13 October, 2014
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Bangladesh Rice Farmers Unhappy with "Nerica" Yields Bangladesh Rice Import Value Surges Two Fold in First Two Months of FY 2014-15 India Receives Two Bids for 20,000 Ton Rice Import Tenders India 2014 Main Rice Crop Planting Reaches 38 Million Hectares as of October 10, 2014; Up 1% from Last Year Family Farms Attract Attention in Europe Ivory Coast Targets Rice Self-Sufficiency in 2016 Asia Rice Quotes Unchanged Today Methane Emission from Paddy Field as Bad As Carbon Dioxide in Climate Warming Japan Buys 55,000 Tons of Non-glutinous Rice in Tender Oryza Overnight Recap - Chicago Rough Rice Futures Flat as Traders Await Latest USDA S&D Update Oryza White Rice Index - Ebola Outbreak Oryza Afternoon Recap - Chicago Rough Rice Futures Finish the Week Little Changed as Market Fails to React to USDA S&D Update
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Bangladesh Rice Farmers Unhappy with "Nerica" Yields Oct 10, 2014 Bangladesh rice farmers who have been wooed to adopt Africa's Nerica (New Rice for Africa) rice variety in the 2014-15 Aus season (March - July) are not so happy with the yields achieved with the African rice variety, according to local sources.The government heavily promoted Nerica, supposedly a drought-resistant variety, among the farmers and encouraged them to use this on a trial basis. It distributed around 100 tons of Nerica seeds to a group of selected farmers for growing in about 10,000 bighas or about 1,600 hectares. For having used Nerica seeds, the
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government supported each farmer by giving 40 kilograms of fertilizers (including 20 kilograms of urea, 10 kilograms of DAP and 10 kilograms of MOP) and Tk 600 (around $8) in cash as incentives.
The farmers, who have recently harvested the crop said they received an average yield of around 1.25 - 1.56 tons per hectare compared to a yield of around 3.7 - 4 tons per hectare from their traditional rice varieties. They told that Nerica took only 92 days to mature compared to 110 - 120 days taken by local varieties. Some farmers noted that Nerica was not suitable to Bangladesh climate. However, the government officials told local sources that they encouraged Nerica because it needs less of irrigation to grow on higher plains, it takes lesser time to mature compared to their traditional varieties and also its strong stems can withstand strong winds without getting damaged that easily.
Bangladesh Rice Import Value Surges Two Fold in First Two Months of FY 2014-15 Oct 10, 2014
Bangladesh's rice import value has increased to around $55.59 million in the first two months of FY 2014-15 (July 2014 - June 2015), up about two times or about 109% from around $26.55 million during the same period in FY 2013-14, based on the latest letter of credit (LC) data released by the Bangladesh Bank (BB).A BB official told local media sources that a fall in global rice prices and a simultaneous surge in domestic rice prices are the key drivers to increase in imports. Data from the Food Planning and Monitoring Unit showed that wholesale prices of coarse rice stood at around $440 per ton in Dhaka as of August 27, 2014, while it was around $397 per ton in the Indian state of West Bengal on the same date. As of September 27, 2014, the prices of coarse rice in Dhaka and India were $438 per ton and $370 per ton respectively. According to data from the Bangladesh Food Ministry, in the FY 2014-15, private importers in the country imported around 9,490 tons of rice as on October 9, 2014. The government has so far not imported any rice in this fiscal year. But it has set a target of importing around 200,000 tons of rice in the fiscal year 2014-15 to replenish falling stocks in the country, according to the Directorate of Food. Bangladesh imported 374,560 tons of rice in FY 2013-14 (371,500 tons by private sector and 3,060 tons by the government).
