
benefits about 30,000 producers and about 140-150 processors annually.
The program is financed by a Renewable Pignoracion Fund, which is funded by an annual
allocation from the government budget; 2) a contribution from producers and/ or processors of
0.25% of the amount of loans provided through the program; and 3) other contributions and
donations.The program has since its implementation has led to a increase in rice production and
stocks, a decline in rice imports as well as stability in local rice prices, at levels significantly
higher than import prices. It also led to increased credit available for the rice sector.USDA
estimates Dominican Republic to produce about 552,000 tons of milled rice and import about
15,000 tons in MY 2014-15 (July - June).

U.S. Rice Trade Expected to Increase in MY

2014-15, Says USDA Report
Apr 10, 2015

In its April World Agricultural Supply and Demand Estimates (WASDE) report, the USDA has
forecasted U.S. MY 2014-15 all rice exports to increase to around 4.76 million tons, up about
12% from around 4.24 million tons last year and slightly up from its last month's forecasts of
4.72 million tons due to an increase in U.S. long grain exports to the Western Hemisphere.USDA
forecasts the U.S. long-grain exports to increase to around 3.31 million tons, up about 16% from
last year's 2.86 million tons and up about 1.2% from last month's forecast of around 3.27 million
tons.the USDA has forecasted U.S. MY 2014-15 all rice imports to increase to around 1.07
million tons, up about 3% from around 1.04 million tons last year and up 3% from its last
month's forecasts of 1.04 million tons due to an increase in imports from Thailand.Accordingly,
USDA increased its estimates for U.S. MY 2014-15 all rice ending stocks by about 3% to around
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1.92 million tons from its last month's estimates of around 1.86 million tons. It estimates U.S. all
rice ending stocks to increase about 29% y/y in MY 2014-15.USDA increased estimates for U.S.

MY 2014-15 long-grain ending stocks by about 1.6% to around 1.25 million tons from last
month's estimate of around 1.23 million tons. It estimates U.S. long-grain rice ending stocks to
increase about 29% y/y in MY 2014-15. USDA increased estimates for U.S. MY 2014-15
combined medium & short-grain ending stocks by about 10% to around 0.57 million tons from
last month's estimate of around 0.52 million tons. It estimates U.S. combined medium & shortgrain rice ending stocks to increase about 12% y/y in MY 2014-15.USDA estimates U.S. all rice
farm prices to increase slightly to around $308.64 - $317.46 per ton from last month's estimates
of around $308.64 - $321.87. It lowered estimates for long-grain rice farm prices to around
$266.76 - $275.58 per ton and increased estimates for combined medium and short-grain farm
prices to around $405.65 - $414.47.The USDA has kept its forecasts for U.S. all rice production
unchanged from last month.

Vietnam Rice Exports Dip Despite Low

Prices, Say Exporters
Apr 10, 2015

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Vietnam rice exporters have expressed concern that Vietnam rice exports have slowed down
despite low prices due to a stiff competition with Thailand, India and Pakistan, report local
sources.The Director of an exporting company told local sources that while Thailand has been
trying to offload its huge rice stockpile by lowering selling prices, India and Pakistan have also
been forced to lower their export prices. He added that Thailand and Pakistan are trying cut into
Vietnam's share in Africa.Vietnam had already lowered floor prices of all rice varieties this year.
In the first week of March, Vietnam had lowered the floor price of lower quality 25% broken rice
exports to around $350 per month from around $360 per ton.
In January, the South-East nation cut export floor prices of higher quality and medium quality
rice such as 5%, 10% and 15% broken rice varieties to around $385 per ton, $375 per ton and
$365 per ton respectively on January 7, 2015.The exporter also noted that Vietnam usually relies
on commercial contracts with China and government-to-government contracts with the
Philippines and Indonesia. But this year, China has modified its import policy and is seeking 5%
broken rice instead of 15-25% broken varieties. The Head of the Mekong River Delta Rice
Institute added that most of the countries are demanding higher quality rice and Vietnam has
been slow in these types of exports.
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However, they still expressed confidence that demand for low quality rice from China would
pick up, and Indonesia and the Philippines also expected to import more rice this year.Vietnam
5% rice stands at $365 per ton compared to Thai 5%, India 5% and Pakistan 5% rice at $390 per
ton, $380 per ton and $375 per ton respectively.Vietnam exported about 904,954 tons of rice in
first three months of calendar year 2015, down about 26% from about 1.22 million tons of rice
exported during same time last year, according to data from the Vietnam Food Association
(VFA). Average rice export price so far in this year stands at about $422 per ton (FOB), down
about 2.5% per ton from same time last year.

Weekly Recap: Global Rice Export Quotes

Stabilize, Indications Higher In Pakistan
Apr 10, 2015

The Oryza White Rice Index (WRI), a weighted average of global white rice export quotes,
ended the week at about $413 per ton, up about $2 per ton from a week ago, down about $7 per
ton from a month ago and down about $39 per ton from a year ago.
Thailand
Thailand 5% broken rice is today shown at about $390 per ton, unchanged from a week ago,
down about $10 per ton from a month ago and up about $5 per ton from a year ago.
The Office of Agricultural Economics estimates the countrys paddy rice output for 2014-15 will
be around 32.6 million tons, down about 11% from last year. The decrease is expected due to a
43% y/y decline in secondary crop output.Rice exports increased sharply in February, reaching
732,151 tons, an increase of about 20% from January and up about 3% from February 2014.
Vietnam
Vietnam 5% broken rice is today shown at about $365 per ton, unchanged from a week ago,
down about $5 per ton from a month ago and down about $20 per ton from a year ago.
Vietnam has exported about 904,954 tons of rice in the first three months of 2015, a decrease of
about 26% from the same period last year. Average rice export price so far this year is around
$422 per ton (FOB), down about 2.5% from the same time last year.
India

