(News resource: The Australian, May 31, 2011)
A LATE revolt by rice growers today saw Spanish giant Ebro Foods's $610 million bid for the SunRice Group thwarted, with the major grower group of shareholders supporting the move by an inadequate 67 per cent. It required 75 per cent of A class shareholder support before being considered by the B class shareholders, who in fact voted in favour of the deal by 76 per cent to 24 per cent. To pass, the deal needed 75 per cent of both classes.
2011-05-30
Global News: Rains Reach China’s Drought-Stricken Agricultural Land
(News resource: Bloomberg, May 31, 2011)
Rains reached China’s drought-affected regions along the Yangtze River today, two days earlier than forecast, which may limit damage to rice and other crops. Bloomberg's Susan Li also speaks. (Source: Bloomberg)
Global News: Philippine may import only 400,000 MT rice by 2012
(News resource: GMA News, May 27, 2011)
The Philippines may import only 300,000 to 400,000 metric tons of rice next year if this year's harvest exceeds the 17.4-million MT target, Agriculture Secretary Proceso Alcala said Friday. “It is likely that we may produce more than our self-imposed target of 17.4 million metric tons for 2011," he told reporters in a forum in Quezon City. Under the National Food Authority’s importation program, the 860,000 MT of rice to be imported this year is a third of the total importation in 2010.
The Philippines may import only 300,000 to 400,000 metric tons of rice next year if this year's harvest exceeds the 17.4-million MT target, Agriculture Secretary Proceso Alcala said Friday. “It is likely that we may produce more than our self-imposed target of 17.4 million metric tons for 2011," he told reporters in a forum in Quezon City. Under the National Food Authority’s importation program, the 860,000 MT of rice to be imported this year is a third of the total importation in 2010.
2011-05-27
Global News: India Remains Cautious on Food Exports
(News resource: WSJ, May 25, 2011)
India will not allow any wheat or rice exports from government stocks, despite ample supplies as the country is gearing up to soon introduce a food security law that guarantees cheap grains to 70% of the population, food minister said Wednesday. "Our draft (food security) bill is ready. We should have enough stocks. Any decision on exports will need to be taken on that basis," K.V. Thomas said in an interview. However, the minister added that he was open to allowing limited exports to private trade.
Please link to the webpage of WSJ for more details.
India will not allow any wheat or rice exports from government stocks, despite ample supplies as the country is gearing up to soon introduce a food security law that guarantees cheap grains to 70% of the population, food minister said Wednesday. "Our draft (food security) bill is ready. We should have enough stocks. Any decision on exports will need to be taken on that basis," K.V. Thomas said in an interview. However, the minister added that he was open to allowing limited exports to private trade.
Please link to the webpage of WSJ for more details.
2011-05-26
Global News: Tension on Ebro rice offer
(News resource: WEEKLY TIMES, May 26, 2011)
Tensions over the attempted takeover of NSW rice processor SunRice by Spanish food company Ebro Foods have increased. And both sides have been trying to win growers' votes. Most of the argument has centred on whether Ebro's $610 million offer fairly valued SunRice. Claim and counterclaim emerged after top shareholder Julian Menegazzo released a second evaluation of the company. Mr Menegazzo's independent expert DMR Corporate claimed SunRice adviser Lonergan Edwards and Associates had undervalued the company by about $100 million.
Tensions over the attempted takeover of NSW rice processor SunRice by Spanish food company Ebro Foods have increased. And both sides have been trying to win growers' votes. Most of the argument has centred on whether Ebro's $610 million offer fairly valued SunRice. Claim and counterclaim emerged after top shareholder Julian Menegazzo released a second evaluation of the company. Mr Menegazzo's independent expert DMR Corporate claimed SunRice adviser Lonergan Edwards and Associates had undervalued the company by about $100 million.
2011-05-24
Global News: India govt may allow wheat, rice exports
(News resource: Business Standard, May 22, 2011)
With its godowns overflowing with foodgrains on the back of a bumper crop in 2010-11, the government may finally allow wheat and rice exports, sources said. The decision in this regard is expected to be taken by an empowered group of ministers headed by Finance Minister Pranab Mukherjee in the next two weeks, they said. Even though food inflation remains above the comfort level of 4-5%, prices of wheat and rice have remained generally stable in the last one year.
With its godowns overflowing with foodgrains on the back of a bumper crop in 2010-11, the government may finally allow wheat and rice exports, sources said. The decision in this regard is expected to be taken by an empowered group of ministers headed by Finance Minister Pranab Mukherjee in the next two weeks, they said. Even though food inflation remains above the comfort level of 4-5%, prices of wheat and rice have remained generally stable in the last one year.
2011-05-23
Global News: China's Three Gorges Dam accelerates water discharge to relieve downstream drought
(News resource: Xinhua news, May 20, 2011)
China's Three Gorges Dam, the world's largest hydroelectric project, began to increase its water release on Friday to ease severe drought plaguing downstream rice-growing areas.From May 20 to 24, the dam will accelerate its discharge rate to 10,000 cubic meters per second, about 3,000 cubic meters faster than its inflow rate, the State Flood Control and Drought Relief Headquarters (SFDH) said in a statement.The rate will be increased to 11,000 to 12,000 cubic meters per second between May 25 and June 10.
