Issue Date: 08/06/2018

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Live Rice Index Report Date: 08/06/2018 THAILAND - LONG GRAIN WHITE RICE CHANGE PRICE PAKISTAN - LONG GRAIN WHITE RICE CHANGE PRICE U.S.A. - GULF LONG GRAIN RICE CHANGE PRICE 100% Grade B -7 $430 5% Broken B -2 $433 U.S. #2, 4% Broken, Hard Milled (FOB Lake Charles) 0 $650 5% Broken B -7 $420 10% Broken -2 $428 U.S. #2, 4% Broken, Hard Milled (FOB bulk NOLA) B -5 $535 10% Broken -7 $418 15% Broken -2 $423 U.S. #3, 15% Broken, Hard Milled (FOB bulk NOLA) -5 $525 15% Broken -10 $410 25% Broken 0 $390 U.S. #5, 20% Broken, Hard Milled (FOB Lake Charles) -5 $535 25% Broken -9 $400 100% Broken Rice +2 $340 U.S. #1, Parboiled Milled 4% Broken (FOB bulk NOLA) 0 $550 A1 Super 100% Broken -6 $370 386 2% Broken -5 $625 U.S. #2, Paddy, 55/70 Yield (FOB bulk NOLA) 0 $310 Southern Flour Quality Broken Rice (ex-works) 0 $353 THAILAND - LONG GRAIN PARBOILED RICE CHANGE PRICE PAKISTAN - LONG GRAIN PARBOILED RICE CHANGE PRICE Southern Pet Food Quality Broken Rice (ex-works) +16 $325 Parboiled Milled Rice 100% STX B -5 $420 Parboiled Milled Rice 5% Broken STX B -5 $440 Parboiled Milled Rice 100% -5 $410 Parboiled Milled Rice 15% Broken STX -5 $435 U.S.A - CALIFORNIAN MEDIUM GRAIN RICE CHANGE PRICE Parboiled Milled Rice 5% STX -5 $415 PAKISTAN - BASMATI RICE (FOB FCL) CHANGE PRICE U.S. #1, 4% Broken 0 $990 Parboiled Milled Rice 5% -5 $405 Super Kernel White Basmati Rice 2% -10 $1,040 U.S. #1 Paddy, 58/69 Yield 0 $542 Super Kernel Brown Basmati Rice 2% 0 $990 THAILAND - LONG GRAIN FRAGRANT RICE CHANGE PRICE CHANGE PRICE Super Kernel Parboiled Milled Basmati Rice 2% 0 $1,100 S. AMERICA - LONG GRAIN WHITE RICE Hom Mali White Rice 100% Grade B +20 $1,210 1121 Steam Basmati Rice 2% 0 $1,250 Uruguayan 5% Broken (FOB FCL) 0 $500 Hom Mali White Rice A1 Super 100% Broken -2 $450 1121 Parboiled Milled Basmati Rice 2% 0 $1,170 Uruguayan Olímar 5% Broken (FOB FCL) 0 $510 Pathumthani Fragrant 100% Grade B 0 $892 Argentine 5% Broken (FOB FCL) -5 $485 THAILAND - LONG GRAIN GLUTINOUS RICE CHANGE PRICE INDIA - LONG GRAIN WHITE RICE CHANGE PRICE Brazilian 5% Broken (FOB FCL) +20 $475 White Glutinous Rice 10% Broken B -15 $627 5% Broken B -2 $408 Brazilian Broken Rice (1/2 Grain Brokens) (FOB Bulk) -5 $320 White Glutinous Rice 10% Broken (Sanpathong) -32 $640 25% Broken -8 $375 Paraguayan 5% Broken (FOB FCL) +5 $400 White Glutinous 100% Broken Rice A1 0 $515 100% Broken Rice -3 $305 S. AMERICA - LONG GRAIN PARBOILED RICE CHANGE PRICE CHANGE PRICE Swarna 5% Broken 0 $420 VIETNAM - LONG GRAIN WHITE RICE Brazilian Parboiled Milled 5% Broken STX (FOB FCL) +20 $475 5% Broken B +5 $453 Sharbati 2% Broken -1 $799 Uruguayan Parboiled Milled 5% Broken STX (FOB FCL) +3 $515 10% Broken +5 $448 INDIA - LONG GRAIN PARBOILED RICE CHANGE PRICE EGYPT - WHITE RICE CHANGE PRICE 15% Broken +2 $442 Parboiled Milled Rice 5% STX +5 $395 25% Broken -4 $425 Medium Grain #2 5% Broken B - N/Q 100% Broken Rice +3 $378 INDIA - BASMATI RICE (FOB FCL) CHANGE PRICE Medium Grain #3 10% Broken - N/Q Traditional White Basmati Rice 2% +5 $1,131 Round Grain #2 5% Broken B - N/Q VIETNAM - LONG GRAIN FRAGRANT RICE CHANGE PRICE Traditional Brown Basmati Rice 2% -4 $950 Round Grain #3 10% Broken - N/Q Fragrant Rice 5% Broken 0 $560 Traditional Parboiled Milled Basmati Rice 2% +4 $981 100% Broken Rice Grade 0 - N/Q KDM Fragrant Rice 5% Broken -5 $690 Pusa White Basmati Rice 2% +7 $997 VIETNAM - LONG GRAIN GLUTINOUS RICE CHANGE PRICE Pusa Brown Basmati Rice 2% +50 $900 ITALY - WHITE RICE CHANGE PRICE White Glutinous Rice 10% Broken 0 $492 Pusa Parboiled Milled Basmati Rice 2% +28 $888 Indica 5% broken white rice 0 €510 CAMBODIA - LONG GRAIN WHITE RICE CHANGE PRICE 1121 White Basmati Rice 2% +5 $1,131 Arborio 5% broken white rice 0 €650 5% Broken B 0 $480 1121 Parboiled Milled Basmati Rice 2% +10 $1,040 10% Broken 0 $475 MYANMAR - LONG GRAIN WHITE RICE CHANGE PRICE 25% Broken -5 $460 5% Broken (FOB FCL) 0 $435 A1 Super 100% Broken -10 $380 25% Broken (FOB Bulk) 0 $341 B = INDICATES BENCHMARK CAMBODIA - LONG GRAIN FRAGRANT RICE CHANGE PRICE B1 & B2 Broken (FOB FCL) 0 $310 Phka Malis/Phka Rumduol (Wet Season) 5% Broken STX -65 $980 MYANMAR - LONG GRAIN PARBOILED RICE CHANGE PRICE Sen Kra Ob/Sen Pidao (Dry Season) 5% Broken STX -10 $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

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 11.1% 15.6% 16.1% 5% Broken B B 23.8% 19.0% 16.7% U.S. #2, 4% Broken, Hard Milled (FOB Lake Charles) 18.1% 14.2% 11.8% 5% Broken B 11.3% 16.0% 16.5% 10% Broken 23.9% 19.1% 16.7% U.S. #2, 4% Broken, Hard Milled (FOB bulk NOLA) B 3.2% 5.0% 8.1% 10% Broken 11.9% 16.3% 16.6% 15% Broken 24.2% 19.5% 17.0% U.S. #3, 15% Broken, Hard Milled 3.3% 5.1% 8.3% 15% Broken 10.7% 15.0% 15.4% 25% Broken 17.9% 15.6% 14.5% U.S. #5, 20% Broken, Hard Milled 3.2% 5.0% 8.4% 25% Broken 11.3% 14.3% 13.8% 100% Broken Rice 12.8% 10.7% 8.9% U.S. #1, Parboiled Milled 4% Broken 7.7% 7.7% 12.4% A1 Super Broken 9.2% 8.5% 7.3% 386 2% Broken 8.0% 13.3% 16.6% U.S. #2, Paddy, 55/70 Yield 12.0% 13.5% 13.3% THAILAND - LG PB 3 Month 6 Month 1 Yr PAKISTAN - LG PB 3 Month 6 Month 1 Yr Southern Flour Quality Broken Rice 17.9% 17.4% 14.3% Parboiled Milled Rice 100% STX B 11.6% 15.5% 16.9% Parboiled Milled Rice 5% Broken STX B 12.9% 11.8% 11.1% Southern Pet Food Quality Broken Rice 15.0% 12.4% 12.2% Parboiled Milled Rice 100% 11.9% 15.9% 17.3% Parboiled Milled Rice 15% Broken STX 13.1% 11.9% 11.3% U.S.A - CALIFORNIAN MG 3 Month 6 Month 1 Yr Parboiled Milled Rice 5% STX 11.8% 15.7% 17.1% PAKISTAN - BASMATI RICE 3 Month 6 Month 1 Yr U.S. #1, 4% Broken 15.1% 11.7% 13.1% Parboiled Milled Rice 5% 12.1% 16.1% 17.5% Super Kernel White Basmati Rice 2% 6.9% 21.9% 18.9% U.S. #1 Paddy, 58/69 Yield 7.0% 6.6% 13.3% 3 Month 6 Month 1 Yr THAILAND - LG FRAGRANT RICE Super Kernel Brown Basmati Rice 2% 7.3% 17.8% 21.6% S. AMERICA - LG WR 3 Month 6 Month 1 Yr Hom Mali White Rice 100% Grade B New 12.9% 14.7% 19.1% Super Kernel