Indonesia caps rice prices in bid to keep food costs stable

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    Reuters
    JAKARTA, Sept 5 (Reuters) - Indonesia's trade ministry has capped retail prices for most types of rice, looking to "maintain stability" in the cost of the commodity which lies at the heart of cuisine in the Southeast Asian nation. Although prices for the grain have been relatively steady this year, the step comes as authorities intensify measures to ensure food prices remain in check as they are politically-sensitive due to their impact on the poor. Rice prices also carry a heavy weighting in calculating the country's consumer price index.
     
    Those ceiling prices were below national average of medium rice prices in 2017, which have so far fluctuated between 10,540 rupiah to 10,756 rupiah a kg, according to trade ministry data. The government also set the maximum prices for 15-percent broken rice, or "premium rice" at 12,800 rupiah to 13,600 rupiah per kg. Other types of rice the government considers "special" are exempt from the new rules. The move comes in the wake of a crackdown on some Indonesian rice companies. Last month, police detained the chief executive of rice company PT Indo Beras Unggul, a unit of food company PT Tiga Pilar Sejahtera Food, over allegations of false product labelling. Indonesia's annual inflation rate has been manageable so far in 2017, the central bank has previously said. In August, the rate was 3.82 percent, comfortably inside Bank Indonesia's 3-5 percent target range for 2017, the statistics bureau reported on Monday. ($1 = 13,339.0000 rupiah)
  • Egypt sees rice paddy production jumping to 6.5 mln tonnes

  •  
    Reuters
    (Adds comments, background)
        CAIRO, July 11 (Reuters) - Egypt expects to produce about
    6.5 million tonnes of rice paddy this season, the supply
    ministry said on Tuesday, a jump from the roughly 5.1 million
    produced last year, according to the United States Department of
    Agriculture.
    Egypt this year planted a total area of rice of about 1.8
    million feddans (1.87 million acres), which Supply Ministry Ali
    Moselhy said he hopes will enable Egypt to double its rice
    production.
        Supply Ministry spokesman Mohamed Sweed said the planted
    area will yield about 4 million tonnes of white rice,
    consumption of which is expected at 3.3 million tonnes, allowing
    for a 700,000 tonne surplus.
        Sweed said Egypt does not intend to import additional
    quantities from abroad, which it did last year despite a surplus
    after farmers refused to sell to the government because of a
    dispute over the local buying price. [nL5N1GJ426]
        This week Egypt said it would keep in place an export ban on
    rice, a policy it has intermittently imposed since 2008 in order
    to discourage over-cultivation of the water-intensive crop and
    to push down prices in the local market.
        Egypt's strategic rice reserves are set to rise to about 12
    months worth within 10 days from a current level of four months'
    supply, said Sweed.
    
  • Iraq still in talks about buying 100,000 T U.S. rice -traders

  • May 19, 2017, 09:40:00 AM EDT By Reuters

     
     Shutterstock photo
    HAMBURG, May 19 (Reuters) - Iraq's state grains buyer
    remains in talks about buying around 100,000 tonnes of rice to
    be sourced from the United States, with no purchase yet made,
    European traders said on Friday.
        Offers were submitted on May 15 and must remain valid until
    May 21, they said. [nL8N1ID372]
        Traders said the trade ministry in Iraq, a major global
    buyer of wheat and rice, had sent out price inquiries to trading
    houses about buying the rice rather than issuing a formal
    international tender.
        Only two offers were made for nearby prompt shipment, they
    said.
        One U.S.-based multinational trading house offered $587 c&f
    for 100,000 tonnes and a Middle Eastern trading company offered
    40,000 to 60,000 at $595 a tonne c&f.
        "Iraq normally says a minimum of three offers should be made
    for grains and rice purchases so a cancellation is expected, but
    it is not clear if this is a formal tender," one European trader
    said. "The rather tight supplies of U.S. rice available for
    shipment up to the end of June make this sale anyway difficult
    for exporters."
        Iraq's cabinet authorised the trade ministry on May 9 to
    make direct purchases of wheat and rice to guarantee food
    security. [nL8N1IB6YY]
        Baghdad has been struggling to import grains and rice for
    its food subsidy programme after introducing new payment and
    quality terms which left trading houses unwilling to participate
    in its international tenders.
        Iraq told suppliers earlier this year it would pay for its
    grain in instalments. Traders said they were informed by Iraq's
    Grain Board that low oil prices and other financial factors were
    forcing the country to delay payments. [nL3N1H64NC]
    
    Read more: http://www.nasdaq.com/article/iraq-still-in-talks-about-buying-100000-t-us-rice-traders-20170519-00501#ixzz4hXDa5wvp
  • Iraq says to import wheat and rice through direct contracts

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    Reuters
    * Direct contracts being negotiated after failed tenders
        * Staggered payment mechanism put suppliers off
        * Iraq imports food for its rationing programme
    
     (Adds details)
        By Ahmed RasheedBAGHDAD, April 16 (Reuters) - Iraq'sTrade Ministry said on
    Sunday it was negotiating direct contracts for the import of
    rice and wheat after multiple failures to secure them through
    international tenders.
        Iraq had been struggling to import the grains for its food
    subsidy programme after introducing new payment and quality
    terms that kept traders away from its international tenders.
    [nL3N1H64NC]
        The ministry said in a statement its Central Contracts
    Committee was about to sign a deal for jasmine rice from the
    Iraqi Vietnamese Company, but it did not mention the quantities
    agreed upon.
        It said it was negotiating to import wheat from several
    origins for its food rationing programme.
        "The Central Committee, after a failure of several tenders
    as a result of the new mechanisms for contracts, has begun to
    negotiate with large international companies to contract wheat,"
    the ministry said.
        Major global wheat and rice buyer Iraq had told suppliers
    earlier this year it would pay for its grains in instalments.
        Traders said they were informed by Iraq's Grain Board that
    low oil prices and other financial factors were forcing the
    country to stagger payments.
        Iraq created a rationing program for flour, cooking oil,
    rice, sugar and baby milk formula in 1991 to combat U.N.
    economic sanctions.
        On Sunday, the trade ministry said it had contracted for
    quantities of vegetable oils that had arrived at southern ports
    and would be distributed shortly.
    
    Read more: http://www.nasdaq.com/article/iraq-says-to-import-wheat-and-rice-through-direct-contracts-20170416-00051#ixzz4eV5EP1Uj