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07.14
Rice Prices Rally Boosting Demand for Cheaper Overseas Supply
Written By mine on Kamis, 22 November 2012 | 07.14
Rice prices rallied to a six-year high amid the best crop since 2008 in Japan, boosting demand for cheaper overseas supply and raising questions about a government policy that protects producers. Prices rose as the nation’s largest farmers group paid more to collect rice from growers, who aren’t in a rush to sell under the government’s income-support program, said Ryo Kimura, the chairman of Japan Rice Millers and Distributors Cooperative.
Demand for local rice is forecast to drop 1.5 percent to 7.98 million tons in the year to June 30, the lowest level in at least 17 years, according to the ministry. High prices curbed demand from the food industry, while consumers prefer to eat more bread and meat, said Chino, who has trade grains for more than three decades.
Japan agreed to give minimum-market access to rice- exporting countries at the Uruguay Round of world trade talks in 1993, buying 770,000 tons a year. Most of them are used for production of liquor, processed food and livestock feed. The U.S. was the top supplier to Japan last year, followed by Thailand.
The average price of domestic food-rice sold by shippers to wholesalers jumped 10 percent from a year ago to the highest level since 2006, said Takashi Amou, director of the agriculture ministry’s policy planning division.
Rice in Chicago has climbed 3.6 percent in the past year. Demand from Japan’s food industry for foreign grain reached 88,840 metric tons in an import tender this month, more than tripling from the state-set ceiling of 25,000 tons, as retailers sought cheaper alternatives. The ministry limits the volume of food-rice imports to protect farmers from foreign competition. Higher rice prices erode earnings of restaurant-chain operators such as Yoshinoya Holdings Co. (9861) and Matsuya Co. (8237)
“The current policy offers benefits to producers at the expense of consumers,” said Nobuyuki Chino, the president of Continental Rice Corp. in Tokyo. “It won’t be sustainable as rising prices will weaken demand for domestic rice further.”
“The rising cost of rice was the largest reason” that profit declined in the first half, said Yuriko Handa, a spokeswoman for Tokyo-based Yoshinoya, which reported a 29 percent drop in operating profit in the six months ended Aug. 31. “The import volume is not large enough to fulfill our demand.”
The ministry, which has maintained the ceiling on food-rice imports at 100,000 tons a year for the past 11 years, has no plan to expand the volume, Amou said in an interview in Tokyo.
Food-rice prices in Japan, which jumped 17 percent in the year ended Aug. 31, extended gains this marketing year as National Federation of Agricultural Co-operative Associations increased payments to individual growers by 10 percent to 20 percent, said Kimura at the rice millers organization.
The agriculture group, known as Zen-Noh, plans to collect 12 percent more rice to 3 million tons this year, spokesman Yoichi Nobuta said, declining to confirm the price increase.
The price averaged 16,650 yen ($203) a bag in September, rising from 15,196 yen a year ago, according to the ministry, which compiles data every month. One bag contains 60 kilograms.
Farmers are reluctant to sell rice at low prices as their income is supplemented by the government program that provides 15,000 yen per 10 ares of paddies to each grower, Kimura said in an interview in Tokyo. One “are” equals 100 square meters. They also increase rice sales to consumers through internet to maximize profits, reducing shipments to Zen-Noh, he said.
The ruling Democratic Party of Japan, which won farmer votes from the Liberal Democratic Party to gain power in 2009, introduced the program of paying cash to those who produce rice in accordance with the ministry’s policy of balancing output with domestic demand for price stability.
The program drew criticism from members of an advisory panel to Japan’s Finance Minister this month, as they proposed to review spending that didn’t increase efficiency in the agricultural sector.
“The program was originally aimed at supporting farmers in case the government promotes free-trade agreements and lowers tariffs on imports,” said Chino at Continental Rice. “The ruling party has failed to pursue the objective because of strong opposition from producer groups.”
Prime Minister Yoshihiko Noda has put on the agenda for the Dec. 16 election Japan’s participation in the negotiations over the Trans-Pacific Partnership trade pact, raising the prospect of eliminating barriers on farm imports. The chairman of the Central Union of Agricultural Co-Operatives, Japan’s biggest farm lobby, has said it will support candidates opposing the participation in the trade-liberalization pact.
Demand for local rice is forecast to drop 1.5 percent to 7.98 million tons in the year to June 30, the lowest level in at least 17 years, according to the ministry. High prices curbed demand from the food industry, while consumers prefer to eat more bread and meat, said Chino, who has trade grains for more than three decades.
