22nd october,2013 daily rice e newsletter(global rice news) shared by riceplus magazine

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22nd

October , 2013

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Rice losses picked to go higher

Rice production to be lower than estimate

No rice imports in 2013: Bulog

Vietnam attempts to increase profits for farmers

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NEWS DETAILS:

Rice losses picked to go higher | Bangkok Post: news

Pridiyathorn now sees B466bn hit to

economy : Published: 22 Oct 2013

Former deputy prime minister and

finance minister Pridiyathorn Devakula

has repeated his call for the government

to scrap the rice-pledging scheme, saying

the project could incur more losses than

he earlier estimated.He said the total loss

from the project could reach as much as

466 billion baht.He based the expected

loss figures on rice release information

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from the Commerce Ministry.According to the figures, the government has bought 26.75 million tonnes of

milled rice during the past two harvest years at an average cost of 28,673 baht per tonne (including handling

costs).

The government, through the Commerce Minister, however, has sold 12 million tonnes at an average price of

only 10,750 baht per tonne. That has already resulted in a loss of 215 billion baht, he said.He said the

government still has about 14 million tonnes of rice in its stockpile."Even if the government is able to sell its

remaining stock at the same price of 10,750 baht per tonne, it would still stand to lose another 251 billion baht,"

MR Pridiyathorn said.Based on his calculation, the total expected loss over the two years of implementing the

programme would amount to 466 billion baht."It would be even higher if the government had to settle for lower

prices because of deterioration of the stockpiled rice," he said.

Last week, MR Pridiyathorn, also known by his nickname of Mom Oui, gave a press conference in which he

called the government's rice-pledging scheme the biggest loss-incurring project ever conceived.At the time, he

estimated that if the government could sell all of the pledged rice stockpiles by 2015, it would make losses of at

least 425 billion baht _ 205 billion baht from the 2011/2012 crop and 220 billion from the 2012/2013 crop.MR

Pridiyathorn's comments prompted government ministers to defend the project.

Finance Minister Kittiratt Na-Ranong said MR Pridiyathorn, also a former governor of the Bank of Thailand,

does not understand the programme's accounting system.Deputy Prime Minister Niwatthamrong

Boonsongpaisan, who is also commerce minister, said actual losses from the scheme as of January were only

about 100 billion baht.In response to MR Pridiyathorn's latest estimates, Deputy Commerce Minister Yanyong

Phuangrach yesterday said it was impossible for the rice scheme to cause as much as 466 billion baht in

losses.He said the government has spent about 600 billion baht on the project. It expected to earn 200 billion

baht from rice sales by the end of this year.

"That means there is a gap of 400 billion baht. But we have more than 10 million tonnes of rice in stock. Even if

we sell the rice at half price, we would still earn about 200 billion baht," Mr Yanyong insisted.He added that his

calculation means the government will be only about 200 billion baht short, which amounts to a loss of about

100 billion baht a year.MR Pridiyathorn insisted yesterday that number was impossible based on the rice release

information from the ministry itself."It's clear the ministry's argument is completely wrong. The issue is

whether the ministry understands the issue but conceals the loss figures, or if it does not understand anything,"

MR Pridiyathorn said.

Despite the anticipated losses, he urged the government to speed up the sale of the stockpiled rice, at any

price."Now it's time to face the truth and help one another tackle the problem," he said. "The time is also ripe

for the government to scrap the scheme, as it is proven that any further moves will lead the government to incur

heftier losses," he said.In an article released yesterday, Thailand Development Research Institute fellows Nipon

Puapongsakorn and Kampol Pantakual said the government's loss figure of about 100 billion baht a year differs

from MR Pridiyathorn's at more than 200 billion baht a year because they use different methods to estimate the

value of the rice in the stockpile.The government estimates the value of its stockpile at the buying cost of

15,000 baht per tonne. MR Pridiyathorn, however, calculates it based on market prices.

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The academics said the mark-to-market valuation method should be the preferred one for this project.They said

the government, through the ministry, could have misled the public into believing the rice-pledging scheme is

incurring less of a financial burden than it does in reality."Regarding the rice-pledging project, the government

must keep its accounts up to date and ensure they reflect the real situation as closely as possible."

Rice production to be lower than estimate

The deluge in parts of Odisha, resulting from cyclone Phailin, and hailstorms in Punjab and Haryana recently

are expected to hit rice production.Earlier, the fourth revised estimate (2013-14) of the ministry of

agriculture had pegged the rice crop at 92.3 million tonnes (mt). Now, this seems a distant dream.In 2012-13,

Odisha contributed about 8.5 mt. Of the kharif acreage of 3.6 million hectares this year, 0.5 million hectares has

been affected in Odisha. This year, production in the state might fall to one mt, said Trilochan Mohapatra,

director of Rice Research Institute, Cuttak. He added the earlier estimate of 107 mt (kharif and rabi combined)

might not be met, as adverse weather conditions had effected the crop in Odisha, western Uttar Pradesh, Punjab

and Haryana.

Satnam Arora, joint managing director of Satnam Overseas Ltd (Kohinoor Rice), said the rice crop in Punjab

and Haryana might record a loss of two-four per cent. Ashwani Arora, director of L T Overseas Ltd, said the

crop had been hit by the delay in rains. He added production might be up to four per cent lower than

estimated.In the 2012-13 kharif season, Punjab produced 16 mt of rice, while the output in Haryana srood at

about eight mt.The Rice Research Institute had sent various teams to affected areas in different states and a

clear picture on production would emerge in about a week, Mohapatra said. In India, the kharif season accounts

for 88 per cent of the total rice production. As a result, damage to the kharif crop might have a significant

impact on the overall production, Mohapatra said.Farmers said in Odisha, floods, more than the cyclone, had

damaged the crop. But though the pre-mature and mature crop had been damaged, the early-stage crop could

still be saved. While farmers might get some compensation from the government, it was too early to decide a

course of action, said a farmer.

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No rice imports in 2013: Bulog

The Jakarta Post, Jakarta | Business | Tue, October 22 2013, 7:11 PM

The National Logistics Agency (Bulog) says that there will be no need to import rice in 2013.Bulog president

director Sutarto Alimoeso said as quoted by Antara on Tuesday that the current rice supply stood at 2.5 million

tons and after the disbursement of the rice for the poor (Raskin) program, the supply would stand at 1.87 million

tons by the end of 2013If we do not carry out the 13th, 14th and 15th disbursement of Raskin, then we will have more than enough supply by the end of this year, Sutarto said.Sutarto said that the current supply was enough to meet 9.3 months of demand for rice.

Vietnam attempts to increase profits for farmers

VietNamNet Bridge Authorities in Vietnam are discussing solutions to rice production so as to increase the incomes of farmers who have continued to complain about modest profits.

Vietnam to restructure agriculture and profit farmers: Minister.

It is obvious that agriculture plays a vital role in

Vietnams economy, especially when it helped turn a country th