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USDA Rice Outlook


14 September 2012

USDA Rice Outlook - September 2012USDA Rice Outlook - September 2012


USDA Rice Outlook

There were several major revisions to the U.S. 2012/13 rice balance sheet this month. On the supply side, production was increased 6.3 million cwt to 196.3 million cwt based on a larger area estimate and a higher yield forecast. The 2012/13 carryin was raised 7.6 million cwt to 41.1 million cwt based on data from the August Rice Stocks. In contrast, 2012/13 U.S. rice imports were lowered 1.5 million cwt to 19.5 million cwt. These revisions raised the total supply forecast 12.4 million cwt to 256.9 million cwt.

On the use side, 2012/13 total domestic and residual use was raised 2.0 million cwt to 126.0 million cwt based on the larger crop. Total exports were raised 8.0 million cwt to 100.0 million cwt, with long-grain milled-rice accounting for all of the upward revision. On balance, these revisions resulted in a 2.4-million cwt upward revision in the 2012/13 ending stocks forecast to 30.9 million cwt.

The 2012/13 season-average farm price (SAFP) for U.S. long-grain rice was lowered $1.00 per cwt on both the high and low ends this month to $12.50-$13.50 per cwt. In contrast, the combined medium- and short-grain 2012/13 U.S. SAFP was raised $1.00 per cwt on both the high and low ends to $16.50-$17.50 per cwt.

The 2012/13 global production forecast was raised 1.0 million tons to a near-record 464.2 million tons. Production forecasts were raised for China, the United States, the Philippines, and the EU. Global disappearance was raised 1.3 million tons to a record 467.7 million tons. Global ending stocks for 2012/13 are projected at 102.2 million tons, up 0.4 million tons from last month’s forecast.

The 2013 global trade forecast was raised almost 0.4 million tons to 35.86 million tons. Export forecasts were raised for Brazil, Paraguay, and the United States. Import forecasts for 2013 were lowered for China, the EU, and the United States, but raised for Brazil and Nepal.

Prices for most grades of Thailand’s specialty and white milled-rice have declined since late August due to the Government’s release of stocks. In contrast, price quotes from Vietnam continue to increase, mostly due to large purchases by the Philippines, Malaysia, Sub-Saharan Africa, and China. U.S. prices have increased over the past month as well, partly due to stronger prices for other grains caused by the U.S. drought. Prices for California medium-grain milled rice for the domestic and export markets have declined slightly over the past month.

Domestic Outlook

U.S. 2012/13 Crop Forecast Raised to 196.3 Million Cwt

The 2012/13 U.S. rice crop is forecast at 196.3 million cwt, up 6.3 million cwt from last month’s forecast and 6 percent larger than a year earlier. This month’s upward revision was the result of both a larger area estimate and a higher yield forecast. Harvested area was raised 37,000 acres to 2.68 million acres, up 2 percent from a year earlier, with long-grain accounting for all of this month’s upward revision in area. The average field yield was increased 138 pounds per acre to a record 7,334 pounds, nearly 4 percent higher than a year earlier.

Long-grain rice production is projected at 138.3 million cwt, up 6.2 million cwt from last month’s forecast and almost 19 percent larger than a year earlier. Combined medium and short-grain production is projected at 58.1 million cwt, up 0.15 million cwt from last month’s forecast, but still more than 15 percent below the near-record a year earlier.

Harvested area was raised for all reported States this month except Mississippi and Missouri, where area estimates were lowered. Arkansas accounted for the bulk of this month’s upward revision in harvested area, with its 2012/13 area raised 3 percent. Texas reported the largest percentage increase in harvested area, up 19 percent from last month. Yields were raised this month for all reported States except California and Missouri. Arkansas’ average field yield was raised 220 pounds per acre and Mississippi’s yield was boosted 200 pounds. In Texas, yields were raised 93 pounds per acre and Louisiana’s yield was increased 50 pounds per acre from last month. California’s 2012 yield is unchanged from last month, while Missouri’s was lowered 2 pounds.

Production forecasts were raised this month for all States except Mississippi and Missouri. Arkansas accounted for the bulk of this month’s upward revision in the 2012/13 production forecast, while Texas reported the largest percentage increase. Missouri’s 2012/13 crop was lowered 11 percent and, the Mississippi crop estimate was lowered 5 percent from last month’s forecasts.

