Rice Market Update: Delta Rice Farmers Poised to Make Planting Progress
The USDA released their April WASDE report which only included minimal revisions to both the long grain and medium grain balance sheets. In fact, the only change to the long grain balance sheet was a reduction in imports which ultimately lowered ending stocks by 500,000 cwts. Coincidentally, the USDA raised their season average farm price projection by $0.20 per cwt. The USDA left medium grain untouched outside of a slight adjustment to pricing despite the recent surge in demand. For now, the USDA projects long grain ending stocks to be down 58% year over year at 13.7 million cwts.