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USDA Rice Outlook


14 June 2013

USDA Rice Outlook - June 2013USDA Rice Outlook - June 2013


USDA Rice Outlook

There were no revisions this month to the 2013/14 U.S. all-rice rough-rice balance sheet. Total supplies for 2013/14 remain projected at 246.1 million cwt, a decline of 6 percent from a year earlier and the smallest since 2003/04. The smaller supplies are the result of a weaker crop and smaller carryin more than offsetting higher imports.

Total use of U.S. rice in 2013/14 remains projected at 213.0 million cwt, down 15.0 million cwt from a year earlier and the second lowest since 2000/01. Both exports and total domestic and residual use are projected to be smaller in 2013/14. U.S. ending stocks of all rice in 2013/14 remain projected at 33.1 million cwt, down 1.0 million cwt from a year earlier.

The 2013/14 season-average farm price (SAFP) for U.S. long-grain rice is forecast at $13.90-$14.90 per cwt, up 10 cents on both the high and low end from last month’s forecast. The combined medium- and short-grain 2013/14 U.S. SAFP is forecast at $15.80- $16.80 per cwt, up 30 cents on both the high and low end of last month’s forecast.

Global rice production for 2013/14 is forecast at a record 479.2 million tons (milled basis) down just 0.1 million tons from last month’s forecast, but up 2 percent from a year earlier. Peru’s 2013/14 production forecast was lowered this month. All major Asian exporters are projected to produce larger crops, with record crops projected for Cambodia, India, Thailand, and Vietnam. Among Asian importers, China, Malaysia, and the Philippines are projected to harvest record crops in 2013/14.

Global rice use (including a residual component) for 2013/14 is projected at a record 476.3 million tons, down 0.5 million tons from last month’s forecast, but up 1.5 percent from a year earlier. Nigeria accounts for most of the downward revision in global rice disappearance. Global ending stocks for 2013/14 are projected at 108.6 million tons, up almost 1 percent from last month’s forecast and almost 3 percent larger than a year earlier.

Total calendar year 2014 global rice trade is forecast at 38.1 million tons, down 0.5 million tons from last month’s forecast, but nearly unchanged from this year. Thailand accounts for all of this month’s 2014 export reduction. Import forecasts for 2014 were lowered this month for Nigeria and Somalia, but raised for Angola, Peru, and Libya.

Prices for most grades of Thailand’s higher and medium-quality white milled rice declined 4-5 percent over the past month, mostly a result of a weaker baht, expectations that the Government of Thailand will have to sell its stocks of rice, and few new sales. Price quotes from Vietnam continue to decline, largely a response to a slowing pace of sales to core Asian and African markets and large supplies in Asia. U.S. prices for long-grain milled rice have declined since late May, partly a result of a slowing in export demand for U.S. milled long-grain rice.

Domestic Outlook

There were no supply side revisions this month to the 2013/14 U.S. all-rice roughrice balance sheet. The 2013/14 U.S. rice crop remains projected at 189.5 million cwt, 5 percent below a year earlier and the smallest since 1998/99. The decrease in production is the result of both smaller plantings and expectations of a lower yield. By class, U.S. long-grain production remains projected at 135.5 million cwt, down 6 percent from a year earlier. The U.S. medium- and short-grain crop remains projected at 54.0 million cwt, a reduction of 2.4 percent from last year.

At 2.61 million acres, total U.S. rice plantings are down 3 percent from a year earlier and the smallest since 1987/88. The planted area estimate is from the March Prospective Plantings report. The first survey of actual plantings will be released in the June Acreage report. The average U.S. yield remains projected at 7,317 pounds per acre, almost 2 percent below last year, but still the second highest on record. The all-rice yield is based on 1982—2012 trend yields by class. The first objective yield forecasts for the 2013/14 U.S. all-rice crop and State production and yield forecasts will be released in the August Crop Production report.

Plantings this year were delayed several weeks in the South by rains, particularly in the Delta. Crop progress in the region is still behind normal despite improved weather in some areas. Strong winds and heavy rains in the Delta in early June have slowed operations, as well. For the week ending June 9, 94 percent of the total U.S. crop had emerged, 1 percentage point ahead of the U.S. 5-year average. In California, where the weather has been quite favorable this year for growing rice, 87 percent of the crop had emerged by June 9, ahead of the State’s 5-year average of 76 percent.