Japan agreed to give minimum-market access to rice- exporting countries at the Uruguay Round of world trade talks in 1993, buying 770,000 tons a year. Most of them are used for production of liquor, processed food and livestock feed. The U.S. was the top supplier to Japan last year, followed by Thailand.
The average price of domestic food-rice sold by shippers to wholesalers jumped 10 percent from a year ago to the highest level since 2006, said Takashi Amou, director of the agriculture ministry’s policy planning division.
Rice in Chicago has climbed 3.6 percent in the past year. Demand from Japan’s food industry for foreign grain reached 88,840 metric tons in an import tender this month, more than tripling from the state-set ceiling of 25,000 tons, as retailers sought cheaper alternatives. The ministry limits the volume of food-rice imports to protect farmers from foreign competition. Higher rice prices erode earnings of restaurant-chain operators such as Yoshinoya Holdings Co. (9861) and Matsuya Co. (8237)
“The current policy offers benefits to producers at the expense of consumers,” said Nobuyuki Chino, the president of Continental Rice Corp. in Tokyo. “It won’t be sustainable as rising prices will weaken demand for domestic rice further.”
“The rising cost of rice was the largest reason” that profit declined in the first half, said Yuriko Handa, a spokeswoman for Tokyo-based Yoshinoya, which reported a 29 percent drop in operating profit in the six months ended Aug. 31. “The import volume is not large enough to fulfill our demand.”
The ministry, which has maintained the ceiling on food-rice imports at 100,000 tons a year for the past 11 years, has no plan to expand the volume, Amou said in an interview in Tokyo.
Food-rice prices in Japan, which jumped 17 percent in the year ended Aug. 31, extended gains this marketing year as National Federation of Agricultural Co-operative Associations increased payments to individual growers by 10 percent to 20 percent, said Kimura at the rice millers organization.
The agriculture group, known as Zen-Noh, plans to collect 12 percent more rice to 3 million tons this year, spokesman Yoichi Nobuta said, declining to confirm the price increase.
The price averaged 16,650 yen ($203) a bag in September, rising from 15,196 yen a year ago, according to the ministry, which compiles data every month. One bag contains 60 kilograms.
Farmers are reluctant to sell rice at low prices as their income is supplemented by the government program that provides 15,000 yen per 10 ares of paddies to each grower, Kimura said in an interview in Tokyo. One “are” equals 100 square meters. They also increase rice sales to consumers through internet to maximize profits, reducing shipments to Zen-Noh, he said.
The ruling Democratic Party of Japan, which won farmer votes from the Liberal Democratic Party to gain power in 2009, introduced the program of paying cash to those who produce rice in accordance with the ministry’s policy of balancing output with domestic demand for price stability.
The program drew criticism from members of an advisory panel to Japan’s Finance Minister this month, as they proposed to review spending that didn’t increase efficiency in the agricultural sector.
“The program was originally aimed at supporting farmers in case the government promotes free-trade agreements and lowers tariffs on imports,” said Chino at Continental Rice. “The ruling party has failed to pursue the objective because of strong opposition from producer groups.”
Prime Minister Yoshihiko Noda has put on the agenda for the Dec. 16 election Japan’s participation in the negotiations over the Trans-Pacific Partnership trade pact, raising the prospect of eliminating barriers on farm imports. The chairman of the Central Union of Agricultural Co-Operatives, Japan’s biggest farm lobby, has said it will support candidates opposing the participation in the trade-liberalization pact.
06.15
Rice Prices Basmati Fall 100 per Quintal in May 2011
Written By mine on Rabu, 11 Mei 2011 | 06.15
Rice basmati fell by Rs 100 per quintal in an otherwise steady wholesale grains market owing to sluggish demand at prevailing levels. Traders said slackness in demand against sufficient stocks mainly led to fall in wholesale rice basmati prices. In the national capital, rice basmati common and Pusa-1121 varieties declined by Rs 100 each to Rs 5,300-5,400 and Rs 4,200-5,200 per quintal, respectively.
Following are today''s quotations in Rs per quintal: Wheat MP (deshi) 1,600-1,750, wheat dara (for mills) 1,165-1,170 chakki atta (delivery) 1,180-1,185, atta Rajdhani (10 kg) 175, Shakti bhog (10 kg) 175, Roller flour mill 640-660 (50 kg), Maida 700-730 (50 kg) and Sooji 750-770 (50 kg). Basmati rice (Lal Quila) 9,500, Shri Lal Mahal 9,300, super basmati rice 9,000, Basmati common 5,300-5,400, rice Pusa-(1121) 4,200-5,200, Permal raw 1,825-1,875, Permal wand 2,000-2,100, Sela 2,100-2,150 and Rice IR-8 1,700-1,725, Bajra 990-1000, Jowar yellow 1,050-1,120, white 1,850-1,895, Maize 1,250-1,260, Barley 1,320-1325 and Rajasthan 1,080-1,090. PTI SUN RS KPS.