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UNâ€&#x;s Food and Agriculture Organization (FAO) estimates Bangladesh to import around 400,000 tons (including government and private sector) in 2014. USDA estimates Bangladesh to import around 678,000 tons in 2014. Tags: Bangladesh rice imports
India Receives Two Bids for 20,000 Ton Rice Import Tenders Oct 10, 2014
India's State Trading Corporation (STCI) and Metals and Minerals Trading Corporation (MMTC) have received one bid each for their tenders to import 20,000 tons rice from Myanmar, according to local sources.STCI and MMTC each called for tenders for 10,000 tons imports of 25% broken white rice for delivery between October 15 - November 15, 2014 at the Food Corporation of India (FCI) godowns in the North-Eastern state of Manipur and Mizoram.While STCI received a bid of $750 per ton, MMTC received a bid of $867 per ton. Traders told local sources that the difference in bid amounts is due to logistical cost of transporting rice from Myanmar to the two states of Manipur and Mizoram.The government of India has approved for importing 100,000 tons of rice for the catering to the public distribution (PDS) needs in the north-eastern states of Manipur and Mizoram and authorized STCI and MMTC to import 20,000 tons of rice each month over the next five-month period. India, a net exporter of rice, had about 21.65 million tons (including a milled equivalent of about 6.65 million tons of paddy) in its central pool as of September 1, 2014. The stocks were about double the required buffer and strategic reserve norms of around 11.8 million tons for this time of the year, according to the FCI.Despite having sufficient rice stocks, the Food Corporation of India (FCI) has decided to import rice due to likely transportation disruptions (to the two states) from the proposed railway conversion works on a 220-kilometer line between Assam and Tripura. Tags: India rice imports, Food Corporation of India (FCI), STCI, MMTC
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India 2014 Main Rice Crop Planting Reaches 38 Million Hectares as of October 10, 2014; Up 1% from Last Year
Oct 10, 2014
Planting for kharif rice crop, or main rice crop (June – December) in India has reached around 38 million hectares of rice area as of October 10, 2014, up about 1% from around 37.641 million hectares planted during the same time last year, according a statement released by the Indian Agriculture Ministry.
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The Indian government has estimated 2014-15 (October 2014 - September 2015) kharif rice production at around 88.02 million tons, down about 4% from around 91.69 million tons produced during the same time in 2013-14, according to a statement from the Agriculture Ministry. Decline in production is attributed to late arrival of monsoons in June - September period delaying planting of the kharif (June - December) rice crop in many rice growing areas. The government is expected to revise its forecasts as it gets more information about sowing and yields.USDA estimates India's 2014-15 (October September) production at around 103 million tons, down about 3% from an estimated 106.29 million tons in 2013-14. However, few analysts say India 2014-15 production may be about 10% lesser than last year's. The total sown area for all crops, including rice, stands at 102.66 million hectares as on October 10, 2014, down about 2% from around 104.95 million hectares last year. Tags: India kharif rice planting, India rice production
Family Farms Attract Attention in Europe Oct 10, 2014
European farmers recently met in a congress held in Bruxelles during the United Nationsâ€&#x; International Year of Family Farming 2014. Copa-Cogeca, the EU agricultural organization that represents 26 million European farmers and their families, along with 38,000 agri-cooperatives, called more than 500 farm leaders from across Europe to gather and discuss the role of family farms and agri-cooperatives in supporting EU economic growth. Specifically, the group asked for additional funds in times of crisis, such as the one ongoing with Russia.The EU agriculture sector, which employs almost 26 million people, most of whom work on family farms handed down for generations, is the hub of EU rural areas, providing food supplies for 500 million European consumers while maintaining the environment and biodiversity. EU-28 agricultural production is worth over 400 billion euros (about $509 billion), and the EU is the worldâ€&#x;s number one exporter of agricultural and food products, representing three quarters of the EU net-trade balance. Copa-Cogeca has always been supportive of the European rice growing sector: for example, its requests for simplification of the new Common Agricultural Policy (CAP) was also recommended by rice farmers. Tags: family farms, copa-cogeca, Common Agricultural Policy (CAP), Year of Family Farming, EU agriculture exports
