Rice Outlook, April 2018 (summary)
U.S. 2018/19 Plantings Indicated at 2.69 Million Acres
The NASS Prospective Plantings report issued March 29 March, U.S. rice growers indicated 2018/19 rice plantings at 2.69 million acres, up 9 percent from a year earlier, with long-grain accounting for the majority of the increase. In the 2017/18 balance sheet, total rice supply was raised 0.1 million cwt this month on increased imports. On the use side, long-grain domestic and residual use was reduced 1.0 million cwt to 92.0 million cwt, while medium- and short-grain was increased by an equivalent amount to 28.0 million cwt. The lower projected use for long-grain and reduced exports increased the long-grain 2017/18 ending stocks forecast to 19.4 million cwt. The all-rice season average farm price (SAFP) was raised $0.10 per cwt at the midpoint to $12.60 due to higher projected medium- and short-grain prices. Global rice production for 2017/18 was raised to a new record of 487.46 million metric tons (mt). We include a commodity focus on the California drought and continued decrease in California acreage this month.