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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, July 30, 2014
Senate Subcommittee Examines South Korea FTA and Discusses Future Trade Agreements
 
California grower Michael Rue (third from right) braves the bright lights at Senate trade hearing. 

WASHINGTON, DC -- The Senate Finance Committee, Subcommittee on Trade held a hearing yesterday on the U.S.-Korea Free Trade Agreement (KORUS): Lessons Learned Two Years Later.  Chairwoman Debbie Stabenow (D-MI) cautioned, "We hope that future agreements will not cause any commodity to be excluded."  Senator Rob Portman (R-OH) echoed that sentiment saying, "Exclusion was a mistake and we hope that future agreements won't repeat that mistake."

 

Vice Chairman of the USA Rice Federation International Trade Policy Committee and California producer Michael Rue testified before the subcommittee.  In discussing the rice industry perspective of the Korea FTA, Rue said, "For the U.S. rice industry, this is the key lesson learned from KORUS - product exclusions have no place in U.S. trade policy.  Not only do they deny access improvements for U.S agriculture, they poison the water for future trade agreements as other countries with politically sensitive commodities seek to gain similar exemptions."

 

Rue also mentioned the ongoing Trans Pacific Partnership (TPP) negotiations and specifically, the talks over access to agriculture goods and autos with Japan.  He noted, "Japan must show substantially more flexibility before we are able to accept what is on the table for U.S. rice.  If Japan cannot move forward on market access on the sensitive commodities at this time, then the other TPP partners should move forward without Japan."

 

Illustrating the broad reach of trade agreements and the impact they have on all segments of the economy, the other groups offering testimony were The Ford Motor Company, National Milk Producers Federation, and Qualcomm.

 

Contact:  Lauren Echols, (703) 236-1440

CCC Announces Prevailing World Market Prices 
WASHINGTON, DC -- 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).  Rough rice prices increased $0.22 per cwt for long grain and $0.24 per cwt for medium/short grain. 

 
World Price
MLG/LDP Rate
 
Milled Value ($/cwt)
Rough ($/cwt)
Rough ($/cwt)
Long-Grain
18.42
12.09
0.00
Medium-/Short-Grain
18.07
12.37
0.00
Brokens
12.62
----
----

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 August 6. 
CME Group/Closing Rough Rice Futures   
CME Group (Preliminary):  Closing Rough Rice Futures for July 30


Month
Price
Net Change
September 2014
$12.970
- $0.160
November 2014
$13.200
- $0.155
January 2015
$13.360
- $0.160
March 2015
$13.530
- $0.155
May 2015
$13.700
- $0.145
July 2015
$13.880
- $0.145
September 2015
$13.730
- $0.230


In the News  

Around Washington

Farm Bill Partnerships Sought to Boost Ag Economy Western Farm Press

USDA announced the creation of the Foundation for Food and Agricultural Research (FFAR) and the appointment of a 15-member board of directors to look into connecting organizations and research institutions to benefit American agriculture.

 

 

Around the Country

Ag Lender Poll: 2014 Farm Bill Changes to have Neutral Impact on Farm Financials 

Farm Futures

When asked to rate the 2014 Farm Bill's effect on the financial success of their borrowers on a scale of one to 10, with one being negative and 10 being positive, survey respondents gave an average rating of approximately five.

 

Arkansas Rice Expo Friday in Stuttgart Stuttgart Daily Leader

The Expo shows the business end of rice production, a consumer side that includes living well, cooking demonstrations, the Rice Recipe Contest finals, gardening seminars and the fun side that offers youth and adults chances to show off farm and recreational skills for prizes.

 

California Growers Converting Rice Straw to Cattle Feed Capital Press

Growers and University of California researchers have been working at converting rice straw left over from harvest into feed for livestock, which they say could be valuable to ranchers amid the drought.

 

 

Around the World

Cambodia Looks to Put Its Rice on the World's Plate New York Times

Last year, Cambodia was the world's fifth-largest exporter of rice and the second-biggest exporter of premium jasmine rice (slide show included).

 

 

Science and Technology

U.S. GMO Crop Companies Double Down on Anti-Labeling Efforts Reuters

Consumers and lawmakers who fear the crops are unsafe and/or environmentally harmful are seeking mandatory labeling of GMO foods in many states and at the federal level.

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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

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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.