OFFSHORE QUOTES
Thailand Vietnam India Pakistan Uru. Arg. Brazil
100%B $500.00 5% $485.00 Export ban, MEP $900
5% $480.00 5% N/A 5% $470.00 $515.00 $515.00
10% $475.00 10% $480.00 10% N/A 10% no quote $505.00 $505.00
15% $470.00 15% $470.00 15% N/A 15% no quote no quote no quote
25% $455.00 25% $450.00 25% N/A 25% $425.00
Parb. 5% N/A Parb 5% $510.00 $480.00
Brokens $415.00 Brokens $415.00 Var. 1121 $1350 Parb 15%* $500.00 Brokens
Parb. 100B sorted $505.00 MEP-5% $490.00 Basmati Brokens $390.00 $385
Thai Hom Mali $905.00 MEP-25% $470.00 Traditional $1800 Basmati Paddy
Frag. Brokens $450.00 Pusa $1300 S. Kernal $1300.00 $300.00
All prices basis U.S. dollars per metric ton, F.O.B. vessel, corresponding home port *Bangladesh Specs.
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com
U.S. Paddy Market Report could change dramatically for the better or worse. The market is
slightly stronger with bids for long grain at $11.00 per cwt loaded
Texas - Buyers’ bids are $6.15 per cwt over loan with virtually no barge up-river while sellers’ price ideas are $12.00 per cwt.
trading reported. New crop planting is 90% completed.
California - 2010 Calrose M/G is $13.50 - $13.75 per cwt over loan.
Louisiana - Bids are unchanged at $10.90 per cwt FOB farm. Modest 2011 new crop is bid at $13.00 per cwt over load with the last trade at
trading reported. New crop planting in southwest Louisiana is almost $13.10 per cwt over loan.
completed.
Reflective Prices (all basis per cwt FOB country, 2010 Crop)
Mid South - Severe rainstorms and tornados have plagued the mid- Texas Louisianna Mid-South California
south the past several days. These have not only caused delays in
Long grain $12.65 $10.90 $10.00b/11.00a *
planting but has produced flash floods and breached levees in some
areas. River levels are very high. If the weather improves by the end Med Grain * 14.50 new crop $17.25 $20.55
of this week and stays clear, then we do not anticipate a large decrease L/G is #2 55/70, M/G is #2 58/69 (California #1)
in planting. However, this merits close monitoring as this situation * - These areas do not have sufficient supplies of this type to quote.
U.S. Report
U.S. GULF, MERCOSUR, & FUTURES levels, which will grossly impede traffic on the Mississippi River
It was a very quiet week, as Christians throughout the Western for the next several weeks.
Hemisphere were in observance of Lent and celebrating the Easter Rice futures staged a respectable rally last week, mostly on the
Season. However, the market is just “flat out” quiet account the lack coat tails of a wheat rally. Contracts were up $0.61-0.66 for the
of fresh demand offshore. Our prices are a bit more competitive, week.
about the same or slightly higher than those in South America, As of yet, there has been no formal announcement by IGB
and only $15-20 above Asian values on a FOB basis. The added about a fresh Iraq tender being floated. However, we do anticipate
problem is that most of the vessels are in the Eastern Hemisphere, one shortly, but don’t look for U.S. rice to stand much of a chance
hence the Asian origins enjoy a substantial freight advantage over to sell.
rates on this side of the world (i.e. $30-35 per mt to most Middle Otherwise, the market is quiet and the undertone soft.
Eastern countries). Even Brazil has about a $15 per mt advantage
over the U.S. to West African destinations.
Last week we reported on the irony of long grain milled rice
exports actually being higher (14%) than last year, wherein it feels CALIFORNIA, AUSTRALIA & THE “MED”
like the opposite in the market today. However, we went on to say
that this distortion was account heavy milled rice sales early in The market conditions are basically unchanged
the year when prices were much cheaper and parboil and brokens as mills continue to ship at full capacity against old
competed quite well with Asian origins. This is no longer the sales to Japan, Korea, Libya, and other core markets,
case as regards parboil nor regular white rice and the statistics are as well as their domestic customers.
slowly but surely beginning to numerically reflect that reversal It is noteworthy, that existing sales to Japan and
(i.e. long grain milled exports now lead last year by 13%, a 1% Libya have not been disrupted by the inordinate
reduction from last week...albeit small, but noteworthy statistic). situations on the ground.
For nominal purposes, we are quoting #2-4% at $515-520 Milling schedules are mostly booked thru June,
per mt bagged FOB vessel or around $490 basis bulk. Prices are at which time mills will take some down time for fumigation,
mostly sideways, but biddable with volume business as the mills vacation, and in compliance with PG&E power
schedules begin to open up in May and even more so in June. restrictions.
Paddy is bid/asked at levels that reflect roughly $265/$285 per The Australia crop is nearing completion and our
mt FOB NOLA, respectively. The real issue the industry now estimate of 800,000 mt basis paddy still stands.
confronts are these horrendous storms in the Midwest that have The undertone of the global medium grain
resulted in heavy rains, tornadoes, and unmanageable high river markets remain steady to firm.
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com
Rice Co-Products - Spot market prices basis $ per short ton bulk, FOB mill (virtually no spot supply available for sale in South, except hulls)
Texas Louisiana Arkansas California
Bran: $110-$115 $110 Not Available ($110) $140-$150
Mill Feed: $45 $30 Not Available ($40)
Ground Hulls: $5 $5 $15
Unground Hulls: $5 $5 $12 $8
Creed Rice Co. Inc. 800 Wilcrest Suite 200 Houston, Texas 77042 USA
Ph 1.713.782.3260 Fax 1.713.782.4671 www.creedrice.com email: ricecreed@aol.com & creedinc@swbell.net
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Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com