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Ivory Coast Targets Rice Self-Sufficiency in 2016 Oct 10, 2014
The government of Ivory Coast is aiming to achieve self-sufficiency in rice production by 2016 and begin exporting rice by 2018, according to Reuters.Ivory Coast, which is the world's largest cocoa producer, is a net importer of rice and imports around 70% of its consumption needs anually. It usually imports rice from India, Vietnam, Thailand and Pakistan. Last year, the government spent nearly 235 billion CFA francs (around $457 million) on rice imports, according to a government official.The Director of the National Office for Rice Development (NORD) told media sources that the government is keen on diversifying its agricultural sector and achieving self-sufficiency of rice in the next two years. He noted that the government has earmarked around $4 billion for the purpose. He also told that the government is involving the private sector as well to achieve its target and has signed investment agreements with nearly four foreign companies. He said they would be investing about 60% of the funds needed for the development of the country's rice sector. He added that the government has begun the rice sector development program in 2012 and that it is ready to invest about 477 billion CFA francs (around 927 million) over the four-year period.The NORD Director noted that results have already started showing up with the production increasing by about 78% to around 980,000 tons in 2012 and further increasing by about 22% to around 1.2 million tons in 2013. He expressed confidence that the country would produce around 1.6 million tons of rice this year. He also said the imports declined by about 51% to around 830,000 tons in 2013 from around 1.26 million tons in 2012.He said the country is close to reaching its target of producing 2 million tons of rice by 2016. He added that the Indian government has supported the government by lending about 30 billion CFA francs (around $58 million) for building modern processing and storage units.Meanwhile, analysts are worried of the consequences if the Ebola virus spreads in to Ivory Coast from the neighboring countries of Guinea, Liberia and Sierra Leone. Restriction on movement of goods and people in the three countries has led to labor shortages, decline in supplies of essential commodities like rice, and increase in their prices. The virus outbreak has severely impacted the three countriesâ€&#x; trade with other countries. Though localized rice production is said to
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better this year, analysts are doubtful how much of this produce would be able to reach markets. The UNâ€&#x;s FAO and the concerned governments are taking measures to ensure food security in the three countries.USDA estimates Ivory Coast to produce around 520,000 tons of rice and import around 1.2 million tons in MY 201415 (October - September) to meet a consumption demand of around 1.7 million tons. Tags: Ivory Coast rice imports, Ivory Coast rice production, Ivory Coast rice self-sufficiency
Asia Rice Quotes Unchanged Today Oct 10, 2014
Asia rice sellers kept their quotes mostly unchanged today. 5% Broken Rice Thailand 5% rice is quoted at around $415 - $425 per ton, about $20 per ton discount to Vietnam 5% rice shown at around $435 - $445 per ton. India 5% rice is quoted at around $415 - $425 per ton, about $10 per ton premium on Pakistan 5% rice quoted at around $405 - $415 per ton. 25% Broken Rice Thailand 25% rice was last quoted at around $350 - $360 per ton, about $55 per ton discount to Vietnam 25% rice shown at around $395 - $405 per ton. India 25% rice is quoted at around $370 - $380 per ton, about $15 per ton premium on Pakistan 25% rice quoted at around $355 - $365 per ton. Parboiled Rice Thailand parboiled rice is quoted at around $420 - $430 per ton. India parboiled rice is quoted at around $410 $420 per ton, about $15 per ton discount to Pakistan parboiled rice quoted at around $425 - $435 per ton. 100% Broken Rice
