May 7, 2012
AFB Rice Close: Futures Firm for a Slightly Higher Finish
Rice futures firmed late to close slightly higher. The market has found support at the 62% retracement objective. However upside potential would appear to be limited given the current state of the market. The Thai market has firmed on an artificially tight supply situation. They have what is believed to be a huge stockpile of new crop intervention stocks, almost 12 mmt, and that supply could come to market at some point. Other origin rice is generally a little weaker.
|Long Grain Cash Bid for||May||- – -||to||- – -|
|NC||- – -||to||- – -|
|Chicago Futures:||May||up||1||at||1496 1/2|
Today’s Arkansas LDP rate for long grain rice is
medium grain rice is