Issue Date: 22/06/2018

LiveTHAILAND - LONG Rice GRAIN WHITE Index RICE CHANGE PRICE PAKISTAN - LONG GRAIN WHITE RICE CHANGE PRICE U.S.A. - GULF LONG GRAIN RICE CHANGE PRICE

100% Grade B -25 $400 5% Broken B +6 $441 U.S. #2, 4% Broken, Hard Milled (FOB Lake Charles) 0 $650

5% Broken B -25 $390 10% Broken +6 $436 U.S. #2, 4% Broken, Hard Milled (FOB bulk NOLA) B -3 $532 10% Broken -25 $388 15% Broken +6 $431 U.S. #3, 15% Broken, Hard Milled (FOB bulk NOLA) -3 $522 15% Broken -22 $385 25% Broken +6 $396 U.S. #5, 20% Broken, Hard Milled (FOB Lake Charles) -3 $532 25% Broken -21 $376 100% Broken Rice +2 $335 U.S. #1, Parboiled Milled 4% Broken (FOB bulk NOLA) 0 $550 A1 Super 100% Broken -11 $357 386 2% Broken -5 $620 U.S. #2, Paddy, 55/70 Yield (FOB bulk NOLA) +2 $317 Southern Flour Quality Broken Rice (ex-works) 0 $347 THAILAND - LONG GRAIN PARBOILED RICE CHANGE PRICE PAKISTAN - LONG GRAIN PARBOILED RICE CHANGE PRICE Parboiled Milled Rice 5% Broken STX 0 $435 Southern Pet Food Quality Broken Rice (ex-works) +5 $314 Parboiled Milled Rice 100% STX B -25 $390 B Parboiled Milled Rice 100% -25 $380 Parboiled Milled Rice 15% Broken STX 0 $430 U.S.A - CALIFORNIAN MEDIUM GRAIN RICE CHANGE PRICE Parboiled Milled Rice 5% STX -25 $385 PAKISTAN - BASMATI RICE (FOB FCL) CHANGE PRICE U.S. #1, 4% Broken 0 $990 Parboiled Milled Rice 5% -25 $375 Super Kernel White Basmati Rice 2% -10 $1,030 U.S. #1 Paddy, 58/69 Yield +5 $547 Super Kernel Brown Basmati Rice 2% -10 $990 THAILAND - LONG GRAIN FRAGRANT RICE CHANGE PRICE CHANGE PRICE Super Kernel Parboiled Milled Basmati Rice 2% -10 $1,100 S. AMERICA - LONG GRAIN WHITE RICE Hom Mali White Rice 100% Grade B -58 $1,120 1121 Steam Basmati Rice 2% +10 $1,260 Uruguayan 5% Broken (FOB FCL) 0 $500 Hom Mali White Rice A1 Super 100% Broken -18 $430 1121 Parboiled Milled Basmati Rice 2% +5 $1,175 Uruguayan Olímar 5% Broken (FOB FCL) +5 $520 Pathumthani Fragrant 100% Grade B -102 $760 Argentine 5% Broken (FOB FCL) -5 $480 THAILAND - LONG GRAIN GLUTINOUS RICE CHANGE PRICE INDIA - LONG GRAIN WHITE RICE CHANGE PRICE Brazilian 5% Broken (FOB FCL) -15 $470 White Glutinous Rice 10% Broken B -25 $602 5% Broken B 0 $410 Brazilian Broken Rice (1/2 Grain Brokens) (FOB Bulk) -5 $310 White Glutinous Rice 10% Broken (Sanpathong) -20 $620 25% Broken 0 $380 Paraguayan 5% Broken (FOB FCL) 0 $410 White Glutinous 100% Broken Rice A1 0 $515 100% Broken Rice -3 $295 S. AMERICA - LONG GRAIN PARBOILED RICE CHANGE PRICE CHANGE PRICE Swarna 5% Broken -15 $400 VIETNAM - LONG GRAIN WHITE RICE Brazilian Parboiled Milled 5% Broken STX (FOB FCL) -20 $460 5% Broken -5 $446 Sharbati 2% Broken +27 $826 B Uruguayan Parboiled Milled 5% Broken STX (FOB FCL) 0 $515 10% Broken -5 $441 INDIA - LONG GRAIN PARBOILED RICE CHANGE PRICE EGYPT - WHITE RICE CHANGE PRICE 15% Broken -5 $436 Parboiled Milled Rice 5% STX -5 $385 25% Broken -2 $423 Medium Grain #2 5% Broken B - N/Q 100% Broken Rice -5 $373 INDIA - BASMATI RICE (FOB FCL) CHANGE PRICE Medium Grain #3 10% Broken - N/Q Traditional White Basmati Rice 2% 0 $1,122 Round Grain #2 5% Broken - N/Q VIETNAM - LONG GRAIN FRAGRANT RICE CHANGE PRICE B Traditional Brown Basmati Rice 2% 0 $950 Round Grain #3 10% Broken - N/Q Fragrant Rice 5% Broken +7 $560 Traditional Parboiled Milled Basmati Rice 2% -1 $974 100% Broken Rice Grade 0 - N/Q KDM Fragrant Rice 5% Broken -5 $685 Pusa White Basmati Rice 2% +6 $1,010 VIETNAM - LONG GRAIN GLUTINOUS RICE CHANGE PRICE Pusa Brown Basmati Rice 2% 0 $900 ITALY - WHITE RICE CHANGE PRICE White Glutinous Rice 10% Broken +4 $476 Pusa Parboiled Milled Basmati Rice 2% +22 $893 Indica 5% broken white rice 0 €520 CAMBODIA - LONG GRAIN WHITE RICE CHANGE PRICE 1121 White Basmati Rice 2% +29 $1,151 Arborio 5% broken white rice 0 €650 5% Broken B 0 $480 1121 Parboiled Milled Basmati Rice 2% +29 $1,055 10% Broken 0 $475 MYANMAR - LONG GRAIN WHITE RICE CHANGE PRICE 25% Broken 0 $460 5% Broken (FOB FCL) 0 $430 A1 Super 100% Broken 0 $380 25% Broken (FOB Bulk) +5 $345 CAMBODIA - LONG GRAIN FRAGRANT RICE CHANGE PRICE B1 & B2 Broken (FOB FCL) 0 $317 B = INDICATES BENCHMARK Phka Malis/Phka Rumduol (Wet Season) 5% Broken STX 0 $980 MYANMAR - LONG GRAIN PARBOILED RICE CHANGE PRICE Sen Kra Ob/Sen Pidao (Dry Season) 5% Broken STX 0 $880 Parboiled Milled Rice 5% STX (FOB FCL) 0 $460 For more information on our price assessments please Fragrant 100% Broken A1 Super 0 $475 visit: http://livericeindex.com/methodology Page 02

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 LRI Historical Volatility Index - 3 Month, 6 Month & 1 Year Report Date: 22/06/2018 THAILAND - LG WR 3 Month 6 Month 1 Yr PAKISTAN - LG WR 3 Month 6 Month 1 Yr U.S.A. - GULF LG 3 Month 6 Month 1 Yr 100% Grade B 16.3% 17.9% 16.6% 5% Broken B B 22.8% 18.8% 16.8% U.S. #2, 4% Broken, Hard Milled (FOB Lake Charles) 18.1% 14.1% 11.6%

