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14
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May, 2014

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TOP Contents - Tailored for YOU
Latest News Headlines
Oryza U.S. Rough Rice - Market Firms on Dwindling Supplies
Oryza Global Rice Quotes
Oryza Afternoon Recap - Chicago Rough Rice Futures Finish the Day Little Changed as Market
Lacks Direction Driving Headlines
Oryza Rice Currency Analysis for Today I ndia Rupee Advances 0.6%
Thailand Political Resolution in a Stalemate; Rice Auctions Expected to Continue
I taly Partners with Online Auctionhouse to Preserve I ntegrity of "Protected Designations" Products
Italys New CAP Proposal Cuts Rice Contributions by 75%
Vietnam Plans to Shift 112,000 Hectares of Rice Area in Mekong Delta to Other Crops by 2015
U.S. Rice Farming Consolidates Farms, Acreage While Yields Advance
Oryza Overnight Recap - Chicago Rough Rice Futures Paused a Tick Lower Following Yesterdays
Complex Wide Sell-off
Brazil Paddy Rice I ndex Advances from Last Week
News Detail
Oryza U.S. Rough Rice - Market Firms on Dwindling Supplies

May 13, 2014
The U.S. cash market was firmer today after sellers increased their price ideas on dwindling supplies and there
were reports that at least one buyer followed suit however most analysts insist that there is very little demand at
the levels sellers are asking for.As of today, old crop offers increased slightly to around $16.11 per cwt fob farm
(about $355 per ton) for May-June shipment although most sellers are looking for at least $16.66 per cwt fob
farm (about $367 per ton).Bids from most larger mills were unchanged today around $15.05 per cwt (about
$332 per ton) for May-June delivery while bids for exporters held steady near $15.50-$15.75 per cwt (about
$342-$347 per ton), for the same delivery period.

However, there are still reports of smaller mills paying around $16.10 per cwt (about $355 per ton) for prompt
delivery.In the meantime, the Iraqi Grain Board issued another tender, following their previous tender which
was canceled, for at least 30,000 tons of long grain white rice of either U.S., Uruguayan, Argentine, or Brazilian


origin. The tender is also seeking offers from Vietnam for fragrant and parboiled rice; however, Thailand was
excluded. Offers need to be submitted no later than June 1st and must remain valid through June 5th.

Tags: U.S. rice prices; U.S. rice market

Oryza Global Rice Quotes
May 13th, 2014

Long grain white rice - high quality
Thailand 100% B grade 385-395
Vietnam 5% broken 405-415
India 5% broken 415-425
Pakistan 5% broken 420-430
Cambodia 5% broken 435-445
U.S. 4% broken 580-590
Uruguay 5% broken 620-630
Argentina 5% broken 615-625

Long grain white rice - low quality
Thailand 25% broken 340-350
Pakistan 25% broken 370-380
Cambodia 25% broken 410-420
India 25% broken 370-380
U.S. 15% broken 555-565

Long grain parboiled rice
Thailand parboiled 100% stxd 405-415
Pakistan parboiled 5% broken stxd 435-445
India parboiled 5% broken stxd 395-405
U.S. parboiled 4% broken 660-670
Brazil parboiled 5% broken NQ
Uruguay parboiled 5% broken NQ

Long grain fragrant rice
Thailand Hommali 92% 935-945
Vietnam Jasmine 525-535
India basmati 2% broken NQ
Pakistan basmati 2% broken NQ


Cambodia Phka Malis 865-870

Brokens
Thailand A1 Super 300-310
Pakistan 100% broken stxd 325-335
Cambodia A1 Super 350-360
India 100% Broken stxd 300-310
Egypt medium grain brokens NQ
U.S. pet food 470-480
Brazil half grain NQ

Medium grain milled
U.S. Calrose 4% broken 1070-1080
Egypt medium grain 6% NQ
All prices USD per ton, FOB vessel, oryza.com

Oryza Afternoon Recap - Chicago Rough Rice Futures Finish the Day Little
Changed as Market Lacks Direction Driving Headlines

May 13, 2014
Chicago rough rice futures for Jul delivery settled 0.5 cents per cwt (about $0.11 per ton) higher at $15.325 per
cwt (about $338 per ton). The other grains finished the day mostly higher; soybeans closed about 1.3% higher at
$14.8375 per bushel; wheat finished about 0.8% lower at $7.0925 per bushel, and corn finished the day about
0.7% higher at $5.0275 per bushel. U.S. stocks were mixed on Tuesday, with the S&P 500 fluctuating after
crossing 1,900 for the first time, a day after benchmark indexes finished at record highs, as disappointment in
April retail sales was partially muted by an upward revision the prior month.

