Chicago rough rice futures traded in a range around $13 per hundredweight, supported by moderately lower production expectations. According to the USDA crop progress report, rice headed across the six rice producing American states stood at 30% in the week ending July 18th, slightly below the long-term average. Meanwhile, the USDA July rice market outlook showed 2020/21 production was revised 2% lower to 199.3 million hundredweight based on a smaller harvested area, mainly in California, while imports were upwardly revised to a record 39 million hundredweight, on an expected smaller medium- and short-grain crop.
Historically, Rice reached an all time high of 1349 in September of 2020. Rice - data, forecasts, historical chart - was last updated on July of 2021.
Rice is expected to trade at 14.25 USD/CWT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 17.03 in 12 months time.