Rice exporters suffer losses as rupee strengthens

2oth January, 2014

Global Rice News
Rice exporters suffer losses
=

our correspondent
Sunday, January 19, 2014
From Print Edition

Exporters of rice are suffering significant losses due to appreciation in the value of the rupee against the
dollar, a trader said on Saturday.―We are bearing a loss of up to Rs100,000 per container on export due to
depreciation in the value of dollar against the rupee in recent weeks,‖ Jawed Ali Ghori, former chairman of the
Rice Exporters Association of Pakistan, said. He said that exporters had booked orders, considering dollar at
Rs108 in Pakistan. However, the price of the dollar has gone down to Rs105, which is causing colossal losses to
the rice exporters.He said that exporters were incurring a loss of Rs75,000 to Rs100,000 per container of
basmati, while they were booking loss of Rs30,000 per container of Irri-6.―A standard container may carry two
to 2.2 million tons of rice on an average,‖ he said.He said that rice milling-cum-exporting companies have also
purchased paddy at much higher price in November-December than the prevailing prices. ―This factor is also
playing its part in giving losses to the rice exporters.

Climate and food security
Sunday, January 19, 2014
From Print Edition

According to media reports, the State Bank of Pakistan has stated that climate change is a major threat to
agriculture production and food security in Pakistan. The expected increase in the level of temperature may
lower production of wheat by 1.5-2.5 percent and rice by two to four percent by 2020. It is expected that
temperature might rise by another 0.6 to one °C by 2030. Studies have found that a rise in temperature in the
range of 1-5 Celsius could bring down the wheat yield in sub-mountains, arid and semi-arid regions. Higher
temperature may improve the wheat in the mountainous region. The national wheat production by the end of
2020 would still be 1.5-2.5 percent lower than the potential. Rice is more responsive to climate change. Rice
production would decline by two to four percent due to climate change by 2020. Also, vegetables and livestock
are also vulnerable to the impact of climate change. In order to address this, the country needs a strategy that
would require expansion in water storage capacity, improvement in the efficiency of water usage, and
introduction of high yielding crop varieties that are suitable for the changing climate conditions.
Khan Faraz
Peshawar

1
Rice Plus Magazine www.ricepluss.com
News and R&D Section mujajhid.riceplus@gmail.com
Cell # 92 321 369 2874

Rice price to rise due to service tax
DC | Amar Tejaswi | 18th Jan 2014
Hyderabad: Rice prices that are already touching Rs 50 a kg could go up further with the additional burden of
12.36 per cent service tax that might be levied on storage and transport.Union finance minister P.
Chidambaram, in a recent letter to Union minister of state for consumer affairs K.V. Thomas, had indicated that
rice was ―not an agricultural produce.‖Sources in the Central Board of Excise and Customs (CBEC) say that
they will go after the Food Corporation of India (FCI) and warehousing corporations to collect service tax after
the government clarifies.
No effect of service tax on PDS rice

While the price of rice available through the PDS system might not be
affected by the rising price, it is bound to increase in the general
market.Services related to agriculture produce are in the negative list of
service tax according to section 66D(d) of the Finance Act. However,
when Thomas sought a clarification regarding the levy of service tax on
rice, Chidambaram wrote back saying, ―Certain specified services
relating to agriculture or agricultural produce are kept in the negative
list. Rice and ginned/baled cotton are not covered by the definition of
‗agricultural produce‘ found in section 65B(5).
‖ He further wrote, ―It is not feasible at this stage, to further extend the scope of the existing exemptions.‖The
government‘s explanation is that paddy is an agricultural produce but rice is not since it is processed and dehusked in a mill.This means that tax officials can levy the 12.36 per cent service tax on services offered by the
FCI and the AP State Warehousing Corporation for storage and transport of rice grains. This will put a huge
burden on the warehousing corporations and if they don‘t absorb the tax, it will be transferred to the
consumer.―The government is playing with the definition but if they say that services to rice are not exempted
from service tax then we have no choice but to go after them,‖ CBEC sources here said, adding, ―We are
evaluating the amount they are liable to pay.‖A senior official of the FCI said, ―The price of rice through PDS is
fixed so we will absorb the service tax component ourselves. It‘s like transferring money from one department
to another. But I can‘t say anything about prices in the general market.‖Rice millers say that prices will
definitely be affected. Mr S. Hanumantha Rao, general secretary, Rice Millers Association of Andhra Pradesh,
said, ―There will be burdens on both farmers and the consumer. Already VAT is being transferred but an
additional service tax will be a huge burden. Prices will definitely rise in the market.
‖The AP State Warehousing Corporation said that it was now liable to pay service tax but it would be
reimbursed by the FCI since the stocks belonged to the latter.The corporation has been asked to pay from July
2007 to December 2012 in two installments. Mr B. Peda Swamy, general manager (finance), said, ―We have
written letters on this issue but the government is stern and rice has been classified as a non-agricultural

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produce. But since the stocks in our warehouses and those leased to us belong to FCI, we will claim the service
tax from them.‖

PH expected to import rice anew to beef up stock
By Ronnel W. Domingo
Philippine Daily Inquirer
8:46 pm | Sunday, January 19th, 2014

The Philippines is expected to import more rice in 2014 than previously estimated as the government moves to
beef up its buffer stocks.The US Department of Agriculture (USDA), which keeps tabs on the global market,
has raised its projection on Philippines‘ importation by 200,000 tons to 1.4 million tons.The United States is
among the world‘s top exporters of milled rice while the Philippines is one of the world‘s top rice importers.The
USDA‘s Economic Research Service (ERS) said in its latest outlook report that the revised forecast was based
on data from the US Agricultural Office in Manila, which indicates that Malacañang wants to increase its
stockpile.The USDA-ERS, in a report issued in December, had also revised upward its projection for the
Philippines‘ importation by 100,000 tons.Back then, the revision was based on early estimates of losses caused
by Supertyphoon ―Yolanda‖ and government announcements regarding additional imports.Shipments of a
500,000-metric-ton purchase from Vietnam that was arranged following a bidding last December have started to
arrive.
The latest batch was a cargo of some 500,000 bags that landed last week at the Subic Bay Freeport in
Zambales.Officials at the National Food Authority said full delivery of the 10-million-bag total—at 50 kilos
each—is expected not later than February, to ensure that shipments would not distort prices when harvest comes
in March and April.The NFA had explained that the purchase was needed because of the release of supplies for
relief efforts following destructive typhoons as well as man-made crises like the siege in Zamboanga, which led
to the depletion of its buffer stocks.In the days leading to the auction last month, officials said the stockpile had
dwindled to just about 10 days‘ worth of consumption.The NFA is mandated to keep at least 15 days‘
worth.Further, the increase in the Philippines‘ forecast importation partly caused a similar revision in the
projection for global trade volume this year.Total volume is now pegged at 40.2 million tons, which is 400,000
tons higher than the previous month‘s forecast and 1.9 million tons more than the 2013 volume.On Friday, the
Bureau of Agricultural Statistics reported that domestic palay output reached a new record of 18.44 million
metric tons, up 2.3 percent from the 2012 level.

