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The Food and Agricultural Organization (FAO) rice price index (with
2000 as base year) reached 142 in October 2007, the highest in 20
years. In 2007, the rice price index was up 16 percent over 2006.
Yet, says FAO, the rise was small compared with agricultural
commodities such as wheat and dairy products.
Rice available for trade is now limited, 30
million tons, a measly 1.7 percent increase from 2006. Egypt imposed
an export tax on rice, India restricted non-basmati rice export,
Vietnam imposed export quotas.
FAO notes increased imports by Bangladesh, North
Korea, Indonesia, Nepal and the Philippines “which would help them
overcome severe domestic supply shortages, and in some cases, would
be reaching them in the form of food aid.” Thailand is the only
country with ample rice supplies for export.
The aromatic Japonica rice rose 24 percent,
reflecting limited supplies in India and Pakistan. Export prices of
lower quality Indica rice were up 18 percent. Major rice producers
China and Pakistan have increased prices while large exporter
Vietnam has restricted exports. India, a key player in the
international rice market, has imposed an indefinite ban on export
of non-basmati rice and pegged its minimum price at $425 a ton.
FAO predicts that “unless the sizes of the
crops soon to be harvested are much larger than currently foreseen
world rice prices could undergo further increases in the next few
months.”
Global paddy production was estimated in 2007 at
643 million tons (429 million tons in rice terms), up marginally
over 2006. World average paddy yield remain at 4.1 tons per hectare.
In Asia, paddy production was estimated in 2007 to be 585 million
tons, up just three million tons.
Bangladesh, China, India, Indonesia, and Myanmar
showed large production gains in 2007 but Japan, the Philippines,
Sri Lanka, Turkey and Vietnam suffered contractions, says FAO.
The volume of rice held by the five largest rice
exporters, India, Pakistan, Thailand, Vietnam and the US is almost
the same as in the previous season.
Their rice inventories would cover 16.3 percent
of their own rice disappearance (domestic consumption plus export)
in 2007/08, down from the previous year, “a sign that world market
conditions may remain tight in 2008.”
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We have received inquiries about the Myra V.
Lopez Scholarship Fund created in honor of my daughter, Myra, to
finance studies in journalism and entrepreneurship.
You can send or remit donations to BizNewsAsia
C/- Myra V Lopez Scholarship Fund, Checking Account No.
007-344-50708-9 Metrobank Ortigas Branch, Ortigas corner Xavier, San
Juan City, Philippines.
My daughter died in California on March 29 from
aneurysm. She will arrive today, Sunday, April 6, on Philippine
Airlines from San Francisco. The wake will be at Our Lady of Mt.
Carmel Shrine on Broadway Street corner 4th Street, New Manila,
Quezon City. Mass will be held daily, at 6 p.m. from Sunday evening
to Wednesday evening.
If you are coming from San Juan, take Broadway
going west. If you are coming from Quezon Avenue and España
Extension, Quezon City, take Gilmore going east to San Juan.
Internment will be on Thursday, April 10, after
the 1:30 p.m. mass at Mt. Carmel. Necrological rites will be held on
Wednesday, April 9, at 6 p.m.
I am overwhelmed by the outpouring of
condolences from relatives, friends and even from people I heard
from for the first time. Thank you.
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