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In This Issue:
- Market Update: Looking Ahead to 2024 Rice Market
- FECARROZ Announces New Leadership
- Reserve Your Room for RMTC 2024
- In-Store Promotions at Soriana Monterrey
- Photo from Rice Country
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Market Update: Looking Ahead to 2024 Rice Market | |
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It’s a new year with new opportunities. As mills and producers alike regain clarity from the holiday fog, all are greeted with the reminder of a firm market in the Western Hemisphere. Cash prices remain strong when available, with Texas reporting at $18/cwt, Louisiana $17.28-$18/cwt, and Mississippi, Arkansas, and Missouri at $16.75-$17.25. The holiday slowdown is typical, and it’s expected activity will resurface shortly as inventory and sales come back into balance.
Looking back over last year, it’s no surprise that Mexico was our biggest market by a significant margin. Haiti followed, and then Iraq. Japan was the fourth largest export market for medium grain rice through the WTO agreement. When looking at production numbers this year, it’s great to see a return to more normal acreage across the complex. Arkansas planted 1.4 million acres, producing over 106 million cwt. California returned in force with 502,000 acres, yielding almost 45.5 million cwt. Louisiana grew 462,000 acres and produced over 31 million cwt of rice, while Mississippi planted 119,000 acres and produced almost 9 million cwt. Missouri grew 202,000 acres with 15 million cwt, and Texas grew 145,000 acres with just over 12 million cwt. This totals 2.8 million acres of rice grown, with production of over 219 million cwt. With planting decisions coming up in the next six to eight weeks, it will be interesting to see how the price of beans may impact rice plantings come February. Weather is expected to continue to be a major factor and a lack of rainfall, water availability will complicate spring planting for some. The upcoming 27th Annual National Conservation Systems Cotton & Rice Conference scheduled for January 30-31 in Jonesboro, Arkansas will give a strong indication of farmers’ intentions for 2024.
In Asia, Thai and Vietnamese prices remain firm, both registering over $660 pmt in the first week of the new year. India is still on the sidelines, working only through its G2G portal. Myanmar is showing prices at $615 pmt, and Pakistan at $585. India’s ban continues to hold strong and is expected to stay in effect through the first quarter. India’s “exit strategy” with their glut of rice once the election is over may come to light during planting decisions for producers here in the United States and could have an impact on last-minute decisions on some acreage.
The futures market showed a drop off in average daily volume by 44% down to 1,439, while Open Interest only dipped 5% to 11,333. The Jan ‘24 futures price is at $16.925, then crests in May ’24 for $17.58, and falls back down to $15.65 for Nov ’24.
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FECARROZ Announces New Leadership | |
FECARROZ welcomes its new Board of Directors, led by Kamal Elias Dieck from Honduras, aiming to enhance regional trade and collaboration with the US Rice Producers Association. Key strategies in the 2024 Operational Plan include:
a. Hosting the Regional Rice Conference in Honduras to foster industry connections and address challenges in the rice production chain.
b. Introducing agro-tourism in Central America, enhancing the economic and social development of rural areas.
c. Promoting carbon credits to encourage sustainable practices in agroindustrial production.
d. Launching rice consumption campaigns and community support initiatives.
These efforts mark a significant step towards regional growth and market development.
“USRPA congratulates the new board of directors and looks forward to continuing to strengthen our long-standing relationship with FECARROZ in 2024 and beyond,” Marcela Garcia, President and CEO of US Rice Producers Association, said.
|  | The newly appointed board of directors for FECARROZ is pictured from left to right: Jose Tudó from El Salvador, Juan Carlos Amador from Nicaragua, Kamal Elias Dieck from Honduras, Eduardo Rojas Villalobos from Costa Rica, and Roberto Solorzano from Guatemala. | FECARROZ members comprise representatives from Nicaragua, Honduras, Guatemala, Costa Rica, and El Salvador. | |
Reserve Your Room for RMTC 2024 | |
In-Store Promotions at Soriana Monterrey | |
USRPA's Mexico team has had an active in-store presence, promoting select SKUs of U.S. rice in partnership with Schettino. During these promotions, an impressive average in sales was achieved, equating to a total of 823 kgs. The team gained valuable insights into the effectiveness of our promotional strategies and their impact on overall sales performance. This collaborative approach with Schettino enhances our ability to make informed decisions and adjustments to optimize future promotional campaigns. | |
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Flashback Friday to #RMTC2014!
Be part of rice history, register today!
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Food & Agriculture
Regulatory & Policy Roundup
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Jordan: Grain & Feed Update
Jordan increasingly sourced rice from India last year, given its price advantages, but the United States remains a competitive supplier in the market.
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January 30 - 31, 2024
27th Annual National Conservation Systems Cotton & Rice Conference
Jonesboro, AR
More Information
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February 7, 2024
30th Annual Arkansas State University Agribusiness Conference
Jonesboro, AR
More Information
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February 13, 2024
University of Missouri Rice Meeting
Dexter, MO
More details to come
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February 27, 2024
Missouri Rice Council Annual Meeting & 40th Anniversary Celebration
Poplar Bluff, MO
More details to come
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June 4 - 6, 2024
Rice Market & Technology Convention
Cancun, Mexico
Registration
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USRPA does not discriminate in its programs on the basis of race, color, national origin, gender identity, sexual orientation, religion, age, disability, political beliefs, or marital/family status. Persons who require alternative means for communication of information (such as Braille, large print, sign language interpreter or translation) should contact USRPA at 713-974-7423. |
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