Rice markets are mum this week. In the first public sale of Texas 188,459 cwts were shown. Prices remained same according to the previous sales, they were:$9.50 premium per cwt over loan for usual varieties and $9.25 over for hybrids. Final confirmation was done on just 26% – about 50,000 cwts at prices bid. This week also planting was initiated but the recent cold and wet weather has ruined all the plans. It is hoped that something should start surfacing promptly. Some of the acres have already been lost because of the denial of water systems, which will not cover the whole but will compensate little bit.
In south Louisiana the rice plantations is delayed due to cold and damp weather. Now it all depends upon the weather that when the harvested would be done, as it is hoped that it can be delayed by a week or two. Now long grain rough supplies will become affected by this and new crop will be of medium grain.
It is told that novel grain can still go at $25.00 per bbl fob farm if planters will grow.
Long grain is not at much hike but a recent price of $23.50 per bbl delivered Mermentau, is noticed.
It is estimated that mills will reach to this number, but for the shipments of only for second half of July and first half of August.
After the given dates guesses can be made presently.
Only a little amount of old crop long grain is supposed to be still in peasants hands. They can get $25.00 per bbl fob but they want $26.00 per bbl, by this the old crop will make an interesting end.
Damp and cold atmosphere in Missippi will stop rice planting for nearly one week. It is supposed that between 50,000 and 75,000 acres will be grown this year.
Now price uncertainly is compelling everyone to re consider the crop mix to be kept for future. Bankers are observing it acutely and soybean can be considered better than paddy.
However $16.10 to $16.25 range per cwt delivered mill is still going on for old crop.
Gradually here farmers will reach upto the $7.00 bu level or $7.25 or better price range.
Intense cold and ice is affecting the weather adversely and even the rice grain too, so a dry season is expected. Medium rice can be booked at the $6.50 per bu level fob farm, but the long grain is not revealing positive results.