Cambodia Rice News: World Rice News: U.S. Rice Buyers Eye New Crop; 54% Headed; 69% Rated Good-to-Excellent

U.S. Rice Buyers Eye New Crop; 54% Headed; 69% Rated Good-to-Excellent

The U.S. cash rice market was mostly quiet today as buyer and seller old crop price ideas are roughly $0.50 per cwt apart (about $11 per ton). Offers from farmers could be found as low as $14.75 per cwt delivered (about $325 per ton), while offers from resellers decreased slightly although these lower levels were still unattractive to buyers.

Bids from mills and exporters were steady today around $14.50 per cwt delivered (about $320 per ton) although there were no sellers near this level. As for new crop prices, farmers continue to ask for $15.55 per cwt fob farm (about $342 per ton) however it was reported that a small lot traded today as low as $15.15 per cwt (about $334 per ton) for January through March delivery.

Today the USDA estimated that as of July 22, 54% of the U.S. rice crop has headed, compared to 39% last week, 30% this week last year, and a 30% average for the prior 5 years. Currently, the USDA estimates that 69% of the U.S. rice crop is in good-to-excellent condition, compared to 70% last week and 63% this week last year. As of now, 86% of the rice crop in Mississippi is in good-to-excellent condition, compared to 61% in Arkansas.

Going forward, some analysts believe that the increasing price of corn and soybeans will lead to greater demand for U.S. rice, however, at the moment; most buyers remain reluctant to pay higher prices citing concerns about the strength of the global economy and the potential for a better than expected U.S. rice crop.

Source: Oryza/23July2012

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