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USDA Rice Outlook


14 January 2014

USDA Rice Outlook - 14 January 2014USDA Rice Outlook - 14 January 2014


USDA Rice Outlook

The U.S. 2013/14 crop estimate was raised 1.2 million cwt to 189.9 million cwt based on a slightly larger area estimate and a higher yield. The 2013/14 all rice yield estimate was raised 34 pounds per acre to a record 7,694 pounds. Planted area was increased 4,000 acres to 2.49 million acres, still the smallest since 1987/88. Estimates for carryin and imports are unchanged. U.S. stocks of all rice (both milled and rough on a rough-rice basis) on December 1, 2013, are estimated at 142.2 million cwt, 10 percent below a year earlier.

Total domestic and residual use was increased 4.0 million cwt to 120.0 million cwt, while total exports were lowered 1.0 million cwt to 99.0 million cwt. On balance, these revisions resulted in a 1.85-million cwt reduction in the ending stocks forecast to 28.3 million cwt. The 2013/14 season-average farm price (SAFP) for U.S. long-grain rice remains forecast at $14.80-$15.80 per cwt. The combined medium- and short-grain 2013/14 U.S. SAFP is forecast at $16.30-$17.30 per cwt, down 50 cents per cwt on both the high and low ends from last month’s forecast.

Global rice production for 2013/14 is forecast at a record 471.1 million tons (milled basis), up 0.55 million tons from last month’s forecast. Production forecasts were raised for Brazil, Pakistan, and United States. Global rice use (including a residual component) for 2013/14 is projected at a record 473.1 million tons, up 0.2 million from the previous forecast. The global ending stocks forecast was raised to 105.2 million tons.

Total calendar year 2014 global rice trade is forecast at a record 40.2 million tons, up 0.4 million tons from the previous forecast and 1.9 million tons above 2013. Both Pakistan’s 2014 export forecast and the Philippines’ 2014 import forecast were raised this month. For 2013, Pakistan’s export forecast was revised upward, while Thailand’s 2013 export forecast was lowered.

Prices for most grades of Thailand’s high-quality, regular-milled white rice have declined around 4 percent over the past month, with prices for medium- and lower quality rice dropping around 10 percent. Price quotes from Vietnam have decreased as well, mostly due to declining prices from other sources and expectations of the start of its main winter-spring crop harvest late next month. U.S. prices for long-grain milled rice have decreased slightly since mid- December, mostly as a response to declining global prices.

Domestic Outlook

U.S. 2013/14 Rice Production Estimated at 189.9 Million Cwt

The 2013/14 U.S. rice crop is estimated at 189.9 million cwt, up 1.2 million cwt from the previous estimate, but 5 percent smaller than a year earlier. The upward revision is the result of slightly higher area and yield estimates. Long-grain accounts for all of the upward revision in the 2013/14 U.S. production estimate. At 131.9 million cwt, long-grain production is 2 percent above the previous forecast, but nearly 9 percent below a year earlier. In contrast, combined medium- and shortgrain production is estimated at 58.0 million cwt, down 3 percent from the previous forecast but 5 percent above a year earlier.

At 2.49 million acres, U.S. rice plantings of all rice are up 4,000 acres from the previous forecast, but still 8 percent below a year earlier and the smallest since 1987/88. Area estimates were raised slightly this month for California, Louisiana, and Missouri, but lowered slightly for Mississippi. Long-grain plantings are estimated at 1.78 million acres, down 11 percent from a year earlier and the smallest since 1987/88. Combined medium- and short-grain plantings are estimated at 708,000 acres, up 3,000 acres from a year earlier.

The 2013/14 all rice yield is estimated at a record 7,694 pounds per acre, up 34 pounds from the previous forecast and 246 pounds above a year earlier. Yield estimates were raised this month for Arkansas, California, and Louisiana, but lowered for Mississippi, Missouri, and Texas. The long-grain 2013/14 yield is estimated at 7,464 pounds per acre, up 11 percent from a year earlier and the highest on record. The combined medium- and short-grain yield is estimated at 8,272 pounds per acre, also a record and up 5 percent from a year earlier. The bulk of the U.S. medium- and short-grain crop is grown in California.