Following are today''s quotations in Rs per quintal: Wheat MP (deshi) 1,600-1,750, wheat dara (for mills) 1,165-1,170 chakki atta (delivery) 1,180-1,185, atta Rajdhani (10 kg) 175, Shakti bhog (10 kg) 175, Roller flour mill 640-660 (50 kg), Maida 700-730 (50 kg) and Sooji 750-770 (50 kg). Basmati rice (Lal Quila) 9,500, Shri Lal Mahal 9,300, super basmati rice 9,000, Basmati common 5,300-5,400, rice Pusa-(1121) 4,200-5,200, Permal raw 1,825-1,875, Permal wand 2,000-2,100, Sela 2,100-2,150 and Rice IR-8 1,700-1,725, Bajra 990-1000, Jowar yellow 1,050-1,120, white 1,850-1,895, Maize 1,250-1,260, Barley 1,320-1325 and Rajasthan 1,080-1,090. PTI SUN RS KPS.
04.40
Sri Lanka Food Price Rise Rice Shortage, NFA Assure Rice Supply
Written By mine on Rabu, 19 Januari 2011 | 04.40
Sri Lanka paddy growing districts the large-scale devastation triggered by the current torrential rains is raising the possibility of a rice shortage coupled with food price rises.
More than 50 per cent of the Maha harvest has been lost to the rains, while at least 80 per cent of the paddy lands in the Batticaloa district and 70 per cent of such lands in the Trincomalee and Ampara districts respectively, have been destroyed by the floods, informed sources said.
Sri Lanka?s problems on the food front will be compounded by a severe shortage of rice in the world market. Only Viet Nam has an exportable rice surplus at present and the chances are that it will jack- up its rice price in these circumstances, they said. Thus, a rice shortage and rising food prices in the not too distant future cannot be ruled out.
When asked for his observations on the current flood crisis and connected problems, former director of agriculture and internationally-renowned authority on soil and water management Dr. C.R. Panabokke said the government had no time to lose. Without further delay, the government should line-up programmes and strategies to address the issues which have arisen.
"The state is faced with the task of, first, streamlining its operations on the flood relief and food security fronts. Right now, the administration is highly fragmented with there being no clear line of command in relation to carrying out urgent remedial action to secure the needs of the public. What is needed is an inter-disciplinary task force headed by the President, which will ensure the streamlining of the administration. This will bring about coordinated action on the part of the governmental agencies currently addressing the problems which have arisen with the floods."
"We cannot have too many persons and agencies pulling in different directions. In the eighties, the country could face any emergency because the administration was streamlined, and there was a clear line of command. Consequently, clear-cut decisions could be obtained," he pointed out.
Panabokke said seed paddy is scarce at the moment on account of the devastation suffered by paddy lands. Without seed paddy, rice cultivation cannot be revived and this factor too would impact negatively on rice availability.
"The current cold weather will play havoc with paddy cultivation. The cold will bring about a degree of sterility in seed paddy and render it uncultivable. It should be realised that the successful cultivation of paddy is dependent on dry spells, inasmuch as it is dependent on rain. Dry weather is necessary for the maturing and harvesting of paddy," he said.
"It is time to think of alternatives to rice. The state should look into the possibility of promoting the cultivation of coarse grains, yams and tubers, for instance, and depend less on rice cultivation," Panabokke explained.
In other country, National Food Authority (NFA) assured the public on Tuesday of stable prices of rice and adequate supply of up to 45 days, which exceeds the 30-day security buffer that the agency is mandated to maintain.
At the same time, lawyer Guilbert Lauengco, special assistant to NFA Administrator Angelito T. Banayo, said the government's food agency is also ensuring continuous support for Filipino farmers while stabilizing rice prices and supply.
Guesting at Tuesday's edition of the "Talking Points" radio program aired over DZRB Radyo ng Bayan at the Philippine Information Agency (PIA) Bldg. in Quezon City, Lauengco said the wholesale price of NFA rice is from P23.50 to P25.00 per kilo, which took effect on Dec. 7, 2010.
He said that on the retail level, the price is P27.00 per kilo.
He added that the last time there was a rice price increase was last December.
The move is among the measures the government is undertaking to ensure the viability of the agency and continue fulfilling its mandate of supporting farmers to produce enough for self-sufficiency, Lauengco added.
