Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

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USDA Corn Numbers Bearish, Soybeans Bullish
USDA gave the corn market some bearish news Friday morning in the form of a record 10.208-billion-bushel corn crop estimate that exceeded the high end of trade estimates. The new USDA production estimate was an increase of 264 million bushels or 2.65% over USDA's Sept. 1 crop estimate of 9.944 billion bushels. Trade estimates of production averaged 10.062 billion bushels in a range from 9.837 billion to 10.150 billion bushels.
The crop estimate exceeds the previous U.S. record of 10.049 billion set in 1994. USDA raised its U.S. average corn yield by 3.7 bushels per acre to 142.2 billion bushels, which is also a record, surpassing 1994's 138.6 bushels. In addition to raising its crop estimate, USDA also raised old-crop ending stocks by 75 million bushels and cut 2002-2003 feed use to reflect the Sept. 1 grain stocks survey results. However, USDA raised 2003-2004 feed usage by a similar amount, limiting the increase in ending stocks. The new estimate of 2003-2004 ending stocks is still 292 million bushels or 27.5% above the previous estimate.
As a result of the big increase in stocks, USDA cut its projected range for the on-farm price of corn to $1.90-$2.30 from $2.10-$2.50. Meanwhile, the report appeared to be extremely bullish for soybean prices as the agency slashed its production estimate by 175 million bushels, pegging the U.S. average yield at a 10-year low. USDA estimated U.S. soybean production at 2.468 billion bushels, versus its September estimate of 2.643 billion and trade estimates averaging 2.561 billion bushels in a range from 2.420 billion bushels to 2.609 billion bushels. The U.S. average yield was pegged by USDA at 34 bushels per acre, the lowest level since 1993's 32.6 bushels.
Despite the much smaller crop, USDA cut only 5 million bushels off its estimate of 2003-2004 U.S. soybean exports as it also slashed usage estimates. U.S. usage is seen falling mostly due to higher prices, but also because of rising South American production.
MGR Archive 18.10.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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