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USDA's rice stocks report showed rough rice stored on and off farms rose 16 percent in December 2018 from a year earlier. Milled rice in storage fell 41 percent over the same period.
Long grain made up 69 percent of total rough rice stocks.
A larger rough rice stock overhang is bearish for US rice prices, while the sharp drop in milled stocks suggests processors are running lean. The net effect leans toward weaker cash values for rough rice.
ricefarming.comVickyFeb 8, 2019After 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.
