Rice

Rice futures traded around $17.5 per hundredweight at the start of 2023, not far from an over two-year high of $18.1 touched in November, supported by expectations of rising demand and lower supply. The demand for Thai and Vietnamese rice from major buyers including Indonesia, the Philippines, Bangladesh, and Europe remains strong. Meanwhile, the USDA said in December the outlook for 2022/23 US rice was for unchanged supplies and domestic use, lower exports, and higher stocks compared with the month before. The export forecast was also reduced 2.0 million cwt to 69.0 million, which would be the lowest level since 1991/92. The USDA has also cut the global supply outlook for 2022/23, citing lower beginning stocks for Vietnam and Thailand and reduced production in Australia and the EU.

Historically, Rice reached an all time high of 24.46 in April of 2008. Rice - data, forecasts, historical chart - was last updated on January of 2023.

Rice is expected to trade at 17.53 USD/CWT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18.41 in 12 months time.