U.S. long-grain prices are projected to increase in 2011/12
The 2011/12 season-average farm price (SAFP) for U.S. long-grain rice is projected in September 2011 at $12.70-$13.70 per cwt, up 70 cents on both the high and low ends from last month. The upward revision was largely based on expectations of higher global trading prices in 2011/12. The 2011/12 SAFP for long-grain rice is well above the $11.10 estimated for 2010/11. In contrast with last year, U.S. long-grain prices in 2011/12 will be supported by smaller U.S. supplies, higher quality, and stronger world prices. This chart is found in Rice Outlook, RCS-11i, September 13, 2011.
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