Crop progress varied in the South. In Arkansas, 95 percent of the crop had emerged by June 9, just 1 percentage point behind the State’s 5-year average. The crop has made substantial progress since the start of June despite a delayed start. Mississippi’s 2013/14 crop was reported 90-percent emerged by June 9, behind the State’s average of 97 percent. In Missouri, 98 percent of the 2013/14 crop had emerged by June 9, nearly even with the State’s 5-year average. Louisiana’s 2013/14 rice crop was reported 99-percent emerged by June 9, also nearly even with the State’s 5-year average. Finally, the Texas crop was reported 98 percentemerged by June 9, slightly ahead of the State’s 5-year average of 95-percent. None of the 2013/14 U.S. rice crop was reported headed by June 9. Heading typically begins in the South, especially on the Gulf Coast, by early June. Because of the late planting and continued rain, harvest will likely begin 2-3 weeks later than normal in most of the South this year.

The overall condition of the 2013/14 U.S. rice crop remains below last year’s conditions, mostly the result of the cold and wet weather that occurred across most of the South this spring. In Arkansas, just 51 percent of the 2013/14 U.S. rice crop was rated in good or excellent condition for the week ending June 9, well below 64 percent a year earlier. Twelve percent of the Arkansas crop was rated in poor or very poor condition. In Missouri, 54 percent of the 2013/14 crop was rated in good or excellent condition for the week ending June 9, down from 73 percent a year earlier. Crop conditions were reported higher in Mississippi than in the other two Delta States, with 62 percent of the 2013/14 crop rated in good or excellent condition for the week ending June 9. However, crop conditions in Mississippi are still well below last year’s 78 percent, and 8 percent of the 2013/14 Mississippi crop was rated in poor condition.

On the Gulf Coast, 59 percent of Louisiana’s 2013/14 crop was reported in good or excellent condition for the week ending June 9, well below 80 percent a year earlier, despite recent improvements in the weather. In Texas, just 42 percent of the 2013/14 crop was reported in good or excellent condition, down sharply from 64 percent a year earlier. In contrast to the South, 95 percent of the 2013/14 U.S. rice crop was reported in good or excellent condition for the week ending June 9, well ahead of 70 percent a year earlier.

Total U.S. 2013/14 Rice Supplies Projected To Decline 6 Percent

Total supplies for 2013/14 remain projected at 246.1 million cwt, a decline of 6 percent from a year earlier and the smallest since 2003/04. The smaller supplies are the result of a weaker crop and smaller carryin more than offsetting higher imports.

By class, long-grain total supplies are projected at 176.9 million cwt, up 1.0 million from last month’s forecast but down almost 6 percent from a year earlier. Combined medium- and short-grain total supplies for 2013/14 are projected at 67.0 million cwt, down 1.0 million cwt from last month’s forecast and down almost 8 percent from 2012/13. The 1.0-million cwt shift in supplies between classes was caused by 2012/13 export revisions by class that changed 2013/14 beginning stocks by class.

At 34.1 million cwt, 2013/14 beginning stocks of all-rice are 17 percent below a year earlier. Long-grain beginning stocks are projected at 21.4 million cwt, up 1.0 million cwt from last month’s forecast, but down 12 percent from a year earlier. Medium- and short-grain beginning stocks for 2013/14 are projected at 10.5 million cwt, down 1.0 million cwt from last month’s forecast and almost 29 percent below a year earlier.

All-rice imports for 2013/14 remain forecast at 22.5 million cwt, an increase of 5 percent from a year earlier and second only to the 2007/08 record of 23.9 million cwt. The increase is based on tighter supplies of U.S.-grown rice and continued growth in U.S. purchases of aromatic rice from Asia. Through April, shipments from Asia—primarily India, Pakistan, Thailand, and Vietnam—were 14 percent ahead of a year earlier. Long-grain imports remain projected at a record 20.0 million cwt, an increase of 5 percent from 2012/13. Thailand, India, and Pakistan typically supply the bulk of U.S. long-grain imports. In some years, Vietnam ships rice to the United States, mostly in the form of broken kernels for processed uses. Combined medium- and short-grain imports remain projected at 2.5 million cwt, unchanged from a year earlier. Specialty rice from Thailand accounts for most of the U.S. medium- and short-grain rice imported by the United States. Italy supplies most of the remainder of the medium- and short-grain rice imports.