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India 5% broken rice is today shown at about $380 per ton, unchanged from a week ago, down
about $15 per ton from a month ago and down about $50 per ton from a year ago.
Planting for the Indian 2014-15 rabi (secondary) rice crop (November - May) has reached
around 4.056 million hectares as of April 10, 2015; down about 7% from around 4.355 million
hectares planted during the same period last year, according to preliminary data released by the
Indian Agriculture Ministry.
Rice stocks in the central pool as of April 1 were around 23.62 million tons, down about 22%
from the same period last year.Farmers in the state of Punjab are being urged by agricultural
officials to cut basmati rice acreage this year due to falling basmati rice prices.
Indias Commerce Secretary and a high level delegation visited Iran this week to discuss ways
to boost trade, including revival of the rice trade between the two nations.
Pakistan

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Pakistan 5% broken rice is today shown at about $375 per ton, up about $20 per ton from a week
ago, up about $25 per ton from a month ago and down about $30 per ton from a year ago.
The USDA Post estimates Pakistans MY 2014-15 rice exports at 3.7 million tons, up 16% from
last year.
Central & South America
Brazil 5% broken rice is today shown at about $550 per ton, unchanged from a week and a
month ago and down about $115 per ton from a year ago. The USDA Post estimates Brazils
MY 2014-15 (April 2015-March 2016) rice exports at around one million tons, up about 10%
from MY 2013-14 and up 10% from USDAs official estimates. The Post estimates MY2014-15
Brazil rice imports at 700,000 tons, unchanged.
It estimates MY 2014-15 milled rice production at 8.3 million tons, unchanged. It also estimates
consumption will stay consistent and ending stocks will increase about 14% from last year to
828,000 tons. Separately, the Brazilian paddy rice index maintained by the CEPEA reached
around 35.86 real per 50 kilograms as of April 7, 2015, down about 0.03% from around 35.87
real per 50 kilograms recorded on March 31, 2015. In terms of USD per ton, the index reached
around $232 per ton on April 7, 2015, up about 3.5% from around $224 per ton recorded on
March 31, 2015.
Five percent broken rice from Uruguay and Argentina is today shown at about $575 per ton,
unchanged from a week ago, down about $25 per ton from a month ago and down about $50 per
ton from a year ago.
USDA Post reports that the "Pignoracion Program" established by the government of Dominican
Republic in 2005 has played a significant role in transforming the country's rice sector while
stabilizing rice market prices and supply.
U.S.
U.S. 4% broken rice is today shown at about $485 per ton, unchanged from a week and a month
ago and down about $100 per ton from a year ago.
The U.S. cash market was weaker this week, falling with the futures market. Trade activity was
limited.
Chicago rough rice futures for May delivery dropped this week, starting at a high of $10.900 per
cwt (about $240 per ton) on Monday before declining to a low of $10.270 per cwt (about $226
per ton) on Friday and closing at $10.400 per cwt (about $229 per ton).
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In its April World Agricultural Supply and Demand Estimates (WASDE) report, the USDA has
forecasted U.S. MY 2014-15 all rice exports to increase to around 4.76 million tons, up about
12% from around 4.24 million tons last year and slightly up from its last month's forecasts of
4.72 million tons due to an increase in U.S. long grain exports to the Western Hemisphere.
Other Markets
Cambodia 5% broken rice is today shown at about $440 per ton, unchanged from a week ago,
up about $10 per ton from a month ago and down about $5 per ton from a year ago. Cambodia
exported about 149,464 tons of rice in the period January-March, up 77% from the same period
last year. Meanwhile, the government of Cambodia is looking to double rice exports to China in
2015-16 (May-April) to about 200,000 tons.
The government of China has procured about 28.07 million tons of 2014-15 middle-to-late
season rice for reserves as of March 31, an increase of about 4.6% from the amount procured last
year.
The USDA Post estimates that South Korea will import 560,000 tons of rice in MY 2014-15, an
increase of 79% from last year. Separately, South Koreas state-run Agro Fisheries & Food
Trade Corporation is seeking to buy about 87,000 tons of non-glutinous rice of U.S. origin in
tenders for delivery between August 15 and September 30.
The USDA Post estimates that Taiwan will import 126,000 tons of rice in 2015, a decrease of
6% from last year.
The government of Senegal plans to limit annual rice imports to 500,000 tons in efforts to boost
domestic production.
The European Union has exported about 141,087 tons of milled rice in the first six months of
2014-15 (September-August), an increase of about 45% from the same period last year. Milled
rice imports increased 9% y/y to reach 669,778 tons.
The USDA Post estimates that Indonesia will import 1.25 million tons of rice in MY 2014-15,
up slightly from last years numbers.
The Philippines Department of Agriculture plans to plant high-yielding rice varieties in over
560,000 hectares in 2015.
A recent report by the Italy-based Joint Research Center of the European Commission has
identified Precision Agriculture as a potential means to increase rice production in the EU
member states while reducing the environmental ill effects associated with various rice
production systems.
The USDA Post estimates Turkeys rice imports for MY 2014-15 will be about 300,000 tons,
down about 12% from last year.
Myanmar exported 1.81 million tons of rice in fiscal year 2014-15 (April-March), up about 51%
from 2013-14.

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