5% Broken B 16.7% 18.3% 17.1% 10% Broken 22.9% 18.9% 16.7% U.S. #2, 4% Broken, Hard Milled (FOB bulk NOLA) B 3.4% 5.0% 8.1% 10% Broken 17.1% 18.6% 17.1% 15% Broken 23.0% 19.3% 17.0% U.S. #3, 15% Broken, Hard Milled 3.5% 5.1% 8.3% 15% Broken 15.1% 17.0% 15.8% 25% Broken 17.3% 15.4% 14.3% U.S. #5, 20% Broken, Hard Milled 3.4% 5.0% 8.1% 25% Broken 15.3% 16.4% 14.3% 100% Broken Rice 13.4% 10.7% 9.1% U.S. #1, Parboiled Milled 4% Broken 3.1% 7.7% 12.5% A1 Super Broken 10.7% 9.9% 8.0% 386 2% Broken 4.8% 13.0% 16.6% U.S. #2, Paddy, 55/70 Yield 11.9% 12.3% 13.2% THAILAND - LG PB 3 Month 6 Month 1 Yr PAKISTAN - LG PB 3 Month 6 Month 1 Yr Southern Flour Quality Broken Rice 15.2% 17.7% 14.0% Southern Pet Food Quality Broken Rice 17.1% 14.9% 12.9% Parboiled Milled Rice 100% STX B 16.9% 17.8% 17.6% Parboiled Milled Rice 5% Broken STX B 13.0% 11.9% 11.0% Parboiled Milled Rice 100% 17.3% 18.2% 18.0% Parboiled Milled Rice 15% Broken STX 13.2% 12.1% 11.1% U.S.A - CALIFORNIAN MG 3 Month 6 Month 1 Yr Parboiled Milled Rice 5% STX 17.1% 18.0% 17.8% PAKISTAN - BASMATI RICE 3 Month 6 Month 1 Yr U.S. #1, 4% Broken 15.2% 11.7% 13.0% Parboiled Milled Rice 5% 17.5% 18.4% 18.2% Super Kernel White Basmati Rice 2% 6.8% 15.0% 18.9% U.S. #1 Paddy, 58/69 Yield 6.4% 6.6% 13.3% 3 Month 6 Month 1 Yr THAILAND - LG FRAGRANT RICE Super Kernel Brown Basmati Rice 2% 7.4% 17.8% 21.6% S. AMERICA - LG WR 3 Month 6 Month 1 Yr Hom Mali White Rice 100% Grade B New 18.0% 16.9% 20.2% Super Kernel Parboiled Milled Basmati Rice 2% 7.5% 16.1% 18.1% Uruguayan 5% Broken 4.1% 3.2% 5.1% Hom Mali White Rice A1 Super 9.6% 14.4% 12.7% 1121 Steam Basmati Rice 2% 8.3% N/A N/A Uruguayan Olímar 5% Broken N/A N/A N/A Pathumthani Fragrant 100% Grade B 27.2% 23.8% 28.8% 1121 Parboiled Milled Basmati Rice 2% 4.1% N/A N/A Argentine 5% Broken 4.4% 4.2% 4.7% THAILAND - LG GLUTINOUS RICE 3 Month 6 Month 1 Yr INDIA - LG WR 3 Month 6 Month 1 Yr Brazilian 5% Broken 14.1% 15.7% 11.9% White Glutinous Rice 10% Broken B 20.3% 55.4% 40.5% 5% Broken 6.9% 8.1% 7.8% Brazilian Broken Rice (1/2 Grain Brokens) 7.0% 6.1% 6.8% White Glutinous Rice 10% Broken (Sanpathong) 22.7% 53.4% 39.0% B 25% Broken 5.8% 7.6% 8.8% Paraguayan 5% Broken 15.5% N/A N/A White Glutinous Broken Rice A1 12.6% 58.6% 41.9% 100% Broken Rice 6.4% 8.5% 10.2% S. AMERICA - LG PB 3 Month 6 Month 1 Yr 3 Month 6 Month 1 Yr Swarna 5% Broken 24.8% 19.3% 17.4% VIETNAM - LG WR Brazilian Parboiled Milled Rice 5% Broken STX 13.7% 17.4% 13.6% Sharbati 2% Broken 12.6% 19.6% 16.9% 5% Broken B 8.2% 16.3% 13.5% Uruguayan Parboiled Milled Rice 5% Broken STX 1.8% 1.4% 4.5% 10% Broken 8.3% 15.9% 13.3% INDIA - LG PB 3 Month 6 Month 1 Yr 3 Month 6 Month 1 Yr 15% Broken 7.8% 15.4% 12.8% ITALY - WR Parboiled Milled Rice 5% STX 6.2% 6.3% 11.4% 25% Broken 9.7% 16.2% 13.5% Indica 5% broken white rice 4.4% 4.6% 13.3% Broken Rice 8.5% 12.6% 10.5% INDIA - BASMATI RICE 3 Month 6 Month 1 Yr Arborio 5% broken white rice 27.8% 26.4% 19.9% VIETNAM - LG FRAGRANT RICE 3 Month 6 Month 1 Yr Traditional White Basmati Rice 2% 13.3% 14.2% 16.4% Traditional Brown Basmati Rice 2% 14.9% 20.3% 22.4% Fragrant Rice 5% Broken 9.5% 8.5% 7.6% B = INDICATES BENCHMARK KDM Fragrant Rice 5% Broken 30.0% 26.4% 20.0% Traditional Parboiled Milled Basmati Rice 2% 17.3% 17.9% 17.9% Pusa White Basmati Rice 2% 8.7% 15.1% 13.9% 3 Month 6 Month 1 Yr VIETNAM - LG GLUTINOUS RICE Pusa Brown Basmati Rice 2% 15.7% 15.1% 16.8% Volatility Index Explained White Glutinous Rice 10% Broken N/A N/A N/A Pusa Parboiled Milled Basmati Rice 2% 14.4% 20.6% 19.3% Historical Volatility is a measure of how much, how fast and how often prices change over time. It is stated as a percentage (%). 3 Month 6 Month 1 Yr 1121 White Basmati Rice 2% 13.5% 24.2% 20.8% CAMBODIA - LG WR The higher the percentage, the more volatile the price assessed. 5% Broken B 7.4% 7.9% 7.6% 1121 Parboiled Milled Basmati Rice 2% 14.8% 17.3% 24.2% 10% Broken 7.5% 7.7% 7.5% MYANMAR - LG WR 3 Month 6 Month 1 Yr Example: If the 3 Month volatility of Pakistani 5% broken white rice 25% Broken 11.0% 13.5% 10.6% 5% Broken 4.2% 14.2% 11.5% was 18.3%, compared to 10.6% for Indian 5% broken white A1 Super Broken 10.9% 19.5% 18.8% rice, Pakisani 5% broken white rice could be said to be the more 25% Broken 10.0% 8.4% 10.4% volatile variety. CAMBODIA - LG FRAGRANT RICE 3 Month 6 Month 1 Yr B1 & B2 Broken 7.8% 7.8% 10.0% Phka Malis(Wet Season) 5% Broken STX 19.7% 16.8% 14.8% MYANMAR - LG PB 3 Month 6 Month 1 Yr To read the full LRI Historical Volatility Methodology please contact Sen Kra Ob (Dry Season) 5% Broken STX 16.2% 14.3% 14.7% Parboiled Milled Rice 5% STX 3.7% 12.4% 9.7% the team at [email protected] Fragrant 100% Broken A1 Super 7.3% 25.3% 21.4% Page 03

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Bitesize Rice News Report Date: 22/06/2018 South Korea Pakistan • KAFFTC to hold an MMA • Paddy production tender for 102,800 MTS of forecast to increase by rice on 27 June 1.8% year-on-year to (page 14) Haiti 11.36 million MTS • Rice imports forecast (page 6) to remain at near average level of 420,000 MTS (milled eq.) in 2018/19 (page 13)

