USA: Watching the rice market for 2024

(By Dwight Roberts) It’s a new year with new opportunities. As factories and producers regain clarity from the holiday haze, everyone is greeted with memories of a firm market in the Western Hemisphere. Spot prices remain strong when available, with Texas reporting $18/cwt, Louisiana $17.28-$18/cwt and Mississippi, Arkansas and Missouri between $16.75-$17.25. The holiday slowdown is typical and activity is expected to resurface soon as inventory and sales return to balance. Looking back at last year, it's no surprise that Mexico was our largest market by a significant margin. Haiti followed and then Iraq. Japan was the fourth largest export market for medium grain rice through the WTO agreement. When looking at this year's production numbers, it is great to see a return to a more normal acreage across the complex. Arkansas planted 1.4 million acres, producing more than 106 million cwt; California came back strong with 502,000 acres yielding nearly 45.5 million cwt; Louisiana ...