13th june (monday),2015 daily exclusive oryza rice e newsletter by riceplus magazine

1 Daily Exclusive ORYZA Rice E-Newsletter by Riceplus Magazine |

www.ricepluss.com & www.riceplus.blogspot.com

For Blog & daily Newsletter advertisement contact: [email protected]

June 13 ,2015




Chinese Researchers Develop Rice Strain

That Increases Yield and Nitrogen Use

Efficiency

Jun 12, 2015

Researchers from the Chinese Academy of Sciences' Institute of Genetics and Developmental

Biology in Beijing have developed a new rice strain by cloning a gene called NRT1 (nitrogen

booster gene) from indica rice into the japonica's gene structure, according to South China

Morning Post.The new strain increases yield as well as nitrogen use efficiency in the rice plants.

It requires only half of the fertilizer normally required by the traditional Japonica

varieties.Farmers growing japonica varieties in the northern provinces resort to heavy use of




fertilizers because the rice plants absorb nitride from soil and water at a very slow rate. However,

such high use of fertilizers has led to severe pollution of the soil, water and air in most of the

China's northern provinces.

Moreover, when nitric oxides are released in to the atmosphere, they undergo a series of

petrochemical reactions that transform them into harmful material called 'smog'. Farmers have

been reluctant to cut down the use of fertilizers despite several warnings as plants need nitride in

order to grow healthy.On the other hand, Indica rice variety, which is mostly grown in southern

China provinces as well as in India, Thailand and the Philippines, can absorb nitrogen more

easily than the Japonica variety. But it cannot survive in the cold climate.Therefore the scientists

have used nitrogen booster gene from the Indica variety and cloned into the Japonica variety to

get the best results. The study is published in the latest edition of the Nature Genetics journal.The

researchers noted that the discovery represents an important milestone for the “green super rice

project," an international effort to develop new species of rice to meet the growing global

demand for food resources.

Oryza U.S. Rough Rice Recap - Prices

Continue to Weaken amid Weak Demand

and Burdensome Stocks

Jun 12, 2015

The U.S. cash market was slightly weaker again today as seller’s grow more concerned about the

bearish USDA WASDE report and the lack of export demand heading into new crop.Analysts

note that many of those with old crop rice left to sell will only have a couple more months to

make room for new crop and many will have to sell below their target price unless there is a

substantial increase in demand which has yet to be seen.

Indian Basmati Rice Exports May Pick Up

Only After October, Say Exporters

Jun 12, 2015




Indian rice exporters are expecting Iran to begin issuance of rice import permits after Ramadan

in July, according to local sources. However, they say Indian basmati shipments to the Middle

East nation may not pick up until October as stocks would be sufficient until then. Iran banned

rice imports in last November citing adequate stocks.They also say the Iranian government

requires Indian millers and exporters to register with the Tehran's Health and Medical Education

Ministry. The process of registration has to be initiated by importers by furnishing a list of

intended exporters. The process may take a while say exporters. So far, very few exporters are

registered with the Iranian Ministry, according to the Executive Director of the All India Rice

Exporters' Association (AIREA). Currently, the basmati export prices have fallen to around

$1,000 per ton from around $1,400 - $1,500 per ton during the same time last year. The

Executive Director of the AIREA told local sources that prices are lower because of a higher

production in FY 2014-15. Basmati rice production increased by about 35% to around 8.1

million tons in 2014-15 from around 6 million in 2013-14.Exporters are expecting prices to

further fall due to an expected increase in basmati acreage this year as well. Basmati acreage in




2015-16 is expected to increase about 5% from around 2.1 million hectares last year.According

to data from the All India Rice Exporters Association (AIREA), India exported around 900,000

tons of rice to Iran in FY 2014-15, down about 36% from around 1.4 million tons exported last

year.

India 2015-16 Main Paddy Rice Sowing Picks

Up Amid El Nino Threat

Jun 12, 2015




Planting for India 2015-16 Kharif (main) rice crop (June - December) which began on May 8,

2015 is picking up fast and stands at around 471,000 hectares as of June 12, 2015; up about 4%

from around 452,000 hectares planted during the same period last year, and up about 36% from

last week’s 346,000 hectares, according to preliminary data released by the Indian Agriculture

Ministry.The total Kharif crop sown area stands at 7.51 million hectares as on June 12, 2015,

down about 9% from around 8.227 million hectares during the same period last year, according

to the Agriculture Ministry.A likely drought-inducing El Nino this year is expected to lower

production prospects this year.

