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 poised to fall more
Rice prices are expected to fall next month as the second June-July crops from Thailand and Vietnam are har_dhvested and brought to market, warn traders.

Baht weakness could also add pressure to prices, said Chookiat Ophaswongse, president of the Rice Exporters Association.

The Thai government is predicting a harvest of 7.6 million tonnes of paddy rice from the June-July crop this year, compared with only four million tonnes last year.

Vietnam is also looking at higher-than-expected output this year, allowing it to export as much as 4.5 million tonnes, in line with its shipments in 2007.

With such a large flood of rice expected next month and demand drying up, traders expect prices of the staple could fall to $700 a tonne in Thailand, the level at which the government has pledged to step in and buy from farmers.

Rather than sell at a loss, Thai exporters or the government are likely to build up massive stockpiles of milled rice, which can last in silos for up to five years, experts say.

Malaysia bought 200,000 tonnes of Thai rice in May, but its Agriculture Minister said on Monday talks to buy another 300,000 tonnes had been put on hold since Kuala Lumpur's stocks had doubled to 180,000 tonnes. Last week, the Philippines, the world's biggest buyer, also signalled it had completed its purchases for the year with a deal for 600,000 tonnes struck with Vietnam.

''Foreign market activities are now a bit quiet. Buyers are holding their orders back as they expect prices to fall further next month due to increasing supply,'' said Mr Chookiat.

He forecast that rice prices should fall further after Vietnam cut its minimum price for shipments by 2.5% to $780 per tonne from last week's $800 due to slowing export demand. The cut came shortly after Hanoi lifted an export ban on rice this month.

The price of 100% grade B white rice eased to $862 a tonne compared with $872 last week. It is now about 20% lower than a record high quote of $1,080 per tonne on April 24 that was spurred by fears of supply shortages following export curbs by producer nations India, Vietnam and Cambodia that started late last year.

Vietnam and Cambodia have since lifted the bans, but Hanoi has imposed a small export levy to slow sales.

Mr Chookiat added another obstacle was the huge rice stocks of foreign buyers who overbought a couple of months ago as panic about rice and food shortages reached a pinnacle.

In another development, the Bank for Agriculture and Agricultural Co-operatives said the launch of the paddy mortgage programme earlier this month had helped lift market prices by 18% to 33%.

The programme offers 14,000 baht per tonne for 100% white rice with moisture content of up to 15%. Farmers can pledge their paddy at the guaranteed price, and redeem their stock later in the year if prices increase.

BAAC president Teerapong Tungteerasunun said since the programme was launched on June 15, 4,309 farmers had pledged 53,330 tonnes of paddy for 698.9 million baht.

A total of 286 rice mills in 27 provinces have also registered with the programme, with 110 already accepting pledges on behalf of the BAAC. Authorities expect to expand participation to over 300 mills by the end of the month.

The BAAC requires farmers seeking to mortgage their paddy to do so with an authorised rice mill in their vicinity. The state bank expects to receive up to two million tonnes of paddy for the current harvest through August.
MGR Archive 27.6.2008
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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