U.S 2013/14 Exports Projected To Decline 9 Percent

Total use of U.S. rice in 2013/14 remains projected at 213.0 million cwt, down 15.0 million cwt from a year earlier and the second lowest since 2000/01. Both exports and total domestic and residual use are projected to be smaller in 2013/14. Longgrain total use remains projected at 154.0 million cwt, a decline of 7 percent from a year earlier. Combined medium- and short-grain use remains projected at 59.0 million cwt, a decline of 5 percent from 2012/13.

Total domestic and residual use of all rice in 2013/14 remains projected at 115.0 million cwt, down 5.0 million from a year earlier. The decline is largely based on a smaller crop. Long-grain domestic and residual use is projected at 85.0 million cwt, down almost 6 percent from a year earlier. Combined medium- and short-grain domestic and residual use is projected at 30.0 million cwt, unchanged from 2012/13. Total exports in 2013/14 remain projected at 98.0 million cwt, down 9 percent from 2012/13. The decline is based on tighter U.S. supplies and expectations of strong competition in the global market from Australia, Egypt, and Asia. Long-grain exports are projected at 69.0 million cwt, down 9 percent from a year earlier. The U.S. is likely to lose market share in the Middle East and Sub-Saharan Africa in 2013/14. Combined medium- and short-grain exports are projected at 29.0 million cwt, a decline of 9.0 percent from a year earlier and the smallest since 2008/09. The United States is expected to face greater competition in global markets from Australia and Egypt in 2013/14, especially from Egypt in the Middle East.

By type, rough-rice exports are projected at 36.0 million cwt, up 1.0 million cwt from the year-earlier revised forecast. Latin America is expected to remain the top market for U.S. rough-rice exports, with Southern long-grain accounting for nearly all of the U.S. rough-rice shipments to the region. Combined milled- and brownrice exports (on a rough basis) remain projected at 62.0 million cwt, a drop of 15 percent from a year earlier and the smallest since 2006/07.

U.S. ending stocks of all rice in 2013/14 remain projected at 33.1 million cwt, down 1.0 million cwt from a year earlier. The stocks-to-use ratio is calculated at 15.5 percent, up slightly from 14.9 percent in 2012/13.

By class, the 2013/14 U.S. long-grain carryout is projected at 22.9 million cwt, up 1.5 million cwt from a year earlier. The long-grain stocks-to-use ratio is calculated at 14.9 percent, up from a revised 12.9 percent a year earlier. The medium- and short-grain carryout is projected at 8.0 million cwt, down 2.5 million cwt from a year earlier. The medium/short-grain stocks-to-use ratio is calculated at 13.6 percent, down from a revised 16.9 percent in 2012/13.

The only revisions to the 2012/13 U.S. rice balance sheet this month were by class and type. First, 1.0 million cwt was shifted from long-grain exports to combined medium- and short-grain exports. This lowered the 2012/13 long-grain export forecast to 76.0 million cwt and raised the medium- and short-grain forecast to 32.0 million cwt. Ending stocks by class were revised based on the current export forecasts. Second, there was a 1.0-million cwt shift from rough-rice exports to combined milled- and brown-rice (on a rough-rice basis) exports. U.S. 2012/13 rough-rice exports are now forecast at 35 million cwt, and combined milled and brown rice exports are forecast at 73.0 million cwt. Export revisions by class and type are based on monthly shipment data reported by Census through April, data from the weekly U.S. Export Sales report through late May, and expectations regarding sales and shipments the remainder of the market year.

2013/14 Season-Average Farm Price Forecasts Raised for Both Classes of Rice

The 2013/14 season-average farm price (SAFP) for U.S. long-grain rice is forecast at $13.90-$14.90 per cwt, up 10 cents on both the high and low end from last month’s forecast. This compares with a revised $14.30-$14.50 per cwt a year earlier. In 2013/14, the impact of tighter U.S. supplies is expected to be nearly offset by much larger exportable supplies from Asia, Australia, and Egypt.

The combined medium- and short-grain 2013/14 U.S. SAFP is forecast at $15.80- $16.80 per cwt, up 30 cents on both the high and low end of last month’s forecast. This compares with a revised 2012/13 SAFP of $16.00-$16.20 per cwt. Despite tighter supplies, greater competition from Egypt and Australia in the global market is expected to limit any price increase. The mid-points of the medium- and shortgrain 2012/13 SAFP were raised 10 cents based on monthly reported cash prices through mid-May and expectations regarding prices the remainder of the market year. The ranges of the 2012/13 SAFP forecasts were tightened for both classes of rice.