In its second forecast for 2015, the India Meteorological Department (IMD) has its estimate for

this year's monsoon rains to 88% of normal, from a previous estimate of 93% due to reports of a

strengthening El Nino. It is expecting rainfall to be 85% of the normal in the states of Haryana,

Punjab, Rajasthan and Uttar Pradesh. The IMD expects the El Nino pattern to reach to moderate

to a strong one during the monsoon season.The government of India, in its third advance

estimates for major crops, has estimated India's rice production for 2014-15 marketing year

(October 2014 - September 2015) at around 102.54 million tons, down about 4% from an

estimated 106.65 million tons in 2013-14, according to a statement from the agriculture Ministry.

Myanmar Seeks to Strike a Trade-Off

Between Rice Exports and Prices

Jun 12, 2015

Economics says as exports increase, domestic prices increase thereby affecting the purchasing

power of local consumers. If we relate the same principle to Myanmar rice exports and prices,

we understand that Myanmar, which was once a leading producer and exporter of rice, is finding

ways to balance the export and price scenario.Myanmar's rice exports have been increasing for

the last few years, though most of them are targeted to China through the country's northern

borders. The imports were considered as illegal by the Chinese authorities. Recently, rice trade

between Myanmar and China has been legalized through a Memorandum of Understanding

(MoU). According to the MOU, Myanmar will export 100,000 tons of rice this year to China

legally.Though the south-east Asian nation is overtly depending on China to increase its rice

exports, it is also exploring other markets such as African markets and is keen on reaching a 3

million ton rice export target shortly. Authorities are expecting Myanmar to export 2 million tons




of rice in FY 2015-16 (April - March).

Myanmar's rice exports have been increasing consistently for the last three years, according to

the Ministry of Commerce. Myanmar exported about 1.7 million tons of rice in FY 2014-15,

about 1.2 million tons of rice in FY 2013-14 and about 1.4 million tons of rice in FY 2012-13.As

Myanmar is trying to ramp up its rice exports, the domestic rice prices are said to be increasing

considerably. The General Secretary of the Myanmar Rice Federation (MRF) says a balance

should be struck between exports and domestic consumption.An official with the Myanmar Rice

Industry Association (MRIA) noted that when domestic prices increase, farmers would benefit as

paddy prices also tend to increase. But imposing price controls would deter benefits to farmers.

He noted that instead of imposing price controls, other means of adjusting local rice prices

should be sought.

He says the government could consider importing cheap rice from Thailand or any other country

for domestic consumption. This would separate exports and domestic consumption and local




prices would be relatively unaffected by increasing exports. He reminds that currently, Thailand

is attempting to sell off its buffer rice stocks accumulated from the rice pledging scheme

introduced by the previous government.USDA estimates Myanmar to produce 20 million tons of

paddy rice (around 12.8 million tons, milled basis) and export around 2 million tons of rice in

MY 2015-16 (January - December 2015).

Oryza Overnight Recap – Chicago Rough

Rice Futures Little Changed as Market

Lacks Direction

Jun 12, 2015

Chicago rough rice futures for Jul delivery are currently seen trading 1 cent per cwt (about $0.22

per ton) lower at $9.785 per cwt (about $216 per ton) during early floor trading in Chicago. The

other grains are seen trading mixed this morning; soybeans are currently seen trading slightly

lower, wheat is listed about 0.5% higher and corn is currently noted about 0.6% lower.U.S.

stocks opened lower on Friday as negative news out of Greece weighed on sentiment and

investors kept an eye on bond yields. The Dow Jones industrial average quickly lost 100 points

in the open.

The standoff between Greece and its creditors worsened on Thursday after the International

Monetary Fund walked out on talks with Athens, citing "major differences" over how to save the

country from bankruptcy. The news pressured stocks, with European and U.S. equities closing

with mild gains. European stocks traded lower on Friday, with the German DAX off 1%. The

ATHEX Composite traded about 5% lower. Senior European Union officials have formally

discussed for the first time a possible Greek debt default as negotiations between Athens and its

creditors have stalled ahead of an end-month repayment deadline, several officials told Reuters.

