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TOP Contents - Tailored for YOU Latest News Headlines

Govt will continue to import rice, says DA exec Rice prices drop to 8,000 - 8,200 baht per ton New farmers tool to cut fertilizer cost Nigeria: Importers Demand Implementation of U.S.$190 Duty On Imported Rice FAO Food Price Index sees sharpest rise in months Asia Rice-Prices Set to Fall on Rising Supply, Thin Demand Vietnam to stockpile 1 million tonnes of rice to stop price slide Govt eyes AFET as channel of rice distribution Rice gains aroma on bulk buying Nagpur Foodgrain Prices Open- Mar 06 Nigerian Government backtracks on rice policy, may backtrack on vehicle policy PM seeks to delay rice graft testimony BAAC's new rice scheme: pay farmers to halt crop Global market awaits cheap Thai rice Vietnam to stockpile 1m tonnes of rice
NEWS DETAILS: Govt will continue to import rice, says DAexec

By Ronnel W. Domingo Philippine Daily Inquirer8:50 am | Friday, March 7th, 2014 The government is set to continue importing milled rice this year even as the country renews its push for selfsufficiency, according to Agriculture Secretary Proceso J. Alcala. INQUIRER FILE PHOTO
MANILA, PhilippinesThe government is set to continue importing milled rice this year even as the country renews its push for self-sufficiency, according to Agriculture Secretary Proceso J. Alcala.The agriculture chief, however, told reporters that there was no decision yet on how much would be imported. Definitely we will importwe cant say we wontbut we are still studying the volume, Alcala said, adding that the volume being reported in the media was mere gossip.Importation is necessary because the government missed its goal of attaining self-sufficiency in rice production by 2013, he explained.Aside from that, Alcala said, the release of large volumes from the National Food Administrations stockpile in the wake of Super Typhoon Yolanda led to an abnormal situation where the biggest part of available domestic supply was in the hands of the private sector. According to the latest data from the Bureau of Agricultural Statistics, the Philippines started the year with a stock of 2.12 million metric tons (MT) of rice, 13 percent (270,000 MT) of which was with the NFA. Households kept 1.27 million MT (about 60 percent) while commercial warehouses held 580,000 MT (27 percent).The NFA is mandated to maintain a buffer stock that should last for 15 days which, at a national consumption rate of 34,000 MT daily, is about 500,000 MT.Last January, the United States Department of Agriculture (USDA) said it increased the expected volume of Philippine imports by 200,000 MT to 1.4 million MT as the government beefed up its buffer stock. The USDAs Economic Research Service (ERS) said in a report that the revised forecast was based on data from the US Agricultural Office in Manila, which indicated that Philippine government planned to increase its stockpile.In February, the NFA announced it had started accepting private-sector rice importers application for quota allocations totaling 163,000 MT, which would be shipped into the country this year.This refers to country-specific quota under the minimum access volume that the Philippines has committed to the World Trade Organizations.Based on the countrys commitments, the Philippines allocation would be spread among Thailand (98,000 MT), India and China (25,000 MT each), and Australia (15,000 MT).In a memorandum to prospective applicants, NFA Administrator Orlan A. Calayag said each importer could apply for a minimum allocation of 2,000 MT and a maximum of 5,000 MT for the entire year.
Rice prices drop to 8,000 - 8,200 baht per ton

Date : 7 2557 BANGKOK, 7 Mar 2014, (NNT) - The prices of rice have dropped to the range of 8,000 - 8,200 baht per ton for grain with 15% moisture content, according to the media reports, predicting that prices may dive even further down to 7,000 baht per ton. Rice millers are now offering the said prices only for off-season rice, as rice farmers have begun to unload their freshly harvested crops, the reports indicated, citing the 7,000 baht per ton price is the lowest level in 6 years. Currently, rice traders are keeping their eyes on the governments policies on the management of its stockpile of rice, as its rice pledging scheme will soon come to an end. Analysts pointed out that the government might rush to sell the stockpiled rice to obtain the money to pay rice farmers who have yet to receive the rice pledging program money, forcing the prices to drop further. According to the Commerce
Ministrys record, the price during the first 3 months of 2009 was quoted at 2,125 baht per a 100 -kilogram sack of white rice; currently, millers offer only 1,475 for each 100-kilogram sack.
New farmers tool to cut fertilizer cost