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Thailand broken rice, A1 Super, was last quoted at around $310 - $320 per ton, about $25 per ton discount to Vietnam broken rice shown at around $335 - $345 per ton. India broken sortexed rice is quoted at around $320 $330 per ton, on par with Pakistan broken sortexed rice quoted at around $320 - $330 per ton. Tags: Vietnam rice prices, India rice prices, pakistan rice prices, Thailand rice prices
Methane Emission from Paddy Field as Bad As Carbon Dioxide in Climate Warming Oct 10, 2014
Dr G V Ramanjaneyulu, Executive Director for Centre for Sustainable Agriculture, Hyderabad, talks about an interesting study conducted on the ecological footprint of the paddy field. Oryza: Not many are aware that a paddy field can emit Methane into the atmosphere. What did the study conclude? Methane stands next to carbon dioxide when it comes to adding to climate warming. Dr G V Ramanjaneyulu: The „Ecological footprints of paddy farmingâ€&#x; was based on a study done by students of a school in a village in Telangana state, south India last year. The study found that the Methane released by ponding water (ponding is the excess accumulation of water at low-lying areas even after 48 hours after the end of rainfall despite dry conditions) per day is 460 kg. Total emission in a crop period of 150 days - 69 tonnes Acreage of paddy in entire village- 127.75 acres 1 ton methane equals 21 tonnes of carbon dioxide Therefore carbon dioxide emission on total methane released = 8,814 tonnes which is equal to 1.85 lakh tonnes of carbon dioxide. Oryza: What are the other important observations on sustainable agriculture, especially paddy cultivation? Dr GV Anjaneyulu: Paddy is one among the many crops we talk about when it comes to sustainable
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agriculture. We discuss many observations in our new blog called agrariancrisis.in. I hope the farming community will be able to discuss farming and societal issues here. Oryza: What is the 'Open Source Seed Systems' floated by your organization Centre for Sustainable Agriculture (CSA)?' Dr GV Anjaneyulu: As part of this program, we try to conserve existing varieties of seeds by asking farmers to recover and retrieve seed varieties that were in use or that are still in use, and popularise them among farmers. We also insist on participatory seed selection and participatory plant cultivation. We also noticed that most seed companies keep their business interests ahead of the farmer's interest. So CSA is keen to develop a system which is a blend of both seed system which conserve agro-diversity, ensure timely availability of good quality seed in required quantities at affordable price. Oryza: What kind of work is happening on the usage of chemical fertilizers? Dr GV Anjaneyulu: CSA has introduced the concept of Non-Pesticidal Management which is now practiced by millions of farmers in Andhra Pradesh. We encourage farmers to blend traditional farming practices with updated innovations. The Non Pesticidal Management, which is a result of collaborative work of farmers, public institutions, NGOs, co-operatives in Andhra Pradesh, south India, shows how working together can give rise to new knowledge and pave way for more sustainable models of development. Non Pesticidal Management is an eco-friendly approach to pest management of preventing harmful insects from assuming damaging proportions by optimizing use of local resources, nature and collaborative community action.
Tags: Paddy, Rice, ri ce news, Research, Methane, emission
Japan Buys 55,000 Tons of Non-glutinous Rice in Tender Oct 10, 2014
Japan has purchased 55,000 tons of non-glutinous milled rice from Thailand and the U.S., according to official sources.Japan bought 36,000 tons of non-glutinous milled (medium-grain) rice from the U.S. at an average price of around JPY 92,110 (around $853) per ton; and 19,000 tons of non- glutinous milled (long-grain) rice from Thailand at an average price of JPY 99,479 (around $922) per ton. A total of 41 bidders (16 for medium-grain U.S. rice and 25 for long-grain Thai rice) participated in bidding that took place today.The results pertain to the fourth ordinary import tender issued by Japan in 2014.
