INSIDE THE RICE 037 10 Dec 2012 - · PDF fileINSIDE THE RICE 037 10 Dec 2012 GAOTRADE CO. LTD...

INSIDE THE RICE 037 10 Dec 2012

GAOTRADE CO. LTD

GAFTA MEMBER Cell. : 0044 7584 577 478 - 0044 7799 357 425 [email protected] 1

EU Rice Euro/ton Ex Mill

USD/

MT

Euro

/ton

USD/

MT

Euro

/Mt

$ /Mt Euro

/Mt

15

Nov

2011

15

Nov

2011

12

Dec

12

Dec 8 DEC 8 DEC

ITALIAN Milled Rice 5 ex mill bulk cash Well milled 5 % max Broken ¾basis

Originario Round Japonica

700 705 575

Medium Japonica Lido/ Flipper 6 mm

755 760 702 560

Roma Lg jap 7,18 mm

650

Baldo LG Jap 7,35 mm

875 880 660

Arborio LG japonica Top 7,37 mm

1070 1070 740

INDICA LG Milled 7,61 mm

620 630 560

Parboiled Baldo LG Jap

970 980 670

Parboiled INDICA Lg

710 720 645

Broken ¾ to more than ½ grain

360 380 370

Broken ½ grain

370 350

Rice Bran Row

150

Broken less ¼ sortex

330

Egyptian White Medium 5 % Fob FCL Alexandria

715 558

EU import Tax on Milled Broken Euro/T 65

EU import tax on Brown any rice Euro/T 30

Spain Blanco Japonica MG Sevilla

NA

Russian Rice Future Groat s G 1 Stock

Exchange 587 459

Soft Wheat ex Rouen down

263

Maize ex Bordeaux down

252

Durum Wheat France South port PLN Down

295

THAILAND FOB 50 Kg PP bags USD/M

T EURO/MT

USD/ MT

EURO/MT

$ /Mt Euro/

Mt

Thailand milled Long Grain Indica New Crop

Thai White Rice 100% B 630

600 565

Thai White Rice 5% 610

585 550

Thai OLD CROP White Rice 5 %

Na


580 545


575 540


570 535

100 Broken A1 Super 550

545 495

Fragrant A1 Super 560

540 570

Parboiled milled rice 100% Whole long grain Sortexed

600

590 585

Hom Mali 92% Purity or Jasmine Rice Equiv 5% 1075

1075 1070

PAKISTAN FOB Stowed 50 Kg Karachi or

In Container FCL 20 “

$/MT

EURO/MT

$/MT EURO/

MT USD/M

T EURO/

MT

Irri 6 Milled

White Rice Long Grain 5 Sortexed Water polished

465

455 445

http://upload.wikimedia.org/wikipedia/commons/3/32/Flag_of_Spain_(Civil).svg


GAOTRADE CO. LTD


WRLG IRRI 6 with 5 % Brkn sortexed

440

WRLG IRRI 6 with 10 % Brkn WM

425

WRLG IRRI 6 with 15 % Brkn WMilled

395

WRLG IRRI 6 with 15 % Brkn Stndrd

400

WR LG 25 max standard Milling

395 370

100% Broken Sortexed Double polished 375

365 340

PK 386 Long Grain 2 %

Na

Super Basmati Milled 2 % Old Crop 970

990 1300

IRRI 9 Milled 2 %

720 715

ParBoiled LG 5 % Broken max SRTXD

450

Small Broken w m d sortexed 1,7 -2,5 mm Human consumption

NA

BASMATI D 98 with 2 % broken

860

INDIA FOB Stowed 50 kg If Container premium $ 15/Mt to Vizag

EURO $ EURO $ /Mt Euro/

Mt

Parboiled 106 Long grain milled 5 Srtxd Kandla

510

White Milled Rice LG PR 106 Well Milled Sortexed DP 5

Kandla

520

WR LG PR 106 WM 5% Br Standard Kandla

500

WRLG PR 106 25 % Br R W M Kandla

440

Broken sortexed super PR 106 Kandla

NA

W R IR 64 Long grain 5% DP srtxd Kakinada 450

435 433

W R IR 64 Long grain 5% Standard

425

Par Boiled IR 64 Sortex Well milled 5 % Kakinada

420

W R IR 64 L G 15 % well milled

WR IR 64 long grain 25 % well milled 390

410 395

BROWN PARBOILED SORTEXED

410

BROWN LG IR 64 SORTEXED

420

Super Broken Sortex D P water polished Kernel more than 1,7 MM IR 64

355 Short

Broken less than 2,5 mm well milled human consumption

330 Short

1121 PUSA BASMATI 2 % fob bagged Kandla

1150

Pure Basmati milled 2 % fob bagged Kandla 815

810 1100 N crop

Medium Grain Swarna Sortexed 5% DP Kakinada

420 N crop

Med G swarna 15 % broken Indica WM Kakinada

NA

Med G Swarna 25 % Broken Standard milling RWM

Kakinada

385 New crop

Milling wheat average local market 15-17000

277-314

Yellow Corn average local market 12-14000

222-259

VIETNAM FOB 50 kg $ EURO $ EURO $ /Mt Euro/

Mt

LG Milled 5% WM DP ¾ basis 560

495 430

10% Br basis 3/4 WM 555

490 415


GAOTRADE CO. LTD


15% Br basis 2/3 WM 540

475 415

LG Reasonably Mill 25 % Br basis ½ grain 510

460 390

A1 Super broken Well Milled 450

425 350

Fragrant Broken A1 Super WM DP

410

LG Fragrant Rice WM DP 5% 690

560

LG Jaswmin 90 % purity 5 WM D Polished

610

MERCOSUR $ EURO $ EURO $ /Mt Euro/

Mt

Mercosur rice Long Grain Milled

Uruguay Long Grain 5% broken Bagged FOB

565

565 645

Uruguay PB Brown LG in Bulk in FCL

580

Uruguay Brown Long Grain FOB bulk FCL

Na

Brazil LG 5 % broken bulk FAS + empty bag on board of vessel $ 10 /t

560

560 Na

Brazil LG 20 % Broken Fas +empty bags On board $ 10/mt

Na

Uruguay Parboiled 5 Sortexed bagged Fob 590

595 650

Brazil Parboiled 5 Sortexed bulk FAS + empty bags $ 10/ Mt

585

555 630

São Paolo Milled LG Tipo 1 wholeseller 30 Kg bags Local Market

950

1000

Uruguay broken 100 % FOB bagged Bagged

410

Brazilian Broken FAS Bulk RGS port Bulk

375

PADDY ex mill bulk cash 58 whole grain min

$ EURO $ EURO $ /Mt Euro/

Mt

Italy Long Grain Indica Paddy 430 315 385 285 396 310

Brazil Long Grain Indica RGSul 280

286 379

Italy Medium Grain Japonica 365

472 350 310

Italy Arborio Paddy LG Japonica 473.5 370

