rice futures near 2-month low
Published on: March 12, 2024.
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Rice futures prices have continued to decline, reaching their lowest point since January, at around $17.5 per hundredweight. This drop is attributed to the consideration of increased supplies and slightly reduced demand by traders.
According to the latest WASDE report from the US Department of Agriculture, there is an indication of larger supplies, trade, and ending stocks for rice. However, consumption for the month of March is expected to be slightly lower compared to the previous month.
The report shows that supplies have been raised by 2.5 million tons, reaching a total of 692.6 million. This increase is primarily due to higher beginning stocks for Pakistan and increased production for India.
On the other hand, the outlook for U.S. rice this month remains unchanged in terms of supplies and domestic use. However, larger exports and smaller ending stocks are expected.
In conclusion, the rice market is currently experiencing a decline in futures prices due to factors such as increased supplies and slightly reduced demand. However, it is important to note that this market is subject to fluctuations and can change rapidly.
For more information about rice exporters, Pakistan rice exporters, white broken rice, and rice suppliers, please visit the following sources:
– Rice exporters: [HAS Rice](https://www.hasrice.com)
– Pakistan rice exporters: [Pakistan Rice](https://www.pakistanrice.com)
– White broken rice: [Broken Rice](https://www.brokenrice.com)
– Rice suppliers: [HAS Rice](https://www.hasrice.com)
Source: [TradingView](https://www.tradingview.com)
