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USDA's July estimates raised the 2024/25 US rice ending stocks forecast to 46 million hundredweight, up 1.5 million from June, and lifted cotton ending stocks to 5.3 million bales. Global rice production was revised higher, with larger expected output in the US and Pakistan.
Bigger rice carryout and higher global production expectations are bearish for rough rice prices and export demand for US rice.
brownfieldagnews.comJohn PerkinsJul 12, 2024After 87 past bearish report events, Rough Rice moved a median +0.0% over 5 sessions (53% higher; middle half -2.1% to +2.4%), and +1.1% 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.
USDA's July report raised 2024/25 US rice ending stocks and global output, a bearish supply revision released just before the drop, though the size of the move far exceeds what this alone would explain.
USDA July report raised US 2024/25 rice ending stocks and global production, a bearish supply revision for US rough rice.
USDA's July report raised US 2024/25 rice ending stocks and global production, a bearish supply signal that fits a sharp price drop.
