Rice prices begin to fall as Indonesian authorities probes cartel practice
The price of rice has started to decline in various parts of the country after government efforts in past weeks to focus on distributing the staple food to markets.
At several markets West Java and Jakarta, the prices of medium-grade rice ranged between Rp 10,000 (64 US cents) and Rp 14, 500 per kilogram on Thursday. The prices of premium rice stood at around Rp 16,000 per kg, lower than a week ago when it hit a historic high of Rp 18,000.
“Prices have declined around Rp 1,000 per kilogram. For example, the price of medium-grade rice has fallen from Rp 15,000 to Rp 14,000 per kilogram, and premium [rice] fell from Rp 17,000 to Rp 16,000,” said Uus Heriyanto, head of the Pelabuhan Ratu Markets Agency in West Java.
He attributed the decline in prices to increased supply in the market as well as some rice-producing regions entering the harvest season.
More productive wells spur U.S. crude oil production higher
U.S. crude oil production averaged 13.3 million barrels per day (b/d) in December 2023, following sustained productivity increases at new wells, according to our latest Petroleum Supply Monthly (PSM). U.S. crude oil production has increased to record highs since 2010 and has risen even more quickly in recent months. These record highs have come despite declining U.S. drilling activity because the new wells are more efficient.
Since first surpassing the previous record in August 2023, U.S. crude oil production has increased another 2 percent, exceeding the pre-pandemic November 2019 peak by 0.3 million b/d.
The number of new wells brought on line by drilling activity has historically been the key determinant of whether crude oil production increases or decreases. However, advances in horizontal drilling and hydraulic fracturing technologies have increased well productivity, enabling U.S. producers to extract more crude oil from new wells drilled while maintaining production from legacy wells.
Natural gas, WTI oil, brent oil forecasts – gas futures dip amid supply glut
Natural gas futures are modestly down on Tuesday, with traders evaluating the balance between impending production cuts and the current ample supply. Although these cuts are expected to reduce supply during the upcoming summer cooling season, they’re unlikely to significantly influence current prices. Market expectations are leaning towards a lower-than-average withdrawal in this week’s Energy Information Administration (EIA) report, with early estimates suggesting a 46B draw. Contrastingly, last week’s EIA report showed a 96B draw, influenced by colder temperatures in certain regions.
NatGasWeather’s March 5-11 forecast highlights varying weather conditions across the U.S. The West will see a mix of rain, snow, and temperatures ranging from the 30s to 50s. In contrast, the eastern two-thirds of the U.S., including the Midwest and Northeast, will experience milder conditions with highs from the 50s to 70s, except for cooler 20s to 30s in the Northern Plains.
Dairy feed co-products: the ultimate recycling story
It’s a well-kept secret in the dairy industry that needs to be shared, according to longtime dairy nutrition researcher and educator Dr. Larry Chase: how dairy cows can take the “leftovers” of human food and fiber processing and turn them into high-quality protein that humans can consume in the form of meat, milk, and other dairy products.
Chase, who has spent a storied career for 40 years in the Department of Animal Science at Cornell University and another decade as an Emeritus Professor and industry consultant, told listeners on a recent edition of The Dairy Podcast Show that cows also perform this nutrient-conversion hat trick with amazing efficiency.
How Sri Lanka is coping with challenges of VAT on tea exports?
Sri Lanka’s tea exporters are now paying 18 percent value added tax (VAT) on exports after the government decided to widen the tax net.
Although the tax money is later reimbursed to exporters through a system called SVAT (Simplified Value Added Tax), the move has brought with it a host of other issues on top of administrative woes, according to industry experts.
Primarily, making the tea industry pay a hefty tax and then have it refunded is “quite meaningless,” Tea Exporters Association (TEA) of Sri Lanka Chairman Ganesh Deivanayagam told World Tea News.
He called the government decision a “first of its kind in the sector’s history” because Sri Lanka’s tea products, where 85 percent is exported, have always enjoyed tax-exempt status.
India’s sugar production set to outstrip demand
The Government’s policy think tank, NITI Aayog formed a Working Group on Crop Husbandry, Agriculture Inputs, Demand and Supply to analyse the demand and supply trends of various food commodities up to 2047. The group focused on major items and changing consumer preferences, estimating normative requirements and feasible export levels for key commodities.
The Group in its report said that there is an increasing trend in the total household expenditure, but the share of food expenditure in it has declined considerably, from 69 percent in 1972-73 to 44 percent in 2011-12, and the decline is observed across all expenditure classes and in rural as well as urban areas. The household demand for edible oils has increased significantly. Refined oil is emerging as the most consumed edible oil substituting groundnut oil and Vanaspati ghee. Conversely, there’s a marginal decline in the demand for sugar and its products.
India’s coal output rises 12pc to 881 million tonnes in April-Feb
India’s coal production rose 12 percent to 880.72 million tonne in April-February this fiscal and is short of nearly 120 million tonnes from achieving its target of 1 billion tonnes for FY25, according to government data.
The country’s coal production stood at 785.39 million tonnes in the year-ago period.
During 2022-23, India’s total coal output was 893 million tonnes.