USA • Col-Rice awarded the full 14,955 MTS of TRQ import licences in its 7 China June auction • Government to • KCCO awarded the full volume in impose 25% import its 19 June retender tariff on U.S. rice (page 7) (page 13) Philippines • Q2 2018 paddy South America Ghana production forecast to • Argentine Peso depreciated • Paddy production decrease by 1.93% by 2.89% against the U.S. Dollar estimated to have year-on-year to between 15 – 21 June increased by 4.9% 4.07 million MTS • Brazilian domestic rice prices rose year-on-year to (page 12) by 10% following a recent 35 – 50% 722,000 MTS in 2017 increase in transport costs (page 12) (page 8)

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Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Report Date: 22/06/2018 Thailand The Thai Baht depreciated by 1.67% their offers for Pathumthani rice due to the THAILAND - LONG GRAIN WHITE RICE CHANGE PRICE Export Statistics against the U.S. Dollar between 15 – 22 weakening of the Baht, slow demand, and 100% Grade B -25 $400 Unofficial and preliminary rice B June, placing pressure on export prices. ahead of arrivals from the off-season crop 5% Broken B -25 $390 exports (excluding premium white White rice demand remained slow as next month. Pathumthani 100% Grade B is 10% Broken -25 $388 and fragrant rice) for 28 May - 3 June covering for sales totalling 228,500 MTS assessed down to US $760 PMT FOB FCL, 15% Broken -22 $385 2018 totalled 136,488 MTS, down by in May to the Philippines’ National Food with the domestic price of paddy reportedly 25% Broken -21 $376 14,873 MTS from the previous week. Authority and Malaysia’s Bernas has falling by US $70 PMT from last week. The A1 Super 100% Broken -11 $357 Rice exports from 1 January - 3 June concluded. Additionally, the domestic glutinous market also has a soft undertone 2018 totalled 3,834,996 MTS. price of 5% broken white rice fell by THB due to the currency movements, with White THAILAND - LONG GRAIN PARBOILED RICE CHANGE PRICE

60 per 100kg (US $18.22 PMT) between 15 Glutinous 10% broken and White Glutinous Parboiled Milled Rice 100% STX B -25 $390 – 21 June, according to the Department 10% broken (Sanpathong) assessed down Parboiled Milled Rice 100% -25 $380 of Internal Trade. Although many to US $602 PMT FOB FCL and US $620 PMT Parboiled Milled Rice 5% STX -25 $385 exporters liquidated their positions FOB FCL respectively. Parboiled Milled Rice 5% -25 $375 ahead of arrivals from the off-season crop in mid-July, millers’ stocks are The FAO has estimated Thailand’s 2017 THAILAND - LONG GRAIN FRAGRANT RICE CHANGE PRICE reportedly tightening. Thai 5% broken paddy production at 33.65 million MTS, up (FOB FCL) white rice closed the week assessed by 3.76% year-on-year and 1.22% above the Hom Mali White Rice 100% Grade B -58 $1,120 down to US $390 PMT FOB. Parboiled five-year average. Despite floods in July Hom Mali White Rice A1 Super 100% Broken -18 $430 100% STX also closed the week assessed 2017 in northeast Thailand, total output was Pathumthani Fragrant 100% Grade B -102 $760 down to US $390 PMT FOB as exporters not significantly affected due to improved lowered their offers to attract fresh production from the off-season crop earlier THAILAND - LONG GRAIN GLUTINOUS RICE CHANGE PRICE demand. A vessel was due to arrive on in the year. Harvesting of the off-season (FOB FCL) 19 June (Tuesday) to load 40,000 MTS of crop is expected to conclude at the end White Glutinous Rice 10% Broken -25 $602 parboiled rice for West Africa. According of June, while harvesting of the main White Glutinous Rice 10% Broken (Sanpathong) -20 $620 to local reports, demand for Thai rice season crop is due to begin in October. Rice White Glutinous 100% Broken Rice A1 0 $515 from China, Indonesia, Bangladesh exports in 2018 are forecast at 9.9 million and African destinations is expected MTS, 15% below 2017’s record level. to improve in H2 2018. Thailand is still CURRENCY THB 4 Week Range expected to achieve its 2018 rice export target of 10 million MTS. 1 USD $ 32.94 31.87 - 32.98

The currency movements and continued slow demand also placed pressure on the price of Hom Mali 100% Grade B, which closed the week assessed down to US $1,120 PMT FOB FCL. No fresh enquiries were reported as many buyers have already covered their requirements. Hom Mali A1 Super 100% broken rice is also assessed down to US $430 PMT FOB FCL. Exporters lowered Page 05

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Report Date: 22/06/2018 PAKISTAN - LONG GRAIN WHITE RICE CHANGE PRICE TheVietnam Vietnamese market remained quiet, by mid-July. However, the small off-season PakistanThe Pakistani market re-opened gradually 5% Broken B +6 $441 with minimal activity reported. Harvesting Fragrant harvest has yet to arrive and supply from Tuesday onwards following Eid al- 10% Broken +6 $436 B of the Summer/Autumn crop is gaining pace has tightened as exporters cover AJC, Olam, Fitr, with many market participants away 15% Broken +6 $431 and exporters are waiting for private buyers Phoenix and LDC vessels. Winter/Spring crop for most of the week. Local non-Basmati 25% Broken +6 $396 in the Philippines and Indonesia’s Bulog to Fragrant 5% broken rice is assessed up to prices continued to increase in reaction to 100% Broken Rice +2 $335 enter the market. Minimum Access Volume US $560 PMT FOB. We have also begun our the weakening of the Rupee against the 386 2% Broken -5 $620 import licences will be distributed to private transition for White Glutinous 10% broken, U.S. Dollar. The Rupee was trading at PKR PAKISTAN - LONG GRAIN PARBOILED RICE CHANGE PRICE buyers in the Philippines from 25 June. The which is assessed up to US $476 PMT FOB 121.66 to the U.S. Dollar today (22 June) at Parboiled Milled Rice 5% Broken STX B 0 $435 Indonesian government authorised Bulog FCL on the third day of our transition as 12:00 UTC, representing a 2.5% week-on- Parboiled Milled Rice 15% Broken STX 0 $430 to purchase up to 500,000 MTS before July, Winter/Spring crop stocks continue to week depreciation. Due to the ongoing PAKISTAN - BASMATI RICE (FOB FCL) CHANGE PRICE although no sales have been concluded yet. tighten. KDM 5% broken is assessed down volatility of both the Rupee and domestic Super Kernel White Basmati Rice 2% B -10 $1,030 Negotiations are anticipated to begin soon, to US $685 PMT FOB as lower offers are prices, some exporters remained reluctant Super Kernel Brown Basmati Rice 2% -10 $990 with Thai exporters expected to be awarded available. Offers of KDM mixed with other to make firm offers. Additionally, buyers Super Kernel Parboiled Milled Basmati Rice 2% -10 $1,100 most of this volume as Thai white rice prices were looking at more competitive origins, varieties are reported at US $610 - $640 PMT 1121 Steam Basmati Rice 2% +10 $1,260 have fallen significantly this week. We began such as Thailand and India. Pakistani 5% FOB. Please see page 13 for a breakdown of 1121 Parboiled Milled Basmati Rice 2% +5 $1,175 our new crop transitions for white rice, rice exports in May. broken white rice closed the week assessed with 5% broken white rice assessed down up to US $441 PMT FOB, which is a US to US $446 PMT FOB on the fifth day of our According to local reports, the Philippines’ $51 PMT and US $31 PMT premium to our CURRENCY PKR 4 Week Range transition, which is a US $56 PMT premium to National Food Authority (NFA) has begun assessments of Thai and Indian 5% broken our assessment of Thai 5% broken white rice. unloading 25,000 MTS of Vietnamese white white rice respectively. Pakistani 100% 1 USD $ 121.66 115.26 – 121.77 rice in Subic Port. While the vessel arrived broken white rice closed the week assessed Approximately 5% of the Summer/Autumn in port on 2 June, unloading was delayed up to US $335 PMT FOB as lower offers were utilisation of higher-yielding seeds. However, most regions of crop has been harvested, with the crop’s by unfavourable weather conditions. A no longer available. the country are currently experiencing drought conditions, poor quality continuing to raise concerns. total of 107,600 MTS of NFA-imported Thai with water levels in major reservoirs 60% below average as of Prices are expected to decrease further once and Vietnamese white rice was unloaded The Basmati market also re-opened slowly, early June. Although water availability is forecast to improve in the bulk of the crop arrives on to the market in Q2 2018 so far, with 97,040 MTS currently with minimal export activity. Strong local the coming weeks, the field yield of paddy which was planted waiting to be unloaded. Four vessels demand for 1121 Basmati varieties persisted, early in the season is expected to be affected. Planting of the CURRENCY VND 4 Week Range carrying 33,100 MTS each are currently in with 1121 Parboiled Basmati 2% broken 2018 crop is ongoing, with harvesting expected to begin in transit and 60,700 MTS are still being loaded assessed up to US $1,175 PMT FOB FCL. September/October. Milled rice exports in 2018 are forecast 1 USD $ 22,889 22,703 – 22,926 in Vietnam and Thailand. Exporters are still awaiting news from the to increase to 4.1 million MTS (+12%) due to improved supply. Government Trading Corporation of Iran’s The price of rice in Karachi increased by approximately 14.5% VIETNAM - LONG GRAIN WHITE RICE CHANGE PRICE 12 June tender for 20,000 MTS of Super between May 2017 – May 2018 to PKR 63 per kg (US $518 PMT). 5% Broken -5 $446 B Kernel White Basmati. Super Kernel White 10% Broken -5 $441 Basmati 2% broken is assessed down to US Pakistani milled rice exports increased by 69.5% year-on-year 15% Broken B -5 $436 $1,030 PMT FOB FCL. and by 11.6% month-on-month to 376,863 MTS in May 2018, 25% Broken -2 $423 according to the Pakistan Bureau of Statistics. Of this total, 100% Broken Rice -5 $373 The FAO has forecast Pakistani 2018 paddy Basmati rice comprised 54,061 MTS (+11.4% and -5.2%) and non- CHANGE PRICE VIETNAM - LONG GRAIN FRAGRANT RICE production at 11.36 million MTS, up by Basmati rice comprised the remaining 322,802 MTS (+85.8% and Fragrant Rice 5% Broken +7 $560 1.8% year-on-year. Planted area is forecast +15.1%). These exports are valued at PKR 24.2 billion (US $209.9 KDM Fragrant Rice 5% Broken -5 $685 to remain similar to last year’s level and million), with Basmati rice accounting for 25.4% of this amount VIETNAM - LONG GRAIN GLUTINOUS RICE CHANGE PRICE production is expected to be aided by the and non-Basmati rice accounting for the remaining 74.6%. White Glutinous Rice 10% Broken +4 $476 Page 06