According to him, the NFA is ready to flood the market with government-procured rice to discourage unscrupulous traders from jacking up commercial rice prices.
"Prices of commercial rice follow the law of supply and demand. If some traders jack up their prices, we will flood the market with lower-priced rice and they will find themselves selling at a loss," Lauengco told the "Talking Points" radio program hosted by broadcast journalist Allan Allanigue of the Philippine Broadcasting Service (PBS).
The radio program is a joint effort of the Presidential Communications Operations Office (PCOO), PIA, PBS and National Broadcasting Network (NBN-Channel 4.
Lauengco said the NFA's lowest-priced "commercial" rice costs P27.00/kilo ?- after the government imposed a P2.00/kilo hike effective Dec. 7, 2010.
More than 50 per cent of the Maha harvest has been lost to the rains, while at least 80 per cent of the paddy lands in the Batticaloa district and 70 per cent of such lands in the Trincomalee and Ampara districts respectively, have been destroyed by the floods, informed sources said.
Sri Lanka?s problems on the food front will be compounded by a severe shortage of rice in the world market. Only Viet Nam has an exportable rice surplus at present and the chances are that it will jack- up its rice price in these circumstances, they said. Thus, a rice shortage and rising food prices in the not too distant future cannot be ruled out.
When asked for his observations on the current flood crisis and connected problems, former director of agriculture and internationally-renowned authority on soil and water management Dr. C.R. Panabokke said the government had no time to lose. Without further delay, the government should line-up programmes and strategies to address the issues which have arisen.
"The state is faced with the task of, first, streamlining its operations on the flood relief and food security fronts. Right now, the administration is highly fragmented with there being no clear line of command in relation to carrying out urgent remedial action to secure the needs of the public. What is needed is an inter-disciplinary task force headed by the President, which will ensure the streamlining of the administration. This will bring about coordinated action on the part of the governmental agencies currently addressing the problems which have arisen with the floods."
"We cannot have too many persons and agencies pulling in different directions. In the eighties, the country could face any emergency because the administration was streamlined, and there was a clear line of command. Consequently, clear-cut decisions could be obtained," he pointed out.
Panabokke said seed paddy is scarce at the moment on account of the devastation suffered by paddy lands. Without seed paddy, rice cultivation cannot be revived and this factor too would impact negatively on rice availability.
"The current cold weather will play havoc with paddy cultivation. The cold will bring about a degree of sterility in seed paddy and render it uncultivable. It should be realised that the successful cultivation of paddy is dependent on dry spells, inasmuch as it is dependent on rain. Dry weather is necessary for the maturing and harvesting of paddy," he said.
"It is time to think of alternatives to rice. The state should look into the possibility of promoting the cultivation of coarse grains, yams and tubers, for instance, and depend less on rice cultivation," Panabokke explained.
In other country, National Food Authority (NFA) assured the public on Tuesday of stable prices of rice and adequate supply of up to 45 days, which exceeds the 30-day security buffer that the agency is mandated to maintain.
At the same time, lawyer Guilbert Lauengco, special assistant to NFA Administrator Angelito T. Banayo, said the government's food agency is also ensuring continuous support for Filipino farmers while stabilizing rice prices and supply.
Guesting at Tuesday's edition of the "Talking Points" radio program aired over DZRB Radyo ng Bayan at the Philippine Information Agency (PIA) Bldg. in Quezon City, Lauengco said the wholesale price of NFA rice is from P23.50 to P25.00 per kilo, which took effect on Dec. 7, 2010.
He said that on the retail level, the price is P27.00 per kilo.
He added that the last time there was a rice price increase was last December.
The move is among the measures the government is undertaking to ensure the viability of the agency and continue fulfilling its mandate of supporting farmers to produce enough for self-sufficiency, Lauengco added.
According to him, the NFA is ready to flood the market with government-procured rice to discourage unscrupulous traders from jacking up commercial rice prices.
"Prices of commercial rice follow the law of supply and demand. If some traders jack up their prices, we will flood the market with lower-priced rice and they will find themselves selling at a loss," Lauengco told the "Talking Points" radio program hosted by broadcast journalist Allan Allanigue of the Philippine Broadcasting Service (PBS).
The radio program is a joint effort of the Presidential Communications Operations Office (PCOO), PIA, PBS and National Broadcasting Network (NBN-Channel 4.
Lauengco said the NFA's lowest-priced "commercial" rice costs P27.00/kilo ?- after the government imposed a P2.00/kilo hike effective Dec. 7, 2010.
