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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Japan Pledges Stockpiled Rice Exports of 300,000 Tons
June 3 (Bloomberg) -- Japanese Prime Minister Yasuo Fukuda pledged to export 300,000 metric tons of stockpiled rice to alleviate a global shortage that drove prices to a record and contributed to deadly food riots around the world.

Japan is self-sufficient in the grain and has about 1.2 million tons of imported rice stockpiled. It has already received a request from the Philippines for 200,000 tons and one from Sri Lanka for as much as the same amount. Fukuda, speaking at a World Food Security Conference in Rome today, didn't say where the stockpiled rice would go.

Wheat, corn and rice have risen to records this year because of shrinking global stockpiles and rising demand. The Food and Agriculture Organization, a unit of the United Nations, said May 22 that world food imports will cost a record $1.04 trillion this year, $215 billion more than in 2007. There have been food riots from Haiti to Egypt in the last several months.

``This not only constitutes an emergency response measure toward food shortages, but also serves as a short-term measure to return some degree of equilibrium to the food market, which has been heating up recently,'' Fukuda told the conference, organized by the Rome-based FAO.

Rough rice for July delivery rose 17.5 cents, or 0.9 percent, to $18.975 per 100 pounds on the Chicago Board of Trade, as of 4:30 a.m. local time. Prices, which reached a record $25.07 on April 24, have gained 80 percent in a year. Wheat is 47 percent higher and corn has advanced 59 percent.

`Temporary Measure'

``This is only a temporary measure,'' Akinwumi A. Adesina, vice president of Alliance for a Green Revolution in Africa in an interview with Bloomberg Television. ``It's a nice gesture. But, in the medium term, what you really have to do, to solve the problem, it to rapidly raise agriculture productivity in Africa. It can't depend on food aid.''

The UBS Bloomberg CMCI Index of 26 commodities rose to a record on May 22, heading for a seventh consecutive annual gain. Investors added $40 billion to funds indexed to commodity prices in the first quarter, more than in all of 2007, according to Citigroup Inc. estimates.

``If it should be that the current food market situation has resulted not only from simple supply-demand pressures but also from market speculation or other factors unrelated to real demand, it is imperative that we demonstrate strong political will to monitor these factors,'' Fukuda said.

Commodities Tax

Austrian Finance Minister Wilhelm Molterer in an interview yesterday said he'll propose a Europe-wide tax on commodities speculation. George Soros will tell lawmakers that oil and other commodities are ``a bubble in the making,'' the Financial Times reported, citing comments scheduled to be made today to a U.S. congressional committee.

The U.S. Commodity Futures Trading Commission is investigating potential market manipulation of cotton and oil futures, two people familiar with the probe said last month.

The CFTC, which regulates markets including silver and soybeans and derivatives linked to stock indexes and bonds, is under pressure from Congress to ensure commodity markets aren't being manipulated as the prices of gold, copper and corn rose to records, said one of the people familiar with the probe.
MGR Archive 9.6.2008
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