In late May, NASS reported a mid-May U.S. long-grain rough-rice price of $15.40 per cwt, up 60 cents from the revised April estimate and the highest since January 2009. The April price was lowered 30 cents to $14.80 per cwt. For combined medium- and short-grain rice, the mid-May NASS price was reported at $16.70 per cwt, up 20 cents from the revised April price. The April price was raised 30 cents from the midmonth estimate to $16.50 per cwt.

International Outlook

 Record Crops Projected in 2013/14 for India, China, Thailand, and Vietnam

Global rice production for 2013/14 is forecast at a record 479.2 million tons (milled basis), down just 0.1 million tons from last month’s forecast but up 2 percent from a year earlier. The bumper crop is the result of expanded area. At a record 161.4 million hectares, global rice area in 2013/14 is up 2 percent from a year earlier. Burma, China, India, Nigeria, and Thailand account for most of the year-to-year area increase. The average global yield is forecast at a record 4.43 tons per hectare (on a rough-rice basis), unchanged from 2012/13.

The only production revision this month for 2013/14 was an 0.1 million ton reduction in Peru’s crop to 2.0 million tons based on revised 2012/13 area and yield estimates. Both area and yield estimates for Peru were lowered for 2013/14.

Record crops are projected for most Asian rice exporters in 2013/14.India is projected to harvest a record 108.0 million tons of rice in 2013/14, up 4 percent from 2012/13. Expanded area—largely driven by higher support prices—accounts for most of the larger crop. Assuming normal weather and a normal monsoon, a record yield is projected as well. Through June 10, the Government of India’s Meteorological Department has rated the progress of the southwest monsoon as normal. Thailand’s 2013/14 production is projected at a record 21.1 million tons, an increase of 4.5 percent from a year earlier, as result of both record area and a record yield. Vietnam’s 2013/14 production is forecast at a record 27.85 million tons, up nearly 1 percent from 2012/13, the result of a record yield. Area remains unchanged at a record 7.82 million hectares. Cambodia’s 2013/14 production is projected at a record 4.9 million tons, 6.5 percent larger than 2012/13 production. Both area and yield are the highest on record in Cambodia. The country returned as a mid-level exporter 10 years ago after more than three decades of absence from the export market.

Both Pakistan and Burma are projected to produce larger, but not record, crops in 2013/14. Pakistan’s 2013/14 production is projected to increase 3 percent to 6.2 million tons based on a slightly higher yield. Neither Pakistan’s rice area nor its rice production has returned to levels achieved prior to the 2010 massive flooding. Burma’s 2013/14 production is projected at 11.0 million tons, up almost 3 percent from a year earlier, a result of a higher yield and expanded area.

Several Asian importers are projected to harvest record or near-record crops in 2013/14. At a record 144.0 million tons, China’s 2013/14 rice production is up 1.0 million tons from a year earlier due to expanded area. China’s rice area is projected at 30.6 million hectares, the highest since 1999/2000. This is the sixth consecutive year of expanded rice area in China, largely due to higher Government support prices. China, once a major rice exporter, is now the largest rice importer in the world. Bangladesh is projected to expand production by 0.2 million tons to a record 34.2 million tons, mostly due to a small area expansion. This is the fourth consecutive year of a record rice crop for Bangladesh.

In Southeast Asia, the Philippines are projected to produce a record 11.7 million tons of rice in 2013/14, an increase of 3 percent from a year earlier, with both area and yield record-high. The Philippines has increased production at a solid pace in recent years, partly due to expanded use of high-yielding hybrid varieties and a steady increase in area. Malaysia is projected to harvest a record 1.75 million tons of rice in 2013/14, a 3-percent increase from a year earlier, mostly due to a higher yield. Despite the record crop, Malaysia still relies on imports to supply nearly 40 percent of its annual rice consumption. Indonesia is projected to produce 37.7 million tons of rice in 2013/14, up fractionally from 2012/13, but well below the 2008/09 record of 38.3 million tons. Neither rice area nor yields have increased much in Indonesia in recent years.

