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USA Rice Federation offices will be closed Monday,  January 19, in observance of the Martin Luther King, Jr. holiday.
USA Rice Daily will resume publication on Tuesday, January 20, 2015. 
Friday, January 16, 2015

Cuba:  First Steps Toward Market Access         

 
A hot commodity in Havana  
WASHINGTON, DC -- Following President Obama's announcement last month that the U.S. would begin to re-engage in trade, travel, and diplomatic relations with Cuba,
U.S. policy changes that alter previous travel and trade regulations were announced by the Treasury's Office of Foreign Assets Control (OFAC) yesterday and published today in the Federal Register.  These changes go into effect immediately.

 

On the trade front, OFAC announced that the interpretation of "cash in advance" would revert to the pre-2005 definition, meaning "cash before transfer of title or control."  This new interpretation is an important, positive move, and has long been advocated by the USA Rice Federation.  Another new and positive regulatory change will allow U.S. financial institutions to open accounts at Cuban banks to facilitate transactions.

 

"Up until now, U.S. government restrictions have limited the ability of the U.S. industry to compete in Cuba," said USA Rice President & CEO Betsy Ward.  "Foreign competitors, have stepped in since they can provide credit and face none of the barriers to trade that we have had imposed on us."

 

Tourist travel with Cuba remains prohibited, but new travel policies include expanded categories under which U.S. citizens can travel to Cuba and have eliminated the need to obtain a license from OFAC prior to travel.  For instance, professional research and meetings travel now falls under a general license. U.S. citizens may also use their debit or credit cards in Cuba, and airlines may operate flights to and from Cuba.

 

"USA Rice has been advocating for open trade and travel with Cuba since the mid-1990's and we were the first U.S. commodity back in Cuba in 1999," said Ward.  "Our commitment to the market and the Cuban people is genuine. We understand these are the first steps in the process but we're ready to engage with Congress both independently and through the U.S. Agriculture for Cuba Coalition (USACC) to advocate for complete normalization of trade with Cuba."

 

Contact:  Kristen Dayton (703) 236-1464

CME Group/Closing Rough Rice Futures   
CME Group (Prelim):  Closing Rough Rice Futures for January 16


Month
Price
Net Change
March 2015$11.325
- $0.005
May 2015$11.575
- $0.005
July 2015$11.810
- $0.005
September 2015$11.430
+ $0.010
November 2015$11.570
+ $0.010
January 2016$11.860
UNCH
March 2016
$11.860
UNCH


In the News 

Around Washington

2015 Agricultural Outlook Forum Preview: International Trade USDA Blog

USDA's annual Agricultural Outlook Forum will be Feb. 19-20, 2015, in Arlington, VA. Speakers and attendees will have the opportunity to discuss relevant issues on a wide range of international as well as domestic topics.

 

 

Around the Country

California Drought Outlook Extends at Least into April Bloomberg

As of Jan. 13, the state was 40 percent behind normal when it comes to the water content of the snowpack in the mountains. Snow is crucial for California because it allows water to remain in the mountains, where it won't melt until spring, when it's needed.

 

 

Tariffs and Trade

Japan TPP Negotiator: Felt US Intends to Wrap Up Talks in a Few Months Reuters

The U.S. Trade Representative's Office said on Tuesday that important progress was being made on a Pacific trade deal, but did not give any time frame for wrapping up an agreement.

 

Senate to Hold Robust Hearings on Obama's Cuba Policy The Hill

Cuba has been a relatively low priority for the Foreign Relations panel as it has focused on Iran, Syria, Ukraine and China in recent months. Obama thrust U.S.-Cuba policy into the spotlight last month by announcing that he would begin to normalize relations.

 

U.S. Eases Cuban Trade and Travel Rules in Step Toward Restoring Full Ties  

Washington Post

The administration was eager to put the new rules in place before next week's scheduled visit to Havana by Assistant Secretary of State Roberta Jacobson for talks on reestablishing diplomatic relations. The step-by-step normalization process was agreed upon after 18 months of secret U.S.-Cuba talks.

USA Rice Daily Index of Articles, January 12-15
Changes to Cuba Policy Effective Immediately
USA Rice and Big Y:  Live Well, Eat Smart

Wednesday, January 14
Major Grant Awarded to Rice Industry, DU for Habitat Conservation Efforts
Louisiana Rice Receives RCPP Funding
California Rice Commission Secures State-Specific RCPP Funding

Tuesday, January 13
Registered Dieticians' Nutrition Forecast Bodes Well for U.S. Rice
Japan Announces 10th Ordinary Import Tender for FY 2014

Monday, January 12
USA Rice Welcomes New Government Affairs/PAC Manager
USA Rice Promos Hit During Peak Sales Season in Ghana
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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
[email protected]

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 � 2015. Please direct comments or questions to the editor or contact name listed for each story.