WASHINGTON, DC -- The 2018/19 rice crop is reduced 700,000 cwt to 218.8 million on lower yields. The average yield forecast is lowered 24 pounds per acre to 7,539 pounds. Decreases are in Texas and California. The long-grain crop is reduced 500,000 cwt to 159 million. Medium- and short-grain production is lowered 200,000 cwt to 59.8 million. All rice ending stocks are lowered 700,000 cwt to 44.2 million as no other supply and demand changes are made this month. The all rice season-average farm price is unchanged at a range of $11.20 to $12.20 per cwt with the midpoint at $11.70.
Foreign rice supplies for 2018/19 are raised 900,000 tons mainly on increased production. India’s crop is raised 1 million tons and Madagascar is raised 400,000, both on updated government data. Partly offsetting is a 500,000-ton reduction for Egypt on new government policies that restrict rice production. Global trade and consumption are only changed fractionally. With supplies rising more than use, global ending stocks are increased 800,000 tons to 145.2 million.
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