WASDE: Rice and Sugar

October 8, 2010 02:54 AM
 

 RICE:

U.S. rice production in 2010/11 is forecast at a record 242.3 million cwt, but down 13.1 million from last month due entirely to a decrease in yield. Average yield is estimated at 6,687 pounds per acre, down 360 pounds from last month, and the lowest yield since 2005/06. Harvested area is unchanged at 3.62 million acres. Long-grain production is forecast at a record 182.0 million cwt, 9.8 million below last month, and combined medium- and short-grain production is forecast at 60.3 million, down 3.25 million. The import and domestic- and residual-use forecasts are unchanged from a month ago. The total rice export projection at 119 million cwt is unchanged from a month ago; however, the rough rice export projection is raised 1.0 million, and the combined milled- and brown-export forecast (rough-equivalent basis) is lowered the same amount. Total rice ending stocks are projected at 52.5 million cwt, down 13.1 million from last month and the largest stocks since 1985/86.

The 2010/11 all rice season-average price is forecast at $12.10 to $13.10 per cwt, up $1.80 per cwt on both ends of the range compared to $14.00 per cwt for 2009/10. The long-grain season-average price range is projected at $10.50 to $11.50 per cwt, up $2.00 per cwt on each end of the range compared to $12.80 per cwt for last year. The combined medium- and short-grain price range is projected at $17.30 to $18.30 per cwt, up $1.30 per cwt on each end compared to $17.70 per cwt for 2009/10. The price increase is due to a smaller U.S. crop, higher global prices, and a weaker dollar.
Projected global 2010/11 rice production and consumption are lowered from a month ago, and trade and stocks are little changed. World rice production is forecast at a record 452.5 million tons, down 2.1 million from a month ago mostly owing to decreases in the United States, Burma, and India. India’s 2010/11 rice crop is lowered 2.0 million tons to 97.0 million due mostly to below normal monsoon rains in the east. Global consumption is lowered 1.7 million tons owing to a reduction in India. Global 2010/11 ending stocks are projected at 94.3 million tons, down 0.3 million from last month, and nearly the same as 2009/10.
 

Sugar

 
SUGAR: Projected U.S. sugar supply for fiscal year 2010/11 is increased 63,000 short tons, raw value, from last month, due to higher beginning stocks more than offsetting lower production. Florida cane sugar production is reduced 65,000 tons to match processor production projections, while Hawaii is increased 35,000 tons to be in line with the previous year=s estimate. Sugar use is increased 100,000 tons, in line with the increase for 2009/10.
For 2009/10, U.S. supplies are increased 208,000 tons, due to higher production and imports. Production is increased 98,000 tons to account for larger-than-expected September output of U.S. beet sugar and Hawaii cane sugar. Imports are increased 110,000 tons, mainly due to higher imports from Mexico. Total use is increased 115,000 tons to reflect the strong demand for imported sugar and minor changes in sugar exports and deliveries for re-export products. Ending stocks are increased 93,000 tons, to 1.6 million tons or 14.4 percent of total use.

 

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