Italy Round Grain

396 416

310 325

Russian Round Grain Japonica Yield 50 whole grain ex farm

10500 350

355 294

Indian Long Grain Indica ex farm Minimum Support Government

12500 235

Indian Long Grain Indica ex Mill Free Market average North to South

13500 14000

254 259

Egypt Paddy Med/LG Japonica ex farm 400

410 300

Thai Long Grain Indica Gov Price 13800 Bath /Mt

360

517

Thai Fragrant Paddy Gov Price 18000

Bath /Mt 500

China Medium Grain Japonica Govern Price Paddy

444

China early crop LG Future July Paddy

386 427

Vietnam LG Indica ex Mekong Farm dry

6000 max Dong

311

300 288


GAOTRADE CO. LTD


Indonesian paddy Indica LG 404

CAMBODIA $ EURO $ EURO $

Euro/ Mt

Cambodia Milled Long Grain FOB bulk

FCL

Fragrant Top quality KDM 5 pct FOB bulk 935

920 935

Milled rice Long Grain Broken 5 % Na

505

Fragrant top Quality KDM C & F Rotterdam

Brown Fragrant Rice FOB

Na

Broken 100 % Well milled FOB

560

Broken 100 % Well milled C & F Rtdm

Na

USA Ex mill bulk $

$

$c/CWT

$/MT

LG MILLED N 2 –Broken 4 % TEXAS

595 27 594

LG MILLED N 2 – Broken 4 % Louisiana

26.5

MEDIUM Californian 1

827 35 771

SHORT GRAIN CALIF n 1

36.5

Parboiled L G L/Tx/Ark average

33 727

Broken Second Heads LG

374 19.5

Broken Second Heads Medium Grain Cal

329 25 551

Brewers Broken LG

17,5 385

Brewers Broken California Medium

20

Rice Bran ex mill on truck Louisiana USD /Mt

190

May

2012

2 Sept

2012

24 Oct 2012

10 Nov 2012

10 Dec

Corn USA

Future

5.60

$c/bu

8.11 7.54 7.38 7.29

Wheat USA

future

6.60 8.73 8.71 8.86 8.39

Paddy Rice

Future

15 15.01 15.06 14.94 15.20

Euro /Usd 1.2712 1.2915

The FAO Food Price Index averaged 211 points in November 2012, down 3 points (1.5%) from

October. International prices of all the commodity groups included in the Index fell in November,

with sugar undergoing the sharpest dip, followed by oils and cereals.

The decline puts the November index value nearly 3% below one year ago.


GAOTRADE CO. LTD


1983 90 95 2000 3 4 5 7 9 2011 12 2013

WORLD MILLED RICE ENDING STOCKS MIO MT

CORN ENDING STOCKS

WHEAT ENDING STOCKS

0

500

1000

1500

2000

2500

1960 1970 1975 1980 1985 1988 1989 2000 2002 2004 2006 2008 2010 2012

WORLD Consuption Grain MIO MT World end Stocks MIO MT

World end year Stocks MIO MT


GAOTRADE CO. LTD


PADDY CHICAGO FUTURE $c /CWT USD/Mt Euro/Mt

1 Sept 2011 18.75 413 301

15 Nov 14.75

4 Feb 2012 13.70 303 231

20 March 14.60 322 243

2 April 14.75 325 250

28 May 15.95 351 276

2 July 14.65 323 256

4 August 15.95 351 283

15 Sept 15.27 336 258

24 Oct 15.06 332 255

10 Nov 14.97 330 259

4 Dec 2011 15.27 336.5 259

EUROPEAN MARKET

Basis C & F RTDM in FCL Bulk

Broken Sortexed India USD 400 /Mt

Broken Sortexed DP Pakistan USD 400 /Mt

1/4 less well milled Broken India USD 390 /Mt

Brown Indian Parboiled LG Sortexed USD 485/Mt

Brown Indian Natural LG Sortexed USD 480 /Mt

Egyptian white 100 % Broken “0” USD 430 /Mt

Uruguay Broken Sortex USD 400 /Mt FOB Vessel in 50 kg pp bags

Paddy sales Milano last week:

New campaign September 2012 -2013 started

0

2

4

6

8

10

12

14

16

18

20

US PADDY CHICAGO $cents


GAOTRADE CO. LTD


Long Japonica (12.500 tons)

Long Indica (8.300 tons)

Round Japonica (9.600 tons)

Medium Japonica (700 tons)

Total Italian Cumulative sales from 1 Sept 2012: 452’000 Mt

Less 7 % on same date last year

2011-12 same period: 485.000 Mt

Total Cumulative EU Imports in the New Campaign 2012 -2013:

From Sept 1 -2012

Indica Brown: 156.000 Mt

Milled Indica: 40.500 Mt

100 % Broken Milled rice: 54.000 Mt

Small and large packaging Rice Milled: 13.000 Mt

Main EU Rice importers shares

UK 60.000 Mt - France 32.000 Mt -Spain 15.000 Mt - Italy 12.000 Mt

Netherland 20.800 Mt - Portugal 10.000 Mt - Belgium 7.100 Mt

Basmati Cumulative EU imports from 1 Sept 2012 (+21 % on last year)

India 81.000 Mt

Pakistan 3.000 Mt

WORLD MARKET

2008/09 2009/10 2010/11 2011/12

World Total Rice TRADE 29,401 31,546 36,214 38,209

767

0 11 0

331

54 240

0 0 0

IMPORTED RICE BY VARIETIES /000 Mt last year

Brown Indica Cargo Indica + Japonica Milled Indica Milled Japonica Broken all varieties


GAOTRADE CO. LTD


Uruguay exports raised 200,000 tons to a record 1.1 million on strong year-to-date regional shipments and

to Iraq

China milled Rice imports are boosted 700,000 tons to a record 2.6 million in 2012.

Ivory Coast imports are up 200,000 tons to a record 1.2 million.

EU-27 total imports 2011-12 are down 100,000 tons to 1.2 million.

Indonesia imports 2011-2012 are up 200,000 tons to 1.7 million as BULOG seeks to boost stocks.

Nigeria imports of Parboiled 2011-12 are up 200,000 tons to a record 3.2 million as traders continue to

accumulate stocks in anticipation of higher levies.

Senegal imports raised 250,000 tons to a record 1.2 million.

In the Iraq tender 85.000 Mt have been awarded to Thailand Rice WR 100 at USD 585 CFFO tender terms.