Parboiled Milled Basmati Rice 2% 7.4% 16.1% 18.1% Uruguayan 5% Broken 4.2% 3.5% 5.5% Hom Mali White Rice A1 Super 7.5% 13.3% 12.0% 1121 Steam Basmati Rice 2% 8.7% N/A N/A Uruguayan Olímar 5% Broken N/A N/A N/A Pathumthani Fragrant 100% Grade B 8.5% 14.3% 25.2% 1121 Parboiled Milled Basmati Rice 2% 5.7% N/A N/A Argentine 5% Broken 4.9% 4.1% 5.3% THAILAND - LG GLUTINOUS RICE 3 Month 6 Month 1 Yr INDIA - LG WR 3 Month 6 Month 1 Yr Brazilian 5% Broken 12.8% 14.8% 11.3% White Glutinous Rice 10% Broken B 18.7% 55.4% 40.2% Brazilian Broken Rice (1/2 Grain Brokens) 5.9% 5.3% 9.7% 5% Broken B 7.4% 8.6% 8.0% White Glutinous Rice 10% Broken (Sanpathong) 22.0% 53.6% 38.9% 25% Broken 5.0% 7.6% 9.6% Paraguayan 5% Broken 16.4% N/A N/A White Glutinous Broken Rice A1 12.8% 58.6% 41.9% 100% Broken Rice 6.2% 9.2% 10.0% S. AMERICA - LG PB 3 Month 6 Month 1 Yr 3 Month 6 Month 1 Yr Swarna 5% Broken 23.6% 18.5% 17.0% VIETNAM - LG WR Brazilian Parboiled Milled Rice 5% Broken STX 11.0% 16.4% 12.9% B Sharbati 2% Broken 9.9% 19.1% 16.9% 5% Broken 8.7% 16.2% 14.0% Uruguayan Parboiled Milled Rice 5% Broken STX 1.8% 1.6% 4.7% 10% Broken 8.6% 15.8% 13.8% INDIA - LG PB 3 Month 6 Month 1 Yr 3 Month 6 Month 1 Yr 15% Broken 7.8% 15.3% 13.3% ITALY - WR Parboiled Milled Rice 5% STX 6.1% 6.3% 11.4% 25% Broken 10.7% 16.2% 13.9% Indica 5% broken white rice 3.0% 4.4% 13.6% Broken Rice 10.3% 12.3% 10.9% INDIA - BASMATI RICE 3 Month 6 Month 1 Yr Arborio 5% broken white rice 28.5% 26.4% 20.0% VIETNAM - LG FRAGRANT RICE 3 Month 6 Month 1 Yr Traditional White Basmati Rice 2% 13.7% 14.2% 16.4% Fragrant Rice 5% Broken 9.5% 8.3% 9.8% Traditional Brown Basmati Rice 2% 16.4% 20.9% 22.7% B = INDICATES BENCHMARK KDM Fragrant Rice 5% Broken 33.3% 26.3% 21.3% Traditional Parboiled Milled Basmati Rice 2% 19.7% 18.0% 17.9% Pusa White Basmati Rice 2% 11.6% 15.2% 15.8% 3 Month 6 Month 1 Yr VIETNAM - LG GLUTINOUS RICE Pusa Brown Basmati Rice 2% 16.7% 15.5% 17.3% Volatility Index Explained White Glutinous Rice 10% Broken N/A N/A N/A Pusa Parboiled Milled Basmati Rice 2% 16.3% 20.2% 20.8% 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% 12.8% 25.0% 20.8% CAMBODIA - LG WR The higher the percentage, the more volatile the price assessed. 5% Broken B 8.2% 9.0% 8.4% 1121 Parboiled Milled Basmati Rice 2% 13.3% 17.0% 25.2% 10% Broken 8.3% 8.8% 8.4% MYANMAR - LG WR 3 Month 6 Month 1 Yr Example: If the 3 Month volatility of Pakistani 5% broken white rice 25% Broken 14.7% 13.7% 11.3% 5% Broken 7.1% 14.2% 11.4% was 18.3%, compared to 10.6% for Indian 5% broken white A1 Super Broken 10.9% 21.8% 19.0% rice, Pakisani 5% broken white rice could be said to be the more 25% Broken 9.5% 8.2% 11.1% volatile variety. CAMBODIA - LG FRAGRANT RICE 3 Month 6 Month 1 Yr B1 & B2 Broken 6.5% 7.8% 9.9% Phka Malis(Wet Season) 5% Broken STX 20.4% 17.9% 15.6% 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 16.5% 14.3% 17.5% Parboiled Milled Rice 5% STX 6.0% 12.7% 9.8% the team at [email protected] Fragrant 100% Broken A1 Super 7.3% 25.3% 21.4% Page 03

Bangladesh Thailand • TREA forecasts 2018 Egypt • Government raises • Government will allow rice import tariff from milled rice exports at paddy, white and brown 2% to 28% 10 million MTS rice imports to cover (page 12) (page 5) requirements (page 12)

USA • KCCO cancels tender for 17,000 MTS of white rice; will retender on 12 June • Col-Rice holds import licence Pakistan auction; results are pending • TCP awards the full (page 7) 3,000 MTS of white rice in its 1 June Vietnam • Milled rice exports domestic tender totalled 2.43 million (page 6) South America MTS during January - • Uruguayan exports totalled April 2018 53,460 MTS during May 2018 (page 6) • Argentina sells 30,000 MTS of paddy to Venezuela (page 8)

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Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Thailand Report Date: 08/06/2018 The Thai market was quiet and exporters returns for fragrant rice varieties have THAILAND - LONG GRAIN WHITE RICE CHANGE PRICE Export Statistics lowered their parboiled and white rice offers encouraged a significant increase in fragrant 100% Grade B -7 $430 Unofficial and preliminary rice B to attract fresh demand. Covering of recent rice planting in the northeast. Exports are 5% Broken B -7 $420 exports (excluding premium white tender sales to the Philippines’ National forecast to fall to 10.5 million MTS (milled 10% Broken -7 $418 and fragrant rice) for 14 - 20 May 2018 Food Authority has concluded and an equivalent, -9.7%) due to the liquidation of 15% Broken -10 $410 totalled 152,116 MTS, down by 23,351 off-season harvest is expected to begin to government old crop stocks. Exports of white 25% Broken -9 $400 MTS from the previous week. Rice arrive on to the market within the next two and parboiled rice between January – April A1 Super 100% Broken -6 $370 exports from 1 January - 20 May 2018 weeks, putting additional pressure on long 2018 increased by 4.9% and 22.2% year-on- totalled 3,547,147 MTS. grain prices. Thai 5% broken white rice and year to 1.83 million MTS and 979,230 MTS THAILAND - LONG GRAIN PARBOILED RICE CHANGE PRICE Parboiled 100% STX are both assessed down respectively. However, fragrant and glutinous Parboiled Milled Rice 100% STX B -5 $420 to US $420 PMT FOB. A1 Super 100% broken rice exports have declined by 22% and 2.9% Parboiled Milled Rice 100% -5 $410 white rice also closed the week assessed over the same period to 723,397 MTS and Parboiled Milled Rice 5% STX -5 $415 down to US $370 PMT FOB as supply 150,910 MTS respectively. Both consumption Parboiled Milled Rice 5% -5 $405 improved. and ending stocks are expected to decrease to 11.5 million MTS (-4.2%) and 2.75 million THAILAND - LONG GRAIN FRAGRANT RICE CHANGE PRICE There continued to be a firm undertone to MTS (milled equivalent, -34.3%) respectively. (FOB FCL) the fragrant rice market, with the local price Hom Mali White Rice 100% Grade B +20 $1,210 of Hom Mali 100% Grade B increasing by Thai 2019 milled rice