RICE: The U.S. 2016/17 rice supply and demand estimates are unchanged this month. The all rice marketing year average price is also unchanged with the midpoint of the range at $10.50 per cwt. Medium-and short-grain prices are raised slightly.
Global rice production is minimally increased to 480.4 million tons with Brazil accounting for all of the increase. World exports are modestly reduced as lower exports by Australia, India, and Vietnam are only partially offset by increases for Brazil and China. Global use is fractionally raised this month, resulting in projected ending stocks declining to 117.7 million tons, which is still the highest level since 2001/02.