TAKE A LOOK-Food price inflation

Reuters: [2008-05-09 22:50:00]

    Concerns about rising food costs in developing nations are 
growing as protests flare around the globe. 
    For latest stories click on codes in brackets: 
 
LATEST STORIES 
> U.S. sees record world food crops easing crisis    [nSP136885] 
> Hungry world to get record wheat, rice crops      [nN09493590] 
> Top U.N. human rights forum to examine food crisis[nL09680383] 
> U.S. rice prices soar as supply worries linger    [nL09610424] 
> Togo to sell cheap maize, subsidise fertiliser    [nL08784852] 
> Egypt expands food ration cards to extra 17 mln[ID:nL08590245] 
> US Congress expected to spurn aid reform call  [ID:nN08383281] 
> CentAmerica hands out cash to stall food crisis[ID:nN08362836] 
 
CAUSE 
> Food crisis due to greed, says development bank [ID:nL0697279] 
> Dealers blamed for rice price jump in Iran     [ID:nDAH738179] 
> Food export barriers could worsen shortages-EU [ID:nL17797794] 
> Bad policy, not biofuel, push food price-Merkel[ID:nL17211135] 
  
EFFECT 
> Bangladesh trade deficit swells as imports soar   [nDHA248379] 
> In food price crunch, more Americans seek help [ID:nN25422740] 
> Prices change life for Ivorian cocoa farmers   [ID:nL07201647] 
> Many Haitians work to secure one meal a day    [ID:nN05376826] 
> SE Asian rice cartel plan "going nowhere"       [ID:nSP245411] 
> Food crisis still playing out on world trade-US[ID:nJAK228926] 
> Food crisis may fuel malnutrition, not famine  [ID:nL30195271] 
 
 RESPONSE 
> INTERVIEW-Go easy on biofuels until more clarity  [nL09833115] 
> Abolish wasteful world food body-Senegal's Wade[ID:nN05398705] 
> S.Africa weighs moves to curb food price impact[ID:nL05236755] 
> Central bankers doubt can act on food prices   ID:[nL05129983] 
> Manila says imported enough rice to meet demand   [ID:nSP3132] 
> Biofuels halt would ease food prices - group   [ID:nN29326737] 
> UN, World Bank tackle food crisis               [ID:nSP192236] 
> India acts to quash inflation, guard supplies   [ID:nBOM95495] 
> Concentrate on making 08 harvest a success-FAO   [ID:nSP94899] 
 
 ANALYSIS/FEATURES/BACKGROUND 
> China overseas food push not realistic            [nPEK123785] 
> Kenya's nomads feel pain of food price rises      [nL04843407] 
> Big business muddies EU's biofuels debate      [ID:nL29123749] 
> Farmers face climate test in quest for more food[ID:nSP284721] 
> Rice,wheat prices diverge as fundamentals clash[ID:nKLR229596] 
> China wary of importing food inflation           [ID:nPEK3877] 
> Japan pushes rice as solution to food fears       [ID:nT22380] 
  
 FACTBOXES 
> Food price rises spark protests, hoarding      [ID:nL05374891] 
> TAKE A LOOK-Rice prices surge                   [ID:nSP156418] 
> Why have rice prices surged to record highs?     [ID:nSP90048] 
> The ABD's plan to fight Asian food inflation   [ID:nL03417096] 
> World's main exporters and importers of food   [ID:nL18356077] 
 ((Chicago commodities desk, + 1 312 408-8144)) 
  Keywords: FOOD PRICES/LOOK  
    

IMM-Speculators increase bets against U.S. dollar-CFTC

Reuters: [2008-05-09 21:56:00]

    NEW YORK, May 9 (Reuters) - Currency speculators increased 
bets against the U.S. dollar in the latest period, weekly data 
from the Commodity Futures Trading Commission showed on 
Friday. 
    The value of the net short U.S. dollar position rose to 
$8.58 billion in the week to May 6, up from $5.76 billion in  
the previous week. 
    The aggregate U.S. dollar position is derived from the net 
positions of International Monetary Market speculators in yen, 
euro, British pound, Swiss franc, Canadian and Australian 
dollars. 
    
