AFB Rice Close: Took Dip Despite Firm Demand
Rice futures took another dip despite relatively firm demand and tightening stocks here in the U.S. Planting progress is still behind in Arkansas 60% versus 78%, and Mississippi 22% versus 88%. However, the overall crop stands at 69% versus 74%. The Asian market is another matter with growing stocks and a generally weak market undertone. That factor tends to overhang the futures market despite the relative disassociation seen by the trade.
|Long Grain Cash Bid for||May||– – –||to||– – –|
|NC||1419/CWT||to||– – –|
|Chicago Futures:||July||down||13 1/2||at||1523|
|Today’s Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,