By Ferdie G. Domingo | Mar. 06, 2014 at 12:01am
SCIENCE CITY OF MUNOZ, Nueva Ecija --- The Philippine Rice Research Institute (PhilRice) called on agriculture extension workers to assist farmers gain access to Nutrient Manager, a computer program that could bring down farm expenses by 50 percent, officials said.Crispulo Bautista Jr., regional technical director for operation and extension, said the program could help farmers bring down their fertilizer cost per season from P5,000 to P3,000.Im confident that farmers will not spend more than P3,000 on fertilizers should they apply the recommendations of the Nutrient Manager, Bautista said.I encourage the extension workers to help the farmers access this new tool because this will also help them increase their income, he said. Under the program, farmers will be required to answer 15 questions either in English, Tagalog, Ilocano, Cebuano, Hiligaynon, or Bikolano. The Nutrient Manager will make recommendations based on answers to the questions.The extension workers will be crucial in helping the farmers navigate the Internet and respond to the questions. The program is easy to use and the questions have been simplified for the benefit of the farmers.Dr. Nenita Desamero, training head, said the Nutrient Manger is a product of 15 years of research on site-specific nutrient management and recommendations are based on very extensive studies conducted in different locations in the country.Project researcher Charisma Love Gado said a survey conducted among extension workers showed that the recommendations by the Nutrient Manager were found to be reliable.In spite of its novelty, preference towards the Nutrient Manager is surprisingly quite higher than other tools used in identifying the right amount and time of applying fertilizers, Gado said.
Nigeria: Importers Demand Implementation of U.S.$190 Duty On Imported Rice

Key rice distributors, importers and other relevant stakeholders in Nigeria have urged the Federal Government to quickly implement the 2013 benchmark of $190 per metric ton duty on imported rice.The stakeholders under the aegis of Rice Millers, Importers and Distributors Association of Nigeria (RiMIDAN) said the non--implementation of the 2013 benchmark has made the country a dumping ground for smuggled rice from neighbouring countries.The rice stakeholders noted regrettably that that USD570 remains the duty for rice in Nigeria despite international price crash and stiff competition from the Benin Republic."Though the Government reviewed the dutiable price on rice,
the measure was yet to be implemented leading to dislocations and unease within the rice industry in Nigeria."They argued that because of the non-implementation of the benchmark of $190 per metric ton duty on imported rice that Benin Republic deliberately crashed dutiable rate to USD200 per ton.The action of Benin Republic has made the place a haven of sorts for smugglers of the product into Nigeria. Mr. Tunji Owoeye, President of RiMIDAN, said apparent inaction of the federal government has made it impossible to improve the value chain on rice, less than 100,000 tonnes of rice were legally imported into Nigeria last year.He said at a meeting last year with government officials" we all agreed to introduce palliative duty and incentive in the sector to reduce smuggling of rice. Somewhere along the line someone is holding the entire nation to ransom." We urged Mr. President, as a listening leader to intervene in the issue, quote me any where smuggling is not only affecting the farmer but it is rather killing them." he said.Meanwhile, the body has resolved to alert government agencies and functionaries such as the Nigeria Custom Service, Special Fraud Unit of the Nigeria Police, and the Economic and Financial Crimes Commission, EFCC, among others, on those dealing with smuggled rice so that the law would take its course. As part of the resolutions at a stakeholders meeting recently, the body promised to inform various bodies and relevant government agencies on the need for action as they agreed to continuously collaborate and work together towards sanitising the sector which they said has been taken over by unscrupulous people due to the inaction of the federal government on the agreed duty.Mr. Tunji Owoeye, President of RiMIDAN, speaking with journalists at the end of the meeting disclosed that the Federal Government has assured that it would soon resolve every contentious issue in the rice business in order to boost economy and make those in the sector to survive.
FAO Food Price Index sees sharpest rise in months