Thailand will sign a memorandum of understanding to sell rice to China during Chinese Premier Wen

Jiabao's official visit to Bangkok this week. The MOU will cover a 5 Mio Mt rice exports to China in the

next 3 years. The MOU will be used only at Chinese option.

In Brazil, 93% of the Rio Grande do Sul Rice area already seeded.

Colombian Government authorised the imports of 250.000 Mt of Rice to be delivered in the country

before the end March 2013 in order to re balance the lack of their crop.

The Venezuelan government has allowed the price on rice to increase almost 28% from about $1,300

/ton to about $1,700/ton.

Vinafood II continued finalizing third contract with Bulog on a 200,000-270,000 Mt of Viet rice 15% with

shipment Dec –Jan 2013.

NORTH KOREA may be able to produce 1.8 million tons of rice in 2013, while importing another 300,000

tons to secure a total of 2.1 million tons.

In Punjab and Haryana, the two states which contribute the maximum amount of wheat and rice to the

central pool, the state governments impose taxes at the rate of 13-15% on the grain, making them all

this more costly for FCI.

Mexico imports will reach 740.000 Mt in 2012-13, record high.

Japanese government will reduce the rice production for 2013 to 7.9 million tons, down 19,000 tons.

Pakistan has become one of the main suppliers of rice for China, accounting for over 650,000 tons the

total estimated rice imports of around 1.8 million tons by China this year.

Nigeria government will ban rice exports by 2015, when the country is expected to become rice-

sufficient!!!! (5 mio Mt Milled rice consumption out of which 2,7 Mio Mt imported). The Government of

Nigeria introduced new tariffs for rice final import levy will increase of 100%, effective 31 January 2012.


GAOTRADE CO. LTD


USA Indicative level about About 1 USD = 0.77426 EUR 11th December 2012

RICE (1 Mt =19, 68 Cwt)

Last week November 2012

Rice sales: 60,000 MT were down 40% from the previous week

Mexico (25,000 MT), Japan (24,400 MT), Guatemala (4,300 MT, including 2,500 MT, Panama (4,200 MT),

and South Korea (2,500 MT). United Kingdom (900 MT), Colombia (800 MT).

313

614

432

499 505 500

446 411

440 465 450 460

430

220 190

350

300 300

352 345 340 332 310

165 170

230

300 270

330 335 325

310 294

0

100

200

300

400

500

600

700

2007 8 9 10 2011 July 2012 July Aug Sept Oct Nov Dec

0

100

200

300

400

500

600

2007 8 9 10 Jul-11 Dec-11 Jul-12 31-Aug 15-Sep 4-Oct 24-Oct 10-Nov 4-Dec

VIETNAM WRLG 25 PCT FOB 1/2 grain PAKISTAN WRLG 25 INDIA WRLG 25


GAOTRADE CO. LTD


Loading /Exports of 68,300 MT

Nicaragua (13,800 MT), Japan (12,000 MT), Haiti (8,500 MT), Colombia (8,000 MT), and Guatemala

(7,300 MT).

Wheat sales: 279,300 MT

Japan (77,000 MT), China (55,000 MT), Yemen (50,000 MT, Guatemala (25,700 MT, , South Korea (24,500

MT), and the Philippines (23,000 MT).

Corn sales: 236,100 MT

Japan (118,300 MT, China (58,000 MT), Mexico (40,500 MT), Taiwan (9,300 MT), Trinidad (8,000 MT), and

Saudi Arabia (6,200 MT), 27,400 MT Japan.

Rice Planted acres 000 2010 2011 2012

Total Long Grain 1590 940 1060

Total Medium grain 752 850 646

Calrose Cal Medium only 510 535 490

PAKISTAN Indicative level about PKR/USD 95.9005 PKR 11th December 2012

1 -July 2012 to 24 November 2012

Rice qualities Totals Mt

Last year July

September export

Mt

Total Basmati 167.000 278.000

Total non Basmati

Others 369.000

Total Export Registered Contract

all rice 2012-13 Campain 536.000 624.000

0

20

40

60

80

100

2000 3 6 10 2012

60

75

100

77

60

USA MILLED RICE EXPORT LONG GRAIN MIO CWT MEDIUM GRAIN END YEAR STOCKS


GAOTRADE CO. LTD


FORECAST NEW CROP 2012 -2013

Pakistan’s paddy projection expected less by 1.4 million tonnes to 9.4 million tonnes. This translates

into 6.27 million tonnes of milled rice (4 million tons is non-basmati (Irri- and around 2.2 million tons is

Basmati). Basmati rice exports during first 5 months of current fiscal (July-Nov) recorded a steep fall (up to

49%) at 160,000 tons compared to 403,000 tons exported in the corresponding period last year.

Pakistan expects Indonesia to place orders for its rice in coming days, said the outgoing chairman of the

Rice Exporters Association of Pakistan (REAP)!!!!! The country also has a carryover stock (Non Basmati) of

more than one million tons, according to traders. Annual consumption is about 2.3 million tons.

Loading Activity

Mv Safine 2 arrived on 26 Nov to load 20.000 Mt non -Basmati Rice

THAILAND Indicative level about 1 USD = 30.6008 THB Thai Baht 11th December 2012

THAILAND EXPORT FIGURES /000 Mt Milled 2011/2012

2012-13 Main Season Crop expect short of about 10 % compared to last year

(Fragrant crop will be affected more)

0

200

400

600

800

1000

1200

TOTAL EXPORT / MONTH MT THAILAND 2011-2012

June 2011 - June 2012

Non Basmati Export Main Destinations

Official Figures

Mt Mt

Angola 18.000 Malaysia 139.000

Benin 47.000 Mauritania 30.000

Cameroon 15.000 Mozambique 123.000

Indonesia 72.000 Philippines 103.000

Ivory Coast 52.000 Senegal 75.000

Kenya 360.000 Sierra Leone 59.000

Madagascar 118.000 Somalia 20.000

Togo 45.000 S Africa Rep 11.000

Zimbawe 13.000 Tanzania 55.000

CHINA 670.000 Comoros 40.000

Egypt 70.000 Gambia 24.000


GAOTRADE CO. LTD


Total Export Jan –31 Oct - 2011 was 9.630.000 Mt (Including Fragrant)

Last week (excl. Fragrant) 125.000Mt sold

Total Exports 1st January up to Nov 25, 2012

4.500,000 Mt (White and Parboiled)

And 5.760.000 Mt (White + Parboiled + Fragrant) down 40 % from previous year

Out of which 1,5-1,6 Mio Mt was OLD crop Rice

Total Import Official figures: Jan –Nov 30, 2012: 400.000 Mt Milled Rice and Broken

2012/13 PADDY PLEDGING PROGRAM:

The Committee on Rice Stock Release agreed on November 16, 2012 to sell 1.1 million metric tons of

government rice stocks for export (mainly Fragrant)

In October 2012 the Thai government approved a USD 8 Billion founds to cover only the 2012-13 main crop

Pledge Program to be utilized between Oct 1 -2012 and 28 February 2013 covering 15 Mio Mt paddy

(10 Mio Milled Rice) main Crop.

