Thailand To Release 2.1M Tons Stockpile Rice - Prices Tumble Limit
The Thai governemnt has approved the release of 2.1 million tons of stockpiled rice for the domestic market, Prime Minister Samak Sundaravej said Tuesday. The rice will be gradually released starting within the next two weeks, in an attempt to soften rising rice prices, Samak told reporters.
Chicago rough rice was down it's 50c limit last night and is down a further 60c in overnight trade this morning. Rice is also pressured by last night's USDA weekly report which showed planting progress and emerging rates for the rice crop are better than expected.
Chicago rice closes limit up - Just by way of a change
Planting in the U.S. is "way behind" due to poor weather, a trader said. The USDA pegged planting progress at 26% complete as of Sunday, down from 40% last year and the five-year average of 43%. "They are in trouble," he said of rice growers instates like Arkansas.
CBOT July Rice Limit-Up; +50 cents At $21.28/Hundredweight
And we thought our markets were bad. I was gonna have an Uncle Bens Vegetable Pilau for lunch, but on second thoughts, I think I'll hang onto it.
Rough Rice