Source: UN Food and Agriculture Organisation - Wed, 5 Mar 2014 11:00 AM Author: UN Food and Agriculture Organisation
Any views expressed in this article are those of the author and not of Thomson Reuters Foundation. 6 March 2014, Rome - Weather-related events and increased demand came into play as the FAO Food Price Index registered its sharpest increase since mid-2012, averaging 208.1 points in February 2014. The new level is 5.2 points, or 2.6 percent, above a slightly revised index for January, but is still 2.1 percent lower than last year at the same time. The figures were released amid news reports of spikes in wheat and corn prices in response to recent developments in Ukraine, though the February increase in the Index cannot be entirely attributed to those events. The Index, based on the prices of a basket of internationally-traded food commodities, saw price upticks in all commodity groups, with the exception of meat, which fell marginally. The strongest increases since January have been seen in sugar (+6.2 percent) and oils (+4.9 percent), followed by cereals (+3.6 percent) and dairy (+2.9 percent). "This month's increase follows a long period of declining food prices in general. But it's too early to say if this is a true reversal of the trend," said Concepcin Calpe, FAO Senior Economist. "The weather is probably a major force driving up prices for certain commodities like sugar or wheat, but brisk demand is also an important
factor underpinning maize, dairy and oil prices" Calpe added. The FAO Cereal Price Index averaged 195.8 points in February, up 6.8 points, or 3.6 percent, from the previous month. The price bounce reflected mainly concerns over wheat crops in the United States, a strong demand for coarse grains for both feed and biofuel and high Japonica rice prices. Still, cereal prices remain, overall, 18.8 percent below their level in February last year. Vegetable oils averaged 197.8 points in February, up 9.2 points (or 4.9 percent) from January, amid concerns over unfavourable weather in Southeast Asia and South America, and buoyant demand worldwide, including demand for palm oil from biodiesel producers. Dairy averaged 275.4 points in February, a rise of 7.7 points, or 2.9 percent, over January and meat averaged 182.6 points in February, only 0.5 points below the revised January level. Following a three-month decline, sugar prices recovered in late February, prompted by concerns of crop damage from dry weather in Brazil and recent forecasts pointing to a potential drop of output in India. The FAO Sugar Price Index averaged 235.4 points in February, up 13.7 points, or 6.2 percent, from January. Cereal production and consumption FAO also released its Cereal Supply and Demand Brief, noting a favourable early outlook for wheat production in 2014. With some winter wheat crops already developing, FAO's first forecast for world wheat production in 2014 stands at 704 million tonnes. This would represent a drop of 1.7 percent from the 2013 record harvest, but it would still be the second largest crop ever. With the bulk of the coarse grains and paddy crops yet to be planted, it was still too early for a preliminary forecast of global cereal output in 2014. As for 2013, the latest estimate for world cereal production stands at a record 2 515 million tonnes (including rice in milled terms), 13 million tonnes above the February forecast and 9 percent more than the 2012 level. The latest upward adjustment reflects primarily a significant revision to the estimates for Australia and also upward revisions to the figures for wheat and coarse grains in China. The expected increase in global cereal production in 2013 has already resulted in more affordable prices, which in turn are boosting utilization and trade in 2013/14, and helping to replenish world stocks. As a result, the cereal stock-to-use ratio is now estimated to be approaching 24 percent in 2014, its highest level since 2002/03. AMIS Market Monitor The newly released AMIS Market Monitor noted that "while the increase of geopolitical tensions in the Black Sea region amplify uncertainty in the markets, bumper crops in several major producing countries are likely to boost supplies and to result in much higher world stocks in 2014 for maize, wheat, rice and soybean." The soybean outlook remained favourable even as conditions in South America deteriorated due to adverse weather conditions. Positive production outlook for Low-Income Food-Deficit Countries Preliminary prospects for cereal production in Low-Income Food-Deficit Countries were looking generally favourable for 2014, according to the new Crop Prospects and Food Situationreport, released by FAO's Global Information and Early Warning System (GIEWS). Favourable 2014 crop prospects were expected to bring some improvement in a number of countries in Southern Africa, following previous low harvests. Tighter maize supplies and high food prices have been affecting access to food there, mostly among vulnerable population groups. However, several countries continue to grapple with food insecurity under emergency
conditions. They include the Syrian Arab Republic, with an estimated 6.3 million people facing severe food insecurity; Yemen, where 45 percent of the population is estimated to be food insecure; South Sudan, where 3.7 million people are estimated to be in need of emergency assistance; and, the Central African Republic, where crop production in 2013 declined sharply due to civil insecurity and nearly one-third of the rural population was estimated to be in need of food assistance. In West Africa, the overall food security situation has remained stable following an above-average 2013 cereal harvest, but over 20 million people are estimated to be in need of food assistance due to insecurity and reduced crops in parts of the Sahel. We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of the Thomson Reuters Foundation. For more information see our Acceptable Use Policy.
Asia Rice-Prices Set to Fall on Rising Supply, Thin Demand

