World Grain - August 2021 - 18

GRAINMARKET REVIEW
FAO rice price index
120
150
RICE
Prices fall on slow trade and logistics
by Chris Lyddon
Logistical problems and shipping costs have contributed to an
overall fall in world rice prices, despite record forecast consumption.
The
Foreign Agricultural Service (FAS) of the US Department
of Agriculture (USDA) said in its Grain: World Markets
and Trade report, published July 12, that US prices held
steady from the previous month at $630, while Uruguayan
quotes were down by $50 per tonne, to $580 on ample supplies
and limited demand.
" Thai quotes trended down, dropping $38 per tonne to
$434, due to sluggish demand and a weaker currency, narrowing
the price spread with Vietnam, " the FAS said. " Vietnamese
quotes dropped $62 per tonne to $425 for its autumn crop,
driven by the ongoing harvest and continued competition with
Thailand and India.
" Pakistani quotes dropped $19 per tonne to $430 spurred
by slow exports and container shortages. Indian quotes fell
slightly to $385 amid abundant supplies. "
The United Nations Food and Agriculture Organization said
in its Rice Price Update, published July 8, that overall prices
fell in June to a 15-month low, 2.1% below May levels and
5.3% below the June 2020 level.
" Indica prices drove the decline, weakened by a sluggish
pace of trade, " the FAO said. " Nevertheless, poor demand
also weighed on glutinous prices, extending their downward
streak into the sixth consecutive month.
" These losses overshadowed gains in the Japonica and
Aromatic markets prompted by seasonally tight availabilities
of US medium-grain and of Basmati rice in Pakistan, which
in the case of the US were compounded by prospects of a
drought-reduced 2021 Californian harvest.
" Trading activities in Asian markets remained quiet in June,
as logistical bottlenecks and high shipping costs continued
to discourage fresh sales. Against this backdrop of subdued
trade, June prices of Indica rice softened across most Asian
suppliers, as efforts to attract sales and narrow price differentials
with competing origins intensified. "
In Pakistan, a fall in the value of the rupee against the US
dollar added to downward pressure, while Vietnamese prices
18
30
60
90
2016
Indica
Source: FAO
were pushed lower by the arrival of early summer-autumn
crops on the market.
" India proved the only exception to the Asian weakening
price trend, as the end of the Rabi harvest and government domestic
procurement aided Indica quotations in the country to
backtrack some of the losses registered in previous months, "
the FAO said. " With major sales confined to a purchase of
Uruguayan rice by Iraq, June prices were similarly subdued
in the Americas. This was even the case in the US, ahead of
the June planting survey results, which defied expectations of
a downgrade to long-grain plantings relative to March indications. "
In
the July 12 World Agricultural Supply and Demand Estimates
report, the USDA said that " the 2021-22 global outlook
is for reduced supplies, lower consumption, marginally higher
trade, and decreased ending stocks. " The USDA cut its figure
for supplies by 2 million tonnes, to 681 million, " primarily
on a combination of lower beginning stocks for India and decreased
production for Egypt, EU,and United States. "
India's beginning stocks are reduced as its 2020-21 exports
are raised 2 million tonnes to a record 19 million on a continued
robust pace and very competitive export prices, the USDA
said.
" World 2021-22 consumption is reduced by 600,000 tonnes
to a still-record 514 million, " the USDA said, putting trade
at 47.1 million tonnes, up 100,000 from its earlier forecast,
on increased predicted exports by the United States, Brazil
and Australia. The USDA put 2021-22 ending stocks at 167
million tonnes, a downward revision of 1.4 million mainly because
India's stocks are at a four-year low.
Chris Lyddon is World Grain's European correspondent.
He may be contacted at: chris.lyddon@ntlworld.com.
We want to hear from you - Send comments and inquiries to
worldgrain@sosland.com. For reprints of WG articles, email reprints@sosland.com.
August 2021 / World Grain / World-Grain.com
2017
Aromatic
2018
2019
Japonica
2020
Glutinous
*Estimate
2021*
http://www.World-Grain.com

World Grain - August 2021

Table of Contents for the Digital Edition of World Grain - August 2021

World Grain - August 2021 - Intro
World Grain - August 2021 - 1
World Grain - August 2021 - 2
World Grain - August 2021 - 3
World Grain - August 2021 - 4
World Grain - August 2021 - 5
World Grain - August 2021 - 6
World Grain - August 2021 - 7
World Grain - August 2021 - 8
World Grain - August 2021 - 9
World Grain - August 2021 - 10
World Grain - August 2021 - 11
World Grain - August 2021 - 12
World Grain - August 2021 - 13
World Grain - August 2021 - 14
World Grain - August 2021 - 15
World Grain - August 2021 - 16
World Grain - August 2021 - 17
World Grain - August 2021 - 18
World Grain - August 2021 - 19
World Grain - August 2021 - 20
World Grain - August 2021 - 21
World Grain - August 2021 - 22
World Grain - August 2021 - 23
World Grain - August 2021 - 24
World Grain - August 2021 - 25
World Grain - August 2021 - 26
World Grain - August 2021 - 27
World Grain - August 2021 - 28
World Grain - August 2021 - 29
World Grain - August 2021 - 30
World Grain - August 2021 - 31
World Grain - August 2021 - 32
World Grain - August 2021 - 33
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World Grain - August 2021 - 37
World Grain - August 2021 - 38
World Grain - August 2021 - 39
World Grain - August 2021 - 40
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