production is forecast Hom Mali White Rice A1 Super 100% Broken -2 $450 THB 40 per 100kg (US $12.50 PMT) this week, to increase again to 21.2 million MTS (+3.9%), Pathumthani Fragrant 100% Grade B 0 $892 according to the Department of Internal with harvested area expected to rise to Trade. Our assessment of Hom Mali 100% 11.1 million hectares (+4.3%). As a result of THAILAND - LONG GRAIN GLUTINOUS RICE CHANGE PRICE Grade B closed the week up to US $1,210 increased production, exports are forecast (FOB FCL) PMT FOB FCL, which is the highest ever LRI to rise to 11 million MTS (milled equivalent, White Glutinous Rice 10% Broken -15 $627 price assessment for this variety. However, +4.8%). Consumption is expected to continue White Glutinous Rice 10% Broken (Sanpathong) -32 $640 international demand remained extremely to decline to 11 million MTS (-4.3%) and White Glutinous 100% Broken Rice A1 0 $515 quiet, with buyers reporting that they have ending stocks are forecast to increase to 3.19 switched to purchasing Vietnamese KDM million MTS (milled equivalent, +16%). 4 Week and Cambodian Phka Malis. White Glutinous CURRENCY THB rice 10% broken is assessed down to US $627 The Thai Rice Exporters’ Association (TREA) Range PMT FOB FCL, with slow demand reported. has raised its target for 2018 exports from 1 USD $ 32.08 31.79 - 32.28 9.5 million MTS to 10 million MTS, according According to the USDA, Thai 2018 milled to local reports. The revision follows better rice production is forecast to increase by than expected sales during January – April; 6.1% year-on-year to 20.4 million MTS. This is Thailand exported 3.31 million MTS during based on favourable weather conditions, in this period, which is a 38% year-on-year addition to expected increases in harvested increase and a higher export volume than area (10.7 million hectares, +4.3%) and the India, Vietnam or Pakistan. TREA attributes average field yield (2.89 MTS/ha, +1.8%). the export growth to improved demand from Substantial increases in irrigated land in several destinations. the north, northeast and central plains also encouraged planting. Favourable financial Page 05

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Report Date: 08/06/2018 Vietnam Pakistan PAKISTAN - LONG GRAIN WHITE RICE CHANGE PRICE The Vietnamese white rice market had a Domestic demand continued to support The Trading Corporation of Pakistan 5% Broken B -2 $433 soft undertone as the Summer/Autumn awarded Garibsons the full 3,000 MTS of 10% Broken -2 $428 the price of Fragrant 5% broken, which B off-season crop began to arrive on to the is assessed unchanged at US $560 PMT Pakistani white rice in its 1 June domestic 15% Broken -2 $423 market. The bulk of the harvest is not due FOB. KDM 5% broken is assessed down tender. The awarded price was PKR 53.67 25% Broken 0 $390 to arrive until mid/late July and the quality to US $690 PMT FOB as lower offers were per kg (US $462 PMT) CFR Cotonou, with 100% Broken Rice +2 $340 of early arrivals is reportedly poor. Market available. Glutinous rice demand from the rice ultimately destined for Niger. 386 2% Broken -5 $625 participants reported that local sellers are buyers in China remained subdued and Local market activity remained minimal PAKISTAN - LONG GRAIN PARBOILED RICE CHANGE PRICE blending the Winter/Spring and Summer/ White Glutinous 10% broken is assessed due to slow demand and Ramadan, Parboiled Milled Rice 5% Broken STX B -5 $440 Autumn crops with fragrant rice varieties unchanged at US $492 PMT FOB FCL. although exporters believe that this will Parboiled Milled Rice 15% Broken STX -5 $435 for sales in the domestic market and that change after Eid al-Fitr (14 – 15 June). PAKISTAN - BASMATI RICE (FOB FCL) CHANGE PRICE shipments to the Philippines, Indonesia and Vietnamese milled rice exports during Many exporters anticipate that the Super Kernel White Basmati Rice 2% B -10 $1,040 Cuba are also being covered with a blend of the first four months of 2018 totalled Rupee will depreciate following Eid and Super Kernel Brown Basmati Rice 2% 0 $990 rice from the Summer/Autumn and Winter/ 2.43 million MTS, according to the USDA. that local traders will raise their prices in Super Kernel Parboiled Milled Basmati Rice 2% 0 $1,100 Spring crops. Exporters were not willing to response. Pakistani 5% broken white rice Exports during April totalled 791,210 MTS, 1121 Steam Basmati Rice 2% 0 $1,250 accept lower bids for Winter/Spring crop closed the week assessed down to US up by 28.9% year-on-year. Of this volume, 1121 Parboiled Milled Basmati Rice 2% 0 $1,170 white rice due to its higher quality and as fragrant rice comprised 250,707 MTS $433 PMT FOB, with a normalised trade supply tightens and 5% broken white rice (+75.5%), 15% broken white rice comprised to Russia reported at this level. Indian closed the week assessed up to US $453 PMT 194,215 MTS (+308%), 5% broken white rice 100% broken white rice closed the week CURRENCY PKR 4 Week Range FOB. Offers of Summer/Autumn crop 5% comprised 151,410 MTS (+11.6%), glutinous assessed up to US $340 PMT FOB as broken white rice were reported at around rice comprised 139,913 MTS (-23.4%), 100% stockholders held their positions in the 1 USD $ 115.88 114.79 – 116.08 US $440 PMT FOB. White rice sales remained broken white rice comprised 8,544 MTS hope of fresh demand, with limited local slow, although enquiries from private buyers (-53.4%), 25% broken white rice comprised market trade. Parboiled 5% STX closed The Basmati market had a firm undertone in the Philippines were reported. 