World Agricultural Outlook Board Chairman Dr. Mark Jekanowski explains the changes in both world and U .S. rice balance sheets this month.
“Few changes this month in our rice outlook. Production was actually lowered by 100,000 tons, but still expected to be record high. Almost 534 million metric tons of rice production. Global rice exports also expected to reach a record 58.1 million tons.”
“This month we increased our trade forecast by 1.2 million tons, reflecting higher exports out of Cambodia, Vietnam, Thailand, Brazil. Rice ending stocks relatively abundant there. Year over year increase of about 3.4 million tons. That mainly reflects higher stocks in India. Several years in a row of record production and also higher stocks there.”
Jekanowski continues; “U.S. rice balance sheet, very few changes. Just some offsetting changes in our export forecast. Long grain rice exports were lowered by 2 million hundred weight, as we’re seeing a little bit of recent weakness in exports to western hemisphere markets for long grain. But offsetting that 2 million hundred weight increase in medium short exports primarily to Japan and South Korea. We made no change in our season average price forecast.”
I’m Lorrie Boyer reporting for AgNet West.