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Louisiana old-crop rice cash offers held near $23.50 per barrel, about $14.50/cwt, while 2020 crop bids were around $20 per barrel. USDA's Planting Intentions report projected 2.85 million acres of rice, up over 300,000 from 2019.
Long-grain acreage is projected at 2.1 million acres.
Higher planted acreage threatens to pressure prices, but the market has so far held firm, and the 2020 discount to old crop signals expected weakness ahead. Feed buyers should monitor acreage and demand.
ricefarming.comVicky15 may 2020Tras 87 eventos bajista de informe pasados, Arroz cáscara se movió una mediana de +0,0 % en 5 sesiones (53% al alza; mitad central entre -2,1 % y +2,4 %), y +1,1 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Planting intentions up over 300,000 acres and new-crop bids well below old-crop cash imply a bearish supply outlook and a steep inverse that pressures nearby prices.
