The rice industry remains in a stupor as the wait for new crop harvest drags on. In the weekly reports, export sales were off slightly as compared to last week’s volume. While not particularly encouraging, it is to be expected that lower volumes should be expected given the time of year and the tightness in old crop stock numbers. Export tonnage was somewhat higher against the last report as the shipments continue against earlier sales.
Benchmark Asian pricing continues sideways with no real directional change aside from expected weekly adjustments. With the generally quiet tones being noted globally, USDA lowered its World Market Price estimate for the week for both classes of rice.
In the local cash markets, some new crop bidding is beginning to emerge, but growers remain lukewarm at the current pricing levels. Harvest is beginning to commence in parts of Texas and Southern Louisiana with more fields being drained and prepped for harvest by the day. If the weather remains cooperative, the first dry lots should begin to appear around the first or second week of August which will provide a significant amount of clarity into projected yields and quality.
Rice News on AgFax
The futures market has been up and down over the course of the week as the harvest pressure begins. Overall, the market held on rather tightly with only minor losses incurred since the previous week’s trading.
If the new crop lives up to its potential from both a quality and quantity standpoint, it promises to be a very interesting marketing year.