cartel throws SME rice exporters out of business
January 20, 2014
OUR STAFF REPORTER

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KARACHI - The Union of Small and Medium Enterprises
(Unisame) has invited the attention of the Competitive
Commission of Pakistan (CCP) to the non-competitiveness of
the small to medium sized (SME) rice exporters due to control
of rice export business by the big players. The SME rice
exporters are disabled due to non-financing by the commercial
banks and hoarding and speculation by the big exporters.In a
statement, Unisame President Zulfikar Thaver said the SME
rice exporters are thrown out of business by the big exporters
who are operating a cartel from the farms till the exports by
obtaining huge pre-shipment finances from the banks and controlling and manipulating the supply chain.
The big exporters have their purchase points in the rural rice growing areas and have contractual arrangements
with the millers and start lifting the grains from the millers. The big rice exporters, millers and processors have
formed a cartel and have their own brokerage houses and financiers. They even have their own delegations
going abroad for selling their brands.He said it is becoming increasingly difficult for the SME to run rice export
business and the rice export business has gradually slipped into the hands of the big exporters. The SME rice
exporters have been thrown out of the mainstream with well-planned maneuverings of the big players.
The rice exports are in the hands of only about 25 big exporters out of which 5 or so are exporting ship loads
and the other 20 who are exporting huge quantities of different varieties of basmati and non basmati rice to
global destinations.The SME rice exporters are unable to stock the rice as they are not enjoying the export
refinance facilities from the commercial banks and secondly they are not in a position to procure the goods as
they first sell and then buy and by the time they book the order and receive the letter of credit the prices tend to
rise and they suffer losses.

Who ‘facilitated’ NFA overpriced rice deal?
GOTCHA By Jarius Bondoc (The Philippine Star) | Updated January 20, 2014 - 12:00am
Nail the ―facilitator‖ in the National Food Authority‘s overpriced rice import from Vietnam last year. That
person – a certain ―Buddy R.‖ – would know who the recipients are of the alleged P457-million
kickback.Concerned finance department officials are suggesting the strategy for the Ombudsman to unravel
details of the anomaly. Private lawyer Argee Guevara, in a plunder suit against the two highest NFA men, gives

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numerous leads for investigators to track down Buddy R.The import, P4.1 billion for 205,700 tons of rice, was a
government-to-government transaction between the Philippines and Vietnam. Thus, the finance officials say,
there was no need for Buddy R. as consultant. The negotiators from both sides are supposed to be experts in
grains agriculture, trading, and shipping. Yet in this deal a private businessman was hired as broker for the NFA
with its counterpart Vietnam Southern Food Corp. (Vinafood-2).Buddy R.‘s presence alone should ring alarm
bells, the officials add while requesting anonymity. ―Facilitators‖ in G2G deals serve as conduits for kickbacks,
disguised as sales commissions, they explain. Guevara calls Buddy R. the ―palusot-ator‖ who traveled with
NFA men to Vietnam and Singapore.Guevara has accused NFA chairman (Agriculture Secretary) Proceso
Alcala and administrator Orlan Calayag as masterminds. In the complaint, deputy administrators Dennis
Guerrero and Ludovico Jarina are implicated in ―cloak-and-dagger‖ trysts:• On Apr. 1, 2013, Calayag,
Guerrero, and Buddy R. went to the Makati Shangri-la Hotel, where officials of Vinafood happened to be
billeted.Opinion ( Article MRec ), pagematch: 1, sectionmatch: 1

• Weeks later Guerrero and Buddy R. flew to Vietnam, without official clearances to travel on government time
and expense. There they secretly met with Vinafood general director Truong Thanh Phong.• Guerrero and
Buddy R. proceeded to Singapore, where they billeted themselves at the Hyatt Hotel. Phong and other Vinafood
officials also flew to the island-state and checked in at the same hotel.• On May 8, 2013, Guerrero and Buddy
R. again flew to Vietnam, there to be joined three days later by Jarina. The Filipinos made their Vietnamese
counterparts recognize the NFA as the sole authorized importer of rice in the Philippines. This was for them an
important document, to skirt the rules of the World Trade Organization, to which both countries are signatories.
The international body forbade governments, starting 2004, from monopolizing food trading. The Philippines
twice was granted extensions of the NFA monopoly, which expired in June 2012.Guevara says the NFA‘s G2G
with Vietnam was a convenient cover for corruption.
It would seem there was no hanky-panky between state officials, he says, but Buddy R.‘s role shows
otherwise.The NFA paid $459.75 per ton of the Vietnam rice at a time when the going rate was only $360-$365
per ton freight-on-board. The accused officials claim to have incurred added costs for trucking and shipping.
Guevara retorts that such items already are included in website price quotes. Besides, in real G2Gs between
neighboring states, the bureaucrats transact on lower import rates and softer terms. In this case the higher rate
was used, to insert the P457-million kickback, Guevara says.The finance officials lament that the government
should have earned P2 billion in taxes from the P4.1-billion deal. This, had the NFA let private traders do the
importing, for which they would have had to pay 50-percent duty.Guevara says the NFA brass also kept the true
figures from Malacañang. This was why President Noynoy Aquino said in his State of the Nation last July that
the government imported only 187,000 tons of rice. Yet there was an additional 18,700 tons – unauthorized.In a
related development, the Federation of Philippine Industries has given the NBI evidence that alleged rice
smuggler David Tan and businessman Davidson T. Bangayan are one and the same.

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Documents from a court case, in which a Singaporean firm sued Bangayan for fraudulent shipments to India,
show that ―David Tan‖ was his alias. FPI chairman Jesus Arranza gave the papers to the NBI, which last week
hesitated to arrest Bangayan because of uncertain identity.Tan is said to have bribed Customs officials P6
billion in the past two years to accept the smuggled rice. Bangayan popped up at the office of Justice Sec. Leila
de Lima to deny being Tan.In a subsequent television interview Bangayan disavowed any link to rice importing.
Yet in the same event his lawyer strived to justify his recent shipment of rice that the Customs bureau has
seized. Oddly Bangayan‘s name does not appear in the records of the importing firm.Customs insiders claim
that accusations against Tan are diversionary. Supposedly a cartel in Southern Tagalog-Bicol regions is using
him as decoy while muscling into Central Luzon-Cagayan.Rice traders, meanwhile, say there can be no
smuggling because the commodity is too visible to slip into the piers. Importers purportedly are willing to pay
the 50-percent tariff, but the Customs confiscates their cargo on the NFA‘s insistence on its monopoly.