1,965 MTS (-85.3%) and 10% broken white the week assessed down to US $440 PMT due to domestic demand as Pakistanis rice comprised 365 MTS (-96.4%). FOB as lower offers were available. observed Iftar, although demand from Middle Eastern buyers remained minimal. Super For an update on local prices, production Planting has been delayed in some Kernel Basmati stocks continued to tighten and vessel loading, please see page 13. areas of Sindh due to irrigation water due to ongoing European sales, although CURRENCY VND 4 Week Range shortages; growing beliefs that the Super Kernel White Basmati 2% broken is non-Basmati harvest may not begin until assessed down to US $1,040 PMT FOB FCL 1 USD $ 22,778 22,733 – 22,927 October have caused local sellers to hold as lower offers were available. Pakistani 1121 on to their stocks. According to local Parboiled Basmati 2% broken closed the week VIETNAM - LONG GRAIN WHITE RICE CHANGE PRICE reports, planted area in Punjab will total assessed unchanged at US $1,170 PMT FOB 5% Broken B +5 $453 4.4 million acres (1.78 million hectares). FCL, with local demand reported. Demand for 10% Broken +5 $448 Of this total, 380,000 acres (153,780ha) 386 2% broken white rice remained subdued 15% Broken B +2 $442 will be planted in Sailkot District, 82,000 and this variety is assessed down to US $625 25% Broken -4 $425 acres (33,184ha) will be planted in Daska, PMT FOB FCL. 100% Broken Rice +3 $378 47,000 acres (19,020ha) will be planted VIETNAM - LONG GRAIN FRAGRANT RICE CHANGE PRICE in Sambrial and 180,000 acres (72,843ha) Fragrant Rice 5% Broken 0 $560 will be planted in Pasrur Tehsil. KDM Fragrant Rice 5% Broken -5 $690 VIETNAM - LONG GRAIN GLUTINOUS RICE CHANGE PRICE White Glutinous Rice 10% Broken 0 $492 Page 06

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 USA Report Date: 08/06/2018 The U.S. Kansas City Commodity Office at US $310 PMT FOB bulk NOLA. Paddy U.S.A. - GULF LONG GRAIN RICE CHANGE PRICE Export Statistics (KCCO) cancelled its 6 June domestic trade to Honduras for September shipment U.S. #2, 4% Broken, Hard Milled (FOB Lake Charles) 0 $650 For the period 25 - 31 May 2018, net sales of tender for 17,000 MTS of U.S. #2, 7% was reported and new crop paddy offers U.S. #2, 4% Broken, Hard Milled (FOB bulk NOLA) B -5 $535 146,200 MTS were recorded for: broken long grain rice. The KCCO will for October shipment were reported at US U.S. #3, 15% Broken, Hard Milled (FOB bulk NOLA) -5 $525 Country Volume (MTS) U.S. #5, 20% Broken, Hard Milled (FOB Lake Charles) -5 $535 retender for this volume on 12 June; the $335 PMT CIF Central American ports. Mexico 123,900 volume is destined for Burkina Faso. U.S. #1, Parboiled Milled 4% Broken (FOB bulk NOLA) 0 $550 Haiti 15,000 Please click here for more details. A Col- The KCCO awarded 1,800 MTS of U.S. #5, U.S. #2, Paddy, 55/70 Yield (FOB bulk NOLA) 0 $310 Rice auction was held yesterday (7 June) 20% broken fortified long grain rice in its Southern Flour Quality Broken Rice (ex-works) 0 $353 Honduras 5,000 for 14,995 MTS worth of import licences; 5 June tender. Supreme Rice was awarded Southern Pet Food Quality Broken Rice (ex-works) +16 $325 Canada 1,600 results are pending. Some market the full volume, with 1,000 MTS awarded U.S.A - CALIFORNIAN MEDIUM GRAIN RICE CHANGE PRICE Colombia 600 participants believe that the results of this at a price of US $507.72 PMT delivered U.S. #1, 4% Broken (FAS FCL) 0 $990 Exports for the same period reached 208,400 auction and the KCCO’s 12 June tender intermodal bridge Houston and 800 MTS U.S. #1 Paddy, 58/69 Yield (Ex-Works) 0 $542 will signify the start of a bearish milled awarded at US $513.53 PMT delivered MTS. The primary destinations were: long grain market. Aside from trade to intermodal bridge Houston. The rice is Country Volume (MTS) regular buyers, milled long grain demand destined for Cambodia; please click here Mexico 134,600 has been minimal for months and the for more details. In its last tender for U.S. Haiti 30,500 volatility in paddy futures pricing since #5, 20% broken fortified long grain rice Colombia 28,800 on 2 May, the KCCO awarded Beaumont the end of May has yet to affect milled Guatemala 8,000 rice prices. U.S. #2, 4% broken white rice Rice Mills 1,600 MTS at US $494.93 PMT Canada 1,900 closed the week assessed down to US $535 delivered intermodal bridge Houston. The CBOT Rough Rice Futures PMT FOB bulk NOLA and unchanged at KCCO will also retender for 2,500 MTS of Net Change Net Change Thursday’s Net Change from Thursday’s Net Change from from previous from previous US $650 PMT FOB Lake Charles. Due to the U.S. #5, 20% broken fortified long grain Month Close Price Wednesday Close Price Wednesday Thursday Thursday recent slowdown in milling, U.S. Southern rice, which were not awarded in its 5 June cwt cwt PMT PMT cwt PMT Pet Food Quality broken rice is assessed tender. The retender will be held on 19 June July 2018 $11.22 -$0.34 -$0.35 $247.25 -$7.50 -$7.61 up to US $325 PMT ex-works, with many and the volume is still destined for the September 2018 $10.85 -$0.32 -$0.49 $239.20 -$7.05 -$10.80 mills reluctant to make fresh offers for Ivory Coast. For more information on this November 2018 $11.05 -$0.32 -$0.49 $243.61 -$6.94 -$10.80 delivery before the harvest. Although the retender, click here. January 2019 $11.25 -$0.38 -$0.46 $247.91 -$8.38 -$10.14 USDA recorded net sales of 146,200 MTS March 2019 $11.25 -$0.38 -$0.46 $247.91 -$8.38 -$10.14 for 25 – 31 May (a marketing year high), Planting has now concluded in California, May 2019 $11.25 -$0.38 -$0.46 $247.91 -$8.38 -$10.14 93,500 MTS of this volume were late- with most market participants estimating July 2019 $11.25 -$0.38 -$0.46 $247.91 -$8.38 -$10.14 recorded sales which were not concluded total planted area at 505,000 – 515,000 All figures rounded to two decimal places. in this period. acres (204,366 – 208,413ha). Calrose trade liquidity remained minimal and U.S. #1, USDA Rice Condition (%) USDA Rice Emerged (%) The price of paddy was under pressure 4% broken white rice closed the week State Very Poor Poor Fair Good Excellent 3 June 27 May 3 June 2013-17 assessed unchanged at US $990 PMT FAS State early in the week after the CBOT Rough Arkansas 1 3 26 56 14 2017 2018 2018 Average Arkansas 99 95 99 94 Rice Futures’ nearby July contract fell by FCL Oakland. South Korea’s Agro-Fisheries California - - 10 85 5 California 47 42 77 72 US $0.50 per cwt (US $11.02 PMT) between and Food Trade Corporation is considering Louisiana - 4 26 63 7 Louisiana 100 99 100 98 4 – 5 June. However, this contract then a new medium grain tender; market Mississippi - - 16 56 28 Mississippi 97 84 92 89 gained US $0.61 per cwt (US $13.45 PMT) participants are unsure when it will be Missouri - 5 27 51 17 Missouri 90 83 96 92 on 6 June, before falling by US $0.34 per announced, but delivery will be required Texas - 5 30 55 10 Texas 98 89 95 95 cwt (US $7.50 PMT) on 7 June. U.S. #2 after the new crop harvest. 