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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37,70 bushels corn were inspected for near term shipment
CORN~
We started the week with our weekly export inspection report showing 37.7 million bushels of corn was inspected by the USDA for near term shipment up from 33 the week prior, four week average of 35.7 and a year ago of 30.2. Year to date inspections are 949 m.b. versus 811 a year ago. It is a good but not great demand signal. It is over our four week average after having corn move higher last week sot hat speak well for near term demand, while the whole ethanol surge keeps demand ahead of a year ago. Friday's we got our weekly export sales report one day delayed by the USDA it showed 1.386 m.m.t. were sold last week up 51% from the week prior and four week average also over last year's 1.197. The key here is 740 t.m.t. went to Asian markets versus 350 the week prior. One the surface it is a great demand signal but with 684 t.m.t. going to Japan who relies on China's exports and the Chinese New Year Holiday coming up. This looks like over booking of US beans as China closes export channels for a week. We continue to see selling of long March futures with only 7 days left before March long begin getting delivery notices. We have seen some rolling into December as the trade continues to see corns long term bull market intact but rolling into beans has been more evident as the mind thought about the March 30th planted acreage report is that record corn acres will be planted while beans acres are the big loser. Dec. corn made new highs this week as well as Nov. beans but March corn remains under the contract highs of four weeks ago.

WHEAT~
Monday's weekly export inspection report showed 13.1 m.b. of wheat was inspected for near term export, down from 23 the week prior. 16.4 a year ago and four week average of 19 m.b. year to date inspections are 592 m.b. versus 717 a year a year ago. When we had last week's strong number I warned that we could be poised for several bad weeks ahead as the pattern the last several month's in one good week as Asia catches up on low quality feed wheat as corn has lofty prices with 2 or 3 bad export weeks for wheat to follow. The long and short of this is demand has been is now and will be weak until new crop inventories come in during late May or if dormancy beaks in march and April crop condition report show good quality we could roll off our lows as commercial users begin to buy futures for futures delivery and fill their empty bins. Friday's weekly export sales report showed 361 t.m.t of wheat was sold last week off 51% from the week prior, 39% under our four week average and under last year's weak 593 t.m.t. Any questions on demand. WXRISK.COM the weather site sees warm temperatures in the winter wheat fields of Texas and Oklahoma this weekend through next week. This could gather talk of dormancy breaking soon and bring on buying of the July KC Wheat Futures where our winter crop is delivered against futures. Support on July lies down at 4.64. Any move back into the 4.90 area should be bought with stops under support. We need a close over 5.10 to be chart bullish at which time you can buy as well. with the crop going dormant in very poor shape in terms of low quality ratings, wheat will be challenged to find perfect weather to improve. Once we become a weather market it is all up to mother nature whether we rally or break. But as we speak, there is no weather premium in the market.
MGR Archive 16.2.2007
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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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