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, September 3, 2004
CORN: We kicked off the week's corn reports with Monday's weekly export inspection report showing 32.5 m.b. were inspected for near term export off 2 m.b. from the week prior and 4 under a year ago. It is a neutral demand indicator for the week. Monday's crop condition report showed 70% of our crop is in good to excellent condition down 1% from the week prior and our season high of 77% on July 26. The key states with lowest ratings were North Dakota 41%, Minnesota 49%, Michigan 46% and Wisconsin 52%. Best ratings were Illinois and Indiana at 79%. It is our far northern corn belt states that are suffering, taking the top off what looked like a record crop. Thursday's weekly export slaes report showed 590 t.t. of corn was sold last week, old and new crop combined, up from 340 t.t. the week prior. It is a neutral number as most importers await harvest to fill needs. Lack of rain this week looks to have us see another lower crop condition rating when we return from the holiday Tuesday. We do not expect a 3% or 4% decline as corn's maturity is far ahead but 1% or 2% could be reasonable. Frost or no frost next week, we still look to be very cool leaving conditions to deteriorate further. With weekly crop condition reports showing a reduction in the month of August in quality and yields, we have to expect our Friday, September 10, 2004 7:30 a.m. central time USDA crop production report to show a crop production cut. Traders will return Tuesday wanting to look for buying opportunities to get long off weather and production concerns. This week's trading mirrored last week when we saw Monday to Wednesday price strength, with Thursday and Friday profit taking. Everyone new traders would take their chips off the table ahead of along three day holiday. We should expect Tuesday to give us a higher close as traders anticipate a lower crop condition number after the close. Wednesday will give us a higher open based on how much lower the number is while Thursday we should see two-sided trade as traders even up their position ahead of Friday pre-open crop report. December has support at 2.30 then 2.26 with resistance at 2.42.

WHEAT: Our week's reports began with Monday's weekly export inspection report showing 26.5 m.b. were inspected for near term export up from 20.1 the week prior and equal a year ago. It is a friendly demand signal but not bullish. Our crop condition report for spring wheat came in unchanged at 64% in G-E condition with 50% now harvested. Thursday's weekly export sales report showed 557 t.t. of wheat was sold last week off 9% from the week prior and four week average. It is a slightly friendly demand indicator. Unless demand surfaces in a big way, wheat's best hope to take out this week's high of 3.32 and or get a close over resistance of 3.35 will be if the Friday crop report cuts our spring wheat production significantly. I cannot buy wheat unless resistance of 3.35 is taken out because of the lack of demand. Bulls can consider a low risk entry on a October 3.20 wheat call option for 7-cents or 350 dollars cost and risk. Bears can buy the 3.05 put for 3 cents or $150. You have three weeks time to profit either way but at least the risk is low. Futures players should buy support of 3.15 and get out on a close under 3.12.
MGR Archive 5.9.2004
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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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