China's Three Gorges Dam, the world's largest hydroelectric project, began to increase its water release on Friday to ease severe drought plaguing downstream rice-growing areas.From May 20 to 24, the dam will accelerate its discharge rate to 10,000 cubic meters per second, about 3,000 cubic meters faster than its inflow rate, the State Flood Control and Drought Relief Headquarters (SFDH) said in a statement.The rate will be increased to 11,000 to 12,000 cubic meters per second between May 25 and June 10.
2011-05-16
Global News: (U.S.) Delta Farmers Brace For Record Flood
(News resource: KFGO, May 14, 2011)
Troops are guarding Mississippi levees and Vicksburg fuel barges already are having difficulty maneuvering under bridges, according to local news reports. Such hazards mean the Coast Guard could close the Mississippi River from Baton Rouge to the Gulf when it hits the 18-foot level at Carrollton, Miss., perhaps as soon as Monday, AP reported. The Mississippi Levee Board now expects Greensville, Miss., to crest at 65 feet on May 16, 4 feet above the 100-year flood level and 7 feet above the 1973 highwater levels. The Delta Council expects it would take five days for the river to cover more than a million acres in the South Delta, erasing farmers' dreams of $2 cotton and $7 corn for the 2011 crop. Already, 12,000 acres of corn and soybeans are under water at the northeast corner of Louisiana where an abandoned levee was overrun by the Mississippi River. All told, it is estimated 3 million acres are flooded.
2011-05-11
Global News: Flooding to cost Arkansas agriculture over $500 million?
(News resource: Delta Farm Press, May 10, 2011)
With more than 1 million acres of Arkansas cropland underwater, the impact of flooding to Arkansas crops and forage is expected to top $500 million dollars, according to preliminary research by agricultural economists at the Arkansas Farm Bureau. A total of 63 counties in Arkansas have been declared disaster areas as a result of storms and flooding that have ravaged the state since late April. As the state’s largest industry segment, agriculture annually accounts for $16 billion of Arkansas’ economy, so any significant impact will have effects far beyond the farmers’ and ranchers’ direct losses.
With more than 1 million acres of Arkansas cropland underwater, the impact of flooding to Arkansas crops and forage is expected to top $500 million dollars, according to preliminary research by agricultural economists at the Arkansas Farm Bureau. A total of 63 counties in Arkansas have been declared disaster areas as a result of storms and flooding that have ravaged the state since late April. As the state’s largest industry segment, agriculture annually accounts for $16 billion of Arkansas’ economy, so any significant impact will have effects far beyond the farmers’ and ranchers’ direct losses.
2011-05-10
Global News: Cambodia offers rice to Philippines at much lower rates
(News resource: Manila Standard Today, May 9, 2011)
Cambodia has offered to sell rice to the Philippines at lower prices if the country will pour in investments in their agriculture sector as well as allow direct flights from Phnom Penh to Manila. Cambodia made the offer during the bilateral meeting betweenPresident Aquino and Prime Minister Hun Sen on Saturday, Presidential Communications Development and Strategic Planning Office head Ramon Carandang said.
Cambodia has offered to sell rice to the Philippines at lower prices if the country will pour in investments in their agriculture sector as well as allow direct flights from Phnom Penh to Manila. Cambodia made the offer during the bilateral meeting betweenPresident Aquino and Prime Minister Hun Sen on Saturday, Presidential Communications Development and Strategic Planning Office head Ramon Carandang said.
2011-05-03
Taiwan News: Government to crack down on rice hoarding and price gouging
(News resource: Focus Taiwan, May 3, 2011)
Taipei, May 3 (CNA) The government will release reserves of rice onto the market and crack down on rice hoarding and price gouging to help stabilize the price of the staple, officials said Tuesday. Council of Agriculture (COA) Deputy Minister Huang Yu-tsai said the COA will release 10,000 metric tons of its rice reserves ahead of a NT$3 per kilogram increase in the government's buying price this month. "The COA will also work with the Fair Trade Commission and the Ministry of Justice to crack down on rice hoarding and price gouging." Huang said.
Taipei, May 3 (CNA) The government will release reserves of rice onto the market and crack down on rice hoarding and price gouging to help stabilize the price of the staple, officials said Tuesday. Council of Agriculture (COA) Deputy Minister Huang Yu-tsai said the COA will release 10,000 metric tons of its rice reserves ahead of a NT$3 per kilogram increase in the government's buying price this month. "The COA will also work with the Fair Trade Commission and the Ministry of Justice to crack down on rice hoarding and price gouging." Huang said.
For more details, please link to the webpage of Focus Taiwan.
Global News: S. Korea aims to boost grain self-sufficiency
(News resource: Yonghap News, May 02, 2011)
South Korea aims to raise the self-sufficiency rate of wheat, corn, bean and various cereals to 14.3 percent by 2015 to ensure their steady supply, the government said Monday. The move comes as climate change, bad harvests and rises in overall demand have caused international grain prices to jump roughly 2.5-fold from 2005 to this year, which is exerting inflationary pressure, the Ministry for Food, Agriculture, Forestry and Fisheries said.
South Korea aims to raise the self-sufficiency rate of wheat, corn, bean and various cereals to 14.3 percent by 2015 to ensure their steady supply, the government said Monday. The move comes as climate change, bad harvests and rises in overall demand have caused international grain prices to jump roughly 2.5-fold from 2005 to this year, which is exerting inflationary pressure, the Ministry for Food, Agriculture, Forestry and Fisheries said.
For more details, please link to the webpage of Yonghap News.
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