The price of U.S. Treasuries rose along with equities, pushing the 10-year yield used in figuring mortgage rates
and other consumer loans down 5 basis points to 2.614%. Retail sales rose 0.1% in April, after a revised 1.5%
jump in March, the Commerce Department reported. Expectations called for 0.4% growth in April. After rising
to an intraday record of 16,735.51, the Dow Jones Industrial Average was lately up 16.25 points, or 0.1%, at
16,711.72. The S&P 500 held little changed at 1,896.50, after rising to 1,902.18, an intraday record and its first
time above 1,900. Energy led sector gains and telecommunications performed the most poorly among its 10
major industry groups.


The Nasdaq erased initial gains, and lately was down 11.60 points, or 0.3%, at 4,132.25. Gold is trading about
0.2% lower, crude oil is seen trading about 0.8% higher, and the U.S. dollar is seen trading about 0.3% higher at
about 1:00pm Chicago time.Monday, there were 361 contracts traded, up from 241 contracts traded on Friday.
Open interest the number of contracts outstanding on Monday increased by 16 contracts to 8,192.

Tags: U.S. rice prices; U.S. rice market; Chicago rough rice futures

Oryza Rice Currency Analysis for Today India Rupee Advances 0.6%
May 13, 2014
U.S. dollar index was up +0.30% from the open today, when it traded at 80.140 at the close.

Euro was weaker -0.41% by the close, trading around 1.3701 by end of day, after trading between an intraday
high of 1.3772 and low of 1.3689.

Thai baht was stronger +0.01%, trading at 32.607 at the close of business.

Indian rupee was stronger +0.64% at 59.6700.

Brazilian real was stronger +0.09% at the close of trading today, trading at 2.2123 reais per dollar.

Pakistan rupee was +0.07% stronger at 98.5800.

Vietnamese dong was unchanged at 21098.

Mexican peso was stronger +0.30% today, when it traded at 12.9152 pesos per dollar by the close of business.

Chinese yuan was stronger +0.13%, trading at 6.2288.

Argentine peso was weaker -0.11% at 8.0207 pesos per dollar.
Tags: foreign exchange rates, rice currencies, Global rice trade

Thailand Political Resolution in a Stalemate; Rice Auctions Expected to Continue
May 13, 2014
Thailand is likely to go ahead with the general election on July 20, 2014, according to the new interim Prime
Minister (PM) Niwatthamrong Boonsongphaisan. However, the interim government will meet the Election
Commission (EC) on Wednesday to confirm. An election alone is still a controversial solution. Protestors are


demanding a neutral PM to oversee electoral reforms aimed at keeping the Shinawatras out of power (the
ousted PM was Thaksin Shinawatras sister and rumored puppet).

The interim PM says there can be no electoral reforms without first an election, which the ruling Pheu Thai
party would likely win. The debate seems to be going in circles with no resolution to the stalemate. Separately,
the Department of Foreign Trade (DFT) is preparing for the rice auction on May 14, 2014 saying the NACC's
ruling on the rice pledging scheme will not impact the rice auctions.The government is under pressure to raise
around 90 billion baht (around $2.75 billion) to make payments to farmers, who pledged their rice under the
pledging program.

The DFT said the Commerce Ministry would be able to able to repay the 20 billion baht (around $615 million),
it used from the Central Budget, to the Finance Ministry before May 31, 2014.The government in its caretaker
status can raise funds only through rice sales. However, exporters have expressed concern that excessive sales
by the government are putting downward pressure on rice prices. A proper government in place can only put an
end to Thailand's current rice problems, say experts.
Tags: Thailand rice exports, Thailand political instability, Yingluck Shinawatra

Italy Partners with Online Auctionhouse to Preserve Integrity of "Protected
Designations" Products
May 13, 2014
Since 1993, the EU has had a system in place for Protected Designations of Origin (PDOs) and Protected
Geographical Indications (PGIs). The regulation is designed to protect the reputation of certain specialty
regional foods by ensuring that only genuine products use these high-quality labels in the marketplace. The
law also preserves premiums prices for authentic prices and curbs unfair (illegal) competition and misleading
consumers with inferior products. A wide variety of products fall under these categories, such as Gorgonzola
cheese, Champagne, and certain olive oils.

