Prices continue to behave erratically. After heading in opposite directions in January and February, quotes for Thai 100B and U.S. #2/4 are converging once again. Over the past month, Thai quotes fell $26 per MT, FOB, to $593 while U.S. quotes rose $22 to $544. For the past four weeks, U.S. quotes averaged $85 below Thai quotes, whereas for that same 4 week period over the past 2 decades, the spread was always positive and averaged $73. It should be noted, however, that Thai 100B is not being exported at these prices, as most of the rice is entering the government’s intervention program.

• Brazil is raised 115,000 tons to 615,000 as imports from Argentina and Uruguay displace domestic supplies.

• Venezuela is lowered 95,000 tons to 150,000 due to economic conditions and large inventories from record imports in 2008.

• Vietnam is raised 100,000 tons to 400,000 based on additional cross border deliveries from Cambodia.