Except for Uruguay, South American rice exporters are projected to expand production in 2013/14. The bulk of the 2013/14 harvest from South American exporters will occur in April-May 2014. Brazil is projected to harvest 8.5 million tons of rice in 2013/14, up 4 percent from a year earlier but still well below the 2010/11 record of 9.3 million tons. The larger crop is the result of expanded area. Argentina is projected to increase production 8 percent in 2013/14 to a near-record 1.04 million tons, a result of both expanded area and a higher yield. Paraguay is projected to harvest a record 285,000 tons of rice. Paraguay’s rice production has nearly doubled since 2008/09. Guyana’s 2013/14 production is projected at a record crop of 423,000 tons, a result of record plantings. Uruguay’s production is projected to remain at almost 1.0 million tons, slightly below the record 1.15 million tons harvested in 2010/11.

In contrast, little growth in production is projected for South America’s rice importers in 2013/14. Colombia’s production is projected to increase slightly to 1.18 million tons, still well below levels achieved 5 years ago. Ecuador’s 2013/14 production is projected to increase 2 percent to 790,000 tons due to a return to a normal yield. Despite the increase, production remains well below Ecuador’s 2004/05 record of 950,000 tons. Peru’s 2013/14 production is projected at 2.0 million tons, down 3 percent from the 2012/13 near-record. Bolivia’s production is projected to drop 9 percent to 330,000 tons due to weaker area. Finally, Venezuela’s 2013/14 production is projected unchanged from 2012/13 at 385,000 tons. The crop is well below levels achieved by Venezuela prior to 2010/11.

In Sub-Saharan Africa, the largest rice importing region in the world, several major importers are projected to harvest record crops in 2013/14. Nigeria, the region’s largest rice-producing, consuming, and importing country, is projected to harvest a record 3.1 million tons, up 31 percent from 2012/13, a result of both expanded area and a record yield. The 2012/13 Nigerian rice crop was reduced by severe flooding. Production in Cote D’Ivoire is projected to increase 20 percent to a record 600,000 tons, with both area and yield up from 2012/13. Production is also projected higher in 2013/14 in Mali and Senegal.

In other regions, Egypt’s 2013/14 rice-production is projected at a record 4.85 million tons, up nearly 4 percent from a year ago, a result of record area. In contrast, Australia’s production is projected to decline 9 percent to 730,000 tons because of smaller plantings resulting from reduced water availability. Both Egypt and Australia are major exporters of medium- and short-grain rice.

Global rice use (including a residual component) for 2013/14 is projected at a record 476.3 million tons, down 0.5 million tons from last month’s forecast but up 1.5 percent from a year earlier. Nigeria accounts for most of the downward revision in the 2013/14 global rice disappearance forecast. On an annual basis, Bangladesh, Cambodia, China, India, Indonesia, and Vietnam account for most of the projected increase in global consumption in 2013/14. In contrast, consumption and residual is projected to decline in 2013/14 in Japan, South Korea, and the United States. Consumption has declined for several decades in both Japan and South Korea due to diet diversification.

Global ending stocks for 2013/14 are projected at 108.6 million tons, up almost 1 percent from last month’s forecast and almost 3 percent larger than a year earlier. These are the largest global ending stocks since 2001/02. Thailand accounts for the bulk of this month’s upward revision in global ending stocks and most of the expected increase in global stocks in 2013/14. At 15.2 million tons, Thailand’s 2013/14 ending stocks are up almost 26 percent from a year earlier and the highest on record. The large stocks buildup is the result of the Government’s paddy pledging program, which is making Thailand’s rice uncompetitive in many markets. India’s 2013/14 ending stocks are projected to increase 4 percent to a near-record 25.0 million tons, largely due to a record crop. In contrast, ending stocks are projected to decline in 2013/14 in China, Indonesia, the United States, and Vietnam. The global stocks-to-use ratio for 2013/14 is calculated at 22.8 percent, up slightly from a year earlier.

China Is Projected To Be the World’s Largest Rice Importer in 2013 and 2014

Total calendar year 2014 global rice trade is forecast at 38.1 million tons, down 0.5 million tons from last month’s forecast, but nearly unchanged from this year. Thailand accounts for all of this month’s 2014 export reduction. Thailand’s 2014 export forecast was lowered 0.5 million tons to 8.0 million tons, largely based on expected weaker demand from Nigeria.

