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
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Corn, wheat weekly overview
CBOT, Jan 07, 2004
The week began Monday just as we called for and that being those who bought back shorts ahead of year end would re-enter short and continue to sell the soft demand scenario and bulging inventories. With March closing 3 lower, our inspection report showed 24.4 m.b. were inspected for near term export off from 35.9 the week prior. Tuesday's selling was much lighter as the USDA announced a sale of 112 thousands tons to a unknown destination spooking shorts a little. Wednesday saw light short covering on talk the winter storm crossing the plains and the midwest had the country movement of corn at a standstill firming elevators cash prices lightly. Thursday's weekly export sales report showed 430 t.t. of corn was sold last week off 38% from the week prior and 42% under our four-week average. Most of the bearish demand numbers come as we come off a holiday week with fewer export days. Corn posted 7-cent gains in the last half hour of trade after funds began buying back wheat shorts push 7 to 9 higher, March corn hit 2.05 up 3.5 cents and triggered buy stops from short positions pushing us quickly to a 2.094 high. It was all technical inspired. Friday saw a day more for consolidation with a range of 2.6 lower to 1 higher. With funds buying back over 20 thousand of their short positions Thursday it is a red flag their done selling for at least the near term leading up to next Wednesday's USDA crop report. If we do not turn back down after Wednesday's report then lows are in. It does not mean a bull market begins with buyers rushing in, it just means the big players are done with their short position play and we go to the charts and begin buying support. Consider this for Monday. Buy the February 2.10 call for 3-cents and a 2.05 put for 3-cents. You have $300 dollars tight up. If they return as sellers 1.96 could be seen easily with worst case scenario 1.80. Upside potential if they return as buyers or short covering is 2.19 to 2.30. March support is 2.00 with resistance at 2.10 then 2.19.

We called for lower wheat prices after the first and got it. Monday saw March fall to 3.022 on the close after a 3.08 high before the holiday break. Our inspection report came in at 14.7 m.b. inspected for near term export off from 16.2 the week prior and a continuing reminder of our slow demand. Tuesday saw funds pile on short with 10-cent declines after the open as winter wheat weather remains non-threatening and private state by state winter wheat ratings showed a healthy dormant crop. Wednesday was profit taking day as shorts bought back some very profitable short positions posting 5-cent gains at mid-session. Thursday's weekly export sales report showed 91.8 t.t. of wheat was sold last week, a new low for our marketing year beginning June 1st and 75% under our four-week average. It is more than a shortened holiday week, we need lower prices to draw business with world record inventory sitting out there. After a modest open wheat shot up 8 to 9 cents higher on short covering as traders eye our only bullish news and that being thoughts next Wednesday crop report will show a smaller winter wheat planting this year. Pre-report trade guesses put our winter wheat crop at 43.220 million acres versus 43.350 a year ago. Estimates range from 42.3 to 44.6. After the report we should expect sellers to return and trade our weak demand pattern. Support on March lies at 3.00 then 2.95 with resistance at 3.16.
MGR Archive 8.1.2005
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Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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