By Apornrath Phoonphongphiphat on 1:44 pm March 6, 2014. Category Business, Commodities, Featured Tags: Asian Rice Prices, Indonesia rice production
Bangkok. Asian rice prices slipped and were set to keep dropping on limited demand and with harvests beginning as Thailands intervention scheme grinds to a halt, traders said on Thursday.Thailands common grade 5-percent broken white rice stood at $420 per tonne, down from last weeks $435-$440.There are no positive factors to support prices. Farmers have started harvesting the second crop and the government buying scheme has expired, said a Bangkok-based trader.Farmers in Thailand have started reaping their second crop, with around 10 million tonnes of rice coming onto the market.Thailands rice-buying scheme, under which the government paid farmers around 50 percent above market prices for paddy, expired on Feb. 28 and the caretaker government has no power to renew it.Traders said there were some small orders from the Middle East and Africa, but these were not big enough to help support prices at a time when supply was rising. In Vietnam, prices also dropped as farmers began gathering the winter-spring crop in the Mekong Delta, the countrys main growing area, with harvesting expected to peak around mid-March.Vietnam is the worlds second-largest rice exporter after India.Agriculture Minister Cao Duc Phat last week told a cabinet meeting that domestic firms would on March 15 start a month-long purchase of rice for stockpiling, a state-run newspaper reported.In recent weeks fresh supplies were low and there was no significant buying, said a trader in Ho Chi Minh City, adding that the harvest had been quickening in recent days.Vietnamese 5-percent broken rice was quoted at $375 a tonne, on a free-on-board basis, down from last weeks $380-$400 for loading from the second half of April. Additional reporting by Ho Binh Minh in Hanoi
Vietnam to stockpile 1 million tonnes of rice to stop price slide

Deutsche Presse-Agentur Hanoi March 6, 2014 1:08 pm Vietnam, the world's second-largest rice exporter, will stockpile one million tonnes of rice in the winter-spring crop to help boost prices, authorities said Thursday.The stockpile will run from March to mid-April, the Vietnam Food Association said, which will affect Vietnams biggest rice-producing region, the Mekong Delta.Around 10.3 million tonnes of unhusked rice is expected to be produced in the Mekong Delta during this period, the Ministry of Agriculture and Rural Development (MARD) said. Export volume fell sharply in the first two months of this year and is predicted to remain low in the coming months due to weak demand in the global market and strong competition from other rice exporters, including Thailand, India and Myanmar.A number of rice exporters have asked the government to boost exports to countries including China, Indonesia and the Philippines.Vietnam plans to export 7 million tonnes of rice this year, up from 6.88 million tons, worth 2.89 billion dollars, last year.
Govt eyes AFET as channel of rice distribution

Date : 6 2557 BANGKOK, 6 March 2014 (NNT) - The Agricultural Futures Trading Commission (AFTC) will promote sales of rice in an agricultural futures market as a way to help distribute rice and pay farmers in the governments rice pledging program. Permanent Secretary for Commerce Srirat Rasthapana, in her capacity as chairperson of a subcommittee under the AFTC, said the AFTC needed to connect with international markets, raise its regulation standards, support the distribution of rice in government warehouses via the Agricultural Futures Exchanges of Thailand (AFET) and create understanding among agricultural entrepreneurs. Ms Srirat added that she especially agreed with the distribution of rice in government warehouses via the AFET since it was a transparent and fair method. The official also urged all stakeholders to work proactively in promoting rice auction in the AFET and stressed that it was important for agricultural entrepreneurs to learn more about the AFET so that they could plan their rice production and rice trade accordingly. The AFTC also had to formulate plans in preparation for the launch of the AEC with a focus on the Chinese market, one of Thailands major importers of agricultural produce, the permanent secretary said.
Rice gains aroma on bulk buying