On the 2014 global import side, Nigeria’s import forecast was lowered 0.5 million tons to 2.4 million based on a recent slowdown in purchases, which was partly caused by the much higher import tariffs imposed by the Government of Nigeria on rice in the second half of 2012. Somalia’s 2014 imports were lowered 50,000 tons to 170,000 tons based on much weaker imports in 2013. These two downward revisions were partly offset by three upward revisions. First, Angola’s 2014 imports were raised 150,000 tons to a record 525,000 based on much larger 2013 imports. Second, Peru’s 2014 import forecast was increased 75,000 tons to 275,000 tons to more closely match 2013 imports. And finally, Libya’s 2014 import forecast was raised 60,000 tons to a record 320,000 tons based on a very strong import pace thus far in 2013.

On a year-to-year basis, stronger shipments from Thailand and Vietnam in 2014 are projected to be nearly offset by weaker shipments from China and India. Projected year-to-year changes for other exporters in 2014 are smaller. On the import side, China is projected to remain the largest importer in 2014, taking 3.0 million tons, unchanged from the 2013 record. Prices for imported rice are lower than domestic rice prices in China. Nigeria is projected to remain the number two importing country in 2014, taking 2.4 million tons, unchanged from this year, but well below the record level of 3.4 million tons imported in 2012. Nigeria is projected to harvest a record rice crop in 2013/14. Indonesia, Iran, and Iraq are each projected to import 1.4-1.5 million tons of rice in 2014, about the same as this year. The Philippines are projected to import 1.2 million tons of rice in 2014, down 0.3 million from this year, a result of a record crop. Despite a record crop, Bangladesh’s 2014 imports are projected to increase 130,000 tons to 430,000 tons. Although once a major rice importer, Bangladesh now produces most of the rice it consumes, with imports a small share of domestic use. U.S. imports are projected to increase 3 percent in 2014 to a record 725,000 tons, with Asian aromatics remaining the bulk of the purchases.

The 2013 total global rice trade forecast was lowered 0.5 million tons to 38.1 million, 3 percent below the year-earlier record. Thailand accounts for all of the downward revision in the 2013 export forecast. Thailand’s 2013 export forecast was lowered 0.5 million tons to 7.5 million tons based on shipment pace, uncompetitive prices, and a slowing of purchases from Nigeria. On the 2013 import side, Nigeria’s 2013 imports were lowered 0.5 million tons to 2.4 million tons based on a slower rate of purchases, largely due to the increase in rice import tariff- rates in 2012. Also, Somalia’s 2013 imports were lowered 50,000 tons to 150,000 tons based on a slower than expected pace to date.

These two reductions were partially offset by two upward revisions. First, Angola’s 2013 import forecast was raised 150,000 tons to a near-record 500,000 tons based on a very strong pace of shipments early in the year. Angola’s rice consumption is rapidly rising due to population growth, higher incomes, and a shift in diet to rice. Second, Libya’s 2013 import forecast was raised 60,000 tons to 300,000 tons based on a very strong pace of purchases to date.

Thailand’s Trading Prices Decline on Weaker Baht, Lack of Demand

Prices for most grades of Thailand’s higher and medium-quality white milled rice declined 4-5 percent over the past month, mostly a result of a weaker baht, expectations that the Government of Thailand will have to sell its stocks of rice, and few new sales. Prices for aromatic rice and parboiled rice—both specialty rices— have declined as well.

Prices for Thailand's high-quality, 100-percent Grade B (fob vessel, Bangkok) milled rice for export were quoted at $538 per ton for the week ending June 10, down $23 from the week ending May 6. Prices for Thailand’s 5-percent brokens were quoted at $526 per ton for the week ending June 10, down $22 from the week ending May 6. Prices for Thailand's 5-percent parboiled rice were quoted at $544 per ton for the week ending June 10, down $8 from the week ending May 6. Price quotes for Thailand’s premium jasmine rice—an aromatic variety—were quoted at $1,124 per ton for the week ending June 10, down $22 from the week ending May 6. Prices for Thailand’s brokens have declined as well. For the week ending June 10, prices for Thailand’s A-1 Super 100-percent brokens were quoted at $495 per ton, down $20 from the week ending May 6. All price quotes for Thailand’s rice are from the Weekly Rice Price Update, reported by the USDA office in Bangkok.

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