Rice area is estimated lower than last year in 2013/14 in Arkansas, Mississippi, and Missouri, with Arkansas accounting for the bulk of the 211,000-acre drop in plantings. At 1.08 million acres, rice plantings in Arkansas are 17 percent below a year earlier and are the lowest since 1987/88. In Missouri, rice plantings in 2013/14 dropped 12 percent from a year earlier to 159,000 acres. Mississippi’s rice plantings declined 4 percent in 2013/14 to 125,000 acres, the smallest since 1977/78. Higher returns for competing crops and weather problems early in the season account for most of the rice area decline in the Delta. In contrast, 2013/14 rice plantings increased 7 percent in Texas to 145,000 acres. Louisiana’s rice plantings expanded 4 percent in 2013/14 to 418,000 acres. California’s rice acreage in 2013/14 of 566,000 acres is up almost 1 percent from a year earlier.

Yields are higher than a year earlier in all reported States except Texas, with Louisiana reporting the largest percentage increase. Record yields were reported for Arkansas, Louisiana, Mississippi, and Missouri. Continued adoption of hybrid varieties has been a factor in stronger yields in the South. At 7,560 pounds per acre, the average rice yield in Arkansas is up 1 percent from a year earlier. Mississippi’s 2013/14 average yield of 7,400 pounds is 3 percent above a year earlier. The Missouri average yield of 7,030 pounds per acre is almost 1 percent higher than a year earlier. Although plantings got off to a late start in the Delta, weather conditions improved late in the growing season, supporting higher yields.

 In Louisiana, the average yield increased 13.5 percent in 2013/14 to 7,300 pounds per acre. In contrast, the average Texas yield declined 7.5 percent from a year earlier to 7,740 pounds per acre. The State experienced both cool temperatures early in the season and water restrictions. The California rice yield increased almost 5 percent to 8,480 pounds per acre in 2013/14, still below the 2004 and 2009 record of 8,600 pounds. Weather conditions in California were favorable for rice production throughout the season.

Rice production was smaller than a year earlier in 2013/14 in Arkansas, Mississippi, Missouri, and Texas. At 80.9 million cwt, Arkansas’ 2013/14 rice crop was 16 percent below a year earlier, as result of much smaller plantings. This is the smallest rice crop in Arkansas since 1997/98. Missouri’s 2013/14 rice crop declined 11 percent from a year earlier to 11.0 million cwt, also due to smaller plantings. In Mississippi, rice production declined 1 percent from a year earlier to 9.2 million cwt, a result of smaller area. Texas’ rice crop declined almost 1 percent from a year earlier to 11.1 million cwt due to a weaker yield. In contrast, the Louisiana rice increased 18 percent to 30.1 million cwt, a result of both expanded area and a record yield. California’s production was up more than 5 percent, a result of both a higher yield and slightly more area.

U.S. rice imports remain forecast 21.0 million cwt, virtually unchanged from a year earlier and the third highest on record. Through November, shipments from Southeast Asia—the largest source of U.S. rice imports—were behind a year earlier. Long-grain imports remain forecast at 18.5 million cwt, 1 percent below a year earlier but still the second largest on record. Thailand is the largest supplier of longgrain rice to the U.S., shipping its premium jasmine rice, an aromatic, almost exclusively. India and Pakistan are typically the next largest suppliers, with their premium basmati rice accounting for nearly all of their sales to the United States. In years when U.S. supplies of brokens are tight, Vietnam has shipped more than 1 million cwt of rice to the U.S., mostly broken kernels.

Combined medium- and short-grain rice imports remain forecast at 2.5 million cwt, fractionally higher than a year earlier. Specialty rice from Thailand accounts for the bulk of U.S. imports of medium- and short-grain rice. Arborio rice from Italy accounts for most of the remainder.

The 2013/14 carryin remains estimated at 36.4 million cwt, 11 percent smaller than a year earlier. The 2013/14 long-grain carryin remains estimated at 21.9 million cwt, 10 percent below a year earlier. Combined medium- and short-grain carryin remains estimated at 12.2 million cwt, 17 percent below a year earlier. Stocks of brokens are not specified by class.

Total U.S. rice supplies in 2013/14 are projected at 247.3 million cwt, up 1.2 million cwt from December’s forecast, but 5.5 percent smaller than a year earlier and the smallest U.S. rice supplies since 2003/04. Long-grain total supplies are forecast at 172.3 million cwt, up 2.85 million cwt from last month’s forecast, but 8 percent below a year earlier. Combined medium- and short-grain total supplies are forecast at 72.7 million cwt, 1.7 million cwt below last month’s forecast but fractionally above a year earlier.

