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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Corn & wheat weekly review
CBOT, August 27, 2004
We started the weeks reports with Mondays weekly export inspection report showing 34 m.b. were inspected for near term export up from 32 the week prior and 23 m.b. a year ago. It’s a mildly friendly inspection number for demand as 40 m.b plus is needed to be bullish. Mondays crop condition report showed 71% of our crop is in good to excellent condition down from the two prior weeks of 73 and 76% but still well over a y ear ago of 50%. Weather this week was our wettest of the entire growing season and warmer than the two weeks prior. This had traders taking long profits and selling short off our Wed. 2.44 five week high. As they look for declining quality number to now imp0rove. Monday should see some firmness in pricing as shorts cover ahead of our 3:00 pm central ti8me crop condition report. If the good to excellent category declines 2 to 3% look for Dec. to rally to 2.34 area then sell short. If the rating increases 1 or 2% look to take out our double bottom 2.26 low and push to not lower than 2.12. After that we will look for buying and short covering to pull corn up ahead of our Sept 10 crop report when traders should expect the less than desirable Aug. weather to have us come in with a lower crop production number from our 10.9 b.b. July report number.

Mondays weekly export inspection report showed 20.1 m.b. were inspected for near term export up fro, 15.2 the week prior but under a year ago of 27 m.b. Its friendly but not bullish as supplies from harvest are plenty and we need 30 to 40 m.b. or more to be bullish. The crop progress report put our spring wheat crop at 40% harvested versus the five year average of 59%. The crop condition came in at 64% versus 66 and 67 the two proceeding weeks. Demand remains a bearish force with harvest pressure as foreign competition for imports keeps cash prices soft to ensure we don’t out price ourselves out of the market. Again our only hope for near term rally comes if the 60% if the spring wheat crop gets damaged. We could trade firmer Monday as the trade looks to Mondays crop condition number for direction. Support on Dec. remains 3.10. A close under 3.10 sets us up for 2.98 to 3.02. We need a close over 3.30 to turn bullish with minor resistance at 3.18.
MGR Archive 30.8.2004
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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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