As per report, the U.S. cash market was weaker today falling in sympathy with a futures market. However, most sellers insist that they will continue to wait for higher prices even as exporter struggle to make new sales. In this regard, the analysts have noted that the Iraqi Grain Board canceled their latest tender to buy 30,000 MT from the U.S. and 50,000 MT from India citing quality concerned has likely weighed on prices although the IGB is expected to re-tender shortly.
Further, meanwhile the USDA also estimates that as of October 11, 88% of the crop had been harvested which was 8% ahead of this time from the last year and 8% ahead of the previous 5-year average. As of now, the USDA estimates that 93% of the rice crop in Arkansas had been harvested compared to 65% in California, 100% in Louisiana, 91% in Mississippi, 85% in Missouri, and 100% in Texas.