U.S. stocks of all rice (both milled and rough on a rough-rice basis) on December 1, 2013, are estimated at 142.2 million cwt, 10 percent below a year earlier. Stocks are estimated smaller than a year earlier for all three classes of rice. At 89.1 million cwt, stocks of long-grain rice on December 1, 2013 were 13 percent smaller than a year earlier. Combined medium- and short-grain rice stocks on December 1, 2013, are estimated at 50.3 million cwt, 2 percent below a year earlier. December 1, 2013, stocks of brokens, not classified by grain length, are estimated at 2.7 million cwt, 27 percent below a year earlier.

Rice stocks on December 1, 2013 are estimated smaller than a year earlier in all reported States except California and Texas, with Arkansas accounting for the bulk of the decline. At 56.8 million cwt, rice stocks in Arkansas on December 1 are estimated 27 percent below a year earlier. Missouri’s December 1 rice stocks are estimated at 7.1 million cwt, down 16 percent from a year earlier. Rice stocks on December 1 in Louisiana are estimated at 15.4 million cwt, down 1 percent from the previous year. Mississippi’s December 1 rice stocks of 3.5 million cwt were 13 percent below a year earlier. In contrast, December 1, 2013, rice stocks in Texas are estimated at 9.5 million cwt, up 7.4 percent from the previous year. California’s rice stocks of 44.7 million cwt were up 5 percent from a year earlier.

U.S. 2013/14 Total Domestic and Residual Use Forecast Raised to 120.0 Million Cwt

Total use of U.S. rice in 2013/14 is projected at 219.0 million cwt, up 3.0 million cwt from last month’s forecast but still 3 percent below a year earlier. This month, an increase in total domestic and residual use more than offset a small reduction in the U.S. export forecast. Long-grain accounts for all of this month’s revisions on the use side. Long-grain total use is projected at 155.0 million cwt, up 3.0 million cwt from last month’s forecast but 6 percent below a year earlier. Combined medium- and short-grain use remains projected at 64.0 million cwt, almost 7 percent above a year earlier.

Total domestic and residual use of all rice in 2013/14 is projected at 120.0 million cwt, up 4.0 million cwt from the previous forecast and 1.5 percent above a year earlier. The upward revision is largely based on a smaller than expected December 1 stocks estimate that resulted in a higher implied August-November domestic disappearance. Long-grain domestic and residual use is projected at 88.0 million cwt, up 4.0 million cwt from the December forecast but still more than 1 percent below a year earlier. Combined medium- and short-grain domestic and residual use remains projected at 32.0 million cwt, 11 percent higher than a year earlier.

Total exports in 2013/14 are projected at 99.0 million cwt, down 1.0 million cwt from December and 8 percent below a year earlier. These are the smallest U.S. rice exports since 2008/09. The year-to-year expected decline is based on smaller U.S. supplies and a larger price difference over Asian exporters, with Latin America and Sub-Saharan Africa expected to account for most of the decline. Long-grain exports are projected at 67.0 million cwt, 1.0 million cwt below the previous forecast and 12 percent below a year earlier. The downward revision was based on a slower than expected pace of shipments and sales through December to Central America and Sub-Saharan Africa. Central America is one of the largest markets for U.S. rice, taking almost exclusively long-grain rice.

Combined medium- and short-grain exports remain projected at 32.0 million cwt, 3 percent above a year earlier. Northeast Asia is the largest market for U.S. mediumand short-grain exports, with Japan, South Korea, and Taiwan accounting for almost all U.S. sales to this region, with all purchases by these three countries the result of annual WTO commitments. The Middle East and North Africa account for most of the remaining U.S. medium- and short-grain exports, with Egypt the main competitor for the United States in these two regions. Canada imports some U.S. medium- and short-grain rice as well, with purchases this year well ahead of normal.

By type, rough-rice exports remain projected at 35.0 million cwt, up 0.8 million cwt from a year earlier. Latin America is expected to remain the top market for U.S. rough-rice exports, with Mexico, Central America, and northern South America the top buyers. Southern long-grain accounts for nearly all of the U.S. rough-rice shipments to the region. Turkey and Libya account for the bulk of U.S. mediumand short-grain rough-rice exports.