OUR CORRESPONDENT
KARNAL, MARCH 6:
The rice market was mixed with Pusa-1121 and Sharbati rice varieties improving by 50-200 a quintal on Thursday, while all other aromatic and non-basmati varieties managed to rule firm at their previous levels.Amit Chandna, proprietor of Hanuman Rice Trading Company, told Business Line that fresh buying by bulk buyers mainly pushed Pusa-1121 and Sharbati varieties back in to positive territory. Bulk buyers have taken advantage by buying at those levels, he added.Traders expect rice prices to continue to be range-bound but within a positive territory. The market may witness some buying in the coming weeks. In the physical market, Pusa-1121 (steam) improved by 100 and sold at 8,700-8,900, while Pusa-1121 (sela) quoted at 7,800, 50 up. Pure Basmati (Raw) quoted at 12,200 . Duplicate basmati (steam) sold at 7,000. Pusa-1121 (second wand) was at 7,100, Tibar at 6,150 while Dubar at 5,000 a quintal. In the non-basmati section, Sharbati (Steam) went up by 200 and sold at 5,000 while Sharbati (Sela) quoted at 4,600 , 100 up. Permal (raw) sold at 2,320, Permal (sela) at 2,340, PR-11 (sela) sold at 2,700 while PR-11 (Raw) at 2,600. PR14 (steam) sold at 2,950 a quintal. (This article was published on March 6, 2014)
Nagpur Foodgrain Prices Open- Mar 06

