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Iraq's government has handed rice procurement for its food basket scheme to a private company, which has bought 60,000 mt of Uruguayan rice directly, at about $560/mt FOB for the first cargo. US rice industry groups have lobbied to reverse the change, and Argentine and US suppliers are in talks with the buyer.
Direct private purchasing bypasses the tender system that US suppliers have relied on, which could shift some Iraqi demand away from US rice. The overall price effect on global rice is modest.
spglobal.comPeter StoreyJun 24, 2021After 70 past neutral trade events, Rough Rice moved a median +0.2% over 5 sessions (51% higher; middle half -1.3% to +1.9%), and +1.3% 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.