Combined milled- and brown-rice exports (on a rough basis) are projected at 64.0 million cwt, 1 million cwt below last month’s forecast and 12 percent below a year earlier. Northeast Asia, Canada, the Middle East, Sub-Saharan Africa, and the Caribbean are the top markets for U.S. milled-rice exports. Sub-Saharan Africa is expected to account for the bulk of the decline in U.S. milled-rice exports in 2013/14, primarily due to stronger competition from lower priced Asian suppliers.

Through January 2, data from the weekly U.S. Export Sales report indicated that combined U.S. commercial shipments and outstanding sales were 8 percent behind a year earlier, down from 13 percent behind in late October. Since late October, the pace of new sales has increased from the pace earlier in the market year, with outstanding sales 2 percent ahead of a year earlier by January 2.

By class and type, combined outstanding sales and exports of long-grain rough-rice were 11.5 percent behind a year earlier for the week ending January 2, down from 15 percent behind a month earlier. Combined medium- and short-grain rough-rice outstanding sales and exports were 94 percent ahead of a year earlier through January 2, 2014, up from 71 percent ahead in late November. Turkey and Libya account for almost all U.S. exports of medium- and short-grain rough-rice exports. The market for milled rice is similar, with long-grain milled-rice exports 18 percent behind a year earlier for the week ending January 2 and combined medium- and short-grain milled rice exports 6 percent ahead of a year ago. Northeast Asia is the top market for U.S. medium- and short-grain milled-rice exports.

U.S. ending stocks of all rice in 2013/14 are projected at 28.3 million cwt, down 1.8 million cwt from the December forecast and 22 percent below a year earlier. These are the lowest U.S. ending stocks since 2003/04. The stocks-to-use ratio is calculated at 12.9 percent, down from 16.2 percent in 2012/13 and the smallest since 2007/08.

 By class, the 2013/14 U.S. long-grain carryout remains projected at 17.3 million cwt, virtually unchanged from last month but 21 percent smaller than a year earlier. The long-grain stocks-to-use ratio is calculated at 11.1 percent, down from 13.2 percent a year earlier and the lowest since 2003/04.

The medium- and short-grain carryout is projected at 8.7 million cwt, down 1.7 million cwt from the December forecast and 29 percent below a year earlier. The medium/short-grain stocks-to-use ratio is calculated at 13.6 percent, down from 20.3 percent in 2012/13.

U.S. 2013/14 Season-Average Farm Price Forecast Lowered for Medium-and Short-Grain Rough-Rice

The 2013/14 season-average farm price (SAFP) for U.S. long-grain rice remains forecast at $14.80-$15.80 per cwt, up from $14.40 per cwt a year earlier. On an annual basis, the impact of tighter U.S. supplies is expected to more than offset the effects of larger exportable supplies in Asia. The combined medium- and shortgrain 2013/14 U.S. SAFP is forecast at $16.30-$17.30 per cwt, down 50 cents per cwt on both the high and low ends from last month’s forecast. The 2012/13 SAFP for medium- and short-grain was $16.70 per cwt. The downward revision was based on monthly reported cash prices and marketings through November and expectations regarding prices the remainder of the market year. On an annual basis, slightly larger supplies are expected to put downward pressure on U.S. mediumand short-grain prices in 2013/14.

In late December, NASS reported a mid-December U.S. long-grain rough-rice price of $15.50 per cwt, up 20 cents from the revised November estimate. The December long-grain price is the highest since January 2009. The November long-grain price was lowered 20 cents to $15.30 per cwt. For combined medium- and short-grain rice, the mid-December NASS price was reported at $16.50 per cwt, up 70 cents from the revised November price. The November price was lowered $1.20 from the midmonth estimate to $15.80 per cwt.

International Outlook

Production Forecasts for 2013/14 Raised for Brazil, Pakistan, and the United States

Global rice production for 2013/14 is forecast at a record 471.1 million tons (milled basis), up 0.5 million tons from last month’s forecast and up 1.6 million cwt from a year earlier. On a year-to-year basis, both East Asia and Southeast Asia are projected to produce record rice crops.

