RICE: WORLD MARKETS AND TRADE
Philippines Imports Boosted: Despite the prospects of successive record harvests and large carryin stocks, the National Food Authority (NFA) nevertheless is still concerned about weather and rising prices later in the year. The Philippines is expected to import 1.6 million tons this year, the highest amount in 7 years. The NFA has already contracted for over 900,000 tons of rice in the first quarter, mainly from Vietnam. A third tender is expected in May.
International: Reversing course from last month, Asian prices have risen steadily. In Thailand, prices remain supported by the government intervention program, which has been extended to the dry crop. Thai 100B is currently quoted at $301 per ton, FOB, up $7 from last month. Viet prices have rebounded as well, but ample exportable supplies have tempered further price gains. Viet 5% is currently quoted at $265 per ton, FOB, up $3 from last month. In contrast, prices in India have softened slightly over the last month with 5% quoted at $265 per ton, FOB, down $5 from last month. (See PDF version for chart).
Domestic: U.S. prices remained unchanged from month to month, with U.S. #2/4 long grain milled rice quoted at $321 per ton, FOB. The price spread between similar qualities of U.S. and Thai rice has shrunk to a low of $20 per ton. Prices for U.S. #1/4 medium grain milled rice from California are currently quoted at $290 per ton, FOB, down $5 from last month.
TRADE CHANGES IN 2005
TRADE CHANGES IN 2004
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