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StoneX reports that the April WASDE had few grain and oilseed surprises. USDA cut U.S. rice ending stocks from 36.1 to 28.1 million cwt, the lowest since 2003/04, as domestic use and exports rose and imports hit record lows.
A sharp rice stocks cut tightens the U.S. and global rice balance, which supports rough rice prices. Global stocks were also lowered to their lowest since 2017/18.
stonex.comCraig TurnerApr 11, 2023After 88 past bullish report events, Rough Rice moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +2.1%), and +2.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
