May 20, 2022
WASHINGTON, DC -- The USA Rice World Market Price (WMP) Subcommittee gathered yesterday for its annual spring meeting, and for the first time in over two years, the subcommittee was able to meet in-person.
The WMP Subcommittee held its regular discussion of planting intentions, supply and demand, and export sales. Members discussed the projected plantings report published by the U.S. Department of Agriculture (USDA) on March 31, and compared those numbers with real-time situations in their states. Only two states foresee their plantings being in line with what USDA has projected; the rest expect lower, possibly drastically lower, final acres planted. With this lower projected production, exports and ending stocks are also expected to be below USDA projections, with imports and prices likely being higher.
Following the Subcommittee meeting, representatives from the USDA National Agricultural Statistics Service (NASS), Economic Research Service (ERS), and World Agricultural Outlook Board (WAOB) departments gave presentations. Chair Keith Glover relayed comments from members regarding the USDA statistics, and reviewed areas where members thought changes could be made. Members were also able to share feedback regarding upcoming agricultural surveys.
The Subcommittee also met with staff from the USDA Foreign Agricultural Service (FAS) to discuss the global trade situation in more than a dozen export markets that included both milled and rough rice destinations.
“The World Market Price Subcommittee was thrilled to once again be meeting in person in Washington,” said Glover. “This meeting is always informative as both industry and our government partners have a chance to share perspectives. And, in these challenging times, it was important to reestablish the close ties the rice industry has with our USDA colleagues.”