Thu Mar 6, 2014 3:45pm IST Nagpur, Mar 6 (Reuters) - Gram and tuar prices in Nagpur Agriculture Produce and Marketing Committee (APMC) firmed up again on renewed demand from local traders amid weak supply from producing regions because of unseasonal rains. Further rise on NCDEX, upward trend in Madhya Pradesh gram prices and weak overseas arrival also pushed up prices, according to sources. * * * * FOODGRAINS & PULSES GRAM * Gram Kabuli reported strong in open market on increased seasonal demand from local traders amid weak overseas supply. TUAR * Tuar varieties ruled steady in open market here matching the demand and supply position. * Batri dal shot up here in open market on good demand from local traders
amid thin arrival from producing regions. * In Akola, Tuar - 3,800-4,000 , Tuar dal - 6,000-6,200, Udid at 6,000-6,300, Udid Mogar (clean) - 7,000-6,200, Moong - 8,100-8,300, Moong Mogar (clean) 9,500-9,700, Gram - 2,900-3,000, Gram Super best bold - 3,600-3,800 for 100 kg. * Wheat, rice and other commodities remained steady in open market in thin trading activity, according to sources. Nagpur foodgrains APMC auction/open-market prices in rupees for 100 kg FOODGRAINS Available prices Previous close Gram Auction 2,680-2,900 2,600-2,830 Gram Pink Auction n.a. 2,100-2,600 Tuar Auction 3,880-4,050 3,825-3,950 Moong Auction n.a. 6,100-6,300 Udid Auction n.a. 4,300-4,500 Masoor Auction n.a. 2,600-2,800 Gram Super Best Bold 3,900-4,100 3,900-4,100 Gram Super Best n.a. Gram Medium Best 3,400-3,600 3,400-3,600 Gram Dal Medium n.a. n.a. Gram Mill Quality 3,450-3,500 3,450-3,500 Desi gram Raw 3,150-3,250 3,150-3,250 Gram Filter new 3,200-3,500 3,200-3,500 Gram Kabuli 8,100-10,500 7,900-10,300 Gram Pink 7,700-8,100 7,700-8,100 Tuar Fataka Best 6,300-6,500 6,300-6,500 Tuar Fataka Medium 6,000-6,100 6,000-6,100 Tuar Dal Best Phod 5,800-5,900 5,800-5,900 Tuar Dal Medium phod 5,400-5,700 5,400-5,700 Tuar Gavarani 3,950-4,050 3,950-4,050 Tuar Karnataka 4,150-4,250 4,150-4,250 Tuar Black 7,200-7,400 7,200-7,400 Masoor dal best 5,400-5,500 5,400-5,500 Masoor dal medium 5,100-5,300 5,100-5,300 Masoor n.a. n.a. Moong Mogar bold 9,700-9,950 9,700-9,950 Moong Mogar Medium best 9,300-9,500 9,300-9,500 Moong dal super best 8,600-8,900 8,600-8,900 Moong dal Chilka 8,000-8,300 8,000-8,300
Moong Mill quality n.a. n.a. Moong Chamki best 8,200-8,700 8,200-8,700 Udid Mogar Super best (100 INR/KG) 7,500-7,800 7,500-7,800 Udid Mogar Medium (100 INR/KG) 6,000-6,800 6,000-6,800 Udid Dal Black (100 INR/KG) 4,900-5,200 4,900-5,200 Batri dal (100 INR/KG) 4,400-5,000 4,200-5,000 Lakhodi dal (100 INR/kg) 3,200-3,300 3,200-3,300 Watana Dal (100 INR/KG) 3,300-3,400 3,300-3,400 Watana White (100 INR/KG) 3,300-3,400 3,300-3,400 Watana Green Best (100 INR/KG) 4,400-4,700 4,400-4,700 Wheat 308 (100 INR/KG) 1,700-1,800 1,700-1,800 Wheat Mill quality(100 INR/KG) 1,840-1,890 1,840-1,890 Wheat Filter (100 INR/KG) 1,650-1,850 1,650-1,850 Wheat Lokwan best (100 INR/KG) 2,400-2,500 2,400-2,500 Wheat Lokwan medium (100 INR/KG) 2,000-2,200 2,050-2,200 Lokwan Hath Binar (100 INR/KG) n.a. n.a. MP Sharbati Best (100 INR/KG) 3,000-3,600 3,000-3,600 MP Sharbati Medium (100 INR/KG) 2,400-2,900 2,400-2,900 Wheat 147 (100 INR/KG) 1,600-1,700 1,600-1,700 Wheat Best (100 INR/KG) 1,700-1,750 1,700-1,750 Rice BPT new(100 INR/KG) 2,600-2,950 2,600-2,950 Rice BPT old (100 INR/KG) 3,000-3,500 3,000-3,500 Rice Parmal (100 INR/KG) 1,700-1,850 1,700-1,850 Rice Swarna old (100 INR/KG) 2,500-2,800 2,500-2,800 Rice Swarna new (100 INR/KG) 2,300-2,400 2,300-2,400 Rice HMT new (100 INR/KG) 3,800-4,200 3,800-4,200 Rice HMT old (100 INR/KG) 4,400-4,800 4,400-4,800 Rice HMT Shriram (100 INR/KG) 4,700-5,000 4,700-5,000 Rice Basmati best (100 INR/KG) 12,000-14,500 12,000-14,500 Rice Basmati Medium (100 INR/KG) 6,600-8,000 6,600-8,000 Rice Chinnor (100 INR/KG) 5,500-6,000 5,500-6,000 Rice Chinnor new (100 INR/KG) 5,200-5,500 5,200-5,500 Jowar Gavarani (100 INR/KG) 1,400-1,600 1,400-1,600 Jowar CH-5 (100 INR/KG) 1,700-1,800 1,700-1,800 WEATHER (NAGPUR) Maximum temp. 28.3 degree Celsius (82.9 degree Fahrenheit), minimum temp. 18.7 degree Celsius (65.6 degree Fahrenheit) Humidity: Highest - n.a., lowest - n.a. Rainfall : 0.8 mm FORECAST: Partly cloudy sky. Rains or thunder-showers likely towards evening or night. Maximum and Minimum temperature likely to be around 26 and 18 degree Celsius respectively.
Note: n.a.--not available (For oils, transport costs are excluded from plant delivery prices, but included in market prices.)
Nigerian Government backtracks on rice policy, may backtrack on vehicle policy

