DALLAS, TX – Last week during the USA Rice annual business meeting here, the USA Rice Merchants’ Association celebrated their 20th anniversary, a milestone highlighting two decades of dedicated service to the U.S. rice industry.
Established as the first organization to unite rice merchandisers and related businesses, the Merchants’ Association plays a crucial role in the U.S. rice sector providing essential market outlets for thousands of farmers in all six rice-producing states by actively engaging in the storage, purchase, sale, and hedging of rough rice.
Randy McNeil, a founding member of the Merchants’ Association, was on hand to provide a comprehensive history of the organization starting with its inception in the early 1980s when rice first became eligible for trading on commodity exchanges in New Orleans and then the Chicago Board of Trade. Initially an Arkansas-only entity, the group recruited other rice states as members and, in 2004, voted to join USA Rice, status that became official in 2005.
“It took a group of pioneers, people who had a vision about the futures market for rice and the importance of merchandisers in giving options to farmers, to create this venture,” said McNeill. “I’m excited for the new, young leaders stepping into their shoes to carry the organization forward.”