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Oryza Overnight Recap - Chicago Rough Rice Futures Flat as Traders Await Latest USDA S&D Update Oct 10, 2014
Chicago rough rice futures for Nov delivery are seen trading 0.5 cents per cwt (about $0.11 per ton) lower at $12.590 per cwt (about $278 per ton) during early floor trading in Chicago. The other grains are seen trading mostly lower this morning: soybeans are currently seen 1.4% lower, wheat is listed about 0.4% higher and corn is noted about 1.5% lower. U.S. stocks wavered on Friday bouncing back a day after Wall Street erased its biggest rally in a year. Ahead of the open, the Labor Department reported U.S. import prices fell in September for a third month as the price of petroleum prices fell and a stronger dollar made it cheaper for Americans to purchase European goods. Rising as much as 94 points after an initial drop, the Dow Jones Industrial Average was lately up 67.08 points, or 0.4%, to 16,726.33. The S&P 500 added 2.32 points, or 0.1%, to 1,930.53, with utilities and consumer staples leading sector gains and energy and technology falling hardest. The Nasdaq declined 58.56 points, or 1.3%, to 4,319.82. Gold is currently trading about 1.6% higher, crude oil is seen trading about 1.4% lower, and the U.S. dollar is currently trading about 0.4% higher at 9:45am Chicago time. Tags: chicago rough rice futures, U.S. rice market, U.S. rice prices
Oryza White Rice Index - Ebola Outbreak Endangering World Health, Rice Markets The Oryza White Rice Index (WRI), a weighted average of global white rice export quotes, ended the week at about $459 per ton, down about $5 per ton from a week ago, down about $14 per ton from a month ago and up about $5 per ton from a year ago.
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The UN‟s Food and Agricultural Organization (FAO) has forecasted 2014-15 global rice production at about 496.4 million tons, down slightly from 2013-14‟s production, and down about 1% from last month‟s forecast. FAO has forecast 2015 global rice trade at about 40 million tons, up only slightly from 2014‟s
numbers. Oct 10, 2014
The FAO All Rice Price Index declined to about 238 points in September, about 2% less than in August, due to decline in Higher and Lower Quality Indica sub-indices and Japonica sub-index. Ebola concerns continue to grow worldwide and the health scare has affected rice distribution and marketing in West Africa. The affect of this serious global health scare could spell trouble for economies and societies across the world with basic infrastructures endangered as people fear public spaces, stop showing up to work, and power systems and more come to a halt. While the virus has been compared to AIDS, it is much easier to contract and is in fact closer to the bacterial infection bubonic plague, or Black Dealth, which killed one-third of Europe's population in 1347; both the bubonic plague and ebola are contracted through bodily fluids - blood, saliva, mucus, sweat, tears, semen, vomit, urine, or feces.
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Ebola can enter the body through one of these fluids' contact with someone's broken skin, eyes, nose, mouth, throat, or reproductive organs. Meaning an infected person touches a door nob and leaves their sweat behind, and if this door nob is then touched by another person who after doing so rubs their nose or eyes or mouth with their now infected hands, could have contracted ebola. In fact ebola can survive for several hours dried on surfaces like door nobs, counter tops, etc. Since symptoms take 2-21 days to appear, which is also when the infected person becomes contagious, they can travel and unknowingly spread the virus once they arrive somewhere new and begin to show symptoms. And when the symptoms do show up they are not immediately alarming - fever, weakness, muscle pain, headache, sore throat - allowing them to be mistaken for another illness before the symptoms worsen and change and potentially lead to death. We wish everyone well and hope that this disease is most speedily brought under control but it will be a huge challenge, even with global coordination. Thailand Thailand 5% broken rice is today quoted at about $420 per ton, down about $5 per ton from a week ago, down about $10 per ton from a month ago and up about $10 per ton from a year ago. During the first eight months of 2014, Thailand has exported about 6.6 million tons of rice, an increase of about 59% during the same period in 2013, according to the Thai Rice Exporters Association (TREA). During the same time, Thailand earned about $3.27 billion from total rice exports, an increase of about 14% from the same period in 2013. After meeting with the Rice Policy and Management Committee, the Thai Prime Minister has worked with the Head of the National Council for Peace and Order to outline short-term, medium-term, and long-term measures to protect rice farmers from falling prices and to increase productivity while using fewer land and water resources, according to local sources. The Thai government plans to sell one million tons of rice to various countries through government-togovernment contracts before the end of this year, according to Bloomberg. India India 5% broken rice is today quoted at about $420 per ton, down about $5 per ton from a week ago, down about $20 per ton from a month ago and unchanged from a year ago. Planting for the kharif (main) rice crop (June-December) has reached about 38 million hectares of rice as of October 10, up about 1% from the same time last year.
