Commodity Trading on the International Market-The future for rice eaters |11 April 2008

Thailand, the world’s biggest exporter of rice, has been struggling to satisfy international demand for the commodity.

Now there is also news that people in Thailand have begun stocking the commodity, meaning there would be less rice on the market, even in that major-producer country, for export. When supply is low, the price goes up. Producers hope to cash in later when the rice fetches higher price.

Seychelles imports a total of 7000 tonnes of rice a year.

STC, formerly SMB, the main importer of rice into Seychelles, is closely monitoring the world market for this commodity. It says it has enough stock for the coming two months. The parastatal is planning the importation of the next consignment.

In order to ensure availability of rice in Seychelles during this time of international shortage, both STC and government have to start looking at ways to build a buffer stock that would last up to year.
Food security is a priority.

The tomatoes of Docklands
 
R55 a kilo
 
Imported tomatoes at Docklands were selling at R55 a kilo last Friday.
The price the Friday before was R50 a kilo.

The woman who bought six tomatoes for R27.80 and compared the price to the R35 she paid before, had not looked at the cost per kilo.

She did enjoy the thought that the price had gone down, although not for long.
 

Commodity briefs from around the world

• Food and Agriculture Organisation (FAO) chief sees global food prices remaining high

• Hybrid rice could hold the key to short supply, according to analysts

• Russia grain export expansion plans off to a poor start in 2008

• High prices persuade Irish farmers to up grain planting by 10%

• Drought-stricken Turkey to import another 1 million tonnes of grain

• Pakistan strike action could result in cooking oil shortage

• Philippines partially opens the door to private rice importers

• Egypt to pay wheat farmers more and may plant in Sudan

• India retains wheat production estimate despite heavy rains

• Ukraine may produce more sunflower oil than industry estimates

• Russian grain exports to rise 8%, but feed supply too low

• Serbian wheat planting sinks to an estimated 90-year low

• Turkey's wheat crops need rain to avoid 30% drop

• Philippines to seal rice deal and spend $1.2bn on self-sufficiency

• Indonesian rice stocks big enough to meet domestic demand

• US ethanol production running 37% higher than a year ago

• UN forecasts 12 million-tonne increase in rice production

• High prices spark rice panic buying in Hong Kong

• China banks urged to finance more grain production

• Record US maize prices may prompt rethink on planting

• Analysts talk wheat prices down on ballooning production

• Kenya expects recovery in tea output due to long rains

• India's $1,000 a tonne export price is waived for Bangladesh

• China hikes minimum purchase price for wheat and rice

• Vietnam to reduce rice exports by 1 million tonnes to temper inflation

• Japan will import more wheat in coming year to rebuild stocks

• Cambodia bans exports of rice in a bid to stabilise local prices

• China ships first maize to Taiwan in four years to ease prices

Fuel prices

As at 9th April 2008

Petrol (Bennzin)   R6.00 a litre cif

Diesel                   R7.21 a litre cif