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USDA economist Nathan Childs raised the long-grain rice price forecast by about $1 per hundredweight, to roughly $9.70 to $10.70, before factoring in the flooding. Tighter U.S. and world supplies are emerging after a long period of falling prices.
Flooding in Arkansas, Louisiana and California in late April and early May adds to the supply tightening.
Tighter domestic and world supplies, together with flood losses, support higher U.S. rice prices for the 2017-18 marketing year. Buyers should expect firmer long-grain pricing.
farmprogress.comMay 31, 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.
