U.S. 2017/18 rice ending stocks are raised 4.1 million cwt to 33.3 million, mostly on decreased exports. These ending stock levels still remain below the 5-year average. The 4.0-million-cwt decrease in exports is divided evenly between long-grain and medium- and short-grain. Rough and milled rice exports are also lowered by 3.0 and 1.0 million cwt, respectively.
The export reduction reflects a slow pace to date as well as increased competition in core Western Hemisphere export markets. The all-rice season average farm price is raised $0.10 per cwt at the midpoint to a range of $12.40 to $12.80. This increased price is all due to higher projected medium- and short-grain prices.
Global 2017/18 rice production is raised 1.2 million tons to a new record led by 0.3-million-ton increases each for Brazil, Burma, Pakistan, and the Philippines. Global rice exports are raised 0.8 million tons with a 0.3-million-ton increase for Thailand and 0.2-million-ton increases each for Burma, India, and Pakistan.
Imports are raised 0.5 million tons for Indonesia and 0.3 million tons for Bangladesh. Global domestic use is reduced fractionally. With supplies increasing and total use decreasing, world ending stocks are raised 1.4 million tons to 144.4 million and are the second highest stocks on record.