Govt links rice smuggling to high cost of production
Print

Email Details Category: Agri-Commodities 19 Jan 2014 Written by Alladin S. Diega / Correspondent

A LOWER cost in rice production can be a more effective tool to deter rice smuggling, according to the
Philippine Rice Research Institute (PhilRice), the government‘s lead agency in rice science and
development.PhilRice economists Flordeliza Bordey and Aileen Litonjua said eliminating the opportunity to
smuggle can reduce, if not stop, rice smuggling.The prospect of raking in high profits owing to large differences
between the world and domestic prices of rice drives the rampant smuggling in the country, Bordey and
Litonjua said in a statement issued on January 17.An attached agency of the Department of Agriculture (DA),
PhilRice economists said that since 2000, domestic prices of rice had been higher by as much as 75 percent
compared to world prices.
―Although the gap closed in 2008, price differential widened again to 30 percent in 2012. The huge price
difference can be attributed mainly to rice trade policies of the government and higher cost of producing rice in
the Philippines relative to exporting countries.‖According to PhilRice, the country had applied quantitative
restriction on rice as its international trade policy since 1995, which involves a Minimum Access Volume, or
the amount of rice that may be imported at 40-percent in-quota tariff, or the tariff applied on imports within a
quota.A higher tariff of 50 percent is imposed to imported rice beyond this quota. This policy was crafted to
limit the inflow of cheap imported rice, thereby, protecting farmers and market players, the DA agency
said.―Rice smuggling is only a symptom of a worse disease—the inability to compete,‖ Bordey and Litonjua
were quoted in the statement as saying.
However, PhilRice studies show that ―smuggling tends to be more rampant in markets with high import duties
and quantitative trade restrictions.‖The country‘s commitment to integrate with the Asean Economic
Community by 2015 will eventually force the government to reduce these trade barriers. And with this, the

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price of domestic rice will be seen to adjust and follow the world market, and consequently minimize the
incentive to smuggle.―But doing so without enhancing the ability of farmers and other domestic market players
to produce and market rice efficiently could only mean harm to the local rice industry,‖ the economists
said.According to them, farmers, to be competitive, ―must implement strategies to reduce the cost of producing
rice, such as mechanizing farm activities, particularly harvesting and threshing.‖The adoption of high-quality
inbred and hybrid seeds, and ―PalayCheck,‖ a crop-management system, can also further increase the rice
output per unit of input and reduce production cost per unit, the economists added.

ORYZA Exclusive Rice News
Thailand Rice Quotes Mixed Today; Pakistan Rice Sellers Lower Some of Their
Quotes
Jan 17, 2014

Thailand rice sellers lowered their quotes for 5% broken rice (for new crop) by about $5 per ton to about $435 $445 per ton and increased their quotes for 25% broken rice and parboiled rice by about $5 per ton each to
about $390 - $400 per ton and $455 - $465 per ton respectively today. Pakistan rice sellers lowered their quotes
for parboiled rice by about $15 per ton to about $410 - $420 per ton. Vietnam and India rice sellers kept their
quotes mostly unchanged.
5% Broken Rice
Thai 5% rice (of new crop) is quoted around $435 - $445 per ton, down about $5 per ton from yesterday and
about a $35 per ton premium over Viet 5% rice shown around $400 - $410 per ton. Thai 5% rice of the old crop
is shown around $370 - $380 per ton.
Indian 5% rice is quoted around $405 - $415 per ton, about a $10 per ton premium over Pak 5% rice quoted
around $395 - $405 per ton.
25% Broken Rice
Thai 25% rice (of new crop) is quoted about $390 - $400 per ton, up about $5 per ton from yesterday and about
a $15 per ton premium over Viet 25% rice shown around $375 - $385 per ton. Thai 25% rice of the old crop is
shown around $345 - $355 per ton.
Indian 25% rice is quoted about $360 - $370 per ton, about a $15 per ton premium over Pak 25% rice quoted
around $345 - $355 per ton.
Parboiled Rice
Thai parboiled rice of the old crop is quoted around $455 - $465 per ton, up about $5 per ton from yesterday.
Indian parboiled rice is quoted around $395 - $405 per ton, about a $15 per ton discount to Pak parboiled rice
quoted around $410 - $420 per ton, down about $15 per ton from yesterday.
100% Broken Rice

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Thai broken rice, A1 Super, of the old crop is quoted around $305 - $315 per ton, about a $50 per ton discount
to Viet broken rice shown around $355 - $365 per ton.
Indian broken sortexed rice is quoted about $295 - $305 per ton, about a $20 per ton discount to Pak broken
sortexed rice quoted around $315 - $325 per ton.
Tags: Thailand rice quotes, Vietnam rice quotes, India rice quotes, Pakistan rice quotes, Asia rice quotes

Chile 2012-13 Paddy Rice Production Declines to 130,307 Tons; Down 13% from
Previous Year
Jan 17, 2014

Chile‘s
paddy
rice production
declined
to
around 130,307
tons
(about
83,000
tons,
basis milled) in
2012-13
(calendar
year
2013),
down
about 13% from
around 149,788
tons of paddy
(about
96,000
tons,
basis
milled) produced
in
2011-12,
according to the
National Institute
of
Statistics
(INE).While
average
rice
yield continues
to remain at
record
high
levels reached in
2011-12,
rice
acreage in Chile
continues
its
sharp
decline.

