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USA Rice's World Market Price Subcommittee reviewed USDA's first 2017/18 global supply projections and cut U.S. production estimates sharply. Severe mid-south flooding, especially in Arkansas, the top rice-producing state, has already caused large planting losses.
The University of Arkansas estimates more than 181,000 acres were lost.
Lower U.S. rice area and output reduce exportable supply, which is a bullish signal for U.S. rough and milled rice prices. The next official acreage figure, due June 30, could confirm further losses.
usarice.comMay 17, 2017After 179 past bullish weather events, Rough Rice moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% 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.
