WASHINGTON, DC -- The 2016/17 U.S. rice crop is reduced 1.2 million cwt to 234.8 million on lower yields. Ending stocks are lowered by the same amount. The average yield forecast is reduced 39 pounds per acre to 7,493. Arkansas and Missouri were the only states to have reductions. The long-grain crop is reduced 900,000 cwt to 176.1 million but still the largest since the 2010/11 record. Medium- and short-grain production is down 300,000 cwt to 58.7 million. Total exports are unchanged, but rough exports are raised 1 million cwt, which is offset by a 1-million-cwt reduction in milled exports. The all rice marketing year average price received by producers is lowered $0.10 per cwt at the midpoint to a range of $10.10 to $11.10 on lower Southern medium-grain prices.
Global rice supplies for 2016/17 are raised 1.3 million tons on a 500,000-ton increase in production and higher beginning stocks. The increased beginning stocks are largely on reduced 2015/16 Indian domestic use. Trade for 2016/17 is cut 200,000 tons and domestic use is up 200,000 tons. With supplies rising faster than total use, world ending stocks are raised 1 million tons.
Read the full report
here.