The bumper global crop is the result of expanded area in 2013/14. At a record 160.1 million hectares, global rice area in 2013/14 is up 2.7 million hectares from a year earlier. Burma, Cambodia, China, India, Nigeria, and Pakistan account for most of the year-to-year area increase. Much of this area expansion is driven by higher Government support prices. The average global yield, forecast at 4.39 tons per hectare (on a rough-rice basis), is about 1 percent below the 2012/13 record. The yield decline is partly due to adverse weather in China and India, the world’s two largest rice producing countries.

There were three significant upward revisions to 2013/14 crop forecasts this month. First, Pakistan’s 2013/14 production forecast was raised 0.4 million tons to 6.4 million tons based on information from the U.S. Agricultural Office in Islamabad indicating better than expected monsoon rains and higher yields from the hybrid varieties. The crop is still below the 2008/09 record of 6.9 million tons. Second, the U.S. 2013/14 crop estimate was raised 154,000 tons to 6.05 million tons due to slightly higher area and yield estimates reported by the USDA’s National Agricultural Statistics Service. And third, Brazil’s 2013/14 rice crop was raised 100,000 tons to 8.3 million tons based on data from the Government’s statistical agency reporting slightly larger area and an even higher record yield. There were small upward revisions to production forecasts this month for both Spain and Kazakhstan.

Global rice production in 2012/13 is estimated at 469.5 million tons, up 0.5 million tons from last month’s estimate and 1 percent larger than a year earlier. Pakistan accounted for the bulk of this month’s upward revision in 2012/13 production. Pakistan’s 2012/13 production estimate was raised 0.4 million tons to 5.8 million tons based on information from the U.S. Agricultural Office in Islamabad indicating a higher yield resulting from less than expected flood damage. Argentina’s 2012/13 crop estimate was raised 104,000 tons to 1.014 million based on a higher area estimate reported by the Ministry of Agriculture. Finally, Ecuador’s 2012/13 production estimate was raised 25,000 tons to 800,000 tons based on data and information from FAO. More rice was harvested than expected, and yields were higher than expected due to more favorable weather conditions that helped the crop during grain fill.

Global rice use (including a residual component) for 2013/14 is projected at a record 473.1 million tons, up 0.2 million from the previous forecast and more than 1 percent larger than a year earlier. On an annual basis, Bangladesh, Brazil, Cambodia, China, Egypt, India, Indonesia, and Vietnam account for most of the projected increase in global consumption in 2013/14. In contrast, consumption (including a residual component) is projected to decline in 2013/14 in Japan and South Korea. Consumption has declined for several decades in both Japan and South Korea due to diet diversification.

Global ending stocks for 2013/14 are projected at 105.2 million tons, up 0.9 million tons from the previous forecast but down 1.9 million tons from a year earlier. This is the first decline since 2006/07 in global ending stocks. Pakistan, the Philippines, and Thailand account for most of this month’s upward revision in global ending stocks. On a year-to-year basis, Thailand is projected to carry higher ending stocks in 2013/14, estimated at a record 14.7 million tons, while China, India, Indonesia, the United States, and Vietnam are projected to have smaller ending stocks. The global stocks-to-use ratio for 2013/14 is calculated at 22.2 percent, down slightly from a year earlier.

Pakistan’s 2013 and 2014 Export Forecasts Are Raised

Total calendar year 2014 global rice trade is forecast at a record 40.2 million tons, up 0.4 million tons from the previous forecast and 1.9 million tons above 2013. Global trade in 2014 is projected to be driven mainly by strong purchases by China and West Africa. India is projected to again be the largest exporter, with Thailand and Vietnam expected to increase exports.

Only one 2014 export forecast was revised this month: Pakistan’s 2014 export forecast was raised 0.4 million tons to 3.4 million tons based a larger crop and recommendations from the U.S. Agricultural Office in Islamabad. The only country-specific import revision for 2014 was a 0.2-million ton increase in the Philippines’ import forecast to 1.4 million tons based on information from the U.S. Agricultural Office in Manila indicating the Government wants to increase its buffer stocks.

The 2013 total global rice trade forecast was lowered 0.1 million tons to 38.3 million, 2 percent below a year earlier.The only upward revision on the 2013 export side was a 0.3-million ton increase in Pakistan’s exports to 3.3 million, based on a much larger crop, shipment pace, and recommendations from the U.S. Agricultural Office in Islamabad. This increase was offset by three downward revisions. First, Thailand’s 2013 export forecast was lowered 0.3 million tons to 6.7 million tons based on pace to date and recommendations from the U.S. Agricultural Office in Bangkok. These are the smallest exports for Thailand since 2000. Second, the U.S. 2013 export forecast was lowered 50,000 tons to 3.2 million tons based on pace to date. Finally, Kazakhstan’s 2013 export forecast was lowered 10,000 tons to 40,000 tons, also based on shipment pace.

