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Rice millers in the Indian state of Haryana have not yet begun procuring paddy from farmers
though the government announced the purchase date three days back, according to local sources.
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The President of the Rice Millers' Association told local sources that their meeting with the state
government over certain issues has failed. He stated that the additional 7.25% tax, including
market fee, rural development fee, infrastructure fund and cancer cess imposed by the state
government apart from the 2% withdrawal tax imposed by the Central government are reducing
their profits. He also noted that the government's deducting of money for damaged rice is still
reducing their income.
The President warned that they would not begin procurement until their demands are fulfilled.
Meanwhile farmers are struggling due to this indecisive behaviour on the part of millers. Most of
them are understood to resort to distress sales due to concerns of lack of demand.
Haryana is one of the basmati rice producers in India and contributed to around 2 million tons to
the central pool in KMS 2014-15 (October - September). The government of India procured
around 31.98 million tons of rice as of September 15, 2015 in KMS 2014-15 (October 2014 September 2015). It is targeting to procure 35.109 million tons of rice during the KMS 2014-15.
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Chicago rough rice futures for Nov delivery settled 1.5 cents per cwt (about $0.33 per ton) lower
at $13.325 per cwt (about $294 per ton). The other grains traded mostly higher today; Soybeans
closed about 0.9% higher at $8.8425 per bushel; wheat finished about 0.4% lower at $5.00375
per bushel, and corn finished the day about 0.6% higher at $3.8900 per bushel.
U.S. stocks traded in a range Tuesday, attempting to stabilize after a sharp sell-off, as biotech
stocks bounced and commodities recovered slightly. The major averages struggled to hold gains
in choppy trade. The major averages remained in correction territory, or more than 10 percent
below their 52-week highs, after closing there Monday. Gains in commodity prices and Europe
helped U.S. stock futures reverse early losses, with Dow Jones industrial average futures earlier
up about 40 points. The bounce helped European stocks recover from a sharply lower open to
close mildly lower.
Asian stock markets ended the day with major losses, with Chinese stocks off more than 2% and
Japan's blue-chip Nikkei stock index closing down 4.05%.On Tuesday, S&P/Case-Shiller's 20City Index reported a 5% rise in July, roughly in-line with analysts' estimates for a 5.1%
increase. The September consumer confidence index came in at 103.0, topping August's read of
101.3. In afternoon trade, the Dow Jones Industrial Average rose 63 points, or 0.40%, at 16,061.
The S&P 500 traded up 9 points, or 0.46%, at 1,890, with health care leading eight sectors higher
and information technology and consumer staples the only decliners. The Nasdaq traded up 12
points, or 0.26%, at 4,554. Gold is trading about 0.4% lower, crude oil is seen trading about
2.6% higher, and the U.S. dollar is seen trading about 0.1% lower about 1:00pm Chicago
time.Monday, there were 385 contracts traded, down from 1,210 contracts traded on Friday.
Open interest the number of contracts outstanding on Monday increased by 126 contracts to
11,562.
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The President of Indonesia has today reiterated that the country's rice stocks of around 1.7
million tons are sufficient until the end of this year and said there is no need to import rice,
according to local sources.
Speaking to a group of businessmen, he noted that Indonesia's rice stocks are much lower
compared to those of China and the Philippines, but said they would reach comparable levels if
farmers maintained production. He called on farmers, rice traders, rice millers, and all related
parties to work hard to ensure optimal rice production and distribution.The President and the
Vice-President are divided over rice imports. The Vice-president, who said the government
would import 1.5 million tons of rice from Vietnam and Thailand due to likely reduction in
production, has warned that too low rice stocks would lead to price hikes and social unrest. He
reminded of a similar situation in 1997 when the then President failed to respond to droughtinduced shortages in rice production.
On the other hand, Bulog is not commenting on the President's stance though it had earlier
described the stock level below 2 million tons as "alarming". Of course its alarming, but it is
up to the government to decide the next step, Bulog corporate secretary was quoted.Agricultural
experts are advising the government to get exact estimates on production and act appropriately
on imports.
Chicago rough rice futures for Nov delivery are currently trading 1 cent per cwt (about $0.22 per
ton) lower at $13.330 per cwt (about $294 per ton) during early floor trading in Chicago. The
other grains are seen trading higher during morning floor action; soybeans are currently seen
trading about 0.3% higher, wheat is listed about 0.2% higher and corn is currently noted
unchanged.
U.S. stocks traded in a narrow range after opening mildly higher Tuesday, attempting to stabilize
after a sharp sell-off as commodities recovered slightly. All three major averages briefly turned
negative and struggled to hold gains. On Monday, the three major indices closed in correction
territory, or more than 10 percent below their 52-week highs. The Dow was about 4% above
its Aug. 24 low, while the Russell 2000 ended below its Aug. 24 low. The Nasdaq also flashed a
death cross Monday, with its 50-day moving average falling below the 200-day. Gains in
commodity prices and Europe helped U.S. stock futures reverse early losses, with Dow Jones
industrial average futures earlier up about 40 points. On Tuesday, S&P/Case-Shiller's 20-City
Index reported a 5% rise in July, roughly in-line with analysts' estimates for a 5.1% increase. The
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September consumer confidence index came in at 103.0, topping August's read of 101.3. In midmorning trade, the Dow Jones Industrial Average advanced 37 points, or 0.23%, at 16,039. The
S&P 500 traded up 8 points, or 0.43%, at 1,889, with health care leading nine sectors higher and
financials the only decliner. The Nasdaq traded up 20 points, or 0.44%, at 4,564. Gold is
currently trading slightly lower, crude oil is seen trading about 1.6% higher, and the U.S. dollar
is currently trading marginally higher at 8:25am Chicago time.