The Thai Government is currently holding total intervention stocks of around 13 million metric tons; of

plus 0,5 Mio Mt of old-crop rice. The 2011/12 Paddy Pledging Program pledged 21.5 million metric tons of

paddy (14.2 million metric tons milled equivalent); of which 7.0 million metric tons are main-crop paddy (4.6

million metric tons milled ) - and 14.5 million metric tons are off-season crop paddy (9.6 million metric tons

milled tons).

Thailand Export Rice 000 Mt

2008 10.000

2009 8.570

2010 9.050

2011 10.500

Our 2012 Forecast 6.200

Expected quantity in Stock end of

October 2012

MT Milled

Delivered to

Government

Broken

Included

in totals

Notes

White milled & broken 8.500.000 2.374.000

Fragrant Milled & Home Mali

2.000.000

400.000

Glutinous Milled 400.000 72.000

Pending with Millers Paddy & Milled

Undelivered 2.000.000

Total Pledged 2011-12 Crop 13.100.000

Old Crop In Government Stocks

Min MT 400.000

Or less


GAOTRADE CO. LTD


INDIA Indicative level about 1 USD = 54.3128 INR Indian Rupee 11th December 2012

In the 2012-13campaign new crop estimated 17 Mt of paddy has been procured

STATE-WISE CONTRIBUTION : issued by Food Corporation of India

Milled Rice & paddy buying for central pool (in MIO tons paddy equivalent )

Punjab 8.5

Andhra 8.0

Chhattisgarh 4.4

Uttar Pradesh 4.0

Orissa 3.0

Haryana 2.7

West Bengal 2.0

Others 7.2

The yield of rice, a major Kharif crop, fell by 4% to 2,185 kg/hectare in the 2012-13 season from 2,284

kg/hectare in the year-ago period.

Government is trying to reduce the amount of Rice surface Ha in Punjab and Haryana, considering the

water restriction in this area to be applied.

The Government Program “Green Revolution “in Eastern India will push the 7 eastern states – Assam,

Bihar, Chhattisgarh, Jharkhand, Odisha, Eastern Uttar Pradesh, West Bengal to produce more and more

rice. Large subsides will be made available by central Government ($170 million approx. this fiscal

year) to increase rice production in all these Eastern states.

Based on the latest trade reports, the 2011/12 non Basmati and Basmati rice total exports estimate to

10.4 million tons include 7 million tons non-basmati and 3 million tons Basmati rice.

So far, the total rice acreage forecasted down at 35 Mio hectares, which may keep the output lower than

last year. Kharif is the main season for rice crop, which is typically sown in June-July and harvested in

November-December. About 75% of the country’s rice is grown during this season.

Raby (2nd Rice Crop) sowing area expected to be lower than last year at 11 Mio Ha against 14 Mio

Ha seeded last year

Crop Ha seeded 2012 -13 Normal average Ha

Forecast

Rice 35,000,000 36,126,000

Coarse Grain 17,593,000 17,615,000

Pulses 11,500,000 10,923,000

0

50

100

150

200

250 198 208 217 230 234 218 244 250

95 102 96

INDIA TOTAL PRODUCTION GRAINS Million Mt WHEAT PADDY


GAOTRADE CO. LTD


1st Nov 2012: Wheat stockpiles increased to 47.5 million tons from 35.9 million tons a year earlier.

INDIA UPDATE STOCKS RICE:

1ST

December: Rice inventory was 30.6 million tons, the highest in at least a decade and up about 13% from 27

million tons of rice in stocks during this time last year and compared with 25.3 million tons 2010-2011.

Water Storage in Reservoirs

Total live storage in 84 important reservoirs in different parts of the country, monitored by the Central Water

Commission, as on December 6, stood at 98.9 billion cubic meters (64% of the storage capacity at Full

Reservoir Level).

The current year’s storage is nearly 91% of last year’s storage and 106% of the average of last ten years.

Out of 84 reservoirs, 53 reservoirs reported more than 80% of normal storage and 31 reservoirs reported 80%

or below of normal storage.

LOADING ACTIVITY Indian Port 2012

KAKINADA PORT : 19 vessels are under loading RICE AND CORN

310.000 Mt of grain to be loaded on 520.000 Mt vessel space 11 vessels to load WHITE RICE & Broken

3 vessels to load PB Srtx

5 vessels to load MAIZE

1 vessels in Krishnapatnam Pb Srtx (15’000 Mt)

5 Vessels in Kandla (92’000 mt) Mix Basmati and non Basmati Rice

4 vessels just sailed (PB Sortexed) from Kakinada

Aromatic Rice Local Market India

NEW DELHI, Dec. 7:

The rice market witnessed a steady trend, with the prices of aromatic and non-basmati rice ruling firm at

previous levels on Friday.

Domestic demand and trade inquiries are keeping rice prices firm. Despite some correction earlier this

week, aromatic rice prices are still ruling on the higher side.

Varieties Price Free on truck New Delhi market

Pusa-1121 (steam) from Rs 5800 to 6100

Pusa-1121 (PB sela) from Rs 4720 to 5350

Basmati Pure Milled (raw) from at Rs 6000 to 7000

Duplicated basmati from Rs 4600 to 5125

Pusa Basmati white from Rs 5500 to 5800

Brokens of Pusa-1121, Rs 2750

Dubar broken Rs 2700

Mongra broken Rs 2250

PR-14 (steam) Rs 2800

Sharbati (steam) from Rs 3700 to 3500

Sharbati PB Sela RS 3670

Sharbati (white) from Rs 3400 to 3800

Permal PB (sela) from Rs 2200 to 2250

Permal Milled (raw) from Rs 2100 to 2250

PR-11 (PB sela) from Rs 2,450 to 2600

PR-11 (Raw White ) from Rs 2,550 to 2650


GAOTRADE CO. LTD


India Rice Exporters Association say they’d feared the import price of basmati for Iran would rise, as

the trade is settled in rupees; Iran is a major buyer of basmati.

He said exporters met officials in the embassy of Iran for a clarification and were told the devaluation

would affect certain categories of imports but not rice.