Production Projected To Be Higher In 2012/13 in Arkansas and Missouri

On an annual basis, harvested area is estimated lower in all reported States in 2012/13 except Arkansas and Missouri, with Texas reporting the largest decline. At 134,000 acres, harvested area in Texas is 26 percent below a year earlier and the lowest since 1901/02. The State has suffered from severe drought and has instituted water restrictions this year. At 123,000 acres, Mississippi’s harvested area is 22 percent below a year earlier and the lowest since 1977/78. California’s 2012/13 harvested area is estimated at 563,000 acres, down 3 percent from last year. Louisiana’s rice harvested area declined 4 percent from 2011/12 to 395,000 acres, the smallest since 2007/08.

In contrast, harvested rice acreage in Arkansas rose 11 percent to 1.28 million acres and harvested rice acreage in Missouri increased 38 percent to 177,000 acres. On balance, area expansions in Arkansas and Missouri more than offset area contractions in the remaining reported States, resulting in a 59,000-acre increase in U.S. harvested area in 2012/13.

Average field yields are estimated higher than year-earlier in all reported States, with record yields projected for Louisiana and Texas. At 7,200 pounds per acre, the average field yield in Arkansas is up 6 percent from a year earlier and the second highest on record. In Missouri, the average yield is estimated at 6,700 pounds per acre, up 3 percent from last year. Yields in both Delta States were reduced last year by early season flooding and severe heat at critical growth stages. Mississippi’s average yield of 6,900 pounds per acre is 50 pounds above a year earlier. Louisiana’s average field yield is estimated at a record 6,450 pounds per acre, up 2 percent from a year earlier. The average Texas field yield of 8,000 pounds is up 11 percent from a year earlier and the highest ever reported for a southern State. In California, average field yields remain estimated at 8,400 pounds per acre, up fractionally from a year earlier, but still 200 pounds below the 2009/10 record.

Arkansas and Missouri account for all of the expected increase in U.S. rice production in 2012/13. At 92.2 million cwt, rice production in Arkansas is up 18 percent from a year earlier, a result of both expanded area and a higher yield. Missouri’s production of 11.9 million cwt is up 43 percent from a year earlier, due to larger plantings and a higher yield. In contrast, Louisiana’s rice crop of 47.3 million cwt is 2 percent below last year, a result of smaller plantings. At 10.7 million cwt, the Texas 2012/13 rice crop is 17 percent below a year earlier and the smallest since 1949/50. Mississippi’s production of 8.5 million cwt is 22 percent below a year earlier, a result of smaller plantings. California’s production is projected to decline 2 percent from last year to 47.3 million cwt, also due to smaller plantings.

Progress of the 2012/13 U.S. crop remains well ahead of normal in much of the South. By September 9, 52 percent of the U.S. rice crop was harvested, up from 42 percent a year earlier and the U.S. 5-year average of 34 percent. In Arkansas, 59 percent of the crop was harvested by September 9, more than double the pace of last year and the State’s 5-year average. Missouri’s crop was reported 31 percent harvested by September 9, compared with a 5-year average of 15 percent. In Mississippi, 71 percent of the crop was reported harvested by September 9,well above the State’s 5-year average of 37 percent. In Louisiana, 86 percent of the crop was reported harvested by September 9, up 8 percentage points from the State’s 5-year average. With 90 percent of the crop harvested by September 9, Texas crop progress was slightly behind last year and the State’s 5-year average. Harvest had not begun in California by September 9, compared with a 5-year average of 4 percent harvested by that date.

Total U.S. Supply Forecast for 2012/13 Raised 12.4 Million Cwt to 256.9 Million Cwt

The total supply forecast for 2012/13 was raised 5 percent to 256.9 million cwt, almost 2 percent larger than a year earlier. Estimates for carryin and production were raised this month, while the import forecast was lowered. By class, long-grain supplies are projected at 179.5 million cwt, up 11.4 million cwt from last month’s forecast and 6 percent larger than a year earlier. Medium- and short-grain supplies are forecast at 75.2 million cwt, an increase of 1.6 million cwt from last month’s forecast, but still 8 percent below a year earlier.

The 2012/13 all rice carryin estimate was raised 7.6 million cwt to 41.1 million cwt, still 16 percent below a year earlier. The upward revision was based on data from the August Rice Stocks report. The long-grain 2012/13 carryin was raised 38 percent to 24.2 million cwt, still 32 percent below a year earlier. The medium- and short-grain carryin was raised 1.5 million cwt to 14.7 million cwt, up 46 percent from a year earlier. Stocks of brokens, included in the all-rice stocks estimate, are not classified by class.

