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USA Rice Federation is the global advocate of all segments of the U.S. rice industry with a mission to promote and protect the interests of producers, millers, merchants and allied businesses.  
Wednesday, June 25, 2014

Cochran Primary Win Good for Rice Industry   

 
Senator Cochran (third from right) gets a boost from the U.S. rice industry. 

JACKSON, MS -- Yesterday, Senator Thad Cochran (R-MS), won the primary runoff election against tea party challenger State Senator Chris McDaniel in an election that saw a substantial increase in voters compared to the primary election three weeks ago. 

 

Senator Cochran enjoyed broad support from the agriculture community throughout Mississippi, as well as many agricultural groups nationally who know firsthand the significant contributions Cochran has made to agriculture and food policy during his distinguished service in Congress. 

 

"Senator Cochran has a proven track record of working to achieve results and listening to the needs of all his constituents," said Gibb Steele, a Greenville producer and USA Rice Federation Board member.  "Senator Cochran's role as ranking member of the Senate Agriculture Committee contributed to the significant improvement in the farm policy provisions in the Senate version of the Farm Bill."

 

Steele added that he traces the positive outcome for the U.S. rice industry in the final Farm Bill directly back to Cochran's involvement, and says this is just one example of the importance of having elected officials that understand agriculture, recognize its importance to local communities and the U.S. economy as a whole, and support the policies that are required to maintain a prosperous and competitive U.S. industry.

 

"The USA Rice Federation, on behalf of the U.S. rice industry, is extremely pleased to see Senator Cochran prevail in the primary.  We will continue to support him and look forward to working closely with him on issues important to rice producers in Mississippi, across the country, and all of U.S. agriculture," said Betsy Ward, USA Rice's president and CEO. 

 

Contact:  Reece Langley, (703) 236-1471

Congress Approves Protections for Futures Market Customers  

 
Running with the bulls. 

WASHINGTON, DC -- Yesterday The House passed H.R. 4413, the "Customer Protection and End-User Relief Act," with a vote of 265-144.  The USA Rice Federation and thirty three other agriculture groups signed a letter last week urging House members to vote "yes" on the bill which reauthorizes the Commodities Futures Trading Commission through 2018.  Some highlights of the bill include changes to the approved residual interest rule, customer ability for self-protection in the event of futures commission merchants (FC) insolvencies, and relief from technologically infeasible recordkeeping requirements.

 

"Customer protection and access are key to helping producers and other users effectively use the futures market to mitigate the risk inherent in agriculture and other industries," said Reece Langley, USA Rice's vice president of government affairs.  "This legislation will help remedy some unduly tight restrictions on the futures market, while putting in place measures to protect users."

 

The White House, though it opposes the underlying bill, has not threatened a veto.  The Senate Agriculture Committee, which oversees the CFTC, has not yet introduced companion legislation but would likely include some substantive changes with its version.

 

Contact:  Evan Spencer, (703) 236-1476

Deadline Set for Conservation Service Program Contract Renewals    

 
Conservation and rice go 
hand in hand. 

WASHINGTON, DC -- The U.S. Department of Agriculture Natural Resource Conservation Service (NRCS) recently announced the deadline for Conservation Stewardship Program (CSP) contract renewal.  According to NRCS, about 20,000 CSP contracts are reaching the end of their initial five-year contract period and may be renewed for an additional five years when participants agree to take additional conservation actions.

 

Rice farmers are well positioned to participate in these programs that "provide opportunities for farmers and ranchers who are already established conservation stewards, helping them improve water quality and quantity, soil health and wildlife habitat," said NRCS in a release.

 

"CSP farmers are conservation leaders and go the extra mile to conserve our nation's resources," said Natural Resources Conservation Service Chief Jason Weller.  "The 2014 Farm Bill continued that strong commitment and heightened the program's focus on generating conservation benefits.  This program allows landowners to reach the next level of conservation and opens the door to trying new conservation activities."

 

Due to changes in the funding cycle, five-year contracts beginning in 2010 will require additional paperwork to be eligible for FY 2015 funding contracts.  Completed paperwork for contract renewal and contract updates for 2010-1 contracts can be submitted between July 11, 2014 and September 12, 2014.  Eligibility determinations and obligations are expected in the first quarter of FY 2015.