Premium Times,Published: March 5,2014
Import duty on rice will be reviewed from the current 110 per cent.
The Minister of Finance, Ngozi Okonjo-Iweala, on Wednesday said the Federal Government has decided on a downward review of tariff on importation of rice.Mrs. Okonjo-Iweala, who disclosed this while answering questions at the Budget 2014 Jam, in Abuja said that the drop in the tariff would reduce smuggling of the commodity into the country.Budget 2014 Jam is a youth online programme where the minister answers questions on the Federal Governments 2014 budget from youths across the nation.The three-day programme, which began on Tuesday, is organised by the Ministry of Finance in Collaboration with IBM Technology, a telecommunication firm .The minister said that the existing 110 per cent duty on the importation of rice was encouraging smuggling of the commodity into the country.We increased the tariff to110 per cent, and it encouraged some people to go and grow rice and we grew 1.1 million metric tonnes of the product.But it also encouraged smuggling by neighboring countries because they immediately dropped their own tariffs to 10 per cent, she said. She added that the rice issue was similar to tariff on importation of used vehicles, saying we are watc hing it now to see what the appropriate tariff to be paid on it will be.For rice, we decided to bring it down because we see that it is not working, she said. Mrs. Okonjo-Iweala explained that the government had decided to encourage the automobile industry to ensure that vehicles were manufactured in the country.She said that the government spent a lot of money on importation of cars, adding that such expenditure had to be halted to encourage indigenous production of vehicles.We have our own indigenous Innoson, who has been manufacturing cars. First, it started with assembling of the cars but now 50 per cent of his car parts are manufactured from scratch here in this country.And, we said that if we can do this, why cant we invite other people to manufacture cars here and sell.
For that, we are giving them some incentives to bring in some parts that they will need, free of duty. We are also increasing the tariff but thats a very tricky area. We are watching it to see what the appropriate tariff should be, she said.Mrs. Okonjo-Iweala called on Nigerians to be patient with government as it was being cautious with the vehicle importation tariff, saying that the government would not want to record smuggling of vehicles as being done for rice. (NAN)
PM seeks to delay rice graft testimony

Published: 6 Mar 2014 at 16.32 Online news: Politics Caretaker Prime Minister Yingluck Shinawatra will ask the National Anti-Corruption Commission (NACC) to postpone the March 14 deadline for her response to rice-pledging graft charges, Pheu Thai's legal adviser said on Thursday.The NACC announced its decision to charge Ms Yingluck for dereliction of duty in relation to the rice scheme last month.The caretaker premier was called to acknowledge the charge at its office in Nonthaburi on Feb 27, but assigned her lawyers to go on her behalf.Under the rules of the anti-graft agency, Ms Yingluck can offer an explanation on the matter within 15 days of acknowledging charges, or by March 14.She is permitted to testify by herself or can submit an explanation letter, according to the NACC.Caretaker Science and Technology Minister Peerapan Palusuk and a Pheu Thai legal adviser said the premier is likely to seek the agencys approval to postpone the testimony date, since a large number of documents related to the rice programme must be compiled and prepared for her defence.On Tuesday, Ms Yingluck's lawyer went to the NACC's office to ask permission to copy documents relating to the investigation on her behalf, saying the premier could not do so herself because of ongoing political problems and work in the North of the country. The NACC approved the request later that day.
BAAC's new rice scheme: pay farmers to halt crop

Published: 6 Mar 2014 at 00.05,Newspaper section: Business
The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) is urging the government to introduce a direct subsidy to encourage farmers to stop growing rice for the current second crop.Such a move would be aimed at preventing new supply that would add pressure on the already-falling market price.BAAC president Luck Wajananawat said any additional supply would sink paddy prices further.Grains are being sold at a low price now that the market realises Thailand has an enormous rice stockpile and the caretaker government must hasten rice sales to pay more than 1 million farmers.Local paddy prices range from 6,500 to
7,500 baht a tonne for 20% moisture content and 8,000 to 8,500 a tonne for 15% moisture content.Mr Luck said many developed economies such as the US and Europe offer direct subsidies that prod farmers to grow alternative crops. Nipon Poapongsakorn, a Thailand Development Research Institute fellow, echoed Mr Luck, saying farmers growing rice for the 2013-14 second crop could suffer greatly from a sharp fall in selling price compared with the pledging price offered by the Pheu Thai-led government, which has run out of authority to buy rice from farmers under the rice pledging scheme.Yingluck Shinawatra's government started the scheme with a pledging price 40-50% higher than market prices in October 2011.After sharp criticism over the hefty losses incurred, the government last year set a lower price for second-crop paddy of 13,000 baht a tonne, capped at 300,000 baht per household. The second crop runs from March 1 to Sept 30, 2014.Mr Nipon suggested the government set up a committee to separate good-quality rice from subpar rice and destroy the latter to cut supply and boost prices.In related news, Mr Luck said 150,000 farmers who received pledging invoices before last Dec 9, when the House was dissolved, will be paid once the Election Commission allows the caretaker government to use 20 billion baht from the state's contingency budget to pay farmers.Farmers who got their invoices after Dec 5 will remain unpaid. The government's debt owed to farmers will decline to about 70 billion baht.In a bid to step up raising funds to pay farmers, Surasak Riangkrul, director-general of the Foreign Trade Department, yesterday announced the government had signed a government-to-government (G-to-G) deal with China to sell 1 million tonnes of rice.The agreement was inked by Mr Surasak and high-ranking officials of the state-owned China National Cereals, Oils and Foodstuffs Corporation during a visit to Beijing this week.The pact covers several types of Thai grains, with delivery due within 12 months. The first shipment of 400,000 tonnes is scheduled between now and July. Thai authorities expect 100,000 tonnes to be shipped in March alone.Details of the deal's value and the prices paid were not disclosed, as per usual.Charoen Laothammatas, president of the Thai Rice Exporters Association, said the latest G-to-G rice deal is credible since the amount is insignificant compared with China's daily rice consumption of 200,000 tonnes."The deal, if true, at least gives a good sign to the market," he said. "China will likely buy more Thai rice if it wants to help Thailand, which is now plagued with negative reports about rice."
Global market awaits cheap Thai rice

