Rice Comment
Rice futures also posted sharp gains today, but fundamentals remain negative. A big 2010 U.S. crop and big Thai intervention stocks will limit upside potential. Another Iraqi tender is anticipated, but U.S. price levels would likely need to be as much as $40 lower to get strong consideration. With a big harvest just weeks away, U.S. mills will need new sales.
| Long Grain Cash Bid for | July | 835/cwt | to | - - - |
| | Aug/Nov | 955/cwt | to | - - - |
| Chicago Futures: | Sept | up | 41 1/2 | at | 1055 1/2 |
| | Nov | up | 42 1/2 | at | 1082 |
| | Jan 11 | up | 42 1/2 | at | 1108 |
| | Mar 11 | up | 42 1/2 | at | 1134 1/2 |
| | May 11 | up | 42 | at | 1163 1/2 |
| Today's Arkansas LDP rate for long grain rice is | 0¢ |
| medium grain rice is | 0¢ |