Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

 Main Page
 Home Page of This Title
 Medium Grain Rice Market
 Global Market News
 Grain News
 Pulses News
 Global Overview
 Importers Profile
 Exporters Profile
 What Is Rice
 History Of Rice
 Rice Harvest Seasons
 Rice Processing
 Rice Nutrition Facts
 Meals With Rice
 INCO Terms
 US Rice Standards
 EU Codex Standards
 Egyptian Specs
 Sponsor List
 All Links
 Commodity Exchange
Search in news database
S. KOREAN Gov't to lower bidding price for imported U.S. Rice
The bidding price for imported U.S. rice will be lowered starting this week to facilitate its sale, the Ministry of Agriculture and Forestry said Monday.

"Details cannot be released since they can affect bidding, but the government plans to lower the minimum price for the Tuesday online bid," ministry spokesman Lee Yang-ho said.

Seoul will now hold Internet bidding twice a week on Tuesday and Thursday, after having bidding only on Wednesdays.

He said the measures will affect the 2,700 tons of U.S. Calrose rice that has arrived since late March. The government had arranged five bids for the U.S. rice starting on April 5, yet found no buyers for the last two bids. Holding onto the unhusked rice for long periods could result in quality deterioration, Lee said.

He said lowering the minimum bidding price would hurt farmers who are boycotting imported rice because it would eventually cause prices to fall for locally produce rice.

The lower rice prices will also hurt farmers because the mark-up system used, which makes imported rice almost as expensive as local brands, gives farmers various forms of assistance. If the government is compelled to lower the markups it will give less assistance to farmers.

However, 3,000 tons of Chinese rice that has already arrived will not be affected by lower prices, Lee said.

In addition, Seoul said that it has drastically reduced the minimum requirements for retailers and grain merchants to take part in the bidding.

"Previously, retail and wholesalers had to have annual sales of 30 billion won, while grain merchants needed to have sales topping 1 billion won," Lee said. The requirement has been lowered to 5 billion won for the former and waived for the latter, he said.
MGR Archive 8.5.2006
Printer Friendly Version Of This Article
Send This Article To A Friend
User Name:
      Forgot your Password?
Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
Click for Details

Medium Grain Reports
Rice Market News
World Rice Markets and Trade
USDA Country Reports
Rice Market Monitor
Rice Outlook
Italian Paddy Supply
European Rice Weekly
EU Reports
Convert this amount:

  © 2002 All rights reserved. - Legal Notice