The U.S. cash market was silent today as old crop stocks in first hands in the Mid-South are nearly non-existent while most new crop bids have not been high enough to entice much farmers selling.
The market has now turned it focus to the harvest that is just getting underway parts of Texas and South Louisiana where early reports are indicating a “good quality” crop; however, it is still too early to tell about field yields.
As of today, new crop offers were unchanged near $15.56-$16.11 per cwt fob farm (about $343-$355 per ton) while bids could still be found as low as $14.75 per cwt and as high as $16.00 per cwt (about $325-$353 per ton) for October-November-December delivery.
In the meantime, the USDA estimated that as of July 28th, 36% of the U.S. rice crop had headed compared to 24% a week ago and 64% this week last year. Rice has headed on 23% of the crop in Arkansas, 20% in California, 87% in Louisiana, 46% in Mississippi, 14% in Missouri, and 92% in Texas.
The USDA considers 31% of the US crop in very poor-to-fair condition compared to 28% last week. A breakdown shows, 39% of the crop in Arkansas is said to be in very poor-to-fair condition compared to 8% in California, 28% in Louisiana, 31% in Mississippi, 33% in Missouri, and 55% in Texas.