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   

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Rice Prices Stabilizing in Asia on Harvests, Yap Says
une 6 (Bloomberg) -- The price of rice in Asia, the region's most important food, is starting to stabilize as producers harvest the first crops of the year, boosting supplies, Philippine Agriculture Secretary Arthur Yap said.

``There are harvests coming out,'' Yap said today in a Bloomberg Television interview in Hong Kong on his return from a United Nations' sponsored Food Security Summit in Rome. ``Prices are stabilizing.''

A halt to surging rice prices may help governments contain inflation and ease concerns about a global food crisis. The ten- member Association of Southeast Asian Nations may hold a regional food summit to discuss a stockpiles plan, Yap said.

Hoarding ``was probably the biggest factor behind the increase in prices,'' David Cohen, director of Asian economic forecasting at Action Economics, said by phone from Singapore. ``The underlying supply-and-demand situation had not shifted that dramatically.''

Thailand, the biggest rice exporter, has cut the benchmark export price of white rice for two straight weeks, reducing the 100 percent grade B variety by 15 percent to $880 a metric ton, according to the Thai Rice Exporters Association. The drop was spurred by Cambodia's May 26 decision to abandon export curbs.

Rough-rice futures on the Chicago Board of Trade have fallen about 20 percent since touching a record $25.07 per 100 pounds on April 24. Still, the July contract gained as much as 4.8 percent today to $20.28 amid signs of rising export demand. The contract yesterday rose by the maximum permitted by the exchange.

Regional Meeting

A 60 percent increase in food prices since the beginning of 2007 has sparked riots in more than 30 countries that depend on imported food, spurring the UN summit in Rome. At the meeting, Yap proposed on June 4 that governments create global stockpiles of commodities to help stabilize food prices and feed the hungry.

Regional leaders may discuss a Philippine proposal for a regional rice stockpile to keep prices and supplies stable, Yap said today, without giving a likely date for the gathering. The Philippines, the world's biggest rice importer, has failed to fill government rice tenders this year, boosting prices.

``Malaysia reiterated to me a standing invitation to convene an ASEAN-Plus-Three food security summit,'' Yap said, referring to the regional grouping plus China, South Korea and Japan. ``There the proposal can be taken up. An ASEAN food security reserve stockpile would be easier'' than a global plan, he said.

Record Harvest

India, which has curbed exports to guarantee local supplies, may produce a record 95.5 million tons of rice this year, 2.5 percent more than 2007, according to a government official on May 29. Vietnam, which has also restricted exports, is set for bumper harvests, the Vietnam News Agency reported today.

The Philippine central bank yesterday raised its key interest rate for the first time in more than two years after record rice and energy prices pushed inflation to a nine-year high. Indonesia, Southeast Asia's largest economy, also boosted rates yesterday in the second straight monthly increase.

Rice ``prices are likely to remain volatile,'' according to Cohen at Action Economics. There's the risk that monsoon rains may cause flooding, destroying the next crop, he said.
MGR Archive 9.6.2008
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