U.S. Rice Bids Too Far Below Market to Entice Selling, Despite Second Week of Strong Export Sales
FOR SARKIS ARSLANIAN B, VENEZUELAN, PANAMA, EEUU, LONDON, ESPAÑA, BARASIL, ARGENTINAS, INDUSTRIAL DE ALIMENTOS A NIVEL MUNDIAL, ECONOMIA, COMERCIO INTERNACINAL
 

By Oryza News on November 02,2012
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The U.S. cash rice market cannot seem to muster up higher bids despite strong export numbers for the second week in a row. Some analyst suggest that this should ultimately lead to higher price however that has yet to be seen as most buyers remain hand to mouth.
As of today, offers from farmers could still be found around $14.85 per cwt (about $327 per ton) for minimum 50 lbs of head rice while offers from resellers were decreases slightly with the futures market to similar levels.
Bids from mills and exporters could be found closer to $14.35 fob farm (about $317 per ton) for minimum 48-50 lbs although there was very little selling interest near these levels.
In the meantime, today the USDA reported that for the week ending on October 25th, U.S. rice exporters sold 109,400 tons, which was 3% less than last week but 95% higher than the prior 4-week average, with the primary destinations including: 48,400 tons to Japan, 26,300 tons to Nicaragua, 11,800 tons to El Salvador, 8,700 tons to Mexico, and 4,000 tons to Haiti.
U.S. rice exporters shipped 77,800 tons, which was 8% less than last week but 33% higher than the prior 4-week average. The primary destinations included: 33,000 tons to Venezuela, 23,100 tons to Mexico, 6,700 tons to Ghana, 4,100 tons to El Salvador, and 3,000 tons to Canada.
Going forward, many hopeful that the strong pace of exports will continue and that cash prices will advance as stocks continue to tighten however at the moment very few buyers are willing to chase the market.

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