U.S. Rice Cash Prices Hold Steady Amid Thin Trade

Thursday, 03/01/2013, 03:58 GMT+7

The U.S. cash rice market very quiet today as market participants slowly returned from the long New Year's weekend. As of today, analysts insist that most sellers remain uninterested in the current market price and are content to wait until prices improve before marketing their rice despite five consecutive days of weakness in the futures market.

As of today, offers from farmers held steady near $15.00 per cwt (about $331 per ton) for January-February-March delivery while offers from resellers remained unchanged at more attractive levels even as the futures market closed lower.

Meanwhile, bids from most mills decreased to around $14.15 per cwt (about $312 per ton) for January-February-March delivery although bids from a few smaller mills were reported to have been as high as $15.15 per cwt (about $334 per ton) for prompt delivery which generate some light selling interest

Bids from exporters fell today to around $14.30 per cwt (about $321 per ton) for January-February-March delivery for minimum 50 lbs of head rice however no trades were reported at this level today.

Going forward, analysts believe that buyers will have to pay higher prices to get farmers to part ways with their rice or else there will be a large decrease in planted acreage next year.

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