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According to the INE, rice acreage in 2012-13 stood at around 21,000 hectares, down about 12.5% from almost
24,000 hectares in 2011-12 and down about 16% from around 25,000 hectares in 2010-11.Chile is a net
importer of rice. According to the USDA, rice consumption in Chile stands at about 233,000 tons in 2012-13,
against a domestic production of around 83,000 tons of rice (milled basis). Chile‘s rice imports in 2012-13 are
estimated at around 143,000 tons, up about 4% from an estimated 137,000 tons of rice imports in the previous
year, according to the USDA.
Tags: Chile rice production

Russia 2013
Paddy Rice
Production
Declines to
926,000
Tons;
Down 12%
from
Previous
Year
Jan 17, 2014

Paddy
rice
production in
Russia declined
to
around
926,000
tons
(about 600,000
tons,
basis
milled) in 2013,
down
about
12%
from
around
1.05
million tons of
paddy (about
684,000 tons,
basis
milled)
produced
in
2012, due to

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lower rice acreage and yield.According to preliminary data from the Russian State Statistical Service (Rosstat),
average rice yield in Russia stood at around 4.96 tons per hectare in 2013, down about 10% from about 5.49
tons per hectare recorded in 2012, while rice area declined to around 190,000 hectares in 2013, down about
5.5% from about 201,000 hectares recorded in 2012.Russia is a net importer of rice. According to the USDA,
Russia‘s 2013 rice consumption is estimated at around 725,000 tons (basis millled). Russia‘s rice exports in
2013 are estimated at around 100,000 tons, while Russia‘s rice imports in 2013 are estimated at around 220,000
tons.
Tags: Russia rice production

India Winter Rice Crop Planting Area Reaches 1.05 Million Hectares; Up 37% From
Last Year
Jan 17, 2014

India's rabi (winter) rice crop planting
area has reached about 1.05 million
hectares as of January 17, 2014, which
is up about 37% from around 767,000
hectares recorded during same time in
2013, according to the Ministry of
Agriculture.India‘s total rabi planting
area (including rice and other grains)
stands at about 62.6 million hectares,
up about 5% from about 59.6 million
hectares recorded during this time last
year.
Tags: India rice planting area

EU Finds No Contravention in Cambodia Rice Imports
Jan 17, 2014

The EU trade commission denies that it made any allegations of contamination in rice imports from Cambodia
and says that no Customs circumvention has been identified so far in rice imports from Cambodia.

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Earlier trade sources had told Oryza that on the sidelines of the WTO meeting in Bali in December, 2013, the
EU trade Commissioner had expressed concerns about the surge in Cambodia rice exports to the EU in recent
years and had alleged that up to 30% of rice imports from Cambodia was of Vietnam origin (EU Alleges Up to
30% of Cambodia Rice Imports Mixed With Vietnam Rice).However, the EU Commission's Trade Department
denies making such an allegation. It says the Commissioner mentioned just the fact that Cambodia's exports to
the EU had been increasing considerably over the past years.
According to the Commission, this implies close monitoring of origin of the produce coming to Europe.
Cambodia should ensure that the rice it exports is actually Cambodian, and not produced elsewhere, the
Commissioner said.Rice exports from Cambodia to the EU have been rising sharply in recent years. According
to the EU, Cambodia exported around 195,544 tons of rice to the EU in Marketing Year (MY) 2012-13
(October - September), up about 79% from previous year. Cambodia accounted for about 16% of around 1.23
million tons of rice imported by the EU in MY 2012-13.
Tags: EU rice imports, Cambodia rice exports

Philippines 2013 Paddy Rice Production Falls 1.56 Million Tons Short of SelfSufficiency Target
Jan 17, 2014

The Philippines
paddy
rice
production in
the
calendar
year 2013 stood
at around 18.44
million
tons,
down
about
1.56
million
tons or 8%
from
the
targeted
20
million
tons
under
the
government's
Food
Staples
Sufficiency
Program
(FSSP).
However,
paddy rice production in 2013 is up about 2% compared to around 18.03 million tons produced in 2012.Rice
production in 2013 was affected by a series of typhoons in the second half of the year. However, overall

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production increased year-on-year due to expansion in harvest area and improvement in yield, especially in
Central Luzon, Caraga, SOCCSKSARGEN, Bicol Region and ARMM, the BAS says.
According to the BAS, rice harvest area in 2013 increased to around 4.75 million hectares, up about 1% from
around 4.69 million hectares in 2012, while average yield per hectare increased to 3.89 tons, up about 1% from
3.84 tons in the previous year. The BAS says that higher use of hybrid and high-yield seeds, sufficient water
supply, increased fertilizer application and lesser occurrence of pests and diseases helped increase rice
production in 2013.The Philippines paddy rice production in July - December 2013 stood at 10.44 million tons,
up about 3% compared to 10.14 million tons produced during the same period in 2012. Paddy rice production in
October - December 2013 stood at 7.08 million tons, up about 8% compared to 6.54 million tons in the fourth
quarter of 2012.The Philippines paddy rice production in January-June 2014 is forecast to increase to 8.43
million tons (4.53 million tons in January – March, and 3.9 million tons in April – June), up about 5.4% from an
estimated 7.99 million tons produced during the same period in 2013. Total paddy rice production has to grow
to around 21 million tons in 2014 under the FSSP, up about 14% from total paddy rice production in 2013.
According to the USDA, the Philippines milled rice production in 2013 is estimated at around 11.4 million tons
(about 18.14 million tons, unmilled rice), against a consumption of around 12.8 million tons. Rice imports in
2013 are estimated at around 1.4 million tons.
Tags: Philippines rice production 2013, Food Staples Sufficiency Program (FSSP)

Thailand Rice Farmers Turn to Open Market Due to Delay in Government
Payments; Prices Drop
Jan 17, 2014

Rice farmers in Thailand are increasingly selling their paddy rice in the open market due to delay in payments
under the government rice mortgage program.With elections in February, 2014, the caretaker government lacks
authority to sign any government-to-government deals and is struggling to generate funds to pay rice farmers.
Fresh protests against the caretaker Prime Minister this week have made things worse and the auction of
government rice stocks via futures exchange scheduled for January 15 stands postponed to January 22, 2014.It
is estimated that around 50,000 farmers who sold paddy rice to the government under the rice mortgage
program 2013-14 have still not been paid for rice with a combined worth of 4.17 billion baht (about $127
million).
While farmers have begun protests in different parts of the country, local sources say that some farmers started
selling their rice in the open market this week. The Thai Farmers Association chief says farmers get a much
lower price than what the government pays, but at least farmers get the money promptly in the open market.
Analysts say such rice sales in the open market is likely to increase this year as the government plans to buy
only 16.5 million tons of paddy in 2013-14, which is around 40% of annual production of 38 million
tons.Meanwhile, Thai rice prices are expected to dip due to huge stocks of around 15 million tons lying in
government‘s stockpile. Official sources say the government is planning to offer rice at reduced prices in the
export market, while analysts expect prices to drop because Vietnam rice exporters are already lowering their
rice-export quotations. According to local sources, Thai 5% broken grade rice is now quoted at around $415 per
ton in the open market, much lower than Wednesday‘s $455 per ton and $5 lower than last week's $420 per ton.
Tags: Thailand rice mortgage program

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India Winter Rice Crop Planting Area Reaches 1.05 Million Hectares; Up 37% From
Last Year
Jan 17, 2014

