| Commodity Market News |
Chinese rice orders worry Vietnam
11 August 2010
Vietnamese rice companies should make sure they have sufficient stocks to supply the domestic market and avoid any price disruption after unusually big orders from china for up to 600,000 tonne.
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Cambodia seeks investors to boost milled rice exports
06 August 2010
Cambodia is looking for foreign investors to boost its fledgling rice milling sector so that it can reap higher dividends from its grain crop, much of which is currently sent to Vietnam to be milled and re-exported. Its short-term goals are modest: it has exported 15,000 tonnes of milled rice this year and is aiming for 20,000, said Commerce Secretary of State Mao Thura.
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Asia Rice-Loading demand nudges prices up, India stocks in focus
06 August 2010
Asian rice prices edged higher this week as loading demand picked up slightly in Thailand and on support from a government-backed buying programme in Vietnam. But they doubted the firmer levels would last long as buyers would resist paying more, especially with speculation growing that India may be about to resume bulk rice exports after monsoons for the first time since late 2007.
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Vietnam sets rice export floor price at $300/T
14 July 2010
Vietnam has set a floor on rice export prices at $300 a tonne to stem further falls in domestic prices during the peak of a major harvest.Truong Thanh Phong, chairman of the Vietnam Food Association, made the request last Friday, before businesses started buying on Saturday 1 million tonnes of summer-autumn rice for stockpiles, the Vietnam Agriculture newspaper, run by the country's farm ministry, said.
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USDA doubles long-grain rice end stocks for 2010/11
14 July 2010
U.S. long-grain rice end stocks are forecast to double next year to 54.3 million hundredweight with record high supplies expected to put pressure on prices, as per Agriculture Department .USDA said in its monthly supply and demand report long-grain rice endstocks for 2010/11 are expected to increase from 25.3 million hundredweight estimated in June and 24.3 million hundredweight forecast for the current marketing year. The marketing year for rice begins in August.
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Vietnam rice export floor price for 25% brokens at $ 300 / tonne
13 July 2010
Vietnam has set a floor on rice export prices at $300 a tonne to stem further falls in domestic prices during the peak of a major harvest.
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MMTC invites bids for non-basmati rice
03 July 2010
State trading agency MMTC has invited bids for supply of non-basmati rice for export to different countries. It has called for an Expression of Interest from suppliers, who are required to procure levy free rice from markets all over the country.
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Philippines says aims to halt rice imports in 3 years
03 July 2010
The Philippines, the world's biggest rice buyer, is aiming to increase local production of the grain and stop imports after three years.The Southeast Asian country targets to be self sufficient in the national staple in 2013, two years behind an original plan, as efforts to boost output had been disrupted by lack of state funding and natural calamities. Reduced demand from Manila, or a government decision to completely stop rice purchases, could hurt Asian rice prices. Benchmark Thai rice is now down nearly 24 percent from levels last December when a series of purchases by the Philippines helped push up prices above $600 a tonne.
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Vietnam to buy rice for stockpile from July 15-govt
03 July 2010
The Vietnamese government has asked members of the Vietnam Food Association to buy 1 million tonnes of unhusked rice for stockpiles between July 15 and Sept. 15, the second such scheme this year aimed at supporting prices. The companies will get a 100 percent subsidy on loans taken out to stockpile the rice from July 15 until Nov. 15, the government said in a statement issued late on 01 July 2010.
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Indonesia 2010 rice output seen up, soybeans to fall
03 July 2010
Indonesia's rice production is expected to rise 1.2 percent this year as expected, but the country's soybean output is seen falling nearly 5 percent and this could lead to higher imports this year.
The state statistics bureau, in its second of three forecasts per year, said rice production is expected to be 65.15 million tonnes of unmilled grains this year, up from 64.39 million tonnes in 2009.
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