Total rice imports for 2012/13 are projected at 19.5 million cwt, down 1.5 million from last month’s forecast, but up slightly from the year-earlier revised estimate. The downward revision was based on expectations of a continuation of the slower pace of shipments observed since early 2012 and a substantial decline in the rate of growth in recent years. Long-grain imports are projected at 17.0 million cwt, down 1.5 million cwt from last month, but up fractionally from a year earlier. Thailand supplies the bulk of U.S. long-grain imports, mainly shipping its premium jasmine rice, an aromatic. Basmati rice from India and Pakistan accounts for most of the remaining U.S. long-grain imports. Medium- and short-grain imports remain projected at 2.5 million cwt for 2012/13, up 3 percent from the year-earlier revised estimate. Specialty rice from Thailand that is classified as medium- and short-grain accounts for the bulk of U.S. medium- and short grain imports. Arborio rice from Italy accounts for most of the remainder.

U.S. 2012/13 Domestic and Residual Use Forecast Raised 2.0 Million Cwt to 126.0 Million Cwt

Total use of U.S. rice in 2012/13 is projected at 226.0 million cwt, up 10.0 million cwt from last month’s forecast and 7 percent above a year earlier. By class, long-grain total use is projected at 162.0 million cwt, up 10.0 million cwt from last month’s forecast and 12 percent above a year earlier. Medium- and short-grain total use remains projected at 64.0 million cwt, 5 percent below a year earlier.

Total domestic and residual use of all-rice in 2012/13 is projected at 126.0 million cwt, up 2.0 million cwt from last month’s forecast and 14 percent higher than the year-earlier revised estimate. This month’s upward revision in the 2012/13 domestic and residual use estimate is based on a larger U.S. crop. For long-grain, 2012/13 domestic and residual use is projected at 94.0 million cwt, up 2.0 million cwt from last month’s forecast and 21 percent larger than the year earlier revised estimate. Medium- and short-grain domestic and residual use remains projected at 32.0 million cwt, down 1 percent from a year earlier.

Total exports of U.S. rice in 2012/13 is projected at 100.0 million cwt, up 8.0 million from last month’s forecast , but still almost 2 percent below the year-earlier revised level. The upward revision is based on much larger supplies and expectations of more competitive prices for U.S. long-grain rice. By type, U.S. rough-rice exports remain projected at 33.0 million cwt, up 1 percent from a year earlier. Latin America is expected to remain the largest market for U.S. rough-rice exports, with Mexico the biggest buyer. Milled rice exports (combined milled- and brown-rice exports converted to a rough-basis) are projected at 67.0 million cwt, up 8.0 million cwt from last month’s forecast, but nearly 3 percent below a year earlier.

By class, long-grain exports remain projected at 68.0 million cwt, up 8.0 million from last month’s forecast and 2 percent above a year earlier. Medium- and short-grain exports remain projected at 32.0 million cwt, 8 percent below the year-earlier near-record. Some of the projected year-to-year decline is based on weaker U.S. shipments to Northeast Asia due to the timing of the region’s annual WTO imports, with U.S. shipments to the region abnormally high in 2011/12.

U.S. ending stocks of all-rice in 2012/13 are projected at 30.9 million cwt, up 9 percent from last month’s forecast, but 25 percent below a year earlier. The stocks-to-use ratio is calculated at 13.7 percent, down from 19.4 percent in 2011/12. By class, the 2012/13 U.S. long-grain carryout is projected at 17.5 million cwt, up 9 percent from last month’s forecast, but 28 percent below a year earlier. The long-grain stocks-to-use ratio is calculated at 10.8 percent, down from 16.8 percent a year earlier and the lowest since 2003/04. The medium- and short-grain carryout is projected at 11.2 million cwt, up 17 percent from last month’s forecast, but 24 percent below a year earlier. The medium/short-grain stocks-to-use ratio is calculated at 17.6 percent, down from 21.9 percent in 2011/12.

2011/12 U.S. Ending Socks Estimate Raised 23 Percent to 41.1 Million Cwt

Based on information from Rice Stocks, U.S. 2011/12 ending stocks are estimated at 41.1 million cwt, an increase of 23 percent from the month-earlier estimate, but 15 percent below a year earlier. By class, long-grain ending stocks are estimated at 24.2 million cwt, an increase of 38 percent from the July estimate, but still 32 percent below a year earlier. Combined medium- and short-grain ending stocks are estimated at 14.7 million cwt, up 11 percent from the July estimate and 45 percent larger than a year earlier.

