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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Thursday Corn comment
The corn market followed the explosive wheat market to close 10 cents higher on 2 year highs in the front month. Wheat was the big trade of the day hitting the limit up level of 30 cents higher before falling back some on the close. Corn surged higher on technical buying and rumors of investment companies taking money out of the energy markets and buying grains. This rally in corn is contra-seasonal, but we have been saying that for 15 cents or more and it doesn't look like it is ending anytime soon. As was the norm, traders continue to point to the demand for corn to explode in coming years and that speculation is pushing the corn market higher, even in the face of probably the 2nd largest corn crop in history. There was some increased farmer activity with the higher prices, but much more so in the soybeans than corn. Volume was very big compared to Tuesday, but surprisingly, option activity was not very big and implied volatility remained steady. Weather is still very favorable in the Western belt and getting better in the Eastern belt as we will probably see harvest really getting going in the Eastern belt this weekend into the beginning of next week.

eCBOT overnight market was a little lower with good volume, app. 15,000 contracts. A lower overnight market was probably some profit taking after yesterday's big rally. Informa released their new corn production estimate this morning, coming in at 11.151 bil bu or 155.2 bu per acre. This is above the USDA September estimate of 11.114. It will be interesting to see how the corn market reacts to this estimate as we saw the market rally yesterday. Export sales this week were once again very strong, 1.158 mil, vs. estimates of 800,000 to 1.0 mil. The export sales this week once again beat the estimates and fuels the corn demand fire. It will be a very interesting day today to see if the funds are back in the market buying or if we see some profit taking after yesterdays rally. USDA releases their October production report a week from today and many people will start to look to forward to that report. There are a lot of users that are uncovered that have been waiting for the harvest break. Does the USDA throw out a huge yield at the market (157, 160, 165?), does it matter? What the USDA finding another 1 million acres of corn after the USDA has NASS review the Farm Service Agency certified acreage information in early October? Look for the market to open unchanged, lower and look for direction from wheat and funds.
MGR Archive 6.10.2006
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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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