The Producer Price Index increased 0.5% for May, topping expectations for 0.4%. The gain was

the largest since May 2012. The ex-food and energy read was 0.1%. Later in the morning the

Michigan consumer sentiment figure for this month is due. The Dow Jones Industrial Average

opened down 77 points, or 0.43%, at 17,963. The S&P 500 traded down 9 points, or 0.41%, at

2,100. The Nasdaq opened down 24 points, or 0.48%, at 5,058. Gold is currently trading about

0.1% lower, crude oil is seen trading about 0.9% lower, and the U.S. dollar is currently trading

about 0.3% higher at 9:00am Chicago time.




Oryza Afternoon Recap - Chicago Rough

Rice Futures Tumble in Afternoon Trading,

Add to Losses for the Week

Jun 12, 2015

Chicago rough rice futures for Jul delivery settled 11.5 cents per cwt (about $3 per ton) lower at

$9.680 per cwt (about $213 per ton). The other grains continued with mixed results; Soybeans

closed unchanged at $9.4000 per bushel; wheat finished about 0.1% lower at $5.0375 per bushel,

and corn finished the day about 1% lower at $3.5300 per bushel.U.S. stocks traded lower on

Friday as uncertainty over Greece weighed on sentiment and investors kept an eye on bond

yields ahead of next week's Federal Reserve meeting. Stocks trimmed losses amid a Reuters

report that the Greek government is ready to submit counter-proposals and that Athens and its

creditors are closer than ever to a deal, a Greek official said.

Prime Minister Alexis Tsipras also spoke on the telephone with European Commission President

Jean-Claude Juncker about the next steps in negotiations. The official added Greece expects a

deal by June 18 when the euro group of regional finance ministers meets, Reuters said. The

standoff between Greece and its creditors worsened on Thursday after the International Monetary

Fund walked out on talks with Athens, citing "major differences" over how to save the country

from bankruptcy. The news pressured stocks, with European and U.S. equities closing with mild

gains. Senior European Union officials have formally discussed for the first time a possible

Greek debt default as negotiations between Athens and its creditors have stalled ahead of an end-

month repayment deadline, several officials told Reuters.

The Dow Jones Industrial Average traded down 143 points, or 0.80%, at 17,895. The S&P 500

traded down 14 points, or 0.66%, at 2,095, with energy leading all 10 sectors lower. The Nasdaq

traded down 29 points, or 0.56%, at 5,054. Gold is trading about 0.1% lower, crude oil is seen

trading about 1.3% lower, and the U.S. dollar is seen trading nearly even at about 2:00pm

Chicago time.Thursday, there were 964 contracts traded, down from 1,048 contracts traded on

Wednesday. Open interest – the number of contracts outstanding – on Thursday decreased by

134 contracts to 11,898




Oryza Weekly Recap: Philippines Planning

for More Imports This Month

Jun 12, 2015




The Oryza White Rice Index (WRI), a weighted average of global white rice export quotes,

ended the week at about $403 per ton, down about $2 per ton from a week ago, down about $4

per ton from a month ago and down about $60 per ton from a year ago.

In its June World Agricultural Supply and Demand Estimates reports, the USDA forecasts the

U.S. MY 2015-16 all rice beginning stocks to increase to around 2.06 million tons, up about

43% from last year and up about 6% from last month’s forecasts. It forecasts the U.S. 2015-16

all rice exports to increase to around 4.99 million tons, up about 5% from last year's 4.76

million tons and up about 1.8% from last month's forecast of around 4.9 million tons. The USDA

forecasts the U.S. MY 2015-16 all rice imports to increase to around 1.13 million tons, up about

4% from around 1.09 million tons last year and up about 1.18% from its last month's forecasts of

1.11 million tons. However, the USDA has kept its forecasts for U.S. all rice production

unchanged from last month.

Thailand

Thailand 5% broken rice is today shown at about $360 per ton, down about $5 per ton from a

week ago, down about $15 per ton from a month ago and down about $25 per ton from a year

ago.

Thailand’s rice exports declined sharply in April after increasing continuously for three

months. Thailand has exported about 700,011 tons of rice in April, down about 11% from

March and down about 5% from April 2014.

Thailand’s Ministry of Commerce will allow potential bidders to inspect the quality of the

stockpiled rice before the third auction scheduled for June 16.

In efforts to reduce rice stocks in the country as quickly as possible, the government is

considering selling stockpiled rice directly to consumers.

The USDA Post forecasts Thailand to export about 11 million tons of rice in 2015, with exports

accelerating in the second half of the year due to an increase in the sales of G2G contracts.

Thailand’s National Council for Peace and Order has decided to sell stockpiled rice at affordable

prices to low-income earners in efforts to clear the deteriorating government rice stocks as soon

as possible.




