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USDA GAIN: Oilseeds, Cotton, Sugar, Grain and Feed


26 November 2014

USDA GAIN: Thailand Weekly Rice Price Update November 2014USDA GAIN: Thailand Weekly Rice Price Update November 2014


USDA GAIN Report - Oilseeds, Cotton, Sugar, Grain and Feed

Domestic and export prices declined 1-5 percent as new-crop supplies are coming onto the market. Meanwhile, the government delayed any decision to implement new on-farm pledging programs for MY2014/15 main-crop fragrant and glutinous rice paddy.

Also, exporters are actively executing shipments of the government-owned rice to the Philippines.

Export prices declined 1 to 5 percent from the previous week as supplies of new-crop rice are coming onto the market.

As of Monday, November 17, farm-gate prices of rice paddy continued to decline from last week, approximately 1 percent for white rice and 4 percent for fragrant rice.

Meanwhile, the Government again postponed its decision on the implementation of new on-farm pleading programs for MY2014/15 main-crop fragrant and glutinous rice in the northern and northeastern regions. The delay could be related to the concern about possible financial losses of the programs as the proposed intervention prices are currently 20-40 percent above the market prices.

In addition, on November 13, 2014, the Ministry of Finance revealed the estimated financial losses of approximately 518 billion baht ($16 billion, based on the audit result as of May 22, 2014) from the previous government’s controversial rice paddy pledging program. This continues under investigation by the National Anti-Corruption Commission.

Reportedly, exporters are actively executing shipments of rice to the Philippines under the government-to-government contract (300,000 metric tons of 25% grade white rice for October – December delivery at $475/MT, CIF) signed in September 2014. The contract did not specify newcrop rice; therefore speculation exists that this rice is in fact from government stocks.

Traders expect that around 100,000 – 150,000 metric tons are likely to be delivered to the Philippines in October. Rice Export Update Unofficial preliminary rice exports (excluding premium white and fragrant rice) for November 10- 16, 2014 totaled 109,986 metric tons, up 29,401 metric tons from the previous week and up 8,087 metric tons from the four-week moving average of 101,899 metric tons (Table 2).

Rice exports from January 1 – November 16, 2014, totaled 4,658,558 metric tons, up 62 percent from the same period last year.

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