 JAPANESE YEN (Contracts of 12,500,000 yen) 
             5/06/08 week         4/29/08 week 
   Long          69,355               73,485 
   Short         20,620               18,035 
   Net           48,735               55,450 
 
    EURO (Contracts of 125,000 euros) 
             5/06/08 week         4/29/08 week 
   Long          54,383               48,319 
   Short         66,895               69,634 
   Net          -12,512              -21,315 
 
    POUND STERLING (Contracts of 62,000 pounds sterling) 
             5/06/08 week         4/29/08 week 
   Long          13,874               21,296 
   Short         44,311               46,144 
   Net          -30,437              -24,848 
 
    SWISS FRANC (Contracts of 125,000 Swiss francs) 
             5/06/08 week         4/29/08 week 
   Long          19,125               26,625 
   Short         23,262               19,624 
   Net           -4,137                7,001 
 
    CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) 
             5/06/08 week         4/29/08 week 
   Long          48,104               31,816 
   Short         16,392               24,388 
   Net           31,712                7,428 
 
    AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) 
             5/06/08 week         4/29/08 week 
   Long          75,627               60,245 
   Short         10,206                9,780 
   Net           65,421               50,465 
 (Reporting by Lucia Mutikani; Editing by Dan Grebler) 
 ((lucia.mutikani@thomsonreuters.com; 1 646 223 6314; Reuters 
Messaging: lucia.mutikani.reuters.com@reuters.net)) 
Keywords: MARKETS FOREX IMM 
    

Rugby-Bulls end Super 14 semi-final hopes for Brumbies

Reuters: [2008-05-09 21:41:00]

PRETORIA, May 9 (Reuters) - The Bulls overcame two yellow cards in the first half to eke out a 28-17 victory over the ACT Brumbies in a Super 14 match in Pretoria on Friday.

The Bulls outscored the visitors by three tries to two in their final home game of the competition, and ended the Brumbies' hopes of earning a place in the semi-finals. The Bulls stay 10th and out of contention for a last-four place.

The Bulls scored first after the Brumbies fumbled a high kick, the ball was carried up and then moved wide to centre JP Nel who powered over in the fourth minute. Flyhalf Morne Steyn's 52-metre penalty eight minutes later gave his team an 8-0 lead.

The visitors replied at the end of the first quarter when lock Alister Campbell cut the line inside the Bulls 22, slipped through a tackle and dived over for the score.

Referee Steve Walsh yellow-carded Bulls fullback Zane Kirchner for a dangerous tackle in the build-up to the try as Brumbies captain Stirling Mortlock converted to bring his team within a point.

The 14-man Bulls again profited from a poorly fielded high kick only three minutes later when prop Gurthro Steenkamp pounced on a loose ball before flanker Wikus van Heerden drove over the ruck to dot it down on the tryline. Steyn's conversion put the Bulls 15-7 ahead.

With a little less than 10 minutes remaining in the first half Kirchner returned to the field, but the fullback was almost immediately replaced in the sin-bin by Bulls hooker Derick Kuun who was found guilty of illegally using his hands in the ruck.

The home team retained an eight-point lead as both teams traded a further penalty-kick before changing sides.

The Bulls added a penalty by Steyn just after the restart and then centre Wynand Oliver received the ball deep inside the visitors' 22, dummy-passed his way through a scrambling Brumbies defence, and outpaced winger Afusipa Taumoepeau to score near the posts. Steyn's conversion moved the home team into a 28-10 lead after 55 minutes.

The Brumbies scored a consolation try with 15 minutes remaining when flanker George Smith squirmed through a number of tackles and found replacement lock Peter Kimlin in close support to reduce the deficit, Mortlock converting.

(Editing by Miles Evans)

((miles.evans@thomsonreuters.com; +44 2075427933; Reuters Messaging: miles.evans.reuters.com@reuters.net. For the latest Reuters Premier League and international football news see: http://football.uk.reuters.com/))

Please double click on the newslink:

[RUGU-LEN] for more rugby news

Keywords: RUGBY SUPER/BULLS

FACTBOX-Sensitive products in the WTO's Doha round

Reuters: [2008-05-09 21:18:00]

May 9 (Reuters) - The treatment of politically sensitive food products is one of the trickiest issues in the agriculture talks in the World Trade Organisation's (WTO) Doha round to open up world trade.

This technical issue is extremely complex but its outcome will determine potentially the biggest gains from the round in market access for food exporters such as Australia and Uruguay.

Negotiators have been reviewing various proposals and crunching the numbers on them since November last year.

The issue is widely seen as the main stumbling block to agreement in the farm talks, which in turn are the key to a comprehensive trade deal.

TARIFFS

The draft negotiating text for agriculture, revised by the chairman of the talks, New Zealand's WTO ambassador Crawford Falconer, on Feb. 8, envisages cuts in tariffs on agricultural products according to a formula.

If a country reduces its tariffs, it makes it easier for exporters in other countries to sell in its market, but increases competition for its own producers. So lower tariffs can foster trade but with a political cost at home.

The formula prescribes steeper cuts on higher bands of tariffs. Developed countries make bigger cuts than developing countries.

These numbers are still under negotiation, as are the "flexibilities" or exceptions to them.

FLEXIBILITIES

One of the main waivers of this type is for "sensitive products". Both developed and developing countries can declare a product sensitive for political reasons, in which case that product is subject to a smaller cut in tariffs.