Thailand’s Royal Irrigation Department has advised farmers to delay in-season/main season

(April-January) rice planting due to persisting drought conditions and depleted water reserves.

India

India 5% broken rice is today shown at about $380 per ton, Unchanged from a week ago, up

about $5 per ton from month ago, and down about $60 per ton from a year ago.

Rice stocks in India’s central pool as of June 1 were around 22.485 million tons, down about

20% from the same period last year. Month-over-month, rice stocks are slightly up.

Vietnam

Vietnam 5% broken rice is today shown at about $355 per ton, unchanged from a week and a

month ago and down about $55 per ton from a year ago.

Vietnam exported about 2.081 million tons of rice in the first five months of calendar year 2015,

a decrease of about 11% from the same time last year. Average rice export price so far this year

is about $420 per ton (FOB), down about 3% per ton from the same time last year.

Vietnam exported about 71,993 tons of rice to Africa in April, over two times more than the

amount exported in March but down about 29% from April 2014. The increase is attributed to

export promotion strategies implemented by the Ministry of Industry and Trade.

Pakistan

Pakistan 5% broken rice is today shown at about $385 per ton, down about $15 per ton from a

week ago, down about $10 per ton from a month ago and down about $65 per ton from a year

ago.

Pakistan basmati rice prices have declined for the third consecutive month in May 2015 after

increasing continuously for two months, according to the UN’s FAO.

A former Provincial Minister who is now the President of the Pakistan Businessmen and

Intellectuals Forum has urged the Pakistan government to bail out the sinking rice sector, which

is facing losses due to higher production costs and reduced export demand.




Pakistan is targeting to produce 6.9 million tons of milled rice in 2015-16, according to a

SUPARCO-FAO report.

Pakistan rice exporters plan to increase rice exports to Iran in efforts to meet the export target of

3.5 million tons this year.

Central & South America

Brazil 5% broken rice is today shown at about $550 per ton, unchanged from a week and a

month ago and down about $115 per ton from a year ago.

Rice stocks in Brazil stood at around 128,119 tons in May, down about 4% from April and down

about 77% from May 2014, according to Conab.

In the first five months of 2015, Brazil has exported about 482,926 tons of rice, according to the

Rice Institute of Rio Grande do Sul. In May, Brazil exported about 171,567 tons of rice, about

3.5 times more than in April 2015.

The Brazilian paddy rice index maintained by CEPEA reached around 33.18 real per 50

kilograms as of June 8, 2015, down about 3% from around 34.25 real per 50 kilograms recorded

on June 1, 2015.

In terms of USD per ton, the index reached around $213 per ton on June 8, 2015, down about

1.3% from around $215.5 per ton recorded on June 1, 2015.

In the first three months of 2015, Argentina exported around 92,512 tons, down about 25% from

the same period in 2014.

Five percent broken rice from Uruguay and Argentina is today shown at about $565 per ton,

unchanged from a week and a month ago, and down about $60 per ton from a year ago.

U.S.

U.S. 4% broken rice is today shown at about $470 per ton, unchanged from a week ago, down

about $15 per ton from a month ago and down about $110 per ton from a year ago.

Other Markets




In the beginning of this week, the Philippines reportedly was considering private rice imports

this month under the WTO minimum access volume rule after failing to secure government-to-

government contracts for the requisite 250,000 tons last week. Rice imports under the MAV

quota aren’t typically considered until the third quarter.

In May, rice stocks in the Philippines increased for the second consecutive month after declining

for three consecutive months.

The Philippines Statistics Authority forecasts the Philippines 2015 second quarter (April-June)

production to decline by about 4.3% to around 3.898 million tons from last year’s 4.073 million

tons, due to a decline in harvest area prompted by a dry spell and insufficient water supply as

well as incidence of pests and diseases in some growing areas.

Following this report, the National Food Authority (NFA) of the Philippines is planning to

purchase the additional 250,000 tons of rice, it is still authorized to import this year in case of

production uncertainties due to drought-inducing El Nino weather pattern, in government-to-

government (G2G) deals. Meanwhile, the NFA is also reportedly considering conducting G2G

rebidding for the remaining 100,000 tons from the June 5 tender on June 16.

In the first five months of 2015 Cambodia’s rice exports increased about 64% from the same

period last year, with the country exporting about 243,025 tons of rice.