India's
rabi
(winter) rice crop
planting area has
reached
about
1.05
million
hectares as of
January 17, 2014,
which is up about
37% from around
767,000 hectares
recorded during
same time in
2013, according
to the Ministry of
Agriculture.India
‘s
total
rabi
planting
area
(including
rice
and other grains)
stands at about
62.6
million
hectares,
up
about 5% from
about
59.6
million hectares recorded during this time last year.
Tags: India rice planting area

EU Finds No Contravention in Cambodia Rice Imports
Jan 17, 2014

The EU trade commission denies that it made any allegations of contamination in rice imports from Cambodia
and says that no Customs circumvention has been identified so far in rice imports from Cambodia.Earlier trade
sources had told Oryza that on the sidelines of the WTO meeting in Bali in December, 2013, the EU trade
Commissioner had expressed concerns about the surge in Cambodia rice exports to the EU in recent years and

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had alleged that up to 30% of rice imports from Cambodia was of Vietnam origin (EU Alleges Up to 30% of
Cambodia Rice Imports Mixed With Vietnam Rice).
However, the EU Commission's Trade Department denies making such an allegation. It says the Commissioner
mentioned just the fact that Cambodia's exports to the EU had been increasing considerably over the past years.
According to the Commission, this implies close monitoring of origin of the produce coming to Europe.
Cambodia should ensure that the rice it exports is actually Cambodian, and not produced elsewhere, the
Commissioner said.Rice exports from Cambodia to the EU have been rising sharply in recent years. According
to the EU, Cambodia exported around 195,544 tons of rice to the EU in Marketing Year (MY) 2012-13
(October - September), up about 79% from previous year. Cambodia accounted for about 16% of around 1.23
million tons of rice imported by the EU in MY 2012-13.
Tags: EU rice imports, Cambodia rice exports

Philippines 2013 Paddy Rice Production Falls 1.56 Million Tons Short of SelfSufficiency Target
Jan 17, 2014

The
Philippines
paddy rice
production
in
the
calendar
year
2013
stood
at
around
18.44
million tons,
down about
1.56 million
tons or 8%
from
the
targeted 20
million tons
under
the
government'
s
Food
Staples
Sufficiency
Program

14
Cell # 92 321 369 2874

(FSSP). However, paddy rice production in 2013 is up about 2% compared to around 18.03 million tons
produced in 2012.Rice production in 2013 was affected by a series of typhoons in the second half of the year.
However, overall production increased year-on-year due to expansion in harvest area and improvement in yield,
especially in Central Luzon, Caraga, SOCCSKSARGEN, Bicol Region and ARMM, the BAS says.According
to the BAS, rice harvest area in 2013 increased to around 4.75 million hectares, up about 1% from around 4.69
million hectares in 2012, while average yield per hectare increased to 3.89 tons, up about 1% from 3.84 tons in
the previous year. The BAS says that higher use of hybrid and high-yield seeds, sufficient water supply,
increased fertilizer application and lesser occurrence of pests and diseases helped increase rice production in
2013.The Philippines paddy rice production in July - December 2013 stood at 10.44 million tons, up about 3%
compared to 10.14 million tons produced during the same period in 2012. Paddy rice production in October December 2013 stood at 7.08 million tons, up about 8% compared to 6.54 million tons in the fourth quarter of
2012.
The Philippines paddy rice production in January-June 2014 is forecast to increase to 8.43 million tons (4.53
million tons in January – March, and 3.9 million tons in April – June), up about 5.4% from an estimated 7.99
million tons produced during the same period in 2013. Total paddy rice production has to grow to around 21
million tons in 2014 under the FSSP, up about 14% from total paddy rice production in 2013.According to the
USDA, the Philippines milled rice production in 2013 is estimated at around 11.4 million tons (about 18.14
million tons, unmilled rice), against a consumption of around 12.8 million tons. Rice imports in 2013 are
estimated at around 1.4 million tons.
Tags: Philippines rice production 2013, Food Staples Sufficiency Program (FSSP)

Thailand Rice Farmers Turn to Open Market Due to Delay in Government
Payments; Prices Drop
Jan 17, 2014

Rice farmers in Thailand are increasingly selling their paddy rice in the open market due to delay in payments
under the government rice mortgage program.With elections in February, 2014, the caretaker government lacks
authority to sign any government-to-government deals and is struggling to generate funds to pay rice farmers.
Fresh protests against the caretaker Prime Minister this week have made things worse and the auction of
government rice stocks via futures exchange scheduled for January 15 stands postponed to January 22, 2014.It
is estimated that around 50,000 farmers who sold paddy rice to the government under the rice mortgage
program 2013-14 have still not been paid for rice with a combined worth of 4.17 billion baht (about $127
million).
While farmers have begun protests in different parts of the country, local sources say that some farmers started
selling their rice in the open market this week. The Thai Farmers Association chief says farmers get a much
lower price than what the government pays, but at least farmers get the money promptly in the open market.
Analysts say such rice sales in the open market is likely to increase this year as the government plans to buy
only 16.5 million tons of paddy in 2013-14, which is around 40% of annual production of 38 million
tons.Meanwhile, Thai rice prices are expected to dip due to huge stocks of around 15 million tons lying in

15
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government‘s stockpile. Official sources say the government is planning to offer rice at reduced prices in the
export market, while analysts expect prices to drop because Vietnam rice exporters are already lowering their
rice-export quotations. According to local sources, Thai 5% broken grade rice is now quoted at around $415 per
ton in the open market, much lower than Wednesday‘s $455 per ton and $5 lower than last week's $420 per ton.
Tags: Thailand rice mortgage program

Quelea-Quelea Birds Damage 600 Hectares of Rice Land in Gambia
Jan 17, 2014

Quelea-quelea birds have damaged approximately 600 hectares of rice fields in the Jarra West region of
Gambia's Lower River Region (LRR) district.Quelea-quelea birds are the world's most abundant wild bird
species and also the most hated birds in Africa, according to bird experts. It is estimated that a flock of two
million can consume about 20 tons of grains in a single day.Local sources in Gambia say that the Quelea-quelea
birds attack rice fields in large groups in the nights. The Deputy Director of Agriculture of the LRR district says
the birds flock in large numbers and have migrated from the northern part of Africa. He added that these birds
have damaged rice in about 600 hectares in the Sankuwia Pakalinding, Soma, Si-kunda and Jenior villages.
Farmers there say prospects of a bumper harvest have dimmed this year due to these bird attacks and rice
imports may increase.According to the USDA, Gambia rice production in 2013-14 is expected to reach around
30,000 tons against a consumption of 165,000 tons. Rice imports by Gambia are forecast to reach around
125,000 tons in 2013-14.
Tags: Gambia rice production

