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A market commentator updates his view on US rice futures, noting November 2020 futures closed near the prior year's level despite lower ending stocks. He expects the July contract to test its early-May high of $18.70 as tight export commitments and thin deliverable supplies squeeze the market before expiry.
Tight US rice ending stocks and thin deliverable supplies support prices into July expiry. The view is one analyst's opinion rather than a new supply event, so the price implication is for upward pressure on US rough rice.
vantrumpreport.comadminMay 26, 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.
Commentary expecting the July contract to test its early-May high amid tight export commitments and thin deliverable supplies points to an expiry-related squeeze that could drive a sharp one-day rally.