Rice stocks on August 1, 2012 were smaller than a year earlier in all reported States. Arkansas accounted for more than half of all U.S. stocks of rice. At 24.3 million cwt, rice stocks in Arkansas were 4 percent below a year earlier. Texas rice stocks on August 1 of 3.7 million cwt were 10 percent below a year earlier. Rice stocks in Louisiana on August 1 are estimated at 2.1 million cwt, a 23-percent decline from a year earlier. Missouri’s rice stocks on August 1 are estimated at 0.9 million cwt, a 61-percent decline from last year. Mississippi’s rice stocks of 0.7 million cwt are 66 percent below a year earlier. In California, August 1 rice stocks are estimated at 8.6 million cwt, a reduction of 6 percent from a year ago.

The revised ending stocks estimates and the July Census trade data resulted in several additional revisions to the 2011/12 rice balance sheet. On the supply side, total imports were lowered 3 percent to 19.4 million cwt, with long-grain accounting for most of the downward revision. On the use side, total exports were lowered 0.5 million cwt to 101.5 million cwt, with rough-rice, milled-rice, long-grain, and combined medium- and short grain export estimates all slightly lowered from last month.

The combination of a much larger ending stocks estimate and a slightly smaller import estimate resulted in a 7-percent reduction in total domestic and residual use to 110.3 million cwt, 19 percent below a year earlier and the smallest since 1997/98. The 2011/12 long-grain domestic use estimate was lowered 8 percent to 78.0 million cwt and the combined medium- and short-grain domestic use estimate was lowered 2 percent to 32.3 million cwt.

U.S. 2012/13 Season-Average Price Forecast Raised for Medium- and Short-Grain Rice

The 2012/13 season-average farm price (SAFP) for U.S. long-grain rice was lowered $1.00 per cwt on both the high and low ends this month to $12.50-$13.50 per cwt, compared with $13.40 per cwt a year earlier. The downward revision was based on much larger U.S. supplies. In contrast, the combined medium- and short-grain 2012/13 U.S. SAFP was raised $1.00 per cwt on both the high and low ends to $16.50-$17.50 per cwt, compared with a revised $16.50 a year earlier. The increase in the 2012/13 medium- and short-grain price was based an upward revision of the 2011/12 SAFP.

The 2011/12 medium- and short-grain SAFP was raised 80 cents per cwt based on revised NASS monthly cash prices and marketings. The long-grain 2011/12 SAFP was unchanged as monthly price and marketing revisions were offsetting.

In late August, NASS reported a mid-August U.S. long-grain rough-rice price of $13.80 per cwt, up 30 cents from the July estimate. The July price was unchanged from the mid-month estimate to $13.50. For combined medium- and short-grain rice, the mid- August NASS price was reported at $16.30 per cwt, up 30 cents from the revised July price. The July price was lowered $1.30 from the mid-month estimate to $16.00.

International Rice Market

Production Forecasts for 2012/13 Raised for China, the Philippines, and the United States

Global rice production for 2012/13 is forecast at 464.2 million tons (milled basis), up 1.0 million tons from last month’s forecast, but 1.1 million tons below the year-earlier record. Global rice area is projected at 158.8 million hectares, virtually unchanged from last year, but fractionally below a year earlier, with India accounting for most of the year-to-year decline. The average yield is forecast at 4.36 tons per hectare, fractionally below the year-earlier record.

China accounts for the bulk of this month’s upward revision in global production. China’s 2012/13 crop was raised 1.0 million tons to a record 143.0 million tons, based on a larger area estimate and favorable weather in most rice growing areas of the country this year. At 30.5 million hectares, rice area is up 0.2 million hectares from last month’s estimate and 0.5 million hectares higher than a year earlier. This is the fifth consecutive year of expanded rice area in China. Rice production in 2012/13 in the Philippines was raised 200,000 tons to a record 11.0 million tons based on both a larger area and higher yield forecast. In July, the Government of the Philippines raised its estimates for 2012 quarterly area and production.

Outside Asia, the U.S. crop was raised 0.2 million cwt to 6.3 million cwt based on both larger area and a higher yield estimates. Spain’s 2012/13 production was raised 119,000 tons to 604,000 tons based on information from the U.S. Agricultural Counselor in Madrid. The area estimate was slightly lowered. Spain is the second largest rice producing country in the EU, with Italy the largest. The two countries account for the bulk of EU rice production. Also in Europe, Portugal’s 2012/13 production forecast was raised 39,000 tons to 127,000 tons based on a slightly larger area and a much stronger yield.