There are 264 Italian products that are protected by these designations, three of which are rice
varieties: Riso del Delta del Po, produced near the delta water of Po River; Riso di Baraggia
Vercellese e Biellese, cultivated in a special area of Vercelli and Biella provinces in Piedmont;and.Riso Nano
Vialone Veronese, farmed near Verona. The Associazione Italiana Consorzi Indicazioni Geografiche (Italys
National Agency for Geographical Indications, or AICIG), oversees only a portion of Italys protected products
and only one of the protected varieties of rice, Rise di Baraggia Vercellese e Biellese, but it is the only major
agency actually operating in this sector.

Italys government has ramped up actions to further protect PDOs and PGIs, especially regarding their online
sales. On May 7, the Minister of Agriculture and the AICIG signed an MOU with online platform eBay to raise
awareness about the importance of looking for products that feature the PDO or PGI labels to ensure
quality. About 4 million Italians use eBay, and under the agreement, the company has agreed to remove any


ads featuring false geographical indications reported by the ministry.Teaming up with internet company eBay in
order to preserve the centuries-old reputations of products like wine and cheese might seem unusual but there
are a plethora of sources selling products boasting PDO or PGI labels online, and more often than not, they are
falsely claiming their status.

The MOU with eBay allows for use of a program called Verified Rights Owner (VeRO), which can instantly
check copyrights, licenses, and trademarks and works to protect intellectual property rights. Basically, once
eBay confirms a verified owner of an item, that person can report any illegal uses of his/her idea, product,
trademark, etc. It is not immediately clear exactly how this will work for PDOs and PGIs, but it appears to be a
similar situation: the Ministry of Agricultural Food and Forestry Policies in conjunction with the AICIG (acting
as owners of the trademark) will send reports of violations of PDO and PGI product claims to eBay, who will
remove them.Italy has a vested interest in protecting its PDO and PGI products: Italy has the most recognized
products of any country in the EU, and according to the Minister, those products generate 9 billion Euros in
revenue for the country each year.

Tags: PDO, PGI, regional food, eBay, legal, internet
Italys New CAP Proposal Cuts Rice Contributions by 75%
May 13, 2014
Italys Minister of Agriculture recently revealed the proposal for the new Common Agricultural Policy (CAP) 2014-2020, and its
outcome might have a significant impact on the future of Italys rice-growing sector. The Ministers proposal for rice seems much
lower than expected. The proposal provides for 22.5 million Euros (about $30.9 million) to be distributed to domestic rice-growing
sector for the first year significantly lower than the 100 million Euros (about $137.5 million) previously contributed under
CAP. This translates to about 120 Euros (about $165.10) per hectare, as opposed to the previous amount of 453 Euros (about $623)
per hectare.

Furthermore, the present national acreage of 220,000 hectares will no longer be included for coupled contributions, but only 180,000
hectares will be.Industry insiders are concerned that reducing aid will shrink the Italian rice sector. But rice farmers arent the only
ones invested in preserving their agricultural aid, and the biggest obstacle is that while Italy got more money from Europe on the
whole, a smaller amount will be used for coupled contributions.The final decision about European funding will be made in a few
days in Rome.

Tags: Common Agricultural Policy (CAP)

Vietnam Plans to Shift 112,000 Hectares of Rice Area in Mekong Delta to Other
Crops by 2015
May 13, 2014


The Vietnam government is planning to shift a total of 112,000 hectares of rice area in the Mekong River Delta (MRD) to other
crops such as corn, wheat and soybean by 2015 in order to reduce import costs on those commodities, according to local
sources.According to USDA estimates, rice planting area in MRD for 2014 will be about 4.255 million hectares and paddy rice
production for the MRD in 2014 will be about 25.059 million tons. That suggests a loss of about 112,000 hectares would be a
decline of about 3% of the MRD rice area. Rice farmers in Mekong Delta, which contributes to over 50% of Vietnam's total rice
production, are planning to reserve a part of their rice areas to cultivate corn, wheat and soybeans with an expectation of earning
good returns.