YEAR Rice PRODUCTION Mio Mt Population Mio Mt/capita

1950 20.58 350 ............... 0.0588

2001 93.08 1.015............... 0.0917

2012 103.00 1.190 ................ 0.0865

VIETNAM Indicative level about 1 USD = 20,656.80 VND Vietnamese Dong 11th December 20112

Vietnam Export Mt Rice

Trend 000 MT

2008 4690

2009 5950

2010 6730

2011 7000

2012 Forecast 7000

High lending interest rates pose big challenges for private enterprises hoping to expand businesses in

Vietnam during the past two years, as the government has implemented tightened monetary and fiscal

policies, inflation peaked at 18.13% in 2011.

Vietnam’s total rice exports 1st January to 30 November 2012: 6.300.000 tons Milled basis

In HCM port 230,000 tons under load this week.

Prices may increase further in the first quarter next year if the harvest of the winter-spring rice crop is

delayed beyond February. According to the VFA, ending stocks of rice this year is expected to be

around 800,000 tons, the lowest in over 10 years.

Philippines 175.000 MT, under loading (5% and 25% broken rice).

Malaysia contract under loading

New contract with Indonesia under negotiations

Indonesia previous 300.000 Mt contract under load

Rice export is likely to reach 7.5 million tons this year, taking into account more than one million tons

to be shipped throughout December under signed contracts, according to the Vietnam Food

Association.

Depending on new contracts signed in November, the country’s rice export volume can even hit 7.7

million tonnes, the highest figure over the past 20 years.

September 25th

, traders in An Giang, bought fresh paddy of low-quality IR 50404 for VND4,800-

4,900/kilo, with price even lower at about VND4,300-4,500/kilo.

Monday 22 October, traders in An Giang and Vinh Long Provinces paid VND5,800/kilogram for

normal rice variety and VND6,500/ kilogram for the fragrant variety.

November 27, dry paddy rice in stock in the Mekong River Deltal is around 5,900 – 6,050 VND per

kilogram while long- paddy rice brings 6,100 – 6,250 VND per kilogramme.

Vietnam Food Association: “VFA reported that registering contracts to ship rice received positive signals when

big markets such as Japan, the Republic of Korea and Indonesia wanted to import more Vietnamese rice.


GAOTRADE CO. LTD


Because of this development, the demand of rice for export is currently high. In the local market, paddy rice

prices now remain stable.”

China and the Philippines still continue the lead among markets importing Vietnamese rice. From the

start of the year to the end of September 2012, China imported 1.71 million tonnes of Vietnamese rice, valued

at more than 730 million USD, making up 27.51% in volume and 25.92% in value. The Philippines also

imported 1.04 million tonnes of rice from Vietnam, worth more than 442 million USD, accounting for 16.65%

in volume and 15.71% in value.

EXCHANGE RATE USD VS DONG

R I C E E X P O R T S F R O M V I E T N A M

LOADING ACTIVITY

Ho Chi Minh Port: only 53.000 Mt under load

3 Malaysia (12.000 Mt)

2 Indonesia (41.000 Mt)

Last week sailed vessels: 4 vessels to Malaysia

9 vessels to Philippines

1 vessel WR LG 5 % to H Hong 29000 Mt

1 vessel to South Africa (32 000 Mt PB)

1 vessel Japan (6000 Mt)

1 Vessel Thailand (32000 Mt)

1 Vessel to China (6000 Mt)

MYANMAR Indicative level About 1USD = 836.048 MMK Myanmar Kyat 11th December 2012

The European Union has pledged a large amount of money, and the World Bank recently ended its 25-

year hold on grants to Myanmar. Now, millions of dollars are being pledged to aid in the country's recovery.

Myanmar is poised to become a major force in the global rice trade, if the full potential of its vast and rich rice-


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producing areas, cradled by the Ayeyarwady delta, can be realised.

A collaboration among Myanmar, the International Rice Research Institute (IRRI), and the Livelihoods and

Food Security Trust Fund (LIFT) seeks to realize in an undertaking that addresses the risks farmers face in

these rice-growing areas.

In 2011/2012, paddy production reached the 16.9 MMT from 16.4 MMT in MY 2010/11, an increase

of 2.7%. Production area will decrease from 7 million HA to 6.5 million HA, a 7% decrease in area, as farmers

shift their cultivation preferences to beans and pulses during the dry season and others exit farming due to

prevailing low prices. Burmese rice exports estimated decreased 23% from 778,400 MT to 600,000 MT, due to

a deteriorating trading environment.

In 2012/2013 Paddy production is expected to increase to 17.3 MMT (10,4 MMT MILLED) or a 2.6%

increase from 2011/2012. Expected yields should increase by 2.6% as investment and post-harvesting

practices improve.

In 2011/12 total MILLED RICE consumption is estimated to be 9.98 MMT and for 2012/2013 at 10.63

MMT. The assumptions used are a 2% population growth rate, a per capita consumption of 250 kg/year for the

61.2 million Burmese in 2011, and 103 KG/HA of seed usage.

In 2012/13 Burma’s CORN production is forecast to increase from 1.3 MMT to 1.5 MMT as the

growing area will increase 1.3% from 380,000 to 385,000 HA and the average yield will increase 15% from

3.4 MT/HA to 3.9 MT/HA driven by high demand from domestic feed mills and China.

In 2012/2013, Burma’s BEANS AND PULSES production is estimated at 4.7 MMT up 5.5% from 4.5

MMT in MY2011/12 due to an increase in production area of 1.2% and as yields normalize as weather

conditions improve. Burma will export 1.4 MMT of beans and pulses.

INDONESIA

Indicative level about 9,606.15 IDR Indonesian Rupiah – 11th December 2012

130.000 Mt of Indian WR LG Rice 15 % to be shipped before 15 Dec 2012 out of Indian Port

300-400 000 Mt Contract was signed beginning September with Vietnam but another large contract

is under discussion in HCMC for prompt shipment

Paddy rice production 2012-13 is expected to increase to 43.4 million tons, (basis milled) this year, up

4.9% on last year, according to the country’s Statistics.

2011-12.Indonesia has extended a (MoU) with Vietnam covering 1.5 million tons of rice/year 2013-

2017. The head of Indonesia’s rice-buying agency Bulog said the agency has 2.2 million tons of rice in Bulog

stockpiles. Stocks will move down to 1.1-1.5 by year-end. 2013 calendar year Bulog expected to buy 3.9

million tons of rice.

BULOG distributed a total of 3.15 MMT of Raskin rice to 17.5 million poor families. Each family

received 15 kg of rice/month at the price of Rp. 1,600 /kg. As of early July 2012, BULOG has distributed a

total of 1.7 MMT of rice under this Raskin program.

Indonesian rice total imports will increase to 1.7 million metric tons before end 2012. The government

recently granted the Indonesian National Logistics Agency (BULOG) permission to import enough rice to


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achieve 2 MMT in stocks through the end of 2011/12.