These upward revisions were partially offset by several reductions. First, Burma’s 2012/13 production estimate was lowered 0.25 million tons to 10.75 million tons based on a smaller area estimate caused by drought in the north and severe floods in the South, especially flooding in the Irrawaddy Delta. Sri Lanka’s production was lowered 200,000 tons to 3.0 million tons based on a weaker Yala crop caused by drought. Pakistan’s 2012/13 production forecast was lowered 100,000 tons to 6.7 million tons based on a smaller area estimate. Outside Asia, Russia’s 2012/13 production forecast was lowered 30,000 tons to 670,000 tons based on a smaller area estimate reported by the Russian Federal State Statistical Service.

Global rice production for 2011/12 is estimated at a record 465.3 million tons, up 0.3 million tons from last month’s estimate and 3.5 percent above a year earlier. Spain’s production estimate was raised almost 0.1 million tons to 644,000 tons based on information from the U.S. Agricultural Counselor in Madrid. In nearby Portugal, production was raised 25,000 tons to 61,000 tons, also based on information from the U.S. Agricultural Counselor in Madrid. In Asia, the Philippines’ 2011/12 production estimate was raised 61,000 tons to 10.7 million tons based on revised government data for January-June 2012 indicating larger area and a stronger yield. In South America, Brazil’s 2011/12 production was raised 68,000 tons to 7.89 million tons based on year end Government data reporting a higher yield, although lower area. Chile’s 2011/12 production was raised 8,000 tons to 96,000 tons based on a record yield. Substantial improvements in infrastructure and irrigation in Chile have supported a much higher yield this year. Finally, Portugal's 2011/12 production was raised 25,000 tons to 125,000 based on a stronger yield.

Global disappearance for 2012/13 is projected at a record 467.7 million tons, up 1.3 million from last month’s forecast and 2 percent larger than a year earlier. Consumption forecasts were raised this month for Brazil, China, the Philippines, and the United States, but lowered for Burma. On a year-to-year basis, Bangladesh, Burma, China, India, Indonesia, Thailand, the United States, and Vietnam account for most of the expected increase in global domestic use.

Global ending stocks for 2012/13 are projected at 102.2 million tons, up 0.4 million tons from last month, but 3.5 million tons below a year earlier. Ending stocks are the second highest in a decade. China, India, the Philippines, and the United States account for most of this month’s upward revision in global ending stocks. The global stocks-to-use ratio for 2012/13 is calculated at 21.9 percent, down from 23.0 percent a year earlier.

Export Forecast for 2013 Raised for Brazil, Paraguay, and the United States

Global calendar year 2013 trade is forecast at 35.86 million tons, up almost 0.4 million tons from last month’s forecast, but still fractionally below a year earlier. There were four 2013 export revisions this month. First, the U.S. export forecast was raised 250,000 tons to 3.35 tons based on larger supplies in 2012/13. Brazil’s 2013 export forecast was raised 200,000 tons to 800,000 tons based on a stronger export pace in 2012. Paraguay’s 2013 exports were raised 50,000 tons to 200,000 tons, also based on a stronger pace in 2012. Russia’s 2013 exports were raised 10,000 tons to 160,000 tons based on recommendation from the U.S. Agricultural Counselor in Moscow. These upward revisions in 2013 exports were partially offset by a 150,000-ton reduction in Burma’s exports to 600,000 tons based on a smaller crop.

There were several 2013 import revisions this month. First, China’s 2013 imports were reduced 200,000 tons to 1.3 million tons based on a larger crop. Second, the EU’s 2013 import forecast was lowered 150,000 tons to 1.4 million tons based on larger production and a slower pace of imports in 2012. Third, the U.S. 2013 import forecast was reduced 50,000 tons to 700,000 tons based on larger supplies and slower pace of deliveries in 2012. These reductions were partially offset by three country-specific upward revisions; Brazil’s 2013 import forecast was raised 50,000 tons to 750,000 tons based on a tight supply situation. Nepal’s 2013 import forecast was raised 50,000 tons to 150,000 based on a stronger pace in 2012. Import forecasts for 2013 were raised for Ecuador and Tajikistan this month.