6 States - 3 23 62 12 Paddy, 55/70 Yield is assessed unchanged 6 States 90 85 95 91 Page 07 Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 South America Report Date: 08/06/2018 The Brazilian truckers’ strike ended reported trade to Peru, Guatemala and S. AMERICA - LONG GRAIN WHITE RICE CHANGE PRICE CURRENCY BRL 4 Week Range at the start of the week, although Costa Rica. Uruguayan rice exports in Uruguayan 5% Broken (FOB FCL) 0 $500 exporters remained cautious about May 2018 totalled 53,460 MTS, according ArgentineUruguayan 5% Olímar Broken 5% (FOB Broken FCL) (FOB FCL) -60 $510$490 1 USD $ 3.90 3.55 – 3.95 concluding fresh trade in case of to Uruguay XXI. This represents a 46% Argentine 5% Broken (FOB FCL) -5 $485 Brazilian 5% Broken (FOB FCL) 0 $460 CURRENCY ARS 4 Week Range continued logistical issues. According month-on-month decrease and a Brazilian Broken5% Broken Rice (FOB (1/2 Grain)FCL) (FOB Bulk) +20-3 $475$325 to market participants, trucking costs 26.7% year-on-year decrease. Paddy ParaguayanBrazilian Broken 5% Broken Rice (1/2 (FOB Grain FCL) Brokens) (FOB Bulk) -50 $320$375 1 USD $ 24.98 22.35 – 25.05 increased by around 40% following comprised 280 MTS of this volume, Paraguayan 5% Broken (FOB FCL) +5 $400 CURRENCY UYU 4 Week Range the end of the strike and freight costs brown rice comprised 8,359 MTS, milled S. AMERICA - LONG GRAIN PARBOILED CHANGE PRICE increased by US $50 per FCL. Although rice comprised 44,014 MTS and broken (FOB FCL) 1 USD $ 31.21 29.02 – 31.43 the Real depreciated by 3.49% from rice comprised the remaining 807 MTS. Brazilian Parboiled Milled 5% Broken STX +20 $475 1 – 7 June, the average price of paddy Exports during 2018 so far totalled 366,726 Uruguayan Parboiled Milled 5% Broken STX +3 $515 CURRENCY PYG 4 Week Range in Rio Grande do Sul increased by 2.2% MTS (-6.98%) as of 31 May. Iraq imported Brazilian Paddy Prices - 08/06/17 - 07/06/18 1 USD $ 5,698 5,563 - 5,765 during the same period to BRL 38.10 the largest volume of Uruguayan rice Source: ESALQ per 50kg (US $195.25 PMT). Brazilian 5% during this period (milled, 93,000 MTS), broken white rice and Parboiled 5% STX followed by Peru (milled, 74,772 MTS), both closed the week assessed up to Venezuela (paddy and milled, 46,756 MTS) US $475 PMT FOB FCL. Brazilian broken and Mexico (milled, 30,870 MTS). rice closed the week assessed down to US $320 PMT FOB due to slow demand. A 30,000 MT paddy sale to Venezuela, Results of Costa Rica’s 30 May tender white rice demand from Central American for at least 19,363 MTS of paddy are yet destinations and brown rice enquiries to be confirmed, although speculation from Europe were reported in the that TRC was awarded the full volume Argentine market this week. A 12,000 and that it would source the award MT sale of Argentine 100% broken rice from Brazil persisted. Two vessels were to Africa for July shipment was also loading rice in Rio Grande Port as of 7 reported. However, Brazilian enquiries June; Casillo was loading 30,000 MTS were minimal and some exporters were of paddy and Rivelin was loading 6,000 willing to lower their offers to conclude MTS of rice pellets. Casillo was also business. Argentine 5% broken white rice waiting to load a further 30,000 MTS of closed the week assessed down to US paddy and Densa Sea Lion was waiting $485 PMT FOB FCL. to be loaded with 28,500 MTS of paddy. South American Export Statistics (MTS) The depreciation of the Brazilian Real Country Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Demand from regular buyers supported against the U.S. Dollar curtailed Brazilian 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 Uruguayan rice prices, with 5% broken purchases of Paraguayan rice this Brazil 2018 161,324 163,549 193,565 95,845 614,283 white rice assessed unchanged at US week, although the processing of last 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 $500 PMT FOB FCL. Olímar 5% broken month’s sale to Iraq continued to occupy white rice is also assessed unchanged Paraguayan mills. Paraguayan 5% broken Argentina 2018 11,999 24,543 36,543 at US $510 PMT FOB FCL based on white rice is assessed up to US $400 PMT 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 reported trade to Mexico. Parboiled FOB FCL as lower offers were no longer Uruguay 2018 83,019 107,185 25,598 97,464 53,460 366,726 5% STX closed the week assessed up available. to US $515 PMT FOB FCL based on Sources: IRGA; Ministerio de Agroindustria de Argentina; Uruguay XXI Page 08 Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018