Col-RiceUSA awarded the full 14,955 MTS of crop milling gets underway; Southern Pet U.S.A. - GULF LONG GRAIN RICE CHANGE PRICE Export Statistics Tariff Rate Quota import licences in its 7 Food Quality broken rice closed the week U.S. #2, 4% Broken, Hard Milled (FOB Lake Charles) 0 $650 For the period 8 - 14 June 2018, net sales of 8,600 MTS were recorded for: June auction. The lowest winning bid was assessed up to US $314 PMT ex-works. U.S. #2, 4% Broken, Hard Milled (FOB bulk NOLA) B -3 $532 US $82.51 PMT and the average winning bid U.S. #3, 15% Broken, Hard Milled (FOB bulk NOLA) -3 $522 Country Volume (MTS) U.S. #5, 20% Broken, Hard Milled (FOB Lake Charles) -3 $532 was US $91.27 PMT. ADM secured licences The Kansas City Commodity Office Saudi Arabia 6,100 worth 12,402 MTS, with the remaining awarded the full 2,500 MTS of U.S. #5, 20% U.S. #1, Parboiled Milled 4% Broken (FOB bulk NOLA) 0 $550 Canada 1,400 volume awarded to Aurora Ventures and broken fortified long grain rice in its 19 U.S. #2, Paddy, 55/70 Yield (FOB bulk NOLA) +2 $317 Interra International. Private buyers in June domestic retender. Supreme Rice Southern Flour Quality Broken Rice (ex-works) 0 $347 Hong Kong 800 Panama will hold a tender for 1 million was awarded the full volume at a price Southern Pet Food Quality Broken Rice (ex-works) +5 $314 Guatemala 400 quintals (45,360 MTS) of long grain paddy on of US $538.49 PMT delivered Jacintoport U.S.A - CALIFORNIAN MEDIUM GRAIN RICE CHANGE PRICE Mexico 1,000 10 July (see page 12). The tender is open to International; the rice is destined for the U.S. #1, 4% Broken (FAS FCL) 0 $990 Exports for the same period reached 36,300 MTS. all origins and although buyers have shown Ivory Coast. For more details, please click U.S. #1 Paddy, 58/69 Yield (Ex-Works) +5 $547 a preference for South American paddy in here. China’s Ministry of Finance will impose The primary destinations were: previous tenders held this year, U.S. market a 25% import tariff on U.S. goods, including Country Volume (MTS) participants are hopeful of a U.S. award as rice, in retaliation to the U.S. government’s Haiti 15,300 South American exporters may not be able implementation of a 25% import tariff on Japan 12,200 to meet the delivery requirement due to goods from China on 15 June. China’s tariff Mexico 3,000 will be imposed on 6 July on U.S. paddy, tight milling schedules. Saudi Arabia 2,200 brown, white and broken rice, including Canada 1,700 The market in the South was otherwise glutinous rice. The U.S. rice industry has CBOT Rough Rice Futures quiet as supplies remained tight, with been attempting to gain access to the Net Change Net Change Thursday’s Net Change from Thursday’s Net Change from from previous from previous milled rice sales to the Dominican Republic Chinese market since China joined the Month Close Price Wednesday Close Price Wednesday Thursday Thursday and paddy sales to Central America and World Trade Organisation in 2001 and a cwt cwt PMT PMT cwt PMT Venezuela reported. Despite this, U.S. #2, 4% phytosanitary protocol was signed last July 2018 $12.70 +$0.04 +$0.39 $279.88 +$0.99 +$8.60 broken white rice closed the week assessed year to facilitate exports. However, the new September 2018 $10.33 -$0.09 -$0.05 $227.63 -$1.87 -$1.10 down to US $532 PMT FOB bulk NOLA as import tariff is likely to hinder any potential November 2018 $10.29 -$0.04 -$0.12 $226.86 -$0.88 -$2.65 lower offers were available. The Chicago sales. January 2019 $10.56 $0.00 -$0.06 $232.70 $0.00 -$1.32 Board of Trade’s Rough Rice Futures’ July March 2019 $10.56 $0.00 -$0.06 $232.81 $0.00 -$1.32 contract fluctuated between 18 - 21 June. Minimal milled Calrose trade was reported May 2019 $10.56 $0.00 -$0.06 $232.81 $0.00 -$1.32 It reached a weekly high on Monday of US this week as bids and offers remained far July 2019 $10.56 $0.00 -$0.06 $232.81 $0.00 -$1.32 $12.75 per cwt (US $281.09 PMT) and fell to apart, with bids reported at around US $950 a weekly low on Tuesday of US $12.21 per PMT FAS FCL Oakland. South Korea will hold All figures rounded to two decimal places. cwt (US $269.18 PMT), before returning a Minimum Market Access tender on 27 USDA Rice Condition (%) to US $12.70 per cwt (US $279.88 PMT) on June, which includes 20,000 MTS of milled State Very Poor Poor Fair Good Excellent Thursday (21 June). As a result of these medium grain for January – February 2019 Arkansas - 4 29 51 15 fluctuations and as paddy supply tightened, delivery (see page 14). U.S. #1, 4% broken California - - 10 80 10 some exporters were unwilling to accept white rice is assessed unchanged at US $990 Louisiana - 4 27 63 6 lower bids and U.S. #2 Paddy 55/70 Yield PMT FAS FCL Oakland. U.S. #1 Paddy, 58/69 Mississippi - - 15 65 20 closed the week assessed up to US $317 PMT Yield is assessed up to US $547 PMT ex-works Missouri - 4 27 50 19 FOB bulk NOLA. Market participants expect based on reported domestic trade totalling Texas 1 5 35 50 7 broken rice supply to remain tight until new 2,000 MTS. 6 States - 3 25 58 13 Condition as of week ending 17 June. Page 07

