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   

 Main Page
 Home Page of This Title
 Medium Grain Rice Market
 Global Market News
 Grain News
 Pulses News
 Global Overview
 Importers Profile
 Exporters Profile
 What Is Rice
 History Of Rice
 Rice Harvest Seasons
 Rice Processing
 Rice Nutrition Facts
 Meals With Rice
 INCO Terms
 US Rice Standards
 EU Codex Standards
 Egyptian Specs
 Sponsor List
 All Links
 Commodity Exchange
Search in news database
US lowers wheat production forecast
The US Department of Agriculture (USDA) has again lowered its 2006 and 2007 wheat production forecast, at the same time as grain prices soar.

Production estimates now total just over 1.8 billion bushels, or more than 48 million tonnes.

Last month's US wheat forecast was down 11 per cent from the previous marketing year.

Now, USDA World Agriculture Outlook Board chairman Gerald Bange says continued dry conditions have cut the 06/07 forecast by 14 per cent, and stocks by nearly 25 per cent.

"And as a result of that, we are in fact, seeing a stronger price," he said.

"The price outlook now calls for about $3.90 at the midpoint which is up nearly 50 cents from the 2005-06 years and would, in fact, be the highest price since the $4.30 that was recorded in 1996, contributing to lower US wheat exports, forecast off about 100 million bushels, at about 900 million bushels.

The USDA report caught commodity traders in Australia offguard.

Tony Smith from Plum Grove says no one was expecting such significant changes.

"Well, in the first two minutes, the market reacted as expected," he said.

"The futures exchanges opened up, the markets went straight up and then within two minutes everyone, including myself, was caught by surprise because they just fell in a heap.

"Chicago actually ended the day down 11 cents a bushel, which, for those who watch futures markets, is actually a pretty significant move."
MGR Archive 13.6.2006
Printer Friendly Version Of This Article
Send This Article To A Friend
User Name:
      Forgot your Password?
Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
Click for Details

Medium Grain Reports
Rice Market News
World Rice Markets and Trade
USDA Country Reports
Rice Market Monitor
Rice Outlook
Italian Paddy Supply
European Rice Weekly
EU Reports
Convert this amount:

  © 2002 All rights reserved. - Legal Notice