Wednesday, August 15, 2012

Cambodia Rice News: World Rice News: U.S. Rice Bids Fall as Crop Ratings Improve

U.S. Rice Bids Fall as Crop Ratings Improve

The U.S. cash rice market was dead today as bids from buyers dropped amid a selloff in the futures market. As of today, old crop offers from farmers declined around $14.95 per cwt delivered (about $330 per ton), while bids from mills and exporters dropped to around $14.30 per cwt delivered (about $315 per ton) and $14.40 per cwt delivered (about $317 per ton), respectively, however there were no sellers willing to entertain these bids.

As for new crop, farmers continue to ask for $15.55 per cwt fob farm (about $343 per ton) January/February/March shipment, however bids from mills and exporters were decreased to around $14.65 per cwt (about $323 per ton) and $14.90 per cwt (about $328 per cwt, respectively for the same shipment period, and as a result nothing traded. There were rumors, however, of a mill paying as much as $15.80 per cwt (about $348 per ton) for prompt delivery earlier this week, although most analysts believe that a majority of buyers are unwilling to pay that high of a price at the moment.

In the meantime, yesterday the USDA estimated that as of August 12, 83% of the U.S. rice crop has headed, compared to 79% last week, 66% this week last year, and a 70% average for the prior 5 years. As of now, the USDA estimates that 9% of the U.S. rice crop has been harvest, compared to 7% last week, 10% this week last year, and a 7% average for the prior 5 years. Currently, the USDA projects that 73% of the U.S. rice crop is in good to excellent condition, compared to 69% last week and 66% this week last year. As of now, 90% of the rice crop in California is in good to excellent condition, compared to 65% in Arkansas.

Going forward, many expect that old crop offers will start to decline as the farmers look to make room for new crop although most believe that farmers will hold on to their new crop tight as many are expecting above average yields on their corn and beans leaving them flush with cash.

Source: Oryza/14August2012

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