PrivateSouth buyers in Panama America will hold a Local reports in Brazil noted that S. AMERICA - LONG GRAIN WHITE RICE CHANGE PRICE CURRENCY BRL 4 Week Range tender for 1 million quintals (45,360 domestic rice prices rose by 10% Uruguayan 5% Broken (FOB FCL) 0 $500 MTS) of long grain paddy on 10 July. following a recent 35% – 50% increase ArgentineUruguayan 5% Olímar Broken 5% (FOB Broken FCL) (FOB FCL) +5-6 $520$490 1 USD $ 3.74 3.62 – 3.94 The tender is open to all origins and in transport costs. According to market Argentine 5% Broken (FOB FCL) -5 $480 Brazilian 5% Broken (FOB FCL) 0 $460 CURRENCY ARS 4 Week Range the rice is required to arrive by 30 participants in neighbouring origins, Brazilian Broken5% Broken Rice (FOB (1/2 Grain)FCL) (FOB Bulk) -15-3 $470$325 August. the average price of paddy could ParaguayanBrazilian Broken 5% Broken Rice (1/2 (FOB Grain FCL) Brokens) (FOB Bulk) -50 $310$375 1 USD $ 27.49 24.28 – 28.35 increase to as much as BRL 45 per 50kg Paraguayan 5% Broken (FOB FCL) 0 $410 CURRENCY UYU 4 Week Range Argentine 5% broken white rice (US $236.97 PMT) and Brazilian farmers S. AMERICA - LONG GRAIN PARBOILED CHANGE PRICE closed the week assessed down to US have reportedly begun holding out for (FOB FCL) 1 USD $ 31.73 30.99 – 32.02 $480 PMT FOB FCL following a 2.89% higher prices. While some exporters Brazilian Parboiled Milled 5% Broken STX -20 $460 depreciation of the Peso against the maintained their offers due to steady Uruguayan Parboiled Milled 5% Broken STX 0 $515 CURRENCY PYG 4 Week Range U.S. Dollar between 15 – 21 June. Last domestic demand, others were willing Brazilian Paddy Prices - 22/06/17 - 21/06/18 1 USD $ 5,677 5,628 - 5,765 week’s 10,000 – 12,000 MT sale of 5% to lower their offers to conclude fresh Source: ESALQ broken white rice was reportedly trade due to a 1.88% depreciation of the concluded at a price of US $465 PMT Real against the U.S. Dollar between 15 CFR Brazil. Paddy demand from Central – 21 June. Brazilian 5% broken white rice America and brown rice demand from and Parboiled 5% STX closed the week Europe was reported. The market was assessed down to US $470 PMT FOB FCL closed on Wednesday for a public and US $460 PMT FOB FCL respectively, holiday. with white rice sales to Peru reported. Subdued sales placed pressure on the Uruguayan 5% broken white rice price of 100% broken white rice, which closed the week assessed unchanged closed the week assessed down to US at US $500 PMT FOB FCL, with $310 PMT FOB. However, Olam and LDC demand from Mexico and Turkey are expected to make fresh purchases reported. Olímar 5% broken white rice soon. Phoenix is expected to load 14,000 is assessed up to US $520 PMT FOB MTS of broken rice for West Africa in July. FCL based on reported trade to Peru. Sales of Tacuarí to Peru were reported The Paraguayan market was supported at US $585 - $590 PMT FOB FCL. Our by covering for recent sales to assessment of Parboiled 5% STX closed destinations such as Venezuela and Iraq, South American Export Statistics (MTS) the week unchanged at US $515 PMT with some mills reporting tightening FOB FCL, with demand from Mexico, paddy supply. Paraguayan 5% broken Country Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total the Canary Islands, Chile and Costa white rice is assessed unchanged at Brazil 2017 79,290 51,106 46,243 37,926 77,181 42,893 112,569 60,659 109,450 91,988 95,339 65,624 870,268 Rica reported and small volume sales US $410 PMT FOB FCL and brown rice Brazil 2018 161,324 163,549 193,565 95,845 201,632 815,915 to Argentina concluded. Offers of demand from European buyers was Argentina 2017 41,002 29,169 26,097 41,507 82,529 19,285 37,269 23,233 28,651 43,788 18,362 17,060 407,955 brown parboiled rice were reported reported. Offers of 7% broken white rice at US $465 - $470 PMT FOB FCL. The to Brazil have reportedly increased by US Argentina 2018 11,999 24,543 36,543 market was closed on Tuesday for a $35 - $40 PMT in the last two weeks to Uruguay 2017 103,606 122,816 27,526 67,382 72,917 122,895 87,482 89,557 75,406 85,824 74,996 52,695 983,103 public holiday. around US $365 - $370 PMT ex-works. Uruguay 2018 83,019 107,186 25,599 97,464 53,460 366,726 Sources: IRGA; Ministerio de Agroindustria de Argentina; Uruguay XXI Page 08

