The 2019/20 U.S. rice supply and use estimates are unchanged relative to last month. The projected all rice season-average farm price is unchanged at $13.00 per cwt; however, the Other States medium-grain price is lowered $0.20 per cwt to $11.90.
Global 2019/20 rice supplies are raised 3.4 million tons primarily on a 3.0-million-ton increase for India production stemming from revised government data. Global exports are lowered 0.5 million tons primarily on a reduced forecast for India, despite its larger supplies. India’s exports are lowered 0.7 million tons on a slowing pace of trade to African markets.
Global imports are reduced 0.6 million tons led by a 0.3-million-ton reduction for Nigeria which was lowered on a slowing pace of parboiled exports to West Africa and enforcement of land border closures. India is an important parboiled rice exporter to the region. World consumption is lowered 0.8 million tons, led by a 0.5-million-ton reduction for India.
With supplies higher and use revised down this month, global ending stocks are raised 4.2 million tons. Outside of several small and mostly offsetting changes, India accounts for nearly all of the global stock increase.
India and world stocks are now projected at 35.0 million tons and 182.3 million tons respectively.