2012 - Paddy price average per months

ex farm gate IR /Kg

January 4,475.32 ($ 459/ Mt)

February 4,232.68

March 3,692.51

April 3,797.13

May 3,902.53

June 3,932.23

July 3,957.75

August 3,929.02

September 3,985.83

October 4,001.83 ($ 442/Mt )

PHILIPPINES Indicative level about 1 USD = 40.8395 PHP Philippine Peso – 11th December 2012

The Bureau of Agricultural (BAS) has projected that paddy production for the second half of 2012 is forecast

at 9.92 million MT, 8.9% cent higher than last year’s level of 9.11 million MT.

Commodity Specification

Wholesale

December 07

Retail

December 07)

Supermarket/ Groceries /

December 07

Prevailing High Prevailing

High Low High

RICE

NFA, Well milled

- - 27.00 - - - -

NFA, Premium

- - 32.00 32.00 - -

Commercial, Regular milled

28.40 30.00 30.00 33.00 37.25 -

Commercial, Well milled

30.40 32.00 35.00 36.00 37.00 40.75

Commercial, Premium

33.00 34.00 40.00 42.00 41.88 45.00

Commercial, Special

36.00 42.00 45.00 60.00 43.38 59.00

The total rice stock as of November 1, 2012 was 2.78 million metric tons. The volume of stocks was 39.3%

more than last month’s level of 2.00 million metric tons but 13.4% below last year’s record of 3.21 million

metric tons. Percentage change in the inventory of rice stocks, Philippines, October 2012 and November 2011-

2012.

November 1, 2012

October 1, 2012 Variation on Last Year Nov

TOTAL STOCK 2.790.000 Mt (-13.4 % )

Household 54.2 % 8.7

Commercial 39.9 % 9.8

NFA 11.2 % (-52.3 % )

Paddy ex farm gate (Ps /kg ) 2011-12 Crop average:

May 16,67/kg

June 17,00/kg + 7,6 % on last year

Sept 16,46 /Kg

Oct 24 16.07 /Kg

Nov 30 16.20 /kg


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SOUTH & CENTRAL AMERICA Production Milled Rice Trend South & Central America (/000 MT)

2010/11 2011/2012 2012/13 Forecast

Argentina 1,118 1,008 850

Brazil 9,300 7,888 7,320

Columbia 1,323 1,430 1,591

Cuba 295 338 338

Dominican Republic 562 573 573

Ecuador 900 624 600

Guyana 361 402 410

Mexico 146 125 153

Peru 1,939 1,666 2,001

Uruguay 1,150 931 840

Venezuela 358 380 385

BRAZIL Indicative level about 1 USD = 2.07594 BRL Brazilian Real 11th December 2012

Brazil’s 2012/13 Milled Rice production forecast lowered by 850,000 tons to 7.3 million based on a much

lower area estimate. At 2.4 million hectares, Brazil’s rice area is 350,000 hectares below a year earlier and the

lowest in more than a half a century.

000 MT 2010-11 2011-12 2012-13 FORECAST

Wheat production 5’900 5’800 6’000

Corn production 57’000 62’000 68’000

Rice milled production 9’300 7’800 7’300

Rice export 1’300 900 700

TIPO 1 Brazil Paddy Pelotas ex farm gate:

(RS 50/ kg 28,95 R/50Kg 1st week August 2012

Rs 38.35/50 kgs (USD /Mt) last week

White rice Sao Paolo Type 1 /30 kg sold at USD 1040/Mt (wholesale)

Brazil’s paddy rice production in 2012 reached 11.6 million tons, down almost 15% from about 13.6 million

tons in 2011, mainly because of lower acreage due to high production costs (FAO).

Production of soybean and wheat are also expected to decline 12% and 14% respectively this year, while maize

production is expected to surge about 74% to 38.5 million tons, due to high prices of maize this season.

Brazil will export about 700,000 tons in 2012-13, down nearly 50% from the previous year, as ending stocks of

rice this year are low.

BRAZIL LOADING ACTIVITY (93’000 Mt sailed in November) 1 vessel 20.000 to Venezuela

3 vessels to Senegal (37.000 Mt)

1 vessel to Sierra Leone

1 Vessel to Cuba (WFP)

No new vessel expected in December


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URUGUAY Indicative level about 1 USD = 18.8873 UYU Uruguayan Peso 11th December 2012

Rice production trend

Uruguay is estimated to produce about 1.45 million tons of paddy rice this year, down about 9% from the 1.6

million tons of paddy produced in 2010-11. Water shortage and high production and irrigation costs are the

main reasons for the decline in rice acreage over the last few years.

In Nobember, very heavy rain has been registered in the last weeks, especially in the north of the country. In

agreement with the vice president of the Association of the rice producers (ACA), Hernán Zorrilla, the area

will be around 170.000 ha. This figure shows an important fall compared to the 181.000 ha which they hoped

to seed, means a drastic improvement compared to the 40.000 ha they thought to lose 2 months before.

Total Exports 2011-12: 900.000 Mt Milled Rice

ARGENTINA Indicative level about 1 USD = 4.85973 ARS Argentine Peso – 11th December 2012

Spring rice planting is underway September-November in the southern hemisphere nation. However,

rains in Argentina have been erratic and have caused flooding in some areas, with analysts estimating the

weather will reduce crop quality and quantity

Rice Production for 2011/12 is estimated somewhat lower at 1.47 million tons (PADDY) as average

yields in the northern part of the country are a little bit worse than expected

Rice Production Trend and Forecast

Year Htrs Paddy Mt Milled Mt

2009-2010 215,000 Htrs 1,459,000 Mt 875.000 Mt

2010 -2011 258,000 Htrs 1,751.000 Mt 1.051.000 Mt

2011-2012 216,800 Htss 1,470.000 Mt 873.000 Mt

2012-2013 200,000 Htrs 1.350.000 Mt 800.000 Mt

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1940 1950 1960 1970 1980 1990 2000 2004 2011 2012

RICE Uruguay Production x 000

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VENEZUELA Indicative Level around 1 USD = 4.28948 Venezuelan Bolivar Fuerte VEF 11th December 20112

In Venezuela local retailers raised price on pre-cooked corn flour, white rice and ground coffee by as

much as 46%, Agriculture Minister Juan Carlos Loyo said. The cost of a kilogram of pre-cooked corn flour

rose 46% to 5.93 bolivars ($1.38) from 4.06 bolivars and a kilogram of white rice rose 28% to 7.2 bolivars ( $

1680 Mt) from 5.62 bolivars,($ 1310 Mt) Loyo said on state television.

According to Fedeagro, rough rice production for 2012/13 is estimated at 567,000 MT as producers

plan to boost rice planting because of more favorable Government policies to support grain crops.