Vietnam 5% broken
330-340
India 5% broken
355-355
Pakistan 5% broken
305-315
Myanmar 5% broken
410-420
Cambodia 5% broken
415-425
U.S. 4% broken
530-540
Uruguay 5% broken
535-545
Argentina 5% broken
530-540
330-340
315-325
285-295
315-325
500-510
345-355
415-425
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India parboiled 5% broken stxd 340-350
570-580
545-555
805-815
450-460
NQ
NQ
Brokens
305-315
Thailand A1 Super
275-285
355-365
300-310
NQ
335-345
NQ
Thailand rice sellers lowered their quotes for Hommali rice by about $5 per ton to around $805$815 per ton today. Vietnam rice sellers lowered their quotes for 5% broken rice, 25% broken
rice and Jasmine rice by about $5 per ton each to around $330-$340 per ton, $315-$325 per ton
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and $450-$460 per ton respectively. Pakistan rice sellers lowered their quotes for 5% broken rice
and 25% broken rice by about $5 per ton each to around $305-$315 per ton and $285-$295 per
ton respectively. India rice sellers kept their quotes mostly unchanged.
5% Broken Rice
Thailand 5% rice is indicated at around $345 - $355 per ton, about $15 per ton premium on
Vietnam 5% rice shown at around $330 - $340 per ton, down about $5 per ton from
yesterday. India 5% rice is indicated at around $355 - $365 per ton, about $50 per ton premium
on Pakistan 5% rice shown at around $305 - $315 per ton.
25% Broken Rice
Thailand 25% rice shown at around $330 - $340 per ton, about $15 per ton premium on Vietnam
25% rice shown at around $315- $325 per ton, down about $5 per ton from yesterday. India 25%
rice is indicated at around $315 - $325 per ton, about $30 per ton premium on Pakistan 25% rice
shown at around $285 - $295 per ton.
Parboiled Rice
Thailand parboiled rice is indicated at around $345 - $355 per ton. India parboiled rice is
indicated at around $340- $350 per ton, about $75 per ton discount to Pakistan parboiled rice last
shown at around $415 - $425 per ton.
100% Broken Rice
Thailand broken rice, A1 Super, indicated at around $305 - $315 per ton, at par with Vietnam
100% broken rice shown at around $305 - $315 per ton. India's 100% broken rice is shown at
around $300 - $310 per ton, about $25 per ton premium on Pakistan broken sortexed rice shown
at around $275 - $285 per ton.
Thailand's former Prime Minister (PM) Yingluck Shinawatra has sued the Attorney General
(AG) and other public prosecutors for filing a case against her that included additional
accusations that were not originally stated in the case filed by the National Anti-Corruption
Commission (NACC), according to local sources.The former PM has filed a suit in the Criminal
Court alleging that the AG and the related officials violated Article 83, 157 and 200 of the
Criminal Code.
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She alleged that the AG and the public prosecutors indicted her without sufficient examinations
of information, evidence, and witnesses. She also alleged that during the Court procedure, the
public prosecutors used materials that were not included in the investigative reports of both
NACC and the joint panel consisting of members from the NACC and the OAG.
The former PM is facing charges of dereliction of duty in preventing multi-billion dollar graft in
running the controversial rice pledging scheme introduced by her government in October 2011.
The Thai National Legislative Assembly (NLA) impeached the former Prime Minister on
January 23, 2015, and banned her from active politics for next five years.
The government is also considering to file a civil case against the former PM, the former
Commerce Minister and 20 other individuals for malfeasance in the government-to-government
(G2G) rice deals.
Meanwhile, the Supreme Court has postponed the examination of evidence against the former
Commerce Minister and 20 other individuals (who are facing trial in its Criminal Division for
Holders of Political Positions) to November 12, 2015. The Court reportedly needs more time to
examine the 70,000 pages of documents that are presented as evidence and testimony from
hundreds of witnesses.
The government of Thailand has sold about 445,472 tons of stockpiled rice worth 4.57 billion
baht (around $125.48 million) to 12 domestic buyers in auction today, Reuters quoted the
Commerce Ministry.
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The Ministry noted that the sales involved Thai 5% broken white rice and Thai jasmine rice. The
government offered about 462,931 tons of stockpiled rice in the auction. It reportedly modified
bidding rules in this auction in order to encourage price competition.
This is the seventh auction this year and eleventh one after the military government took over in
May 2014. The government sold around 5 million tons of rice raising around 53.17 billion baht
(around $1.485 billion) from the auctions conducted so far after it came to power.
The military government still holds 13.5 million tons of rice in its stockpiles, which were
accumulated under the rice pledging scheme introduced by the previous government.
The USDA Post estimates the government of Philippines to import around 2 million tons of rice
in MY 2015-16 (May 2015 - April 2016), up from around 1.8 million tons in MY 2014-15 and
up from USDA's official forecasts of around 1.4 million tons.The Philippines government
decided to import an additional 750,000 tons of rice from Thailand and Vietnam under
government-to-government (G2G) deals. Around 250,000 tons are scheduled to arrive in the last
quarter of 2015 and the remaining scheduled to arrive in the first quarter of 2015.
The Post estimates Philippines paddy rice production to decline to around 18.73 million tons
(around 11.8 million tons, basis milled) in MY 2015-16, down from around 18.913 million tons
(around 11.915 million tons, basis milled) in MY 2014-15 due to the impact of El Nino dry spell.