 

Under section 1238F(e) of the Agriculture Act of 2014 (Farm Bill), there are approximately 20,000 CSP contracts that will expire in 2014 and may be eligible for renewal.  National Bulletin 300-14-39 outlines more specifics about contract renewal procedures.

 

Contact:  Lydia Holmes , (703) 236-1450

CCC Announces Prevailing World Market Prices 
WASHINGTON -- The Department of Agriculture's Commodity Credit Corporation today  announced the following prevailing world market prices of milled and rough rice, adjusted for U.S. milling yields and location, and the resulting marketing loan-gain (MLG) and loan deficiency payment (LDP) rates applicable to the 2013 crop, which became effective today at 7:00 a.m., Eastern Time (ET).  Prices are unchanged from the previous announcement. 

 
World Price
MLG/LDP Rate
 
Milled Value ($/cwt)
Rough ($/cwt)
Rough ($/cwt)
Long-Grain
17.72
11.63
0.00
Medium-/Short-Grain
17.37
11.89
0.00
Brokens
12.14
----
----

This week's prevailing world market prices and MLG/LDP rates are based on the following U.S. milling yields and the corresponding loan rates:

 
U.S. Milling Yields
Whole/Broken
(lbs/cwt)
Loan Rate
($/cwt)
Long-Grain
57.94/11.23
6.65
Medium-/Short-Grain
63.26/7.45
6.58
 
The next program announcement is scheduled for July 2. 
CME Group/Closing Rough Rice Futures   
CME Group (Preliminary):  Closing Rough Rice Futures for June 25


Month
Price
Net Change
July 2014
$14.840
+ $0.050
September 2014
$13.675
 - $0.020
November 2014
$13.870
- $0.035
January 2015
$14.035
- $0.030
March 2015
$14.195
- $0.030
May 2015
$14.195
- $0.030
July 2015
$14.195
- $0.030


In the News  

Around Washington

Farm State Senators Move to Stop EPA Water Rule Southeast Farm Press

The Protecting Water and Property Rights Act of 2014, introduced in the Senate, aims to stop the EPA and the Army Corps of Engineers from finalizing their March 2014 proposed rule, which farm groups say would unnecessarily expand federal authority under the Clean Water Act.

 

USDA

Producers with expiring U.S. Department of Agriculture Conservation Stewardship Program contracts have from July 11 until Sept. 12, 2014 to renew and add conservation activities that will support their natural resource improvement activities and fine-tune their conservation plans.

 

U.S. House Votes to Loosen Derivatives' Regulations with CFTC Bill Reuters

Small market players like farmers, who use futures to protect revenue from their crops against wild swings in market prices, would be exempted from some of the CFTC's costly new rules aimed at speculators.

 

 

Around the Country

California Officials Defend Senior Water Rights Holders Capital AG Press

California water officials say senior rights holders don't have an unlimited supply of water but must adhere to specific diversion amounts at specific times.

 

How Thad Cochran Won Washington Post

Mississippi Sen. Thad Cochran's stunning runoff victory over conservative state Sen. Chris McDaniel on Tuesday night broke almost every rule of politics.

 

Water, Dollar Savings Come to Those Who Wait for Proper Time to Irrigate  

Delta Farm Press

Photo gallery showing the use of moisture sensors, flowmeters and surge valves to help farmers grow the same, and sometimes more, crops with less water.

 

 

Around the World

TPP Negotiations to Resume Next Week in Ottawa Japan Times

Officials from the 12 countries involved in U.S.-led Trans-Pacific Partnership talks will gather in Ottawa from July 3 to 12, aiming to fill gaps over outstanding issues.

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Mission Statement
USA Rice Federation is the global advocate for all segments of the U.S. rice industry with a mission to promote and protect the interests of producers, millers, merchants and allied businesses.
About Us
Editor: Michael Klein,
(703) 236-1458,
mklein@usarice.com

Fax (703) 236-2301

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This report is time-sensitive, based on information available at press time. Content is derived from facts and sources believed to be reliable. Reprinting and/or distribution may be done with permission of the USA Rice Federation

Copyright � 2014. Please direct comments or questions to the editor or contact name listed for each story.