They say cultivating rice needs more money and preparation before each crop.The government is supportive of the move as the
country has been importing huge quantities of corn, wheat and soybeans yearly despite having favorable growing conditions in the
delta. According to a report released in the beginning of this year, Vietnam imported more than $4 billion worth of corn, wheat and
soybean in 2013.The Deputy Head of the Agriculture Ministry's Cultivation Department said the input costs per hectare for these
commodities are lower compared to paddy rice while they earn higher profits than paddy; this could of shift as prices and input costs
move.

According to data from the Agriculture Ministry, around 87,300 hectares of rice area were shifted towards planting corn, soybeans,
sweet potato and sesame in 2013. This year, the Ministry has identified around 600,000 hectares of rice fields in the delta, which
could potentially be converted to growing other crops. The government is planning to offer farmers around VND2 million (around
$94) per hectare for new seeds.With rice storage a problem in Vietnam and global prices depressed amid high global stocks, there
are other programs in the works, designed to support existing Vietnam rice production.

The World Bank (WB) has agreed to help Vietnam rice farmers under a new rice production and consumption model called "joint
fields." Under the model, the WB will provide preferential loans to Vietnam's rice farmers to buy seeds and fertilizers. It will also
provide long and medium term loans of up to $5 - $10 million to companies to build rice warehouses. The model will be
implemented from early 2015 in 25 places in Mekong Delta, according to local sources. The model will encourage farmers to sell
their harvests to associated firms, who are part of the new model. Currently 16 firms have joined the new model, according to the
Vietnam Food Association (VFA). The VFA is expecting a large number of farmers to join the model as well.

Tags: Vietnam rice production, vietnam rice farmers
U.S. Rice Farming Consolidates Farms, Acreage While Yields Advance
The number of rice farms in the U.S. declined to about 5,591 in 2012, down about 9% from about 6,084 in 2007, according to the
U.S. Agricultural Census, 2012, released recently. Total area covered under rice farms in 2012 declined to about 1 million hectares,
down about 10% from about 1.1 million hectares in 2007.However, quantity of rice produced from all farms increased to about 9.1
million tons in 2012, up about 1% from about 9 million tons produced in 2007.The U.S. Agricultural Census is released by the
USDA every five years.
Tags: U.S. rice farming, U.S. rice production



Oryza Overnight Recap - Chicago Rough Rice Futures Paused a Tick Lower
Following Yesterdays Complex Wide Sell-off
May 13, 2014
Chicago rough rice futures for Jul delivery were paused 0.5 cents per cwt (about $0.11 per ton) lower overnight at $15.315 per cwt
(about $338 per ton) as of 8:00am Chicago time. The other grains are seen higher this morning ahead of floor trading in Chicago:
soybeans are currently seen about 0.5% higher, wheat was paused unchanged, and corn is noted about 0.5% higher.
U.S. stock index futures moderated their advance on Tuesday as small business confidence hit a post-recession high but retail sales
data came in weaker than expected. Retail sales rose 0.1% in April, versus an estimate of 0.4% growth.

Earlier Tuesday, the National Federation of Independent Business reported that small business sentiment hit its highest levels in 6-
1/2 years in April, with seven of 10 index components advancing. Global sentiment has eased back into "risk-on" mode after some
selling in momentum stocks last week. Technology shares surged in the U.S. on Monday and M&A (merger and acquisition)
activity helped brighten Wall Street's view of the economy. Outside of the U.S., concerns regarding a breakup of Ukraine remain on
the agenda. Pro-Russian separatists in the eastern city of Donetsk have formally asked the Kremlin to annex the region like it did
with Crimea. This follows ad hoc referendums on independence in the city. U.S. stock index futures are currently trading about
0.1% higher, gold is currently trading about 0.1% higher, crude oil is seen trading about 0.8% higher, and the U.S. dollar is
currently trading about 0.2% higher at 8:00am Chicago time.

Brazil Paddy Rice Index Advances from Last Week
The Brazilian paddy rice index maintained by CEPEA reached at about 36.11 real per 50 kilograms as of May 12, 2014, up about
0.4% from about 35.98 real per 50 kilograms recorded on May 5, 2014.In terms of USD per ton, the index reached at about $326
per ton on May 12, 2014, up about 1% from about $323 per ton recorded on May 5, 2014.

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