U.S. 2017/18 all rice production is 178.2 million cwt, down fractionally from the previous estimate and down 20 percent from last year. The all rice average yield is estimated at 7,507 pounds per acre, up 46 pounds from the prior estimate. Long-grain production is raised to 127.9 million cwt and medium- and short-grain production is lowered to 50.4 million.
All rice domestic and residual usage is increased by 5.0 million cwt to 120.0 million on higher-than-expected usage for August-November as implied by the NASS Rice Stocks report. Projected U.S. all rice exports are reduced by 3.0 million cwt to 100.0 million, all for long-grain on slower-than-expected exports to Western Hemisphere markets.
Projected 2017/18 all rice ending stocks are reduced 1.8 million cwt to 29.2 million, the lowest level since 2003/04. The projected 2017/18 season-average farm price for all rice is reduced 20 cents at both ends of the range to $12.10 to $13.10 per cwt, primarily due to lower-than-expected long-grain prices reported to date by NASS.
Global 2017/18 rice supplies are increased by 1.3 million tons to 622.8 million, primarily on larger crops for the Philippines and Pakistan. Philippine rice production is projected at a record 12.0 million tons, mainly on larger harvested area, also a record.
Rice News on AgFax
World 2017/18 consumption increases 1.0 million tons to 481.8 million on higher expected usage in China, Ecuador, Nigeria, Vietnam, and the United States. Global 2017/18 trade is raised to 45.8 million tons on higher exports by China and India more than offsetting lower U.S exports. Trade is slightly below the 2016/17 record of 46.0 million tons.
World ending stocks are projected fractionally higher to 141.1 million tons for 2017/18 and are at the highest level since 2000/01 with China holding over 66 percent of total stocks.