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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DJ US Cash Grain Review: Wheat Markets Drop To Multi-Week Low
CENTRAL CITY, Neb. (Dow Jones)--U.S. cash wheat prices dropped to their lowest level in about six weeks Wednesday, due to a continued combination of weaker futures and declining basis.

Faltering futures markets cut cash contracts for hard wheat by up to 3 cents, as much-anticipated rains finally began to appear in critically drought-stricken areas of the southern Plains.

Soft basis exacerbated the sell-off, with several major terminals monitored by Dow Jones Newswires slashing spot premiums for HRS/SRW by 5-6 cents per bushel entering the trading session, contributing to a nationwide decline in those premiums of some 3 cents. And experts said buyers in some areas had pulled completely out of the market.

"SRW bids are hard to find nearby," noted Country Hedging wheat analyst John F. Helmstetter.

Export sales for that class of wheat plunged 50% last week, keeping total U.S. wheat exports more than 30 million bushels below year-earlier levels. USDA estimates current stocks-to-use ratios for wheat at 28% for HRS and 22% for SRW, as opposed to just 16% for HRW, which is currently much more popular on the world market.

Increased farm marketings also impacted spring wheat basis Tuesday, as a near-freefall in MGEX futures reportedly sparked some scattered panic selling.

"Country selling (HRS) was a bit more active, as producers feared losing current attractive prices," added Helmstetter.

The bellwether HRS market of Mineapolis received 234 carlots of wheat Wednesday, more than double that seen one week ago.

Heightened harvest prospects have also had a negative effect on new-crop SRW basis in recent days, with beneficial rains across key production areas of the Delta and Midwest prompting merchants at many major markets to slash premiums offered for July delivery by 5-10 cents a bushel.

New-crop spring wheat basis has also been dampened by general expectations for an increase in 2006 planted acreage, as farmers react to good prices produced by drought damage to the neighboring HRW crop.

Cash corn/soybean and oat futures also tumbled Wednesday, ending about 3-6 cents lower.

The soy market was pressured by a bearish crush report from the National Oilseed Processors Association. Tuesday's report said U.S. crushers processed about 130 million bushels of soybeans last month, which was down from 145.6 million the previous month.

"Soybean prices need to move sharply lower to discourage increased acreage this spring and to stimulate demand," said Farm Futures analyst Arlan Suderman.

CIF basis bids for March deliveries of soybeans and corn to ports at the Louisiana Gulf also dropped 1-2 cents a bushel Wednesday, responding to fears of decreased export demand and reopening of the upper Mississippi River to commercial navigation.

"Corn basis is still struggling ... exports (inspections) were down 6% this week and premiums vamoosed after futures jumped up Tuesday," said one CIF trader. "And of course, the Mississippi is opening back up today, which makes all that Iowa and Minnesota corn available to the market again."

Locks on the upper one-third of the waterway were closed in mid-December to conduct annual winter maintenance.

Gulf SRW wheat basis stabilized Wednesday, although milo premiums strengthened by 3 cents. Grain sorghum premiums have become an island of bullishness in an otherwise bearish Gulf basis market, with a 6-8-cent rise in CIF milo bids standing in sharp contrast to declines of 15 cents for SRW wheat, 11 cents for soybeans, and 4 cents for corn suffered during the past week.

Merchandisers point to strong export demand for sorghum, which has increased foreign shipments by nearly 7% year-to-date. Underlying psychological support also stems from speculation that ethanol may eventually become a much greater component of domestic demand for the nation's second-largest feed grain crop as well, as expanding fuel alcohol plants struggle to secure adequate supplies of corn.

USDA currently cites New Orleans area grain sorghum basis at premiums of 53-56 cents over CBOT May corn futures, compared to just 36 cents for CIF corn itself.
MGR Archive 16.3.2006
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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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