India Report Date: 08/06/2018 Indian non-Basmati demand remained MTS of Parboiled 5% broken for Guinea INDIA - LONG GRAIN WHITE RICE CHANGE PRICE INDIA - BASMATI RICE (FOB FCL) CHANGE PRICE subdued as buyers waited for prices to and Robiul Islam was loading 6,000 MTS of 5% Broken B -2 $408 Traditional White Basmati Rice 2% +5 $1,131 soften. Although an 0.36% appreciation of Parboiled 5% broken for Bangladesh. Milled 25% Broken -8 $375 Traditional Brown Basmati Rice 2% -4 $950 the Rupee against the U.S. Dollar between rice stocks in the Food Corporation of India’s 100% Broken Rice -3 $305 Traditional Parboiled Milled Basmati Rice 2% +4 $981 1 – 6 June initially supported prices, the (FCI) central pool totalled 25.36 million MTS Swarna 5% Broken 0 $420 Pusa White Basmati Rice 2% +7 $997 increase of Bangladesh’s import tariff as of 1 May 2018. This represents a 1.97% Sharbati 2% Broken -1 $799 Pusa Brown Basmati Rice 2% +50 $900 Pusa Parboiled Milled Basmati Rice 2% +28 $888 from 2% to 28% on Thursday (7 June, see increase from 1 April 2018 and a 11.1% increase INDIA - LONG GRAIN PARBOILED RICE CHANGE PRICE 1121 White Basmati Rice 2% +5 $1,131 page 12) put renewed pressure on prices. year-on-year. Paddy stocks in the FCI’s central Parboiled Milled Rice 5% STX +5 $395 Indian 5% broken white rice closed the pool totalled 6.54 million MTS in May, down 1121 Parboiled Milled Basmati Rice 2% +10 $1,040 week assessed down to US $408 PMT by 15.2% from April and down by 29.9% year- State Rice Procurement (MMTS) FOB based on reported trade to Ghana on-year. CURRENCY INR 4 Week Range and 25% broken white rice closed the Source: Food Corporation of India week assessed down to US $375 PMT Middle Eastern and domestic demand for State 2016/17 2017/18* 1 USD $ 67.61 66.82 – 68.48 FOB as lower offers were available. Rice milled and parboiled Basmati increased Andhra Pradesh 3.72 3.74 stocks in Senegal remained high and ahead of the end of Ramadan (14 June). The Telangana 3.60 3.57 Indian and Pakistani Basmati exports to the subsequently sales of broken rice were appreciation of the Rupee also supported slow; 100% broken white rice closed Basmati prices, with 1121 Parboiled Basmati Assam 0.05 0.02 E.U. (MTS) - 05/06/18 the week assessed down to US $305 2% broken assessed up to US $1,040 PMT FOB Bihar 1.23 0.79 Source: European Commission’s D.G. of Agriculture and PMT FOB. Buyers in Benin continued to FCL. European enquiries supported the price Chandigarh 0.01 0.01 Rural Development make parboiled rice enquiries, although of Pusa Brown Basmati 2% broken, which is Chhattisgarh 4.02 3.21 Country India Pakistan Total concluded trade was minimal. Parboiled assessed up to US $900 PMT FOB FCL. Gujarat 0.00 0.00 2014/15 (Sep. - Aug.) 187,455 128,430 315,885 5% STX closed the week assessed up to Haryana 3.58 3.99 2015/16 (Sep. - Aug.) 228,912 118,264 347,176 US $395 PMT FOB as lower offers were no Water levels in India’s 91 major reservoirs Himachal Pradesh 0.00 0.00 longer available following the currency totalled 26.7 billion cubic metres as of 7 June, 2016/17 (Sep. - Aug.) 212,960 89,787 302,747 movements. according to the Ministry of Water Resources, Jharkhand 0.14 0.14 2017/18 (Sep. - Aug.) 199,341 153,173 352,515 River Development and Ganga Rejuvenation. Jammu and Kashmir 0.00 0.01 Year-on-year change, -6.40% +70.6% +16.4% Two vessels were being loaded with a This represents 17% of the reservoirs’ total Karnataka 0.00 0.00 2016/17 - 2017/18 total of 43,000 MTS of rice in Kakinada capacity and is a 3.61% decline from 31 May Kerala 0.31 0.33 Port on 4 June, a 16.2% increase in volume and down by 17% year-on-year. Please see the Madhya Pradesh 1.31 1.10 from 31 May. Olam was loading 37,000 table below for more details: Maharashtra 0.31 0.17

Water Level as of Odisha 3.63 3.01 Number of Total Storage Capacity Change year- Region 07/06/18 (billion Reservoirs (billion cubic metres) on-year Punjab 11.10 11.83 cubic metres) Northern 6 18.01 2.57 -45.1% Rajasthan 0.00 0.00 Eastern 15 18.83 4.01 -11.3% Tamil Nadu 0.14 0.78 Western 27 31.26 4.39 -26.1% Uttar Pradesh 2.35 2.88 Central 12 42.30 9.42 -28.1% Uttrakhand 0.71 0.04 Southern 31 51.59 6.34 +75.6% West Bengal 1.92 0.05 Total 91 161.99 27.7 -17% Total 38.11 35.66 *Procurement up until 08/06/18 Page 09

Europe E.U. Rice Prices - 05/06/18 Cumulative Imports Our assessments of Italian Indica 5% broken white rice E.U. rice imports during the first eight months of 01/09/17 - 05/06/18 and Arborio 5% broken white rice are both unchanged the 2017/18 marketing year (September – August) Source: European Commission’s D.G. of Agriculture Source: European Commission’s D.G. at EUR €510 PMT ex-works and EUR €650 PMT ex-works totalled 840,451 MTS (milled equivalent, excluding and Rural Development (Prices EUR € PMT Ex-Market) respectively, with minimal market activity reported. broken rice), up by 1.98% year-on-year, according of Agriculture However, market participants expect demand for Indica to the E.U. Commission. Milled/semi-milled rice Previous Country Volume (MTS) Country Paddy Price Week paddy from Italian mills to improve in the coming days, imports totalled 491,215 MTS (+1.02%), broken rice Belgium 61,304 which could lead to an increase in Indica paddy and imports totalled 299,513 MTS (+27.3%), husked Balilla €331.00 €336.00 Bulgaria 10,098 milled prices next week. Planting of the 2018 crop is Basmati imports totalled 226,255 MTS (+31%), Italy Ribe €384.00 €384.00 Czech Republic 31,399 concluding and although harvesting is due to begin in husked non-Basmati imports totalled 113,215 MTS Thaibonnet €307.00 €288.00 Denmark 8,438 September, one mill believed that new crop paddy may (-16.6%) and paddy imports totalled 9,767 MTS Japonica €327.09 €327.09 Germany 81,275 Spain not be available until October. (-66.8%). Imports under the Everything But Arms Indica €314.26 €314.26 Estonia 553 (EBA) agreement totalled 233,574 MTS (milled Japonica N/Q N/Q Ireland 2,327 equivalent, excluding broken rice, -1.96%) during Portugal Indica N/Q N/Q Greece 7,400 the same period. Rice imported in packages LRI Assessment Moyen N/Q N/Q Spain 50,567 weighing less than 5kg totalled 48,773 MTS (+7.4%) France 144,744 ITALY - WHITE RICE CHANGE PRICE and rice imported in 5 – 20kg packages totalled Greece Japonica €306.00 €287.00 Indica 5% broken white rice (ex-works) 0 €510 162,821 MTS (+8.51%). Indica €281.00 €290.00 Croatia 2,831 Arborio 5% broken white rice (ex-works) 0 €650 Japonica N/Q €403.04 Italy 69,379 Romania Indica €309.47 N/Q Cyprus 2,560 Paddy Prices - 05/06/18 Milled Prices - 29/05/18 Bulgaria Japonica €268.43 €268.43 Latvia 2,004 Ex-Vercelli, Italy Ex-Vercelli, Italy Lithuania 8,965 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 11,788 Rond €650.00 €650.00 Previous Previous Malta 36 ‘Maximum’ ‘Minimum’ Variety ‘Maximum’ Variety ‘Minimum’ Italy Ribe €710.00 €710.00 Price Price Netherlands 107,989 Price Price Thaibonnet €580.00 €580.00 Austria 4,586 Balilla, Centauro and similar €331.00 €336.00 Originario €570.00 €570.00 Japonica €553.54 €553.54 Poland 74,015 Sole CL €279.00 €284.00 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 54,070 Japonica €855.34 €872.90 Ribe €384.00 €384.00 Roma €600.00 €600.00 Romania Romania 2,524 Indica €644.73 €670.30 Loto and similar €384.00 €384.00 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 €336.00 €336.00 Augusto €670.00 €670.00 Japonica €680.00 €680.00 France Finland 1,426 Arborio €620.00 €620.00 Indica €620.00 €600.00 Roma and similar €336.00 €336.00 Sweden 22,663 Carnaroli €640.00 €640.00 Baldo and similar €433.00 €433.00 Previous UK 198,524 Thaibonnet €540.00 €510.00 Country 100% Broken Price Week Arborio and Volano €335.00 €335.00 Total 961,602 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 $ 0.85 0.83 – 0.87 Thaibonnet €640.00 €610.00 Page 10

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Cambodia Myanmar Report Date: 08/06/2018 Despite enquiries from European CAMBODIA - LONG GRAIN WHITE RICE CHANGE PRICE Loading of both LDC’s and MOI’s CHANGE PRICE buyers, market participants reported MYANMAR - LONG GRAIN WHITE RICE 5% Broken B 0 $480 vessels continued in Yangon 5% Broken (FOB FCL) 0 $435 a slowdown in white rice sales as 10% Broken 0 $475 Port, with traders reporting that 25% Broken (FOB Bulk) 0 $341 buyers showed a preference for more 25% Broken -5 $460 weather conditions had improved B1 & B2 Broken (FOB FCL) 0 $310 competitively priced and higher A1 Super 100% Broken -10 $380 substantially since last week’s MYANMAR - LONG GRAIN PARBOILED RICE CHANGE PRICE quality rice from origins such as storms. Both vessels are now Parboiled Milled Rice 5% STX (FOB FCL) 0 $460 Myanmar. Cambodian 25% and 100% CAMBODIA - LONG GRAIN FRAGRANT RICE CHANGE PRICE expected to leave port between 12 broken white rice are both assessed Phka Malis (Wet Season) 5% Broken STX -65 $980 – 14 June and a Phoenix vessel is still down to US $460 PMT FOB FCL and Sen Kra Ob (Dry Season) 5% Broken STX -10 $880 anticipated to arrive later this month CURRENCY MMK 4 Week Range US $380 PMT FOB FCL respectively Fragrant 100% Broken A1 Super 0 $475 to be loaded with 25% broken white as lower offers were available. Export Statistics (MTS) rice. Regular cross-border white 1 USD $ 1,356 1,331 – 1,357 Cambodian 5% broken white rice is Source: Mekong Oryza rice trade with China continued, assessed unchanged at US $480 PMT although African demand remained Federation hopes that this prospective deal will FOB FCL. subdued, with one trader reporting help achieve its aim for Myanmar to export more Month 2017 2018 Change that many African buyers would than 3 million MTS in the current financial year Phka Malis and Sen Kra Ob supplies require offers of 25% broken white and 4 million MTS by 2020/21. remain extremely tight, with many January 48,820 62,623 +28.30% rice to be US $15 - $25 PMT cheaper exporters unable to offer Phka Malis. February 60,731 47,809 -21.28% to be competitive in their local However, Phka Malis 5% broken STX markets. Myanmar 25% broken and Sen Kra Ob 5% broken STX are March 57,127 50,683 -12.70% white rice is assessed unchanged both assessed down to US $980 PMT April 45,716 36,239 -20.73% at US $341 PMT FOB. B1 & B2 broken FOB FCL and US $880 PMT FOB FCL May 45,243 white rice and 5% broken white respectively as lower offers were rice are also assessed unchanged at June 30,925 available. Strong Sen Kra Ob demand US $310 PMT FOB FCL and US $435 from buyers in Malaysia and Europe July 27,354 PMT FOB FCL as lower offers were was reported. The Sen Kra Ob main no longer available. Many exporters August 56,274 crop harvest is due to arrive on to are reportedly unwilling to make the market at the end of August/ September 49,776 fresh offers of 5% broken white rice beginning of September. October 70,776 as much of their remaining stock is already committed to existing Japanese and Cambodian officials are November 70,122 orders. discussing the launch of a bilateral December 73,442 programme to use Cambodian rice husks to generate power, Total 635,679 197,354 The Myanmar government is still according to local reports. Rice husks negotiating a Memorandum of via grants. It is hoped that the programme will have would be processed in a specially Understanding with China’s Yunnan positive impacts on both the environment and constructed silo to generate around 2 Province to export 1 million MTS farmers’ incomes. megawatts of electricity per hour for of rice in the 2018/19 financial year, approximately 10 years. The project according to local reports. Under will cost an estimated US $6 million, the deal, Myanmar is expected with 50% of the cost expected to be to import agricultural equipment and appliances. The Myanmar Rice funded by the Japanese government Page 11

Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Other News Report Date: 08/06/2018 Bangladesh Costa Rica OPEC The Bangladeshi government increased the import The USDA has forecast that Costa Rican 2018 paddy Oil production by the Organization of Petroleum duty on rice from 2% to 28% to protect farmers from production will increase by 15% year-on-year to 150,000 Exporting Countries (OPEC) fell by 70,000 barrels per competitive import prices. The government lowered MTS. Production in 2017 was affected by Tropical Storm day in May to 32 million barrels per day, the lowest its import duty from 28% to 2% last year in response to Nate, which hit the country in October. Rice is principally level since April 2017, according to reports. This was crop losses caused by repeated flooding, with both the produced in the Northern Pacific Region (56% of total mainly the result of reduced production in Venezuela government and private traders importing unusually output), followed by the Southern and Central Pacific and Nigeria and as OPEC seeks to reduce output by high