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Indian rice exporters and analysts say India might become the world‟s top rice exporter in 2015 due to surplus rice stocks, improved methods of production, increased demand from African and Middle East countries, and comparatively low prices. The Food Corporation of India has procured about 31.652 million tons of rice as of October 1, according to the Ministry of Consumer Affairs, Food and Public Distribution. Private rice millers in the state of Punjab are urging the government to reinstate the old norm of 15% moisture content limit in paddy, after the government reduced it to 14% last month. The USDA Post estimates that India‟s MY 2014-15 (October-September) rice production is about 100 million tons, about 6% less than production in MY 2013-14 and about 3% less than USDA‟s official estimates from earlier this year. The government of the eastern state Odisha has approved for large scale hybrid seed production under the Central government‟s Rashtriya Krishi Vikash Yojna scheme, according to local sources. Vietnam Vietnam 5% broken rice is today quoted at about $440 per ton, down about $5 per ton from a week ago, down about $15 per ton from a month ago, and up about $55 per ton from a year ago. During the first nine months of 2014, Vietnam exported about 4.788 million tons of rice, a decrease of about 8% from the same time last year, according to the Vietnam Food Association (VFA). Average rice export price this year is about $432 per ton (FOB), an increase of about $2 per ton from the same time last year. The UN‟s FAO forecasts Vietnam‟s 2014 rice exports will increase to about 6.9 million tons, up about 6% from exports in 2013, due to good paddy rice output and higher export demand from Asian countries like Indonesia, Malaysia, China, and the Philippines. Indonesia has signed a contract with Vietnam and Thailand to import 425,000 tons of rice this year, according to Reuters. Pakistan Pakistan 5% broken rice is today quoted at about $410 per ton, unchanged from a week ago, down about $25 per ton from a month ago and up about $25 per ton from a year ago.
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Average Pakistan basmati rice export prices increased in September for the second month in a row after being stable at about $1,350 per ton from April-July. Average prices in September were around $1,450 per ton, about 10% more than in August 2013. In Punjab, Pakistan, farmers impacted by recent floods have asked for crop compensation and to extend the compensation to include farmers owning more than 10 acres (about 4 hectares). Central & South America Brazil 5% broken rice is today quoted at about $600 per ton, down about $10 per ton from a week and a month ago, and down about $40 per ton from a year ago. The Brazilian paddy rice index maintained by CEPEA reached around 36.75 real per 50 kilograms as of October 7, 2014, up about 0.3% from around 36.65 real per 50 kilograms recorded on September 30, 2014. In terms of USD per ton, the index reached around $306 per ton on October 7, 2014, up about 2.24% from around $299 per ton recorded on September 30, 2014. In the first seven months of 2014, Argentina has exported about 405,048 tons of rice, an increase of about 29% from the same period last year, according to the Ministry of Agriculture. Five percent broken rice from Uruguay and Argentine is today shown at about $600 per ton, down about $15 per ton from a week and a month ago, down about $20 per ton from a year ago. U.S. U.S. 4% broken rice is today quoted at about $530 per ton, unchanged from a week and a month ago and down about $75 per ton from a year ago. The U.S. cash market was steady early this week with offers near $13.00-$13.33 per cwt fob farm (about $287$294 per ton) but offers dropped slightly on Thursday to $12.75-$13.00 per cwt fob farm (about $281-$287 per ton). Bids started the week around $13.00-$13.33 per cwt (about $287-$294 per ton) for October delivery but dropped mid-week to around $12.75-$13.00 per cwt (about $281-$287 per ton), while there were few to no trades reported the whole week. After opening at $12.565 cwt on Monday, Chicago rough rice futures for November delivery peaked mid-week, reaching $12.790 per cwt on Wednesday before dropping to close at $12.580 on Friday. Other Markets:
