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In This Issue:
- Market Update: U.S. Rice Farmers Enter Final 30 Days of Planting 2024 Crop
- Washington, D.C. Update
- RMTC Panel: Global Market Update
- Over 100 Companies Registered for RMTC
- Photo from Rice Country
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Market Update: U.S. Rice Farmers Enter Final 30 Days of Planting 2024 Crop | |
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In surveying the market as it stands and looking into the months ahead, we are cautiously optimistic about how things are shaping up. Paddy is virtually gone from first hands in Arkansas, Mississippi, and Texas. Once planting has finished, farmers will clean out their bins, selling final lots is expected. Where rice is available in Louisiana or Missouri, its scarce. Months ago, the expectation was that the market would begin to soften as a result of the South American harvest and the new supplies that would bring. However, the prices to date have held and the harvest either isn’t coming in as strong as expected, or anticipated supply increase is simply delayed from a pricing perspective. Sources in Mercosur use the word uncertainty when describing market conditions complicated by untimely weather during harvest. We have paddy vessels leading to Mexico, a strong milled market, and a full planting season that is significantly ahead of schedule to look forward to. We won’t want to jinx anything, but the market is almost downright cheerful at the moment.
A GAIN report on Morocco, a market that USRPA has been very active in developing as a conduit to access the Middle East and North Africa region, outlines that the weather has been hot and dry for the wheat and barley crops, thereby reducing local production. However, the small rice-producing region in the country is the only area with normal rainfall, therefore holding rice production steady. Post pegs domestic consumption at 125,000 MT, which is a 4% increase from the previous year, but still fairly low on a per-capita basis. Morocco has to import 80,000 MT of rice to meet its demand, the lions share having come from India in the 2022/23 year. To date, US prices have remained too high to access the Moroccan market, but if things change, this is potential outlet for U.S. markets.
In Asia, prices are reported steady from last week in the $595 pmt range for both Thailand and Vietnam. That may be pressed upward in the coming weeks, as Indonesia seemingly can’t get enough rice from these two countries. BULOG, Indonesia’s governmental rice purchasing arm, continues to procure rice at an outstanding pace, keeping pressure on origin markets in the absence of India.
The Crop Progress report shows solid gains on the week, with Arkansas 67% planted and 29% emerged. The 5-year average is only 28% and 9% respectively, so planting season is blazing forward in the largest ricer producing state. CA is now showing 5% planted and zero emerged, Louisiana 87% planted and 77% emerged, Mississippi 27% and 13%, Missouri 56% and 14%, and Texas with 72% and 56%. On the whole, planting and emergence is significantly ahead of last year’s pace.
The weekly USDA Export Sales report showed net sales of 36,700 MT this week, up noticeably from the previous week, but down 36% from the prior 4-week average. Exports of 85,600 MT were up 68% from the previous week and 15% from the prior 4-week average. The destinations were primarily to Mexico (36,900 MT), Nicaragua (28,400 MT), Haiti (7,200 MT), Honduras (6,200 MT), and Canada (3,000 MT).
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President Biden Signs Supplemental Funding Package into Law
On Wednesday, President Biden signed into law a package of legislation to provide additional funding to Ukraine, Israel, and Taiwan. The package includes four bills introduced and passed in the House last week. The Senate voted to pass the bills on Tuesday evening. It passed in both chambers on highly bipartisan votes. The package includes $60.8 billion to support Ukraine, $26.4 billion to support Israel, and $8.1 billion to support Taiwan. The package also included a number of policies aimed at enhancing U.S. security against foreign threats.
House Agriculture Committee Aims for a May Markup
Staff for House Agriculture Committee Chairman Glenn “GT” Thompson (R-PA) has been conducting outreach to stakeholders as it prepares for a potential markup next month. The Chairman’s team has been refining their initial proposal based on feedback from their Democratic colleagues on their initial plan in hopes of having bipartisan support among members of the Committee. Current expectations are that the House Agriculture Committee will introduce and mark up a bill the week of May 20 ahead of the congressional recess for Memorial Day.
USDA and USTR Lead Trade Delegation to India
This week, officials from the Department of Agriculture and the Office of the U.S. Trade Representative traveled to India to meet with government officials and private companies in hopes of furthering the trading relationship between the U.S. and India. The U.S. sees India as a key market opportunity for agricultural goods, citing positive movement from India on reducing tariffs on U.S. agricultural imports. While some structural challenges are still in place, U.S. officials expressed optimism for the future relationship between the two countries.
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RMTC Panel: Global Market Update | Get ready to be rice-spectfully blown away by the incredible lineup of speakers at RMTC this year! From sharing updates on the rice situation in their countries to sprinkling some grains of wisdom, these speakers are set to stir up a storm of knowledge and excitement. So, get ready for a rice-tastic experience like never before! | |
Stuart Hoetger, Co-Founder of The Stogan Group
Ricardo Mendoza, General Director of the Mexican Rice Council since 2007
Kamal Dieck, President of Federacion Centroamericana del Arroz (FECARROZ)
Sandra Avellaneda, Executive Director of the Induarroz Chamber of ANDI
Tiago Barata, Executive Director Sindicato da Indústria do Arroz no Estado do Rio Grande do Sul
Oscar Ramirez, President of Asociación de Productores de Arroz de Itapúa (APAI).
V “Subra” Subramanian, Co-Founder of SSResource Media
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Over 100 Companies Registered for RMTC | It's time to get excited because the Premier International Rice Conference, Expo, and Networking Event in the Americas is less than 40 days away! We want to extend our gratitude to all the companies that have registered and shown their support for RMTC. Your enthusiasm and commitment to the industry is what makes this event truly special. With so many innovative and inspiring leaders coming together, this conference promises to be an unforgettable experience. We can't wait to see you there! | |
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Let's take a trip down memory lane to RMTC 2013, where Tiago Barata graced the stage as a speaker. Your insights and expertise truly added immense value to the event, and we can't thank you enough for your invaluable contribution to RMTC. The anticipation is building up as we eagerly await your presence and enlightening words at this year's convention. Your presence is sure to make it even more special and memorable!
Send us your Rice Country photos or videos on Facebook, Instagram, or via email!
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Food & Agriculture
Regulatory & Policy Roundup
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World Agricultural Production
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Grain: World Markets and Trade | | |
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June 4 - 6, 2024
Rice Market & Technology Convention
Cancun, Mexico
Registration
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June 25, 2024
Eagle Lake Field Day
More Details to Come
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June 25, 2024
H. Rouse Caffey Rice Research Station Annual Field Day
Rayne, LA
More Information
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July 11, 2024
Beaumont Field Day
More Details to Come
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August 20, 2024
Missouri Rice Research & Merchandising Council Annual Field Day
Glennonville, Missouri
More Details to Come
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USRPA does not discriminate in its programs on the basis of race, color, national origin, gender identity, sexual orientation, religion, age, disability, political beliefs, or marital/family status. Persons who require alternative means for communication of information (such as Braille, large print, sign language interpreter or translation) should contact USRPA at 713-974-7423. |
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