Developed countries would be able to designate 4-6 percent of their products as sensitive, or 6-8 percent if more than 30 percent of their products are in the top band of the tariff formula. The tariff on these products would be cut by one third, one half or two thirds of the formula cut.

Developing countries would be able to designate one third more of their products as sensitive, i.e. 5.3-8 percent. The reduced tariff cut would be the same as for developed countries.

THE PAYMENT

In return for this smaller tariff cut, countries must let in a quota of the product at a lower tariff.

For developed countries this quota would be 4-6 percent of domestic consumption of the product if the full two-thirds deviation is applied, and 3-5 percent if one third is used.

For developing countries, the quota expansion would be two thirds of the volume for developed countries.

It is this quota which is of interest to food exporters. How it is calculated is therefore crucial and that has been the focus of intricate negotiations for the past few months.

DOMESTIC CONSUMPTION

The quotas are based on domestic consumption. But often data for consumption of different products in different countries is not available. So the key issue has been to agree how to estimate domestic consumption.

A major question is whether the quota would apply to a broad category, such as wheat, or a narrower "sub-category", often processed from the raw material, such as wheat flour, or a narrower category still, such as pasta or biscuits.

Exporters prefer a broader categorisation, as it would put a broader range of products into the quota. Importers prefer the more detailed categorisation which allows them to pinpoint protection across a range of commodities.

Most food trade is in raw materials rather than processed products. Exporters keen to sell unprocessed commodities such as sugar and wheat are worried that the inclusion of processed goods like sweet drinks and biscuits would reduce consumption figures, and hence quotas, for the raw materials.

But countries keen to minimise sugar imports, say, have an interest in allocating as much of the quota as possible to processed products.

THE PROPOSAL

A proposal from a group of six big exporters and importers -- Australia, Brazil, Canada, the European Union, Japan and the United States, who acts as spokesman -- does it this way.

The proposal includes a list of about 450 products to be used by all WTO members that could be declared sensitive. (These products are at the 6-digit level of the internationally used Harmonised System of customs nomenclature (HS6). Further calculations are needed for more detailed levels of products.)

These categories include both "core" products and processed products. For instance in the wheat category, there are 28 HS6 products, including two core products -- durum wheat, and wheat other than durum, moderately processed products like wheat flour and highly processed products like pasta or biscuits. (Processed products can appear in more than one category, so biscuits also feature under sugar.)

For each product category, domestic consumption is calculated by taking production data, usually readily available, and adjusting it for exports, imports and stocks.

The consumption of the broad category is then subdivided using a set of weights to calculate consumption of processed products. This gives a major share, usually 90 percent or more, to core products and little or no weight to processed ones, so that the greatest weight goes to the most traded core products.

Separate calculations are proposed for fruit and vegetables and certain dairy products. This is a big concern for developing countries that have specialised in fruit and vegetable exports.

And a quota based on these calculations is open to all products in the category. So if wheat flour is sensitive, the quota would be based on consumption of wheat flour but products imported in the quota could be any wheat product.

A similar group of six importers -- Canada, European Union, Japan, United States, Norway and Switzerland -- has agreed to provide consumption data based on this proposal around the time that Falconer issues the next revision of his text. That will allow others to see what it means in terms of increased market access.

Several countries want to be able to add to the list but that could make it hard for major importers to produce timely data on consumption. ((For more on world trade talks, users of 3000 Xtra can click on [ID:nL01774870])) (Reporting by Jonathan Lynn) ((jonathan.lynn@reuters.com ; +41 22 733 3831; Reuters Messaging: jonathan.lynn.reuters.com@reuters.net))

Keywords: TRADE WTO/SENSITIVE PRODUCTS

Rugby-Bulls 28 ACT Brumbies 17 - Super 14 result

Reuters: [2008-05-09 21:07:00]

    May 9 (Reuters) - The Bulls (South Africa) beat ACT Brumbies 
(Australia) 28-17 (halftime 18-10) in a Super 14 match in 
Pretoria, South Africa on Friday. 
    Scorers: 
    Bulls - Tries: JP Nel, Wikus van Heerden, Wynand Olivier. 
Conversions: Morne Steyn (2). Penalties: Steyn (3). 
    Brumbies - Tries: Alister Campbell, Peter Kimlin. 
Conversions: Stirling Mortlock (2). Penalties: Mortlock. 
    (Editing by Tom Pilcher) 
 ((tom.pilcher@reuters.com; + 44 207 542 3378 Reuters Messaging: 
tom.pilcher.reuters.com@reuters.net; For the latest Reuters 
Premier League and international football news see: 
http://football.uk.reuters.com/)) 
    Please double click on the news links below: 
    [RUGU-LEN] for more rugby stories 
  Keywords: RUGBY SUPER/BULLS RESULT