Global trade for 2012 was raised 0.2 million tons to 35.87 million, still 0.3 million below the year earlier record. On the export side, Brazil’s 2012 exports were raised 0.1 million tons to 1.1 million tons based on a strong pace to date. Also in South America, Paraguay’s 2012 exports were raised 50,000 tons to a record 250,000 tons based on a stronger than expected pace of sales. Paraguay’s rice exports have increased sharply in recent years. Russia’s 2012 exports were raised 50,000 tons to 200,000 tons based on recommendation from the U.S. Agricultural Counselor in Moscow. Finally, Ecuador’s 2012 exports were raised 15,000 tons to 30,000 tons based on a strong pace to date.

There were several 2012 import revisions this month. First, Indonesia’s 2012 import forecast was raised 250,000 tons to 1.5 million tons based on recommendation from the U.S. Agricultural Counselor in Jakarta. The Government Indonesia’s logistical agency, BULOG, is expected to make substantial purchases for delivery in late in 2012 and early 2013. Second, Nepal’s 2012 imports were raised 50,000 tons to 150,000 tons based on a much stronger pace since India lifted its export ban in late 2011. Third, Sierra Leone’s 2012 imports were raised 25,000 tons to 175,000 tons based on a strong pace through the summer. Import projections for 2012 were also raised this month for Tajikistan and Tanzania.

These upward revisions for 2012 imports were partially offset by two reductions. First, the EU’s 2012 import forecast was lowered 0.1 million tons to 1.3 million based on pace to date. Second, the U.S. 2012 import forecast was lowered 25,000 tons to 700,000 based on a slower-than-expected pace through July and much larger supplies.

Thailand’s Export Prices Have Declined Since Late August; Vietnam’s Continue To Rise

Prices for most grades of Thailand’s higher-quality non-specialty white milled-rice have declined since late August after increasing earlier last month due to stronger baht. The more recent price decline has been due to the Government’s release of stocks. Prices for Thailand's high-quality, 100-percent Grade B (fob vessel, Bangkok) milled rice for export were quoted at $581 per ton for the week ending September 10, down $7 from the week ending August 27, but still up $10 from early August. Prices for Thailand’s 5- percent brokens were quoted at $569 per ton for the week ending September 10, down $6 from the week ending August 27, but also still up $8 from early August.

Prices for Thailand's 5-percent parboiled rice—a specialty rice—were quoted at $601 per ton for the week ending September 10, down $6 from the week ending August 27, but up $36 from the first week of August. In contrast, prices for Thailand’s brokens have increased over the past month. For the week ending September 10, prices for Thailand’s A-1 Super 100-percent brokens were quoted at $512 per ton, up $4 from the week ending August 27 and up $2 from early August. Price quotes for Thailand’s premium jasmine rice—an aromatic—were quoted at $1,056 per ton for the week ending September 10, up $4 from the week ending August 6. All price quotes for Thailand’s rice are from the Weekly Rice Price Update, reported by the U.S. Agricultural Counselor in Bangkok.

In contrast, price quotes from Vietnam continue to increase, mostly due to recent large purchases by the Philippines, Malaysia, Sub-Saharan Africa, and China. For the week ending September 11, prices for Vietnam’s 5-percent double-water-polished with 5- percent brokens were quoted at $455 per ton—up $30 per ton from the week ending August 7. Thailand’s price quotes for 5 percent brokens are currently $114 per ton above quotes for Vietnam’s 5-percent double-water-polished milled rice, compared with a difference of $136 for the week ending August 7.

U.S. prices have increased over the past month as well, mostly due to stronger prices for other grains caused by the U.S. drought. For the week ending September 11, prices for high-quality Southern long-grain rice (No. 2, 4-percent brokens, bagged, free alongside vessel, U.S. Gulf port) were quoted at $590 per ton, up $22 from August 7. U.S. long-grain rough-rice (bulk, fob vessel, New Orleans) was quoted at $370 per ton for the week ending September 11, up $5 per ton from the week ending August 7.

In contrast, prices for California rice for the domestic market have declined slightly over the past month. California’s package-quality medium-grain rice (sacked) for domestic sales was quoted at $794 per ton for the week ending September 11, down $11 from the week ending August 7. Export prices (for 30-kg bags, fob vessel) for California milled rice were quoted at $770 per ton for the week ending September 11, down $5 from the week ending August 7. Price quotes for Vietnam, U.S. long- and medium-grain milled-rice prices, and U.S. rough-rice export prices are from the weekly Creed Rice Market Report.

September 2012

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