Ministry of Food and Corporation says paddy rice imports could reach around 625,000 tons (about

420,000 tons, basis milled) this year, in the next campaign. A total of 429,000 tons of paddy rice was imported

up to end May 2012.

The production of paddy rice during 2011-12 was 570, 000 Mt, more or less the same as last year.

Actually, production reaches 53% of the national need.

Consumption in 2010/11 reached 644,000 MT of milled rice. Consumption is estimated to be

650,000 MT in 2011/12 supported by continued imports by the government, and grow slightly with population

to 655,000 in 2012/13.

.

COLOMBIA Indicative level about 1 USD = 1,795.65 COP Colombian Peso 11th December 2012

29/11/2012 – The auction for the arrival of 82 mil tons of rice from USA has been forecast for the 1st week of

February of 2013, according to the President of the Junta Directiva de Col-rice.

The Colombia government authorized the import of de 250.000 tons of rice. The minister of

Agriculture explained the purchases have been authorized because the weather and fitosanitary problems have

reduced of more than 20% the areas of rice production in 2012.

He explained that 160.000 tons arrived in the country in November and December and until January

and February of 2013. These volumes correspond to the contingent granted in the Treaty of Free Commerce

(TLC) between Colombia and USA, which started in May this year.

0

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1000

1500

2000

2500

1996 1998 2002 2004 2008 2010 2011

MILLED RICE PRODUCTION 000 MT END STOCKS CONSUMPTION

http://topics.bloomberg.com/venezuela/

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Out of the countries of the Comunidad Andina (CAN) which produce rice (Ecuador, Bolivia and Perú)

90.000 tons came in to complement the needs the country requires during March, April, and May of 2013.

"These imports have been programmed when the rice harvest had been finished in Colombia, said the Minister

of Agriculture.

In 2011, the rice production in Colombia felt of 2 Mio tons. For 2012, the harvest is expected to be at

2.7 millions tons. Rice Price for the consumer went from 2.349 to 2.436 pesos, therefore an increase of

3,7%. Price variation during the last 12 months: increase in rice price of 11,74%.

In 2011/2012, Colombian rice area increased by 12% to 470,000 hectares, and paddy rice production is

expected to increase by 157,000 tons to 2.1 million tons paddy. The forecast for 2012/2013 is for rice

production to increase to 2.2 million tons of paddy rice.

PERU Indicative level about 1 USD = 2.53271 PEN Peruvian Nuevo Sol 11th December 2012

Milled Rice 000 Mt 2010-11 2011-12 2012-13

Forecast

Production 2080 2000 1650

Consumption 2000 2100 2000

End stocks 170 65 25

Total Imports 91 200 250

Production: Rice production for 2012 is forecast to decrease 14% to 1.68 MMT (milled basis).

Harvested area for 2012 is estimated at 350,000 hectares. Expected 220.000 Mt Import in 2012:

Milled Production trend Year End Stocks

2009-10 1,840,000 Mt 170,000 Mt

2010-11 1,950.000 Mt 65,000 Mt

2011-12 1,670,000 Mt 30.000 Mt

Import 2012 Mt milled rice

January 27000

February 10000

March 22000

April 16000

May 14000

June 22000

July 17000

August 24000

September 28000

October 16000


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GUAYANA

Indicative level around 1 USD = 200.000 Guayanese Dollar GYD

Rice production increased 11% last year to reach its highest ever level of 401,000 tonnes

Last year, Guyana and Venezuela signed a US$54 million agreement for the supply of rice. That deal

also extended and revised three previous contracts. More than 160, 000 tonnes of the Guyana‘s rice exports

went to the neighbouring country.

000 Mt Paddy

Production

000 Milled Rice Export Milled

000 Mt

2004 510 325 243

2005 420 270 180

2006 472 307 200

2007 450 295 270

2009 553 358 260

2010 556 360 330

2012 400

CHINA

Indicative level about 1 USD = 6.28559 CNY Chinese Yuan Renminbi – 11th December 2012

Grain Per Capita Consumption Trend in China kg x habitant x year (China Official Statistics)

Rural area Paddy Rice Wheat

2000 123 77

2006 113 68

2010 102 58

Urban area

2000 46 16

2005 42 12

2010 40 11

China imported 2.6 million tons of rice in the first 11 months of 2012, sources reported, citing statistics

from General Administration of Customs.

China Grain and Feed , forecasted 2012/13 milled rice production unchanged at 143 million tons,

up from 140 million tons last year, ” China report indicates that more farmers have been planting corn over

soybeans, Wheat production will reach 118 million tons in 2012/13,same as last year.

PADDY TREND 2010-11 2011-12 2012-13

Yuan /Mt Yuan /Mt Yuan /Mt

INDICA PADDY 1800 2100 2650

JAPONICA PADDY 2300 2700 3000


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The acreage for growing grain crops is expected to expand by 733,000 hectares to 111 million hectares

this year.

China Paddy Futures

Indica Early Crop NY/MT $ /Mt

2006 1550 187

2008 1640 234

2011 2569 390

2012 Nov 2652 420

More and more Chinese farmers are increasing their control on production yield and water management

Rice System Irrigation 2011-12 Area In Ha Paddy

Irrigated 30.780.000

Rain fed 1.650.000

Mix System 670.000

Total Area Ha 33.100.000

Paddy EARLY CROP SINGLE CROP LATE CROP

Yield Mt /ha 5.7 Mt/ha 7.1 Mt/ha 5.57Mt/ha

% on total 26 46 28

RUSSIA Indicative level about 1 USD = 30.8048 Russian Rouble RUB 11th December 2012

Farmers in Krasnodar valley harvested 5.3 MMT, with the average yield of 4.0 MT/ha. Russia

estimates the country’s rice production to increase to 730,000 tons in 2013, up about 9%. Exports in 2012:

200,000 tons

Futures EXW Rice Groats G1 September 16,150

Futures EXW Rice Groats T1 November 17.730

140

170 192 185

198

162 185 190

200

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1980 1984 1990 1995 2000 2005 2007 2011 2012

CHINA PADDY PRODUCTION MIO Mt 2 per. Mov. Avg. (CHINA PADDY PRODUCTION MIO Mt)


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AFRICA

WEST AFRICA RICE SUPPLY /DEMAND

Burkina Faso, Chad, Ivory Coast, Gambia,Guinea Bissau, Guinea Conakry, Mali, Mauritania, Niger, Senegal,

Togo, Nigeria

NIGERIA estimated food supply -demand conditions, 2012

Nigeria is forecast to increase rice production by

200,000 tons to reach a total of 2.9 million in 2012/13. Imports are projected to increase to 3.0 million ton from

2.5 million tons in 2011/12.

