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In This Issue:
- Market Update: Arkansas Harvest Results Influence U.S. Long Grain Prices
- USRPA Announces Second Annual Ray Stoesser Memorial Scholarship
- Nation's Leading Ag Educational Conference is Headed to Baton Rouge, LA
- Photos from Rice Country: Texas Rice Council & USRPA Host The Rice Company Trader McClane Peters
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Market Update: Arkansas Harvest Results Influence U.S. Long Grain Prices | |
Harvest continues to produce solid results as we begin the new month. Texas is heading into its final stretch with Louisiana just behind, with perhaps 10% and 15% left to go respectively. This week will be the official “kick off” of the Arkansas rice harvest where yields are looking to be at least average, hopefully better. The USDA Crop Progress report is showing Arkansas at 4% harvested as of August 28, and we expect by this time next week to see a significant jump. Mississippi is on the same schedule as Arkansas, with 2% harvested to date, but a busy September is anticipated. California will see its first harvesters in the fields just after the Labor Day holiday and expects to be in full swing by the middle of September.
Cash prices remain strong on the ground, with Texas showing staying power at $17.50-18.00 per cwt. Louisiana is showing much the same as last week at $17.30 per cwt, which is welcome news considering the price disparity in milled prices when compared to competitors. Arkansas will be the one to watch as harvest gets underway to see if being awash in new crop affects futures prices or deliveries in any way. General sentiment is that it won’t be positive, as futures prices are pressing the upper range of domestic purchases, and there’s resistance against any further price growth. Tracking these changes has been difficult in recent weeks because of a problem with the USDA’s Export Sales reporting system.
The USDA Export Sales reporting system was scheduled to roll out a new interface two weeks ago, but there was a technical glitch instead of the big reveal. A communication from the FAS Administrator states the industry can expect to be without Export Sales reports until at least September 15. This is an extremely important tool to help track S&D fundamentals and compare against previous years, as well as aid in price discovery for the coming year. However, not having access to the reports may save us the dismal news of poor sales since the start of the marketing year. Outside of the boost from the second tranche of rice procured by Iraq, export business has been light.
To that note, U.S. Long Grain 5% is quoted at $710 pmt. Compare that to prices of $580 in Brazil, $540 in Uruguay, and $500 in Argentina. The industry remains extremely fortunate for its steady domestic business, and in this case, another crop that was down 15% from historical norms at 1.755 million acres of long grain expected to actually be harvested this year. The high cost of inputs have ravaged economics of rice production this year for farmers, just as inflation has ravaged the checkbooks of consumers.
Asia is holding steady as well, and the lack of volatility is a nice reprieve in the midst of so much global chaos. Thai 5% is steady around $425 pmt, Viet rice steady at $395 pmt, and Indian rice at $355 pmt. There was initial speculation that prices in Thailand could cool as they finish harvest, but the strong demand from Iraq for milled rice, and demand from China for brokens (for animal feed) has helped prop up prices even with flush supplies.
The futures market has been surprisingly strong, but showed a drop in average daily volume of 42%, down to 1,149. Open interest was fairly steady, registering a 2% bump up to 9,043.
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The House and Senate are both on District/State Work Periods through Labor Day. Washington D.C. updates will resume when they reconvene on September 6. | |
USRPA Announces Second Annual Ray Stoesser Memorial Scholarship | |
On Thursday, the US Rice Producers Association (USRPA) opened the application process for the second annual Ray Stoesser Memorial Scholarship, named in honor of former USRPA board member Ray Stoesser. Stoesser’s family, in partnership with USRPA, created the scholarship program to celebrate the late farmer’s legacy and support the agriculture leaders of tomorrow.
An active US Rice Producers Association board member and a third-generation farmer of more than 50 years, Stoesser was passionate about three things: his faith, his family, and agriculture. While he loved nearly every aspect of his decades-long career as a rice producer, he was particularly passionate about expanding opportunities in agriculture for the next generation.
In addition to receiving a $5000 scholarship to support their academic pursuits, the selected recipient will serve as a student ambassador for USRPA with an expectation of participating in at least two activities during the calendar year, including Field Days, legislative activities, conferences, and more.