PersistentIndia slow demand and a 0.26% a Robiul Islam vessel carrying 6,000 MTS INDIA - LONG GRAIN WHITE RICE CHANGE PRICE INDIA - BASMATI RICE (FOB FCL) CHANGE PRICE depreciation of the Rupee against the of Parboiled 5% broken rice sailed for 5% Broken B 0 $410 Traditional White Basmati Rice 2% 0 $1,122 U.S. Dollar from 15 – 21 June gave the Bangladesh. 25% Broken 0 $380 Traditional Brown Basmati Rice 2% 0 $950 Indian market a soft undertone. Broken 100% Broken Rice -3 $295 Traditional Parboiled Milled Basmati Rice 2% -1 $974 rice supplies in destination markets such Activity in the Basmati market increased after Swarna 5% Broken -15 $400 Pusa White Basmati Rice 2% +6 $1,010 as Senegal remained high and traders buyers returned from Eid al-Fitr celebrations. Sharbati 2% Broken +27 $826 Pusa Brown Basmati Rice 2% 0 $900 Pusa Parboiled Milled Basmati Rice 2% +22 $893 encountered difficulty in selling their Middle Eastern demand supported Pusa INDIA - LONG GRAIN PARBOILED RICE CHANGE PRICE 1121 White Basmati Rice 2% +29 $1,151 stocks. Indian 100% broken white rice and 1121 Basmati prices, with 1121 Parboiled Parboiled Milled Rice 5% STX -5 $385 1121 Parboiled Milled Basmati Rice 2% +29 $1,055 closed the week assessed down to US Basmati 2% broken assessed up to US $1,055 $295 PMT FOB. Exporters continued to PMT FOB FCL. However, the weakening of the State Rice Procurement (MMTS) lower their offers of Parboiled 5% STX to Rupee placed pressure on Traditional Basmati CURRENCY INR 4 Week Range attract fresh demand and our assessment prices, with Traditional Parboiled Basmati 2% Source: Food Corporation of India closed the week down to US $385 PMT broken assessed down to US $974 PMT FOB State 2016/17 2017/18* 1 USD $ 67.84 66.83 – 68.43 FOB. Indian 5% and 25% broken white rice FCL. Kharif crop planted area in Punjab is Andhra Pradesh 3.72 3.82 closed the week assessed unchanged at expected to total 3 million hectares, down by Telangana 3.60 3.61 Indian and Pakistani Basmati exports to the US $410 PMT FOB and US $380 PMT FOB 2.12% year-on-year, according to local reports. respectively as strong domestic demand Kharif planted area in Haryana is forecast at Assam 0.05 0.02 E.U. (MTS) - 19/06/18 offset subdued offshore sales. Swarna 5% 1.3 million hectares. Both Punjab and Haryana Bihar 1.23 0.79 Source: European Commission’s D.G. of Agriculture and broken white rice is assessed down to US received above normal rainfall ahead of the Chandigarh 0.01 0.01 Rural Development $400 PMT FOB as exporters lowered their start of planting on 20 June, with cumulative Chhattisgarh 4.02 3.21 Country India Pakistan Total offers following the depreciation of the rainfall in Punjab during June reported at Gujarat 0.00 0.00 2014/15 (Sep. - Aug.) 206,205 139,545 345,750 Rupee. 29.1mm (95.3% above normal) so far. Haryana 3.58 3.99 2015/16 (Sep. - Aug.) 238,881 123,053 361,933

Himachal Pradesh 0.00 0.00 No vessels were being loaded with rice Water levels in India’s 91 major reservoirs 2016/17 (Sep. - Aug.) 223,242 96,381 319,623 in Kakinada Port on 20 June. However, totalled 29.7 billion cubic metres as of 21 Jharkhand 0.14 0.14 2017/18 (Sep. - Aug.) 205,426 163,951 369,377 a Robiul Islam vessel was due to arrive June, according to the Ministry of Water Jammu and Kashmir 0.00 0.01 Year-on-year change, -7.98% +70.1% +15.6% yesterday (21 June) to be loaded with Resources, River Development and Ganga Karnataka 0.00 0.00 2016/17 - 2017/18 7,200 MTS of Parboiled 5% broken rice Rejuvenation. This represents 18% of the Kerala 0.31 0.33 for Bangladesh. Only two vessels have reservoirs’ total capacity and is a 4.58% Madhya Pradesh 1.31 1.10 left Kakinada Port in June so far; an Olam increase from 14 June and up by 1% year- Maharashtra 0.31 0.17 vessel carrying 37,000 MTS of Parboiled on-year. Please see the table below for more 5% broken rice sailed for Guinea and details: Odisha 3.63 3.21 Punjab 11.10 11.83 Water Level as of Number of Total Storage Capacity Change Region 21/06/18 (billion Rajasthan 0.00 0.00 Reservoirs (billion cubic metres) year-on-year cubic metres) Tamil Nadu 0.14 0.82 Northern 6 18.01 2.83 -37.1% Uttar Pradesh 2.35 2.88 Eastern 15 18.83 3.47 +15.3% Uttrakhand 0.71 0.04 Western 27 31.26 3.95 -29.8% West Bengal 1.92 0.05 Central 12 42.30 8.99 -26.9% Southern 31 51.59 10.43 +153% Total 38.11 36.04 *Procurement up until 22/06/18 Total 91 161.99 29.7 +1% Page 09

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Report Date: 22/06/2018 E.U. Rice Prices - 19/06/18 Cumulative Imports PaddyEurope demand from Italian parboiling plants continued EUR €300 PMT ex-works, although mills’ bids 01/09/17 - 19/06/18 to support the price of Indica 5% broken white rice, were reported at a EUR €20 PMT discount. Source: European Commission’s D.G. of Agriculture Source: European Commission’s D.G. which is assessed unchanged at EUR €520 PMT ex- and Rural Development (Prices EUR € PMT Ex-Market) works. Arborio 5% broken white rice is also assessed of Agriculture According to market participants, the Italian unchanged at US $650 PMT ex-works. Baldo demand Previous new crop harvest is expected to be delayed by Country Paddy Price Week Country Volume (MTS) from Turkey was reported, although this is expected Belgium 65,466 as much as 10 days due to unseasonable rain to slow when Turkey’s rice import tariffs change next Balilla €321.00 €321.00 and below average temperatures. As a result, Bulgaria 10,634 month. Turkey reduced its tariffs for brown rice, white Italy the bulk of the crop is not due to arrive on to Ribe €384.00 €384.00 Czech Republic 33,291 rice and paddy on 1 January 2018 and this is due to the market until the beginning of October. Thaibonnet €307.00 €307.00 Denmark 9,080 expire on 1 July. Market participants expect the tariffs Around 230,000 MTS of paddy remain in the Japonica €325.49 €327.09 Germany 84,088 to revert to their original levels depending on the Spain market, 8% below the three year-average. Of Indica €314.00 €314.26 Estonia 628 outcome of the Turkish general election on 24 June. this volume, Arborio and Carnaroli varieties Japonica N/Q N/Q Ireland 2,473 Farmers’ offers of round grain paddy were reported at Portugal comprise 80,000 MTS (167% above the three Indica N/Q N/Q Greece 7,535 LRI Assessment year-average) and round grain varieties Moyen N/Q N/Q Spain 72,481 comprise 65,000 MTS (+8.33%). However, stocks ITALY - WHITE RICE CHANGE PRICE Greece Japonica €287.00 N/Q France 151,750 are lower than this time last year, with 8% less Indica 5% broken white rice (ex-works) 0 €520 Indica €290.00 N/Q Croatia 2,956 Indica rice remaining, 7.5% less round grain and Arborio 5% broken white rice (ex-works) 0 €650 Japonica N/Q N/Q Italy 73,859 4% less Arborio compared to in mid-June 2017. Romania Indica €309.1o €309.1o Cyprus 2,632 Paddy Prices - 19/06/18 Milled Prices - 12/06/18 Bulgaria Japonica €268.43 €268.43 Latvia 2,129 Ex-Vercelli, Italy Ex-Vercelli, Italy Lithuania 9,174 Previous Source: Vercelli Chamber of Commerce Source: Vercelli Chamber of Commerce Country 5% Broken Price Week Luxembourg 0 (Prices EUR € PMT Ex-Market) (Prices EUR € PMT Ex-Market) Hungary 12,326 Rond €650.00 €650.00 Previous Previous Malta 36 ‘Maximum’ ‘Minimum’ Variety ‘Maximum’ Variety ‘Minimum’ Italy Ribe €710.00 €710.00 Price Price Netherlands 113,823 Price Price Thaibonnet €580.00 €580.00 Austria 4,643 Balilla, Centauro and similar €321.00 €321.00 Originario €570.00 €570.00 Japonica €553.54 €553.54 Poland 77,151 Sole CL €274.00 €274.00 Selenio €550.00 €550.00 Spain Indica €503.44 €503.44 Selenio and similar €307.00 €307.00 S. Andrea €600.00 €600.00 Portugal 57,220 Japonica N/Q €923.00 Ribe €384.00 €384.00 Roma €600.00 €600.00 Romania Romania 2,524 Indica N/Q €884.37 Loto and similar N/Q N/Q Baldo €810.00 €810.00 Slovenia 5 Bulgaria Japonica €715.82 €715.82 Augusto €384.00 €384.00 Ribe €660.00 €660.00 Slovakia 132 S. Andrea and similar €331.00 €331.00 Augusto €670.00 €670.00 Japonica €680.00 €680.00 France Finland 1,500 Arborio €620.00 €620.00 Indica €620.00 €620.00 Roma and similar N/Q €336.00 Sweden 23,495 Carnaroli €640.00 €640.00 Baldo and similar N/Q €433.00 Previous UK 208,898 Thaibonnet €540.00 €510.00 Country 100% Broken Price Week Arborio and Volano €335.00 €335.00 Total 1,029,929 Carnaroli and similar €333.00 €333.00 Parboiled Italy Mezzagrana N/Q N/Q Thaibonnet and similar €307.00 €307.00 Ribe €760.00 €760.00 CURRENCY EUR 4 Week Range Bulgaria Japonica N/Q N/Q Baldo €910.00 €910.00 France Camargue N/Q N/Q 1 USD $ 0.86 0.85 – 0.87 Thaibonnet €640.00 €610.00 Page 10