USDA Increases U.S. 2013-14 Rice Crop Estimate by 6% to 8.61 Million Tons
Jan 17, 2014

The USDA has increased its estimates for the US 2013-14 rice crop to about 8.61 million tons, up about 6%
from its December estimate of about 8.56 million tons. The agency has also increased its estimates for yield to
about 8.7 tons per hectare, and for area harvested to about 998,766 hectares.Long grain production estimate is
up 2% from last month‘s 5.85 million tons to about 5.98 million tons. However, the USDA lowered its
estimates for medium-and-short grain production by 2.6% from about 2.7 million tons to 2.63 million tons.The
agency also lowered the long-grain export projection from about 4.49 million tons to about 4.53 million tons
because the pace of long-grain exports has been slow to markets in Sub-Saharan Africa and Central America.
While the USDA retained the 2013-14 rough rice export projection at about 1.6 million tons, it lowered the
exports of milled and brown rice (on rough-equivalent basis) from about 2.95 million tons to about 2.9 million
tons.The USDA projected all rice ending stocks in 2013-14 to decrease by 22% in 2013-14 to about 1.28
million tons from about 1.37 million tons in 2012-13. The USDA estimates this year‘s long-grain ending stocks
to decrease by 21% to about 784,723 tons from last year‘s 949,379 million tons. The agency estimated the
combined medium-and-short-grain ending stocks in 2013-14 to decrease by 29% to 394,629 tons from 509,072
tons in 2012-13.The agency retained its last month‘s projection for the long-grain season-average farm price
range at $326.28 - $348.33 per ton. It lowered its projections for combined medium- and short-grain farm price
range to $359.35 - $381.40 per ton from its last month‘s $370.37 - $392.42 per ton. It also lowered all rice and

16
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season-average farm price range to $337.30 - $359.35 per ton from its last month‘s $339.51 - $361.55 per
ton.The USDA increased its estimation for global rice production for 2013-14 by 500,000 tons from its last
month's projection to 471.2 million tons mainly due to increased forecasts for Brazil, Pakistan and the US. It
projects the global rice consumption for 2013-14 at 473.1 million tons due to increases in Brazil and the U.S.
The USDA raised its 2013-14 export projections for Argentina and Pakistan but lowered export projections
slightly for the U.S. The USDA raised 2013-14 import projections for the Philippines from 1.2 million tons to
1.4 million tons.
Tags: U.S. rice crop

Philippines May Buy Rice from Thailand; Seeks Rice Supply Agreement Renewal
Jan 17, 2014

The Philippines may consider buying rice from Thailand if the Thai government renews its rice supply
agreement with the Philippines, according to the National Food Authority (NFA) spokesperson.Thailand's rice
supply agreement expired last year and it was not renewed. The Philippines is required to import at least
350,000 tons of rice to meet its minimum access volume (MAV) as part of the WTO agreement, but cannot buy
rice without the rice supply agreement as per the rules under the World Trade Organization (WTO) and the
Association of the Southeast Asian Nations (ASEAN).In November 2013, the Philippines struck a deal with
Vietnam for imports of 500,000 million tons of rice at $462.25 per ton. At that time Vietnam won the
government tender against Thailand's $475 per ton. Now, with the caretaker government in Thailand facing
difficulties to fund the rice mortgage program, the Thai government plans to sell rice at lower prices. Local
sources say that Thailand has offered the Philippines rice at $462 per ton, 25 cents less than the Vietnam offer,
but the Philippines rejected the offer as it cannot violate the WTO and ASEAN rules.According to the USDA,
rice imports by the Philippines in 2012-13 are estimated at around 1.4 million tons, and are expected to remain
at around 1.4 million tons in 2013-14.

Oryza U.S. Rough Rice Recap – Millers Eye New Iraq Tender As Sellers Hold Firm
Jan 17, 2014

As of today, offers could still be seen around $15.55-$16.66 per fob farm (about $343-$367 per ton), depending
on where they are located in the U.S. mid-South, for January through March shipment.Bids from larger mills
and exporters were unchanged near $15.15 per cwt (about $334-$345 per ton), for January through March
delivery, although there are still reports of smaller paying more than $16.00 per cwt (about $353 per ton) for
delivery before AprilIn the meantime, the Iraqi Grain Board issued another tender for at least 30,000 tons of rice
of either U.S., Uruguayan, Argentine, or Brazilian origin. Bids need to be submitted no later than February 2
and must remain valid through February 6.
Tags: U.S. rice prices, U.S. rice market

17
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Oryza Rice Currency Analysis for Today – Brazil Real Up 0.8%
Jan 17, 2014

U.S. dollar index was up +0.42% from the open today, when it traded at 81.255 at the close.
Euro was weaker -0.68% today by the close, trading around 1.3527 by end of day, after trading between an
intraday high of 1.3621 and low of 1.3517.
Thai baht was weaker -0.11%, trading at 32.805 at the close of business.
Indian rupee was weaker -0.01% at 61.5500.
Brazilian real was +0.81% stronger than the open at today‘s close, when it ended at 2.3425 reais per dollar.
Pakistan rupee was +0.09% stronger at 105.4000.
Vietnamese dong was -0.05% weaker, trading at 21090.
Mexican peso was +0.21% stronger today, when it traded at 13.2480 pesos per dollar by the close of business
today.
Chinese yuan was stronger +0.10%, trading at 6.0498.
Argentine peso was -0.33% weaker, trading

Oryza White Rice Index Higher as Asian Rice Quotes Firm
Jan 17, 2014

18
Cell # 92 321 369 2874

The Oryza White Rice Index, a weighted average of global white rice export quotes, ended the week at $440 per
ton, up $20 per ton from a week ago, up $50 per ton from a month ago, and down $115 per ton from a year
ago. The biggest event this week has been the volatile and rising political instability across Southeast Asia and
especially Thailand with the nation‘s rice mortgage scheme reaching a disastrous point. Farmers are not
getting paid and government promises to pay them are falling short of time and money. The February 2 election