0

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4000

6000

8000

10000

12000

14000

2011 2012 2013 Forecast

WEST AFRICA MILLED RICE PRODUCTION X 000 Mt IMPORT CONSUPTION

http://www.africansymbols.net/wp-content/uploads/2011/07/harmonyafricansymbols.png


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The Government of Nigeria (GON) introduced new tariffs for rice (effective July 1, 2012) which

brought a 30% levy on imported brown rice and a 50% levy on imported polished/milled rice with an expected

final levy increase to 100%, effective January 31, 2012. The new expected tariffs have resulted to stockpiling

of rice by importers and have increased cross-border trade in rice (with Benin and Cameroon), which is

expected to reach 100,000 tons.

The Government reviews quarterly the benchmark price for all types of imported rice and from all origins.

The import duty is calculated based on this benchmark price, regardless of the actual FOB price. The per metric ton

benchmark price was fixed at $699 for the 2nd and 3rd quarters of 2012 but dropped to $673 during the last quarter

beginning October 2012.

The government policy to improve the value chains for 6 food commodities: rice, cocoa, sorghum,

cotton, oil palm and soybeans, and timely delivery of fertilizer and improved seeds through the private sector

led growth enhancement support (GES) scheme may lead to increased productivity. Fertilizers are supplied to

small holder farmers at 50% subsidy. The scheme is currently targeting 4.5 million farmers across the country.

Root crops and tubers dominate agricultural production, accounting for eighty-nine million tons in 2009,

These crops amount to more than two-thirds of staples grown in Nigeria. Domestic cassava production

has increased greatly since the late 1990s, rising 44% in seven years to reach 44 million tons in 2009-10. This

increase is primarily due to the extension of farmed land, as cassava yields have stagnated at a low level (12

t/h). Yam production stood at around 35 million tons in 2009-10.

Grains: Nigeria alone grows about 50% of the grain crops produced in West Africa. Production has doubled

over the past twenty years.

Millet and sorghum (59% of total grain production by volume) yields have either stagnated (sorghum)

or progressed at a very slow pace, putting the average yield for these two crops at 1-1.5 t/ha over the

2000-2006 period. Production increased by a factor of 3.8 (millet) and 3.4 (sorghum) between 1980 and

2009-10, and now stands at approximately 9 million tons for each of these two crops.

Maize stands out, attaining yields of close to 2 t/ha. Maize yields have risen from about 1 t/ ha in the

early 1990s to about 2 t/ha in 2006, Maize has performed well in Nigeria, and its production volume

has risen from around 1 million tons in 1980 to over 7.5 million tons in 2008. Wheat production

remains low, at roughly 60,000 tons/year in recent times, despite large investments by the federal

government to promote this crop and lower wheat and flour imports.

FREIGHT CONTAINER TREND


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On Nov. 30, the China Containerized Freight Index (CCFI) issued by Shanghai Shipping Exchange

(SSE) stood at 1,129.90 points, down by 1.3% from last week;

Demand fell sheer on the Europe and Mediterranean service during the slack season. Moreover, the

decline of demand well outpaced the contraction of capacity.

The average slot utilization rate of ships leaving Shanghai for ports in North Europe struggled to

maintain 70%. The utilization was even as low as 60% on the Mediterranean service.

On Nov. 30, the CCFI showed that the freight index of Europe and Mediterranean service marked at

1,456.03 points and 1,246.80 points, respectively down by 2.9% and 3.5% against last week.

FROM THE PRESS COCOA PROCESSORS CUT OUTPUT, REDUCE FACTORY HOURS

Market down 9 % in last 3 months could affected West Africa producers income 2013

LONDON - Falling chocolate demand in Europe due to the economic crisis is expected to cut the continent's

cocoa grinding in the third quarter.

Grindings, an indicator of demand, are expected to fall between 15 and 20% from the same period in 2011,

analysts and traders said. This would mark the 2nd

consecutive quarter of sharp falls, after Europe's second-

quarter cocoa grind was down a record 17.8 percent, Brussels-based European Cocoa Association (ECA) data

showed in July. "Several pressers have cut output, some big multi-national pressers are on short time working

in Germany. German confectionery demand is not good and exports are falling."

The largest chocolate market in Europe by value, Germany's chocolate confectionary market is forecast

shrinking to $7.24 billion in 2012, down around 9% from the previous year, data from market researchers

Mintel showed. European cocoa traders said slowing chocolate demand and poor cocoa processing margins

triggered the resale of cocoa beans by major processors last month.

Certified warehouse stocks of cocoa beans NY & London view: Both markets reported a fall in the volume of

certified warehouse stocks.

In New York, volumes fell from 282,479 tons to 262,187 tons and in London, from 133,230 tons to

125,350 tons. Compared to last year’s data, LIFFE certified stocks during the month were down by 22%, while

in New York, ICE certified stocks were up by 12%. Last NY –ICE future quote: 2384 USD/Mt

October, daily price averaged US$2,464 per ton, down by US$157 compared to the average price recorded in September

(US$2,620).

http://www.reuters.com/places/germany?lc=int_mb_1001


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THAILAND news

The Democrat Party will seek China's help in uncovering alleged irregularities in a 5,000-tonne rice

contract involving a Chinese trading firm.

Democrat spokesman Chavanond Intarakomalyasut said a letter will be sent to the Chinese embassy requesting

details of the rice deal which came to light in the recent no-confidence debate.

Democrat MP for Phitsanulok Warong Dejkitwikrom alleged that GSSG Import & Export Corp, a China-based

trading firm, might have been used as a front for a Thai rice exporter, in an attempt to benefit from the

government's rice-pledging scheme.

Mr Chavanond said the party hopes the Chinese government will see this as an opportunity to address

the issue which has become a major corruption scandal. "We don't want the Chinese government to be used by

the Thai government as a tool in corruption. "We believe the Chinese government will use this opportunity to

clarify any suspicions about the deal," he said.

According to information provided by Mr Warong, GSSG Import & Export Corp, which is represented

in Thailand by Ratthanit Sojiratkul, has sought the release of 5,000 tons of broken rice from pledged rice

stocks stored in a warehouse in Phichit's Bang Mun Nak district. Mr Ratthanit is an assistant to Pheu Thai-list

MP Rapipan Pongruangrong, wife of red-shirt leader Arisman Pongruangrong.

Mr Chavanond said the party will also write to the Bank of Thailand to inquire about the opening of the

letter of credit concerning the deal. He said he expects the central bank to provide the information and ensure

transparency. He added the party will continue to monitor government spending of more than 40 billion baht to

subside rubber and tapioca prices. Meanwhile, the Anti-Money Laundering Office (AMLO) said it stands

ready to launch an investigation into alleged irregularities in the rice contract.

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