CambodiaThe Cambodian white rice market Myanmar CAMBODIA - LONG GRAIN WHITE RICE CHANGE PRICE Heavy rains continued to delay CHANGE PRICE continued to be characterised by a MYANMAR - LONG GRAIN WHITE RICE 5% Broken 0 $480 loading in Yangon Port. Loading 5% Broken (FOB FCL) 0 $430 lack of fresh demand. Despite this, B 10% Broken 0 $475 of LDC’s and MOI’s vessels is not 25% Broken (FOB Bulk) +5 $345 exporters maintained their offers and 25% Broken 0 $460 expected to conclude until the end B1 & B2 Broken (FOB FCL) 0 $317 our assessment of 5% broken white A1 Super 100% Broken 0 $380 of the month. Traders continued to MYANMAR - LONG GRAIN PARBOILED RICE CHANGE PRICE rice is unchanged at US $480 PMT FOB report frustration with the current Parboiled Milled Rice 5% STX (FOB FCL) 0 $460 FCL, with small volume sales to Europe CAMBODIA - LONG GRAIN FRAGRANT RICE CHANGE PRICE loading conditions and some are reported. Enquiries for Phka Malis and Phka Malis (Wet Season) 5% Broken STX 0 $980 avoiding making fresh purchases Sen Kra Ob have slowed considerably, Sen Kra Ob (Dry Season) 5% Broken STX 0 $880 as a result. Fresh export demand CURRENCY MMK 4 Week Range with some exporters unable to offer as Fragrant 100% Broken A1 Super 0 $475 remained subdued, especially from supplies continue to tighten. Buyers have Export Statistics (MTS) buyers in China and West Africa, 1 USD $ 1,385 1,341 – 1,385 been advised to re-enter the market in Q3 Source: Mekong Oryza although the market was supported 2018 when the main Sen Kra Ob harvest by rising local prices. Myanmar 25% Myanmar exported 1.03 million MTS of rice arrives. Our assessments of Phka Malis 5% broken white rice is assessed up to through Yangon Port during the 2014/15 broken STX and Sen Kra Ob 5% broken Month 2017 2018 Change US $345 PMT FOB as lower offers are – 2017/18 financial years (April – March), STX are both unchanged at US $980 no longer available. However, our according to local reports citing the PMT FOB FCL and US $880 PMT FOB FCL January 48,820 62,623 +28.30% other assessments are unchanged, Myanma Port Authority. Exports totalled respectively. Small volume sales of Sen February 60,731 47,809 -21.28% with 5% broken white rice and B1 & 160,000 MTS in 2014/15, 41,000 MTS in Kra Ob were concluded to China. B2 broken rice assessed at US $430 2015/16, 195,000 MTS in 2016/17 and 630,000 March 57,127 50,683 -12.70% PMT FOB FCL and US $317 PMT FOB MTS in 2017/18. According to Mekong Oryza, China April 45,716 36,239 -20.73% FCL respectively. imported the largest volume of May 45,243 42,865 -5.26% Cambodian rice in May (11,156 MTS), followed by France (6,131 MTS) and June 30,925 According to local reports, domestic rice prices are expected to increase Malaysia (3,356 MTS). Total exports to July 27,354 China from January – May 2018 are in the coming months due to estimated at 61,578 MTS, while exports to August 56,274 tight supply. Demand from China is currently subdued due to the France and Malaysia during this period September 49,776 are estimated at 33,077 MTS and 17,120 suspension of payment transfer October 70,776 MTS respectively. services along the China-Myanmar November 70,122 border. However, domestic prices According to local reports, China’s are expected to increase once December 73,442 Commerce Ministry stated that buyers return to the market. Emata Cambodia’s ‘low’ phytosanitary standards Total 635,679 240,219 5% broken white rice is currently are hindering increased rice trade retailing at MMK 22,500 per 108lb between the two nations. However, both bag (US $334 PMT) and Emata countries aim to achieve US $6 billion 25% broken white rice is currently in bilateral trade by 2020 and China retailing at MMK 20,000 per 108lb will consider increasing its Cambodian bag (US $297 PMT). rice purchases to improve trade. Trade between the two countries rose by 21.8% year-on-year to US $5.8 billion in 2017. Page 11

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Other News Report Date: 22/06/2018 Iran Niger Guinea Bissau Iranian milled rice imports increased by 22.1% year-on- The FAO has forecast Niger’s 2018 paddy production at The FAO has estimated Guinea-Bissau’s 2017 paddy year to approximately 178,000 MTS during the first two 112,000 MTS, up by 6.67% year-on-year and 4.67% above production at 165,000 MTS, down by 11.3% year-on-year months of the 2018/19 Iranian calendar (21 March – 20 the five-year average. Planting of the 2018 crop began on and 7.82% below the five-year average. Production was March), according to local reports citing the Iranian time in May and is due to conclude in July for harvesting hampered by localised flooding during July – September Customs Administration. This rice is valued at US $183.5 in August – November. Production in 2017 was affected 2017. Planting of the 2018 rice crop is due to begin later million (+9.1%), which represents 2.7% of Iran’s total by unevenly distributed rainfall. Total cereal imports in this month for harvesting in October – January. Total imports during this period. the 2017/18 marketing year (November – October) are cereal imports in the 2017/18 marketing year (November – expected to increase slightly year-on-year to around 20% October) are forecast to decrease to 134,000 MTS (-3.6%); above the five-year average; rice is expected to comprise rice is expected to comprise around 80% of this total. around 70% of imports. However, this volume is still 24.1% above the five-year Laos average. The FAO has estimated that Laotian 2017 paddy production increased to 4.17 million MTS, up by 1.2% year-on-year and 9% above the five-year average. Mali Favourable weather conditions throughout the year The FAO has estimated Mali’s 2017 paddy production Panama offset the impact of floods in the north of the country at 2.92 million MTS, up by 5% year-on-year and 28.1% Private buyers in Panama will hold a tender for 1 million and locust outbreaks in some areas. Planting of the 2018 above the five-year average, despite the early cessation quintals (45,360 MTS) of long grain paddy on 10 July. The main season crop is ongoing, with harvesting expected of rain in September. Although total cereal production tender is open to all origins and the rice is required to to begin in October. is estimated to have increased to 9.5 million MTS (+7%), arrive by 30 August. total cereal import requirements are expected to remain similar to 2016 at approximately 10% above average. Harvesting of the 2018 irrigated crop concluded in April. Ghana Planting of the rainfed crop is expected to conclude in Philippines July for harvesting in November 2018 – January 2019. The FAO has estimated that Ghanaian 2017 paddy The Philippine Statistics Authority has forecast Q2 2018 production increased to 722,000 MTS, up by 4.9% paddy production at 4.07 million MTS, down by 1.93% year- year-on-year and 20.9% above the five-year average. on-year. Harvested area is forecast to contract to 932,640ha Domestic prices have remained largely stable in (-1.54%) and the average field yield is also expected to most areas of the country over the past year due to Liberia decrease to 4.37 MTS/ha (-0.23%). An estimated 633,410ha regular rice imports. However, domestic rice prices in The FAO has estimated Liberia’s 2017 paddy production at have been harvested so far (67.9% of planted area). Bolgatanga have increased by more than 25% year-on- 279,000 MTS, up by 3.72% year-on-year and similar to the Although total output is expected to decrease from year as of April 2018 due to rising demand. Planting of five-year average, despite localised dry spells in July and last year, production in Isabela, Nueva Ecija, Laguna, the 2018 crop is ongoing, with harvesting expected to August. Total 2018 cereal imports are forecast at average Quezon and Mindoro Oriental is expected to increase begin in September in the south of the country and levels of 437,000 MTS; rice is expected to comprise more due to sufficient water supplies and favourable weather October in the north. than 80% of this volume. Planting of the 2018 crop began conditions. Q3 2018 planted area was 18.6% complete at in April and is expected to conclude in July, for harvesting 161,720ha as of 14 June. between September – December.