19
Cell # 92 321 369 2874

is likely to hold more uncertainty than resolution to the nation‘s governance crisis. In the meantime, farmers are
pushing to sell what paddy they haven‘t already sold to the government to the open market.
Thailand
Thailand 5% broken rice today shown around $440 per ton, up about $20 per ton from a week ago, up about
$50 per ton from a month ago and down about $115 per ton from a year ago.Yingluck, the PM of the current
caretaker government, continues to ignore requests that she step down as protests escalate throughout the
country. Yingluck is also under investigation for corruption related to the rice mortgage scheme; Thailand may
be on its way to finally ridding the government of the influence of self-exiled billionaire Thaksin, the brother
and ‗puppetmaster‘ of Yingluck.
The Thaksin/Yingluck‘s regime of ‗buying‘ votes with the rice mortgage scheme will likely fail in the next
election as simply put, the regime can‘t pay paddy farmers. The government has not been able to sell rice at its
target price of $700-$800 per ton with Vietnam and India so easily able to deliver tonnage and undercut
Thailand‘s price hopes. Local sources estimate the government hasn‘t paid farmers for about 10 million tons of
paddy, leaving both the rice market and the political climate in Thailand uncertain and volatile. The
government missed the January 15 deadline it had set to pay paddy farmers and the next deadline is now the end
of January but farmers are running low on patience.
The caretaker government delayed the sale of one million tons of rice to China due to an unclear response from
the Election Commission (EC), which appears to indicate that the current government is prohibited from
making long-term commitments that would affect the soon-to-be-elected government. This delay further fuels
farmer protests since the country needs money from rice sales to pay the farmers for their rice.The Philippines
may consider buying rice from Thailand if the Thai government renews its rice supply agreement with the
Philippines, according to the Philippines‘ National Food Authority (NFA) spokesperson. The Philippines paddy
rice production in the calendar year 2013 stood at around 18.44 million tons, down about 1.56 million tons or
8% from the targeted 20 million tons under the government's Food Staples Sufficiency Program (FSSP). Total
rice stocks in the Philippines stood at around 2.49 million tons as of December 1, 2013, down about 5% from
around 2.61 million tons recorded during the same time in 2012, according to the Bureau of Agricultural
Statistics (BAS).
India
India 5% broken rice is shown around $410 per ton today, up about $5 per ton from a week ago, unchanged
from a month ago and down about $15 per ton from a year ago.Besides Thailand‘s political breakdown, the rice
market is carefully watching India‘s duration on the non-basmati rice market. India‘s surplus rice stocks and
robust rice exports show that India is unlikely to import rice in the coming years, according to India‘s Central
Rice Research Institute (CRRI).
Oryza had earlier reported that India may have to import about 4 – 12 million tons of rice by 2016-17 if the
nation's rice production target of an additional 10 million tons by 2016-17 is not met, citing a report by the
Planning Commission of India (India May Import Rice by 2016-17, Says Government Report). However, rice
experts say that there is only a faint chance of India importing rice by 2016-17. CRRI Director Dr. Trilochan

20
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Mohapatra says that India is unlikely to become an importer by 2016-17, unless recurrent extreme weather
conditions lead to famine situation in large parts of the country in the coming three years.
As of January 1, 2014, India has about 29.85 million tons of rice stocks in the central pool, according to the
Food Corporation of India (FCI). This is about 7% less than on January 1, 2013. Despite this decrease, monthto-month India‘s rice stocks are up about 6% from the 28.19 million tons reported on December 1, 2013.India's
rabi (winter) rice crop planting area has reached about 1.05 million hectares as of January 17, 2014, which is up
about 37% from around 767,000 hectares recorded during same time in 2013, according to the Ministry of
Agriculture. India‘s total rabi planting area (including rice and other grains) stands at about 62.6 million
hectares, up about 5% from about 59.6 million hectares recorded during this time last year.
Vietnam
Vietnam 5% broken rice ended the week at $405 per ton, unchanged from last week, but down about $15 per
ton from a month ago and up about $10 per ton from a year ago.The Vietnam Food Association (VFA) warns
that Vietnam rice exporters may face fierce competition in 2014 due to higher supplies in the global market and
reduced prices in India and Thailand. The USDA projects Vietnam exports to reach about 7.5 million tons in
2013-14,
but
the
VFA
predicts
only
6.5-7
million
tons
will
be
exported.
Pakistan
Pakistan 5% broken rice ended the week at $400 per ton, up about $5 per ton from a week ago, up about $15 per
ton from a month ago and down about $20 per ton from a year ago.Representatives from the Rice Exporters
Association of Pakistan (REAP) visited China in efforts to boost rice exports to the country. During FY 201213 Pakistan originated about 19% of China‘s total exports, or about 600,000 tons out of a total of 3.1 million
tons
of
rice
imported
by
China.
Brazil
Brazil 5% broken rice is shown around $665 per ton today, unchanged from a week ago, but down about $20
per ton from a month ago.On January 22, Conab will auction 100,234.829 tons of paddy from previous years
(including 2008-09) in four separate auctions.Conab sold about 85,185.766 tons (about 90%) of the paddy it
offered in its January 14, 2014 auctions. About 37,000 tons sold for about 697 reals (about $295) per ton; about
570 tons sold for about 698 reals (about $266) per ton; about 36,000 tons sold for about 684 reals (about
$290)per ton; and about 11,000 tons sold for about 683 reals (about $289) per ton.Conab projects paddy
production in 2013-14 to reach about 12.35 million tons, an increase of 1.1% from December‘s forecast and 5%
higher than last year‘s production (11.75 million tons). The higher rates are due to anticipated increases in
acreage
and
yield.
US
U.S. 4% broken rice today shown around $590 per ton today, unchanged from a week ago and unchanged from
a month ago, but down about $22 per ton from a year ago.The USDA reports that in the week ending January 9,
U.S. exporters sold only 7,100 tons of rice from the 2013-14 crop, down 92% from the previous week and down

