Total U.S. rice supplies are reduced 6.6 million cwt from last month due to a lower production forecast. In the September Crop Production report, NASS reduced the 2017/18 U.S. crop size by 6.7 million cwt to 179.7 million, primarily on lower area.
NASS incorporated FSA certified acreage data this month in adjusting forecast acreage lower. The average all rice yield also declined by 9 pounds to 7,504 pounds per acre. Long-grain production is reduced by 5.3 million cwt and combined medium-short is decreased by 1.4 million.
The reduction in 2017/18 supplies results in both lower projected domestic use and residual and exports. All rice ending stocks are reduced 1.1 million cwt to 29.0 million, the lowest level since 2007/08.
The 2017/18 all rice season-average farm price is raised $0.50 per cwt at the midpoint to a range of $12.70 to $13.70. Prices for all rice classes are increased this month.
Global 2017/18 rice supplies are increased to 603.7 million tons, primarily on higher production and beginning stocks for India. Production increases are partly offset by reductions in China and Bangladesh. World 2017/18 consumption is increased by 1.1 million tons to 480.2 million.
Global 2017/18 trade is raised to a record 44.2 million tons on higher exports from Burma and India.