RICE: U.S. 2017/18 rice ending stocks are raised 3.0 million cwt this month on a 1.0-millioncwt increase in imports and a 2.0-million-cwt decrease in exports. Both changes reflect the pace of trade to date. The import increase is primarily for long-grain aromatics from Asia. The entire export reduction was medium- and short-grain and is now projected at the lowest level in more than a decade. The 2017/18 season-average farm price for all rice is lowered $0.10 per cwt at the midpoint to a range of $12.30 to $12.70.
Total supplies for 2018/19 are raised 4.0 million cwt on increased beginning stocks and imports. Domestic and residual usage is raised 1.0 million cwt on larger supplies. Exports are raised 2.0 million cwt following the unusually low medium- and short-grain sales from the previous market year. Ending stocks for 2018/19 are raised 1.0 million cwt and prices are unchanged. Global supplies for 2018/19 are lowered 2.1 million tons primarily on reduced China production. China’s harvested area is decreased 0.5 million hectares and production is down 2.3 million tons. The reduced China supplies are accounted for by a 1.0-million-ton reduction in consumption and a 1.3-million-ton decrease in stocks. Global consumption is lowered 0.6 million tons and exports are raised fractionally. With reduced supplies more than offsetting lower use, global ending stocks are down 1.5 million tons.