The government of Indonesia has replaced the state logistics agency Chief with the former Bank

Rakyat Indonesia Director for not being able to meet the government rice procurement target of

about 3.2 million tons.

Italian paddy quotes showed diverse trends as on June 9, 2015, with prices of Japonica varieties

increasing and Indica prices declining or remaining stable compared to quotations on May 26,

2015. Since June 2 was a public holiday, no quotations were available as on that date. Italy's

paddy market is still buying Japonica varieties from the 2014 crop (September - August). Nearly

90% of the 2014 crop has been sold out and about 141,970 tons of the last year's crop are still

available.

Paddy rice production in Australia in MY 2014-15 (April-March) is estimated to decline to

around 720,000 tons, down about 11% from MY 2013-14.




In Bangladesh, a new high-yielding and early maturity rice variety known as 'Soru balam' or

BRRI-dhan 63 introduced by the Bangladesh Rice Research Institute (BRRI) is understood to

gain popularity among Boro rice farmers.

Myanmar is seriously planning to ramp up its rice exports but increased exports are leading to

high domestic prices. Therefore the government is seeking means to balance the export and price

scenario.

South Korea and the UN's Food and Agricultural Organization (FAO) will jointly work towards

developing the rice value chain in the West African countries as part of efforts to help them

increase their national rice production. Both South Korea and the FAO have agreed to implement

a project called “Capacity Development and Experience Sharing for Sustainable Value Chain

Development in Africa through South-South Cooperation” in West African countries.

Researchers from the Chinese Academy of Sciences' Institute of Genetics and Developmental

Biology in Beijing have developed a new rice strain by cloning a gene called NRT1 (nitrogen

booster gene) from indica rice into the japonica's gene structure, according to South China

Morning Post.

Pakistan Rice Sellers Increase Some of Their

Quotes Today; Other Asia Rice Quotes

Unchanged

Jun 12, 2015

sellers increased their quotes for 25% broken rice by about $10 per ton to around $345-$355 per

ton today. Other Asia rice sellers kept their quotes mostly

unchanged.

5% Broken Rice

Thailand 5% rice is indicated at around $355 - $365 per ton, about a $5 per ton premium on

Vietnam 5% rice shown at around $350 - $360 per ton. India 5% rice is indicated at around $375

- $385 per ton, about a $5 per ton discount to Pakistan 5% rice shown at around $380 - $390 per

ton.




25% Broken Rice

Thailand 25% rice is shown at around $340 - $350 per ton, about a $10 per ton premium on

Vietnam 25% rice shown at around $330- $340 per ton. India 25% rice is indicated at around

$360 - $370, about $15 per ton premium on Pakistan 25% rice shown at around $345 - $355 per

ton, up about a $10 per ton from yesterday.

Parboiled Rice

Thailand parboiled rice is indicated at around $360 - $370 per ton. India parboiled rice is

indicated at around $355 - $365 per ton, about a $55 per ton discount to Pakistan parboiled rice

shown at around $410 - $420 per ton.

100% Broken Rice

Thailand broken rice, A1 Super, is indicated at around $315 - $325 per ton, on par with Vietnam

100% broken rice shown at around $315 - $325 per ton. India's 100% broken rice is shown at

around $280 - $290 per ton, about a $15 per ton discount to Pakistan broken sortexed rice shown

at around $295 - $305 per ton.

New High-Yielding, Early Maturity Rice

Variety Gains Popularity in Bangladesh

Jun 12, 2015

The Bangladesh Rice Research Institute

(BRRI) has developed a new high-yielding

and early maturity rice variety known as

'Soru balam' or BRRI-dhan 63, according to

local sources.The new rice variety, which is

a hybrid between the BRRI dhan-28 and

Iranian rice Amul-23, yields about 7 to 7.5

tons per hectare and can be harvested within

145-148 days, seven days earlier than

compared to other hybrid varieties such as

BRRI dhan-28 and BRRI dhan-29 varieties.Some farmers who used this variety in the 2015 Boro




season have told local sources that they achieved an yield of 8 tons per hectare in 148 days. They also

noted that the grain in fine, tall and non-aromatic and can be exported as well as sold at a higher price in

the market.BRRI dhan-63 was originally introduced in 2013 and has been tried in the 2014 and 2015

Boro seasons. Officials expressed hope that more number of farmers may adopt the new variety in the

next Boro season given its success rate. The Chief Agronomist of BRRI's breeding department noted that

the new variety is expected to replace BRRI dhan-26, BRRI dhan-28 and BRRI dhan-29 in next Boro

season.

