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Volume 19, Issue 44

November 11, 2022

In This Issue:

  • Market Update - USDA Report Reduces Field Yields, Raises Stocks
  • Washington, D.C. Update 
  • RMTC is Going to Puerto Vallarta, Mexico
  • Ray Stoesser Memorial Scholarship: Deadline December 1!
  • Photos from Rice Country

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Market Update - USDA Report Reduces Field Yields, Raises Stocks

In a week dominated by midterm elections, the rice market bumped along in a quiet fashion with no news significant enough to rise above the polls and election results. But there was a release of the USDA’s monthly Supply/Demand report, and as expected, provided a dim outlook for the coming term. We have been discussing here the severe drop in exports this marketing year, and that has unfortunately been exacerbated by an increase in imports as well (typically Jasmine and Basmati rice). There was a reduction in field yields to help reduce the supply, but not enough, as the USDA increased ending stocks by 2.3 million cwt, up to 23.2 million cwt. This is an increase of stocks by 11%.


On the ground, Arkansas has conditions much like last week; there are some offers out there but not in large volumes. There has been a bump in the futures market, but not in a significant fashion. Mississippi is reporting welcomed rains that will help increase barge traffic once again, which is good news for more than just the rice industry. Louisiana has reports of paddy boats headed to Mexico, with some delay in the most recent one.


In Asia, the market remains firm where it has been these past few weeks. Thailand has priced at $425 pmt, Viet at $430 pmt, and India at $380pmt. It is conveniently “business as usual” in much of the rice world, perhaps except for some traders trying to discover the finer points of the Indian tariff.


A quick update on the potential rail strike would show that the crisis has been averted once again, this time by extending the “cooling off period” through December 4. The original date was November 19th. This provides more time to come to an agreement among all Unions, and hopefully find a win-win for the entire supply chain.


The USDA Export Sales report shows net sales of 37,500 MT this week, which were primarily for Canada (17,700 MT), the United Kingdom (10,400 MT), Haiti (7,100 MT, including decreases of 100 MT), Guatemala (900 MT), and El Salvador (500 MT). Exports of 33,400 MT were primarily to Haiti (22,100 MT), Mexico (3,700 MT), Canada (2,700 MT), South Korea (2,700 MT), and Jordan (700 MT).

Washington, D.C. Update

2022 Midterm Election analysis created by Cornerstone.


DISCLAIMER FROM CORNERSTONE


"Cornerstone Government Affairs assembled the following report to help clients interpret the implications of the 2022 midterm elections. As you know, this has been an extremely uncertain — and unusual — election cycle. At the time of publication, neither chamber has been called by the Associated Press, and many races remain up for grabs. We are aware that some information in this report may quickly become dated, and we will update this document periodically.


We write with the assumption that Republicans are likely to win a majority in the House of Representatives. Because we may not know who controls the Senate until after the Georgia runoff on Dec. 6, we offer insights into both a Democratic-controlled and Republican-controlled Senate. We look forward to discussing these results with you in detail as the landscape becomes clearer in the days and weeks ahead."

Click for Complete Analysis

Rice Market & Technology Convention is Going to Puerto Vallarta, Mexico

RMTC 2023 will host its convention at the beautiful Hard Rock Hotel Vallarta, Puerto Vallarta, Mexico, from May 30 - June 1, 2023, an all-inclusive beach resort that is located 20 minutes from the excitement of Puerto Vallarta. With a gorgeous beachfront setting, the Hard Rock Hotel Vallarta is the essence of all-inclusive coastal luxury and tranquility. 


Rice Market & Technology Convention will bring members together from throughout the rice industry in order to help better farming practices, to increase rice consumption, and to promote the overall rice trade in the Western Hemisphere. The convention meets this goal by providing cutting-edge technology to the grower and miller while offering the importer/exporter pertinent, up-to-date information concerning the market.


Registration and Sponsor & Exhibitor Opportunities will be available soon!

Book Your Hotel

Second Annual Ray Stoesser Memorial Scholarship

In partnership with the US Rice Producers Association, the Stoesser family is offering a $5,000 scholarship each year to one deserving high school senior or current college student who is interested in or is currently pursuing a career in an agriculture-related field.

 

The application deadline is Thursday, December 1st, 2022.


Learn More

Photos from Rice Country

Thank you to Chris Slemp @pinoakfarms, El Campo Texas for letting us share this picture of "Harvest Moon". Send us your harvest photos on FacebookInstagram, or via email!

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Cornerstone Trade Update

November 11, 2022
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Food and Ag Regulatory and Policy Roundup

November 7, 2022

World Agricultural Production

October 2022 Report

Grain: World Markets and Trade

October 2022 Report
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Latest Report

Upcoming Events

January 18, 2023

Western Rice Belt Conference

El Campo Civic Center, El Campo, Texas 

January 31 - February 1, 2023

26th Annual National Conservation Systems Cotton & Rice Conference

Baton Rouge, Louisiana 

More Information

May 30 - June 1, 2023

2023 Rice Market & Technology Convention

Puerto Vallarta, Mexico

More Information

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25722 Kingsland Blvd., Suite 203

Katy, TX 77494

p. (713) 974-7423

e. info@usriceproducers.com

usriceproducers.com


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