There were four significant 2013 import revisions this month. First, Indonesia’s 2013 import forecast was lowered 350,000 tons to 650,000 tons based on pace to date and recommendations from the U.S. Agricultural Office in Jakarta. Specialty rice accounts for the bulk of the imported rice. These are the lowest imports for Indonesia since 2009. In nearby Malaysia, 2013 imports were lowered 150,000 tons to 900,000 based on shipment data. In the Western Hemisphere, Cuba’s 2013 imports were lowered 125,000 tons to 400,000 tons based on pace to date. Finally, Oman’s 2013 import forecast was raised 75,000 tons to 250,000 tons, also based on trade data.

Thailand’s Export Prices Continue To Drop

Prices for most grades of Thailand’s high-quality, regular-milled white rice have declined around 4 percent over the past month, with prices for medium- and lowerquality rice dropping around 10 percent. The price declines are largely due to a weaker baht, lack of new sales, and recent harvest of the main season crop. Prices for parboiled rice and aromatic rice have decreased as well. Both parboiled and aromatic rice are specialty rices.

Prices for Thailand's high-quality, 100-percent Grade B (fob vessel, Bangkok) milled rice for export were quoted at $414 per ton for the week ending January 6, down $16 from the week ending December 9. Prices are now the lowest since January 2008. Prices for Thailand’s 5-percent brokens were quoted at $401 per ton for the week ending January 6, down $14 from the week ending December 9. Prices for Thailand's 5-percent parboiled rice were quoted at $440 per ton for the week ending January 6, down $14 from the week ending December 9.

Prices for Thailand’s brokens have declined at a faster pace. For the week ending January 6, prices for Thailand’s A-1 Super 100-percent brokens were quoted at $310 per ton, down $75 per ton from the week ending December 9. Price quotes for Thailand’s premium jasmine rice, an aromatic variety, were quoted at $1,018 per ton for the week ending January 6, down $72 from the week ending December 9. All price quotes for Thailand’s rice are from the Weekly Rice Price Update, reported by the USDA office in Bangkok.

Price quotes from Vietnam have decreased as well, mostly due to declining prices from other sources and expectations of the start of its main winter-spring crop harvest late next month. For the week ending January 7, prices for Vietnam’s 5- percent double-water-polished with 5-percent brokens were quoted at $410 per ton, down $20 from December 10. Thailand’s price quotes for 5-percent brokens are currently $9 per ton below quotes for Vietnam’s 5-percent double-water-polished milled rice. This is uncommon, as Thailand’s prices typically exceed prices for similar grades of rice from Vietnam by around $50 per ton.

U.S. prices for long-grain milled rice have decreased slightly since mid-December, mostly as a response to declining global prices. For the week ending January 7, prices for high-quality U.S. Southern long-grain rice (No. 2, 4-percent brokens, bagged, free alongside vessel, U.S. Gulf port) were quoted at $590 per ton, down $5 from the week ending December 10. The U.S. price difference (adjusted to reflect a free-on-board vessel location) over Thailand’s 100 percent grade B is $191 per ton, up from $180 a month earlier, the highest on record and likely to limit U.S. sales in certain markets, especially in the Middle East and Sub-Saharan Africa. Prices for U.S. long-grain rough-rice (bulk, fob vessel, New Orleans) remain quoted at $380 per ton for the week ending December 10, unchanged since late September.

Prices for California milled rice for the U.S. market and global market are unchanged from a month earlier. California’s package-quality medium-grain rice (bulk) for domestic sales to processors and repackagers remains quoted at $628 per ton for the week ending January 7. Export prices (sacked, port of Oakland) for California milled rice remain quoted at $675 per ton for the week ending January 7, unchanged since late October. Medium-grain milled rice prices in both the domestic and global markets have declined since the start of the 2013/14 market year, mostly due to larger U.S. supplies. Price quotes for Vietnam, U.S. long- and medium-grain milled-rice prices, and U.S. rough-rice export prices are from the weekly Creed Rice Market Report.

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