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Cambodia 5% broken rice is today quoted at about $470 per ton, unchanged from a month ago and up about $20 per ton from a year ago. The UN‟s FAO has forecasted Sri Lanka‟s rice imports to increase significantly in 2014 as the country‟s paddy rice production is expected to drop due to prolonged dry weather conditions. The FAO expect Sri Lanka‟s total paddy production in 2014 to decline by about 22% from 2013. China‟s new hybrid rice variety “Yliangyou 900” has produced record yields in the country, according to local sources. The state-owned Grain Reserve Corporation, Sinograin, in China has purchased about 4.19 million tons of o2014-15 early summer rice under the minimum grain purchase price arrangement in efforts to stabilize market prices. Rice farmers in Japan will get early grants from the government this year to help them cope with decreasing prices in the country. South Korea‟s Korea Agro-Fisheries & Food Trading Corporation has purchased about 36,06 tons of nonglutinous rice of Chinese and U.S. origins for delivery between January 1 and February 28. The National Food Authority in the Philippines is trying to end further rice imports this year, according to Reuters, after importing about 1.8 million tons of rice so far in 2014. Separately, rice stocks in the Philippines stand around 1.49 million tons as of September 1, down about 13% from August 2014 and down about 3% from September 1, 2013, according to the Bureau of Agricultural Statistics. Meanwhile, the Philippines Bureau of Customs has raised around P161 million (about $3.6 million) from auctioning off about 5,475 tons of smuggled rice. Japan purchased 55,000 tons of non-glutinous milled rice from Thailand and the U.S. at an average price of JPY 92,110 (about $853) per ton in a tender. Bangladesh‟s rice import value increased to about $55.59 million in the first two months of FY 2014-15 (JulyJune), up about 109% from the same period in FY 2013-14. Tags: oryza white rice index (OWRI), rice news, Rice Prices, Ebola
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Oryza Afternoon Recap - Chicago Rough Rice Futures Finish the Week Little Changed as Market Fails to React to USDA S&D Update Oct 10, 2014
Chicago rough rice futures for Nov delivery settled 1 cent per cwt (about $0.22 per ton) lower at $12.585 per cwt (about $277 per ton). Rough rice futures were little changed as the market failed showed little interest to today‟s USDA S&D update. Overall the report was of little surprise as supplies were increased due to improve field yields while other metrics were left mostly unchanged. Technically the market remains trapped in a sideways trading range with underlying support noted near $12.500 per cwt (about $276 per ton) while overhead resistance is seen at $12.800 per cwt (about $282 per ton). Despite three consecutive sessions to the downside to finish the week, prices managed to hold to a 2 cent per cwt (about $0.44 per ton) gain from where they opened for Monday‟s trading session. The other grains finished with mixed results as wheat reacted favorably to today‟s S&D update; Soybeans closed about 2.1% lower at $9.2250 per bushel; wheat finished about 1.1% higher at $4.9850 per bushel, and corn finished the day about 3.1% lower at $3.3400 per bushel.U.S. stocks fell on Friday, extended a rout that had the S&P 500 erasing its biggest rally in a year, with computer-chip manufacturers especially hard hit. Equities fell to session lows after Standard & Poor's downgraded the outlook for France to negative from stable. Rising as much as 98 points after an initial drop, the Dow Jones Industrial Average was lately off 22.54 points, or 0.1%, at 16,636.71. The S&P 500 dropped 9.62 points, or 0.2%, to 1,918.59, with technology hardest hit and utilities faring best among its 10 major sectors. The Nasdaq declined 66.17 points, or 1.5%, to 4,312.17. Gold is trading about 0.2% lower, crude oil is seen trading about 0.2% lower, and the U.S. dollar is seen trading about 0.5% higher at about 1:30pm Chicago time.Thursday, there were 395 contracts traded, down from 1,440 contracts traded on Wednesday. Open interest – the number of contracts outstanding – on Thursday increased by 49 contracts to 11,378. Tags: chicago rough rice futures, U.S. rice prices, U.S. rice market
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