“USRPA is thrilled to partner with the Stoesser family to create this opportunity for the agriculture leaders of tomorrow,” Marcela Garcia, President and CEO of USRPA, said. “These students are our industry’s future and we’re proud to support them.”
Current high school seniors, undergraduate, and graduate students are eligible to apply. Applicants should have the intent of pursuing a career in an agriculture related field. The application is now available online at usriceproducers.com/scholarship. Applications are due Thursday, December 1.
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Nation's Leading Ag Educational Conference is Headed to Baton Rouge, LA | |
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The 26th Annual National Conservation Systems Cotton & Rice Conference, the Southern Corn & Soybean Conference, the Southern Precision Ag Conference and the Delta States Irrigation Conference are headed to Baton Rouge, LA.
Sponsored by Cotton Incorporated, US Rice Producers Association and a production of MidAmerica Farm Publications, the event is scheduled for January 31 - February 1, 2023 at the Crowne Plaza in Baton Rouge, LA.
Corporate Co-Sponsors are: Bayer, Cargill Cotton, Horizon Ag LLC, Koch Agronomic
Services, Mississippi Water Resources Research Institute, Missouri Rice Council, Pinion (Formerly KCoe Isom LLP), RiceTec, Inc., Syngenta Crop Protection and UPL.
Producers mark your calendar for January 31 - February 1, 2023 for what will be the most important conference to attend in 2023 if you want to increase your yields and cut your costs.
“This conference has the reputation as being the number one place where all producers can learn the latest production methods and techniques being utilized by the leading ag producers, researchers and the ag industry in the United States,” said John LaRose, Jr. President, Publisher, MidAmerica Farm Publications.
The conference is fast becoming the leading source for Certified Crop Consultants to earn Continuing Education Credits (CEUʼs). The 2022 conference was approved for over 60 hours of CEUʼs by the Certified Crop Advisors Association. It is expected that similar CEUʼs will be offered in the 2023 conference.
Academic Partners are: University of Arkansas, Mississippi State University, University of Missouri, University of Tennessee, LSU AgCenter, Auburn University and Texas A&M. Technical Partners are USDA-ARS centers in Oxford, MS, Stoneville, MS and Auburn, AL.
Find registration and full details as they become finalized by visiting www.nctd.net.
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Photos from Rice Country: Texas Rice Council & USRPA Host The Rice Company Trader McClane Peters | |
On August 24, the Texas Rice Council and US Rice Producers Association hosted McClane Peters, trader for The Rice Company. Peters spent the day touring commercial and on-farm drying and storage systems. He also informed producers and industry personnel about market opportunities for Texas rice. | |
Bo Garrett, McClane Peters, and Galen Franz at Garrett's farm storage system. | |
Dick Ottis, LG Raun, Jr., McClane Peters, Heath Bush, and Joe Aertker discuss the characteristics of CL 153 that make it a preferred variety by one of The Rice Company's customers. | Jason Hoelscher, Darryl Socha, David Buchanek, Rusty Bergstrom, and McClane Peters discuss the current crop and Texas market possibilities at the Rice Farmers Co-Op in El Campo, TX. | |
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The USRPA office will be closed on Monday, September 5,
in observance of Labor Day.
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Food and Ag Regulatory and Policy Roundup | | |
Thailand: Grain & Feed Update
Posts forecasts that marketing year (MY) 2022/23 rice production will increase for the third consecutive year due to available water supply and abundant precipitation.
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FAO Rice Price Update
September 2022
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Arkansas Rice Updates
from the
Arkansas Row Crops Blog
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September 17, 2022
Have a RICE Day Cook-Off Competition
Eagle Lake, Texas
More Information
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September 23 - 24, 2022
2022 SE Texas Urban Ag and Farm Safety Summit
by Texas A&M AgriLife Extension Service, Ag & Natural Resources - Harris County
Katy, Texas
More Information
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September 28 - October 1, 2022
Texas Rice Festival
Winnie, Texas
More Information
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October 20 - 23, 2022
The 85th International Rice Festival
Crowley, Louisiana
More Information
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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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