AFB Rice Close: Futures Post Wide Gains
Rice futures posted wide gains today. A smaller planted acreage remains supportive, but USDA now says that 72% of the crop is in good to excellent condition nationwide. 63% of the Arkansas crop is rated good to excellent. Tough competition on the export market could limit the upside. Cheaper Asian origin rice is making it hard for U.S. rice to compete. September today completed a 50% retracement of the early summer declines. The next upside objective is $15.81, the 62% retracement level.
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South Korea reportedly has temporarily halted imports of wheat from Washington state after USDA confirmed the discovery of volunteer genetically engineered wheat growing in the state. Though USDA stated there