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Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Other News Continued Report Date: 22/06/2018 Haiti Afghanistan OPEC The FAO has forecast Haitian 2018 paddy production at The FAO has forecast Afghan 2018 paddy production at The Organization of Oil Producing Countries (OPEC) 183,000 MTS, up by 2.3% year-on-year and 13.7% above 465,000 MTS, which is a 7% year-on-year decrease and 27.6% held a meeting today (22 June). According to reports, the five-year average. The main season crop benefitted below the five-year average. Production is expected to be OPEC agreed to collectively increase production by up from favourable weather conditions and average rainfall hampered by below-average irrigation water supplies and to 1 million barrels per day, although the final figure is expected for the off-season crop. Harvesting of the high temperatures. Planting of the 2018 crop will conclude is expected to be between 600,000 - 800,000 barrels main season crop began this month and is expected to this month and harvesting is expected in October – per day. Iran had initially resisted pressure from Saudi conclude by September. Planting of the off-season crop is November. Total cereal imports in the 2018/19 marketing year Arabia and other countries to raise production following expected to begin in August for harvesting in November (July – June) are expected to increase to 3.3 million MTS (+8%), the recent collapse of the Iranian nuclear deal and the and December. Rice imports in the 2018/19 marketing although the majority of imports are expected to comprise imminent reimposition of sanctions. However, resistance year are forecast at near-average levels of 420,000 MTS wheat. from Iran, Iraq and Venezuela waned today. Government (milled equivalent), which will mostly be sourced from the officials hope that increased production will reduce prices U.S. Both imported and local rice prices have increased and avoid a potential supply shortage later this year. from May 2017 - May 2018, with local prices increasing by approximately 22% to HTG 115 per kg (US $1,732 PMT) and North Korea imported prices increasing by about 18% to HTG 65 per kg The USDA has forecast North Korean milled rice production (US $979 PMT) during this period. in the 2017/18 marketing year (November – October) at 1.57 million MTS, down by 6.03% year-on-year. Planting concluded at the start of June and harvesting is due to commence in September. Planted area is estimated to have increased to China 475,000ha (+1.28%), with dry weather during April - June China’s Ministry of Finance will impose a 25% import tariff limiting further year-on-year expansion. Please see the table on U.S. goods, including rice, in retaliation to the U.S. below for a breakdown of 2017 paddy production by province: government’s implementation of a 25% import tariff on Average Field Yield Paddy Production Province Planted Area (ha) goods from China on 15 June. China’s tariff will be imposed (MTS/ha) (MTS) on 6 July on U.S. paddy, brown, white and broken rice, Pyongyang 11,681 6.51 76,001 including glutinous rice. The U.S. rice industry has been South Pyongan 69,623 4.98 346,529 attempting to gain access to the Chinese market since North Pyongan 103,652 5.09 527,302 China joined the World Trade Organisation in 2001 and a Chagang 6,305 4.91 30,929 phytosanitary protocol was signed last year to facilitate South Hwanghae 130,182 5.26 684,971 exports. However, the new import tariff is likely to hinder North Hwanghae 32,803 4.91 161,079 any potential sales. Kangwon 16,964 4.16 70,583 South Hamgyong 55,871 4.95 276,437 North Hamgyong 25,491 4.03 102,616 Ryangyang 1,399 2.80 3,914 Nampo 21,187 4,86 102,916 Total 475,158 5.02 2,383,277

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Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Other News Continued Report Date: 22/06/2018 South Korea Vietnam South Korea’s Agro-Fisheries and Food Trade Corporation Please see the table below for a breakdown of total will hold a Minimum Market Access tender for a total of Vietnamese rice exports between January - May 2018, 102,800 MTS on 27 June. Please see the table below for according to local reports citing the General Department more details: of Customs. Volume Change, Value Change, Variety Volume (MTS) Arrival Date Port of Arrival Country Volume (MTS) Value (US $) non-glutinous brown SG 20,000 15 September 2018 Incheon year-on-year (%) year-on-year (%) non-glutinous brown SG 20,000 15 September 2018 Ulsan China 844,097 449,428,016 -21.33 -7.90 non-glutinous brown SG 20,000 15 September 2018 Masan Indonesia 596,058 280,041,108 +28,976 +26,848.98 non-glutinous brown LG 10,000 30 September 2018 Mokpo Malaysia 273,019 122,395,536 +150.34 +177.55 non-glutinous brown LG 10,000 30 September 2018 Donghae Philippines 268,312 124,699,414 13.02 +37.88 Iraq 150,000 85,560,000 +1,769.62 +2,472.08 January 2019 (5,000 MTS); non-glutinous milled MG 10,000 Busan Ghana 108,950 65,726,978 -16.52 +1.04 February 2019 (5,000 MTS) Ivory Coast 90,842 54,087,688 -20.48 +5.20 January 2019 (5,000 MTS); Singapore 34,101 18,941,635 -2.20 +9.14 non-glutinous milled MG 10,000 Busan February 2019 (5,000 MTS) Hong Kong 32,198 18,464,840 +30.45 +48.72 non-glutinous milled LG 2,800 1 - 31 December 2018 Busan America 26,268 14,373,477 +135.90 +144.45 Total 102,800 UAE 19,444 10,677,088 -1.41 +4.69 Taiwan 8,729 4,453,546 -23.72 -16.46 Algeria 7,100 3,076,373 -60.00 -55.82 Russia 5,716 2,480,782 -61.14 -55.32 Turkey 4,377 2,511,616 +813.78 +1,025.73 Bangladesh 3,994 1,566,728 +8,977.27 +6,064.58 Australia 3,143 2,099.48 -27.63 -12.24 Angola 1,746 834,190 -86.73 -83.14 South Africa 1,316 770,541 -57.55 -43.25 Netherlands 1,251 679,934 -44.20 -32.27 Poland 1,110 643,467 +75.36 +102.52 France 710 494,743 +294.44 +203.04 Ukraine 661 385,307 -81.74 -74.36 Spain 349 175,950 -28.92 -13.81 Brunei 323 139,352 -96.52 -96.18 Chile 163 126,633 -94.59 -89.32 Belgium 96 63,360 -96.14 -93.79 Senegal 47 33,493 -91.97 -90.03 Total 2,963,783 1,497,054,218 +25.72 +42.55

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