If you are interested in the Rice Situation Outlook, you can view it here. Or if you would just like to see the National Average Cash Price and how it will affect your Farm Bill payment this year click hereto go directly to Table 4.
Details of the USDA Trade Assistance Package were released this week. The Market Facilitation Program (MFP) is of immediate interest as signup will begin next week but Producers won't sign up until they have completed harvest. MFP payments will be based on 2018 actual production and initally will be paid on 50% prodution paid at the following rates:
As harvest season really sets in, there are a few changes in the Supply and Demand report and the project yield and acreage. Beginning stock, yield, and acres all decreased which lead to a decrease of 14 million cwt in total supply of long grain rice. Exports were decreased 9 million cwt of long grain rice. The August ending stocks projection was 29 million cwt of long grain rice left, however the September report showed that there is only 24 million cwt. 20 million cwt means that we are tight, therefore the closer that we are to 20 the higher the price could be. We will know Monday if we will get to sell rice to Iraq. If we get this agreement and then couple that with the new numbers from the new supply and demand report, we could be seeing long grain rice markets reach back into the six dollar range. If you want to learn more about this then check out the USDA's Supply and Demand report (Rice - Page 14) or the September's production and yield projections (Rice - Page 8).
Quote of the Day
"You have to do a thousand things one percent better, not just do one thing a thousand percent better. It's doing the little things well, being on time for meetings, returning phone calls, saying thank you to people. It sounds like a cliché, but that is the reason one organization or one person is successful over someone else. Everyone knows what they ought to be doing, but the ones who practice daily excellence are the real difference makers."