RICE: Slight revisions are made to the U.S. all rice and rice-by-class supply and use balance sheets. U.S. 2012/13 total rice supplies are raised slightly because of an increase in imports. Beginning stocks and production are unchanged from a month ago. Long-grain imports are raised 0.5 million cwt to a record 18.5 million, and combined medium- and short-grain imports are unchanged at 2.5 million.
No changes are made on the use side—all rice domestic and residual is still forecast at 125.0 million cwt and exports at 106.0 million. The rice-by-class projections of domestic and residual use and exports are also unchanged from a month ago. All rice 2012/13 ending stocks are raised nearly 2 percent to 30.6 million cwt—all in long-grain rice.
The 2012/13 long-grain, season-average price is raised 10 cents per cwt at the midpoint and the range is narrowed to $14.00 to $14.60 per cwt. The combined medium- and short-grain price is lowered 50 cents per cwt at the midpoint and the range is narrowed to $15.90 to $16.50 per cwt. The all rice season-average price is unchanged at $14.90 per cwt at the midpoint, but the range is narrowed to $14.60 to $15.20 per cwt.
Global 2012/13 projections of rice production and consumption are raised from last month, but trade and ending stocks are lowered. Global 2012/13 rice production is forecast at a record 465.8 million due to increases for Bangladesh, Bolivia, and Nepal partially offset by reductions for Argentina and Laos. Global consumption is raised 0.7 million tons to a record 469.3 million as relatively small changes are made to several countries including Bolivia, Iraq, and Nepal.
Global exports for 2012/13 are lowered slightly due mainly to reductions for Argentina and China. Imports are reduced for Bangladesh, Cuba, Egypt, and Indonesia. Global 2012/13 ending stocks are reduced 0.5 million tons to about 102.0 million due mostly to decreases for Egypt and Indonesia.
See all of the data, coverage and analysis of today's WASDE and Crop Production reports.