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
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South Korea only able to sell fraction of imported rice
South Korea's Agriculture and Fisheries Marketing Corp. (AFMC) sold a fraction of imported rice in an online auction Tuesday despite a cut to prices, the company said.

The state-run corporation said it only managed to sell 86.6 tons, or 1.97 per cent, of the total 4,394 tons of U.S. and Chinese rice on the block at its biweekly auction.

Of the total sold, 54.6 tons was Chinese rice, with the remainder being U.S. Calrose brand. It said the minimum bidding price for a 20-kilogram sack of rice fell to around 25,000-27,000 won, down sharply from 31,000 won set at the first three auctions that took place in April.

"The fact that imported rice has been sold is an improvement over nothing being sold as in the previous two bids," an official said on condition of anonymity.

The agriculture ministry said Monday that the minimum prices for some imported rice will be lowered starting this week to help facilitate sales.

The ministry and the agricultural marketing corporation said they could not release the names of successful bidders or those that took part in the bid because of concerns such information could cause protests from local farming groups.

However, they did confirm that seven business took part in the bidding, of which four were successful in making a purchase.

A lack of consumer faith in the quality of the imported rice is suspected of having harmed sales. The second auction this week is expected to take place on Thursday.

Seoul increased the number of online auctions per week from one to two sessions as of this week as part of efforts to sell off the rice that is starting to pile up.

Sources said that because the country does not have enough refrigerated grain silos to hold the imported rice, the government must sell what it has imported as quickly as possible or expect a sharp deterioration in quality with the onset of warmer weather.

The first shipment of 1,372 tons of U.S. rice bound for ordinary consumers arrived in late March. Rice from China and Thailand has also arrived and is awaiting distribution.

Under a pact signed with nine rice exporting countries in late 2004, Seoul is obliged to import a fixed amount of rice until 2014, 10-30 per cent of which is to be sold directly to consumers.

This year, the country plans to sell 22,557 tons of rice from countries like the United States, China, Thailand and Australia to domestic consumers by June. Seoul will decide after July on the timing for the additional 34,429 tons that the agreement requires to be imported by the end of the year.
MGR Archive 11.5.2006
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Russia Rapan $ 700
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USA Calrose #1 Paddy $480
EU Prices Baldo €660
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