American rice farmers are benefiting from global rice export deals and a boost in prices.
Just as India, the world’s largest rice exporter, was set to finalize a deal with Indonesia, prices went up 30 cents last Thursday.
Better yet, U.S. farmers have an “excellent chance” to export rice to Iraq because their prices are lower than competitors, according to Jack Scoville, of Price Futures Group in Chicago.
“Our prices have been very competitive with Thai rice, and (U.S. prices are) turning out to be better than the prices seen in Brazil and Argentina, where there has been some severe weather problems,” said Scoville, referring to the heavy rains in the region.
Watch the AgDay segment on how rice export news is helping American farmers here:
International Rice Market Benefits U.S. Growers