Published: 6 Mar 2014 at 11.55,Online news: Local News
Rice traders on the world market have temporarily paused dealing to wait for the Thai government to sell its stockpile cheap to repay a 20 billion baht loan to finance the rice-pledging scheme, according to an exporter of the grain.Chookiat Opahaswongse is warning Thai rice prices will further drop due to tougher competition.The Election Commission (EC) has approved the caretaker government's plan to disburse 20 billion baht from the Central Fund to pay farmers long-overdue money for pledged rice crops.However, the government must pay back all the money before May 31, 2014.Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, said the price of 5% broken rice price from Thailand had dropped by US$20 a tonne, from $435445 three weeks ago to $415-425 a tonne.
The price of Thai parboiled rice has also fallen by $15 a tonne in one week, from $460-470 to $445-455 a tonne.He predicted that the price of Thai rice would drop further in the near future since Vietnams second-crop rice would be harvested from the middle of March onwards. Vietnam is expected to produce more than 10 million tonnes of unmilled rice this harvest.At the same time, rice producing countries including India and Pakistan also hold significant stocks to be released onto the world market. As a result, tougher competition is expected and prices are likely to be pressured down, he said.The price of 5% white rice from Vietnam is currently between $385-395 a tonne, while India selling its equivalent at $415-420 and Pakistan at $395-405.Rice buyers have stopped purchasing as they wait for cheaper prices, particularly after the Election Commission set the deadline for repayment of the 20 billion baht at the end of May. This means that Thailand has to sell more than two million tonnes in the market. When buyers realised this, they decided to wait to buy cheaper rice, said Mr Chookiat.The Thai Foreign Trade Department on Wednesday announced a government-to-government deal with China to sell one million tonnes of rice, with an agreement inked by the department and the state-owned China National Cereals, Oils and Foodstuffs Corporation in Beijing this week.
Vietnam to stockpile 1m tonnes of rice

Published: 6 Mar 2014 at 14.01,Online news: News
HANOI - Vietnam, the world's second-largest rice exporter, will stockpile 1 million tonnes of rice in the winter-spring crop to help boost prices, authorities said Thursday.A Vietnamese farmer tends his rice field next to a power and manufacturing facility just outside Ho Chi Minh City. The world's second-largest rice exporter will stockpile 1 million tonnes of rice in the winter-spring crop to help boost prices. (Bloomberg photo).The stockpile will run from March to mid-April, the Vietnam Food Association said, which will affect Vietnam's biggest riceproducing region, the Mekong Delta.Around 10.3 million tonnes of unhusked rice is expected to be produced in the Mekong Delta during this period, the Ministry of Agriculture and Rural Development said.Export volume fell sharply in the first two months of this year and is predicted to remain low in the coming months due to weak demand in the global market and strong competition from other rice exporters, including Thailand, India and Myanmar.A number of rice exporters have asked the government to boost exports to countries including China, Indonesia and the Philippines.Vietnam plans to export 7 million tonnes of rice this year, up from 6.88 million tonnes, worth US$2.89 billion (94 billion baht) last year.

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