21
Cell # 92 321 369 2874

91% from the prior 4-week average. They shipped 50,300 tons of rice, a decrease of 39% from the previous
week and a decrease of 40% from the prior 4-week average.
U.S. producers are having a difficult time planning their 2014 crops due to the delay of the U.S. Farm
Bill. Politicians are hoping for a deal to be reached by the end of the month.
Iraq announced it will tender to buy 30,000 tons of rice. Bids for long grain from the U.S., Uruguay, Argentina,
and Brazil and medium grain from Spain, the U.S. and Australia will be accepted and must be submitted by
February
2.
Cambodia
Cambodia 5% broken rice today shown around $455 per ton, down about $5 per ton from a week and a month
ago.he EU trade commission denies that it made any allegations of contamination in rice imports
from Cambodia and says that no Customs circumvention has been identified so far in rice imports from
Cambodia. Earlier trade sources had told Oryza that on the sidelines of the WTO meeting in Bali in December,
2013, the EU trade Commissioner had expressed concerns about the surge in Cambodia rice exports to the EU
in recent years and had alleged that up to 30% of rice imports from Cambodia was of Vietnam origin (EU
Alleges Up to 30% of Cambodia Rice Imports Mixed With Vietnam Rice).
Nunzia De Girolamo, Italy‘s Minister of Agriculture, has been accused of improperly exerting influence over
the choice of public healthcare managers in 2012 and may be forced to resign from office. This has potential to
impact the EU rice industry‘s efforts to restrict Least Developed Countries (LDC) duty-free rice imports to the
EU, something De Girolamo openly spoke out against when representing the Italian rice industry last month.
Other Markets
The Ricegrowers‘ Association of Australia is seeking recognition of the rice sector as a ―critical industry
cluster‖ (CIS) in efforts to protect rice-producing land from the negative effects associated with the Coal Seam
Gas
(CSG)
activities
in
the
area.
The Agriculture and Food Agency (AFA) in Taiwan has found that companies are deceiving consumers by
intentionally mislabeling rice packages. The AFA announced plans to begin inspecting 80-90 packaged rice on
store shelves this year.The State Council Duty Committee (SCDC) in China released its 2014 tariff rates for
rice and other commodities; rice tariff rates appear unchanged from 2013. Paddy rice production
in Russia declined to around 926,000 tons (about 600,000 tons, basis milled) in 2013, down about 12% from
around 1.05 million tons of paddy (about 684,000 tons, basis milled) produced in 2012, due to lower rice
acreage and yield.
Tags: Oryza White Rice Index (WRI)

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Oryza Quick Glance at World News
Jan 17, 2014

Financial Times –
*IBM has laid out plans for a rapid expansion of its data centers around the world as it races to make up for lost
time and prevent internet companies such as Amazon from cornering the fast-growing cloud computing market.
IBM said that it would spend $1.2 billion in 2014 to add 13 new data centers, taking the total to 40.
*The Obama administration will redouble its efforts to crack down on smoking and explore ―end game‖ policies
that could thwart tobacco companies and bring the elimination of traditional cigarettes in the U.S. closer.
*Canberra has apologized to Indonesia for breaching its territorial waters during navy operations to turn back
boats carrying asylum seekers from Australian waters amid increasing tensions with Jakarta over its tough new
―sovereign borders‖ policy.
*The U.S. Federal Reserve was being complacent by planning for years of below-target inflation, warned
Minneapolis Fed President in a clarion call for more economic stimulus.
*Mariana Campeanu, Romania‘s labour minister, warned that the mass exodus of young qualified workers
suffered by the eastern European country since it joined the EU in 2007 will have a disastrous impact on its
economy unless reversed.
*Syria‘s main exiled opposition umbrella organization on Thursday called on its western and Arab backers to
expand the arming of moderate elements fighting the regime so that they can take on both Bashar al-Assad and
al-Qaeda.
*The Chinese government has opened an investigation into allegations that Nu Skin Enterprises, the U.S. direct
sale skincare and dietary supplement company, operates an illegal pyramid scheme in China.
*Japanese consumer confidence survey slipped to a reading of 41.3, against forecasts of 43 and compared to
42.5 in the prior month, piling pressure on the nation's government to convince companies to raise wages.
Wall Street Journal*China and Japan boosted their holdings of Treasury bonds to a record high in November, a sign two of the
biggest foreign investors in the U.S. government debt market have not fretted about the rise in long-term
interest rates. China added $12.2 billion in Treasury debt in November to $1.3167 trillion and Japan increased
its holdings by $12 billion in November to $1.1864 trillion, according to the latest monthly capital flows release
from the Treasury Department.
*Former Pakistani military ruler Pervez Musharraf, who faces criminal charges related to his years in power, on
Thursday, asked a court to be allowed to leave the country for treatment in the U.S. of a heart condition.
*A small group of European industries, from insurance to precious metals, stand to benefit from the loosening
of EU sanctions against Iran on Monday, according to details provided by EU officials.
*Thailand's anticorruption panel said it would investigate Prime Minister Yingluck Shinawatra's role in the
government's controversial rice subsidy program, putting more pressure on the embattled leader amid a
campaign to force her out of office.
*If Britain's Labour Party wins the 2015 general election, it will increase competition in the financial sector by
limiting the market share of retail banks and force branch sales with a view to bringing at least two new banks
into the market, the opposition party's leader Ed Miliband will say Friday.

23
Cell # 92 321 369 2874

*India's ruling Congress party announced Thursday that Rahul Gandhi, its vice president and the fourthgeneration scion of the Nehru-Gandhi family, will lead its campaign for national elections but he won't be
declared as the party's candidate for prime minister.
*The White House made public a summary of the technical details of the recent nuclear pact with Iran and
disclosed an implementation plan to U.S. lawmakers, amid a clash with some members of Congress over
Washington's outreach to Tehran.
*India's finance ministry is targeting the country's top iron ore mining company, NMDC Ltd, as the next
government company it plans to push into a big, one-time dividend payout to help the country deflate its
ballooning budget deficit.
New York Times*The price that some of the world's biggest oil producers charge for their oil fell last year for the first time since
2010, the Organization of the Petroleum Exporting Countries said Thursday. The value of OPEC's so-called
reference basket, a measure of the prices of various grades of oil, fell 3% from the level in 2012, when it rose to
a record $109.45 a barrel, the producer group said in a monthly oil-market report.
*Indonesia said that it would increase naval patrols after territorial violations by Australia as it tried to turn back
asylum seekers and urged its southern neighbor to halt operations that risked further incursions.
*As the Syrian opposition neared a decision on whether to attend an international peace conference next week,
Secretary of State John Kerry offered a public assurance on Thursday that the Obama administration had not
pulled back from its goal of establishing a transitional government that would not include President Bashar alAssad.
*The U.S. Senate on Thursday gave final approval to a $1.1 trillion spending bill for the current fiscal year,
leaving behind what might have been the Obama administration‘s best chance to overhaul the IMF and meet its
obligations to the world‘s other economic powers.
*More than 20 people were wounded in Thailand's capital Friday when an explosion hit anti-government
demonstrators marching through the capital, the city's emergency services center said.
*Nations have so dragged their feet in battling climate change that the situation has grown critical and the risk
of severe economic disruption is rising, according to a draft U.N. report. Another 15 years of failure to limit
carbon emissions could make the problem virtually impossible to solve with current technologies, experts
found.
*Japan raised its assessment on the overall economy for the first time in four months, reflecting strong private
consumption and improving capital expenditure, suggesting Tokyo's aggressive stimulus is solidifying an
economic recovery.
*China's central bank will use various tools to adjust liquidity in a flexible way to help maintain appropriate
growth in credit and social financing, a senior central bank official said in remarks published on Friday.
Tags: World news

24
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Rice exporters suffer losses as rupee strengthens

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