volumes of rice as a result. Bangladesh is currently regions (16% each), the Northern Region (11%) and the around 1.2 million barrels per day as part of a deal harvesting its Boro crop, which the government believes Atlantic Region (1%). with non-OPEC producers to eliminate excess supply. will total 19.7 million MTS (milled equivalent), exceeding Due to the reduced production in 2017, 2018 imports are Venezuelan oil production was recorded at 1.45 million its target of 19 million MTS. forecast to increase to 140,000 MTS (milled equivalent, barrels per day in May, down by 50,000 barrels per day +4.64%). Under the Dominican Republic-Central America from April, as the domestic oil industry continues to Free Trade Agreement, Costa Rica’s 2018 Tariff Rate Quota be underfunded due to the ongoing economic crisis. is 63,000 MTS of paddy and 8,250 MTS of milled rice. In Nigerian output was affected by delayed and cancelled Egypt 2017, Costa Rica imported 132,111 MTS of paddy (+24.9%) crude oil shipments and Libyan production decreased due to power supply issues. These production declines Egypt will import paddy, white and brown rice to increase and 45,232 MTS of milled rice (-22%). U.S. import market offset slight increases in Saudi Arabian and Iraqi stocks and cover consumption requirements. It has not share in Costa Rica declined from 58% in 2014 to 42% in outputs. been decided whether the imports will be sourced by the 2017 as importers favoured rice from Brazil, Argentina and General Authority for Supply Commodities (GASC) or by Uruguay, which had a combined market share of 56% private buyers, what volume will be imported or when in 2017 (32% from Argentina and 12% each from Brazil imports will begin. However, market participants believe and Uruguay). Importers stated a preference for South that imports could consist of up to 500,000 MTS of milled American rice due a perceived high chalky content of U.S. U.N.’s FAO rice (white and brown) and 500,000 MTS of paddy. The rice. The FAO’s All Rice Price Index increased by 0.4 points Egyptian government has attempted to limit domestic The majority of rice sold in Costa Rica is 20% broken white (+0.17%) last month to 229.8 points, according to its rice production due to concerns regarding the nation’s rice (43% of sales) at a fixed price of CRC 604 per kg (US June 2018 report. The price of higher quality Indica water security as construction of the Grand Ethiopian $1,066 PMT), followed by 9% broken white rice (18%) at increased by 0.95% in May and the price of lower Renaissance Dam continues, with 820,000 feddans a fixed price of CRC 819 per kg (US $1,446 PMT) and 1% quality Indica increased by 1.37%. However, the price (344,400ha) allocated for 2018 planted area. However, broken white rice (14%) at a fixed price of CRC 845 per kg of Japonica remained stable month-on-month and farmers are expected to exceed this allocation by (US $1,491 PMT). Aromatic (fragrant and Basmati) prices decreased by 283,920ha for the upcoming crop. While GASC imported 1.36%. Please click here for more details. large volumes of rice in 2017, especially Indian Swarna rice, it has not made a significant purchase so far this year. No paddy has been imported since 2002.

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Email: [email protected] | Website: www.livericeindex.com | Tel: +44 (0) 203 904 4658 - © Copyright 2018 Other News Continued Report Date: 08/06/2018 AMIS Vietnam The Agricultural Market Information System (AMIS) There were 10 vessels being loaded a total of 183,300 MTS has released its latest forecast for world supply and of rice in Ho Chi Minh City Port as of 6 June. Vinafood 1 was demand. AMIS has forecast 2018/19 global milled rice loading three vessels bound for Indonesia (two with 22,000 production at 511.3 million MTS, a 1.33% increase from MTS each of white rice and one with 22,500 MTS of white 2017/18. Global trade in 2018/19 is forecast at 47.3 million rice), one vessel with 29,000 MTS of 5% broken white rice MTS (milled equivalent, -1.05%) and stocks are expected for Cuba and four vessels bound for the Philippines (three to increase to 173.8 million MTS (milled equivalent, with a total of 39,300 MTS of 25% broken white rice and one +1.46%). See the table below for more details and the with 10,000 MTS of 15% broken white rice). Tan Long was graphic for rice growing conditions. Please click here for loading 8,500 MTS of brown rice for South Korea and Pacific the full report. Legend was being loaded with 30,000 MTS of rice for Iraq. Two further Vinafood 1 vessels are due to arrive on 7 June 2017/18 2018/19 2017/18- 2018/19 bound for the Philippines; Neptune Star will be loaded with (est.) (f’cast) variance 20,000 MTS of 15% broken white rice and 3,000 MTS of 25% Production 504.6 511.3 +1.33% broken white rice and Truong Minh Ocean will be loaded Supply 673.7 682.6 +1.32% with 10,000 MTS of 15% broken white rice. Utilisation 504.1 509.3 +1.03% The local price of 5% broken white rice in the Mekong Delta Trade 47.8 47.3 -1.05% was unchanged at VND 10,000 – 10,100 per kg (US $438 – Ending Stocks 171.3 173.8 +1.46% $443 PMT) from 24 - 31 May, according to the Vietnam Food N.B. all figures million MTS, milled equivalent Association cited in local reports. The prices of 15% and 25% broken white rice were also unchanged at VND 9,700 – 9,800 per kg (US $425 – $430 PMT) and VND 9,450 – 9,550 per kg (US $414 - $418 PMT) respectively. As of 31 May, Summer/Autumn crop planted area in the Mekong Delta was 52.9% complete at 1 million hectares. An estimated 19,376ha were harvested, representing 1.12% of planted area. Winter/Spring crop harvesting has finished in the South Central Coast, South East and Mekong Delta provinces, but is only 44.2% complete in the Central Highlands provinces. Winter/Spring crop harvested area totalled 2 million hectares (98.5% of planted area), with an estimated average field yield of 6.81 MTS/ha.

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