05.08
Rice Prices Increase after Floods in Thailand and Vietnam
Written By mine on Jumat, 05 November 2010 | 05.08
Rice prices are expected to increase after the recent flood crisis has sharply reduced output from two main exporters, namely Thailand and Vietnam. Commerce Ministry Permanent Secretary Yanyong Puangrat stated that he has instructed the Internal Trade Department, the External Trade Department, the Public Warehouse Organization and the Marketing Organization for Farmer, to quickly explore the extent of damages at their respective warehouses hit by the deluge.
Yanyong said initial inspection found that 120,000 sacks of rice in the government's stockpile have been ravaged by the widespread flooding. He expected a more complete evaluation of the damage to be known by next week.
The Commerce Ministry permanent secretary noted he received reports from the Agriculture and Cooperatives Ministry that this year's floods have devastated over 6.9 million rai of paddy fields.
He said farmers were previously expected to produce 22 to 24 million tons of paddy after the harvest of in season rice but the floods have caused a drop by two to three million tons.
Yanyong added the lower output may result in higher prices of rice as Vietnam, another major rice exporter, is also suffering from floods.
Yanyong said initial inspection found that 120,000 sacks of rice in the government's stockpile have been ravaged by the widespread flooding. He expected a more complete evaluation of the damage to be known by next week.
The Commerce Ministry permanent secretary noted he received reports from the Agriculture and Cooperatives Ministry that this year's floods have devastated over 6.9 million rai of paddy fields.
He said farmers were previously expected to produce 22 to 24 million tons of paddy after the harvest of in season rice but the floods have caused a drop by two to three million tons.
Yanyong added the lower output may result in higher prices of rice as Vietnam, another major rice exporter, is also suffering from floods.
01.38
Thailand plans to increase paddy price
Written By mine on Senin, 20 September 2010 | 01.38
Thailand will propose increasing the buying price of paddy by 200 baht a tonne to shore-up grain prices and support farmers. The ministry wants to increase the purchasing price of white-rice paddy with 15% moisture to 9,233 baht a tonne as a supplementary measure. Its previous initiative - buying 20,000 tonnes of the grain from farmers at market prices - has failed to increase the price of paddy.
Cabinet approval will also be sought for the signing of a memorandum of understanding with the Philippines which agreed to waive import duty on 367,000 tonnes of Thai rice as compensation for its failure to comply with tariff reductions under the Asean Free Trade Area agreement.
Ministry plans to sell to at least one million tonnes of rice from its 5-million-tonne stockpile through deals with more than 10 governments, such as Bangladesh, Indonesia, Singapore, Iran, United Arab Emirates, Libya, Ghana, India, Untied States, Australia and South Africa.
Exchange ratio would have to be determined carefully so the government's rice stock would be worth more than the paddy to prevent criticism that the scheme favoured millers or rice packers over farmers. Low paddy price may lead to protests from farmers. We may be blamed for only solving political problems rather than finding solutions for farmers.
Under the option plan, farmers are compensated for the difference between guaranteed rice prices and benchmark prices. If the benchmark price is lower than the guaranteed price, the ministry will compensate farmers the difference.
The ministry will this week begin selling rice through government-to-government deals starting with Malaysia. The neighbouring country used to buy up to 500,000 tonnes of Thai rice a year, but that has fallen to 100,000 tonnes as it purchases cheaper grains from sources such as Vietnam.
Cabinet approval will also be sought for the signing of a memorandum of understanding with the Philippines which agreed to waive import duty on 367,000 tonnes of Thai rice as compensation for its failure to comply with tariff reductions under the Asean Free Trade Area agreement.
Ministry plans to sell to at least one million tonnes of rice from its 5-million-tonne stockpile through deals with more than 10 governments, such as Bangladesh, Indonesia, Singapore, Iran, United Arab Emirates, Libya, Ghana, India, Untied States, Australia and South Africa.
Exchange ratio would have to be determined carefully so the government's rice stock would be worth more than the paddy to prevent criticism that the scheme favoured millers or rice packers over farmers. Low paddy price may lead to protests from farmers. We may be blamed for only solving political problems rather than finding solutions for farmers.
Under the option plan, farmers are compensated for the difference between guaranteed rice prices and benchmark prices. If the benchmark price is lower than the guaranteed price, the ministry will compensate farmers the difference.
The ministry will this week begin selling rice through government-to-government deals starting with Malaysia. The neighbouring country used to buy up to 500,000 tonnes of Thai rice a year, but that has fallen to 100,000 tonnes as it purchases cheaper grains from sources such as Vietnam.
