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A FirstGrain economist expects a big 2020 U.S. rice crop but a firm price, arguing that U.S. demand has risen about 40% during the COVID-19 shutdown. He sees the 2019/20 stocks-to-use ratio at its tightest in 11 years and says rice has held up better than other grain markets.
Tight old-crop stocks and strong domestic demand support U.S. rough rice prices, though this is a minority forecast and the expected large planting could limit the rally.
proag.comJun 25, 2020Not enough comparable past events yet for a historical read.
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.
U.S. rough rice futures reflect tight 2019/20 stocks-to-use (tightest in 11 years) and COVID-driven domestic demand up ~40%, a bullish supply/demand backdrop supporting a sharp rally.
