US: WASDE report indicates complications for buyers and sellers of rice
Rice
United States
Published May 15, 2022
Tridge summary
The story continues to be the planting progress in Arkansas—this week showing numbers that are optimistic in the grand scheme at 57% planted, but still 15% behind normal. Rice emerged is at 32%, just under 20% behind normal. Missouri is also behind by 30% in planting and 35% in emerged. At this stage, the real outlier is California, racing ahead to 70% planted compared to the 5-year average of 28%.
Original content
The story continues to be the planting progress in Arkansas—this week showing numbers that are optimistic in the grand scheme at 57% planted, but still 15% behind normal. Rice emerged is at 32%, just under 20% behind normal. Missouri is also behind by 30% in planting and 35% in emerged. At this stage, the real outlier is California, racing ahead to 70% planted compared to the 5-year average of 28%. This lurch forward can be attributed, however, to the significant reduction in acreage that ultimately will shorten the planting season. The WASDE report was released this week, which we will discuss later on, but in short, the adjustments would indicate a bearish old crop sentiment, and a bullish new crop sentiment. On the ground, this would prove out, as there isn’t much old crop in first hands, nor is there imminent demand on the horizon. The exceedingly high prices in the western hemisphere are true impediment for attracting new customers, and retaining old ones. Sure would be nice ...
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