Price prospects for U.S. rice are better than expected.
The USDA Outlook Board Chairman says globally, rice is set to reach record production and near record ending stocks, but in the U.S., stocks are projected at 10 million hundred weight smaller than last season. USDA raised its price forecast for this marketing year to $0.60 per hundred weight. That was based on market fundamentals and other factors.
“But also based on just strong U.S. commodity prices generally; strong corn prices, soybean prices, cotton prices kind of lifting all of the commodities.”
Those commodity prices also lifted rice to a projected average price of $1.30 higher than last season.
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