Bangladesh produced around 34.449 million tons of rice, basis milled, in FY 2013-14 (July -

June), up about 2.7% from around 33.833 million tons produced in FY 2012-13, according to

DAE data.USDA estimates Bangladesh’s MY 2015-16 (July 2014 – June 2015) milled rice

production to slightly increase to about 35 million tons from an estimated 34.5 million tons in

MY 2014-15. It estimates Bangladesh to import 1.1 million tons of rice in 2015.

South Korea and FAO to Develop Rice Value

Chain in West Africa

Jun 12, 2015

South Korea and the UN's Food and

Agricultural Organization (FAO) will

jointly work towards developing the rice

value chain in the West African countries

as part of efforts to help them increase

their national rice production, according to

local sources.Both South Korea and the

FAO have agreed to implement a project

called “Capacity Development and

Experience Sharing for Sustainable Value

Chain Development in Africa through

South-South Cooperation” in West African countries.South-South Cooperation (SSC) is a cost-

effective means of sharing knowledge and resources among various entities. Asian countries,

which have developed a reasonably good level of rice production systems can share their

experiences with the African nations and help them develop their rice production systems as

well.South Korea has agreed to provide about 42 million to support the project in three countries

in West Africa and the FAO will facilitate the implementation of the project through its Regional




Office in Africa. The project will focus on developing the rice value chain by

increasing production and productivity, adding value, enhancing quality and improving market

access. It aims to create more modern and profitable agricultural sector through the design and

implementation of evidence-based agriculture and rural development approaches, policies and

programs for rice in these countries, according to the Director of South-South Cooperation and

Resource Mobilization Division of the FAO.

Philippines Plans to Import Additional

250,000 Tons of Rice Through G2G

Negotiations

Jun 12, 2015




The National Food Authority (NFA) of the Philippines is planning to purchase the additional

250,000 tons of rice, it is still authorized to import this year in case of production uncertainties

due to drought-inducing El Nino weather pattern, in government-to-government (G2G) deals,

according to BusinessworldOnline.The NFA Public Affairs Director told reporters that the

agency is planning to import the remaining volume of rice in G2G deals through negotiated

procurement.

He noted that Thailand, Vietnam and Cambodia, which hold bilateral agreements with the

Philippines, have been invited for G2G negotiations next week.The official also noted that the

NFA is also reportedly considering to conduct G2G rebidding for the remaining 100,000 tons

from the June 5 tender on June 16. Though the NFA invited tenders from Vietnam, Thailand and

Cambodia for 250,000 tons, it imported only 150,000 tons from Vietnam. Thailand backed out

from the tender as the price offered by the NFA was deemed to be too low. Cambodia did not

participate in the bid. He added that Vietnam is required to ship about 60% of the 150,000 tons

before July 15 and the remaining before August 15.

The decision reportedly follows the Philippine Statistics Authority's (PSA) forecasts that the

Philippines's 2015 second quarter (April - June) production to decline by about 4.3% to around

3.898 million tons from last year's 4.073 million tons and about 0.1% from its April forecast of

around 3.902 million tons due to a decline in harvest area prompted by dry spell and insufficient

water supply as well as incidence of pests and diseases in some rice growing areas.Last month,

the PSA forecasted paddy production in the first half of 2015 (January - June) at around 8.27

million tons, down about 1.32% from around 8.38 million tons last year.Last week, the NFA told

that it is planning to import 805,200 tons of rice through private importers under the WTO

minimum access volume (MAV) rule at 35% duty. Imports over and above the MAV quota

attract a 50% duty.

The NFA is likely to open the applications for MAV any time this month and traders are

expected to deliver rice between September and October. Earlier this year, the Philippines

imported 500,000 tons of rice from Vietnam and Thailand this year to curb price increases and

boost buffer stocks during the lean season (July - September). Last year, the NFA imported more

than 1.8 million tons of rice (including 1.5 million tons of 2014 imports and 300,000 tons of

2013 residual imports) in 2014 to replenish rice stocks and control price hikes.USDA estimates

Philippines MY 2015-16 (July - June) paddy rice production at around 19.683 million tons

(around 12.4 million tons, basis milled), slightly up from around 19.365 million tons (around

12.2 million tons, basis milled) produced in the previous year. It estimates the Philippines to

import 1.7 million tons of rice in 2015.