World Market Price Subcommittee: PLC Payment Timelines and Trade
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Double-checking the facts and figures
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WASHINGTON, DC -- This morning, the World Market Price Subcommittee (WMP) met here with representatives from the National Agricultural Statistics Service (NASS), the Farm Service Agency (FSA), the Economic Research Service (ERS), and the Foreign Agricultural Service (FAS) to discuss a variety of issues in the global rice trade affecting the U.S. rice industry.
While reviewing recent reports of rice yield from NASS, Subcommittee members found projected yields from Texas to be too high and those from California to be far too low. Members also questioned FSA about the statistics of Price Loss Coverage (PLC) payments for the 2014 crop. While payments under the new program were expected quickly and in-full this coming November, FSA agreed to clarify its timeline and report back to USA Rice. (See USA Rice Chairman Dow Brantley's comments on the topic.)
The Subcommittee discussed global policy issues including details of the Trans Pacific Partnership (TPP). Because the U.S. government has not yet released the official text of the deal, possible ramifications for the U.S. rice industry are speculative at this point. The Subcommittee was interested in what could be discovered about the deal between the U.S. and Japan, as well as what duties will continue to exist between Mexico and Vietnam, as both countries, one a critical destination for U.S. rice, the other a strong competitor, are also signatories to the TPP.
Chairman Keith Glover welcomed new participants onto the subcommittee for the 2015-17 term, and afterwards said, "The meeting today was productive and educational. We appreciate the participation of NASS, ERS, FSA, and FAS, and look forward to receiving clarification about the status of PLC payments from the 2014 crop."
The next World Market Price meeting will take place in February 2016, following the close of the Government Affairs Conference (GAC).
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#USARiceOutlook Contest: Week Two
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Paul Johnson (right) all smiles at the
John Pac packaging facility in Crowley, LA
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ARLINGTON, VA -- Paul Johnson, a rice farmer from Welsh, Louisiana, is this week's finalist in the #USARiceOutlook social media contest. A weekly winner will be announced every Wednesday until November 4, and will be in the running for the grand prize of a free registration to the USA Rice Outlook Conference in New Orleans December 9-11.
For contest eligibility, participants can retweet or share USA Rice's posts about the upcoming conference, or they can create their own original content using the hashtag #USARiceOutlook. Members can share what they are looking forward to most at the conference, which speaker they are most excited about, their favorite part about New Orleans, etc. Creativity is encouraged!
"I'm really looking forward to the USA Rice Outlook Conference in New Orleans this year," said Johnson, a member of the 2015-2017 Rice Leadership Class. "We visited New Orleans during session one of the Leadership Program this past March and I'm excited to get back there and also reconnect with everyone else from our Class at the conference."
Follow @usaricenews on Twitter for more exciting updates about the 2015 USA Rice Conference and remember to tweet us using #USARiceOutlook!
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CCC Announces Prevailing World Market Prices
| WASHINGTON, DC -- The Department of Agriculture's Commodity Credit Corporation today announced the following prevailing world market prices of milled and rough rice, adjusted for U.S. milling yields and location, and the resulting marketing loan gain (MLG) and loan deficiency payment (LDP) rates applicable to the 2015 crop, which will become effective today at 7:00 a.m., Eastern Time (ET). Prices are unchanged from the previous announcement.
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World Price
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MLG/LDP Rate
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Milled Value ($/cwt)
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Rough ($/cwt)
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Rough ($/cwt)
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Long Grain
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14.92
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9.42
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0.00
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Medium/Short Grain
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14.43
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9.68
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0.00
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Brokens
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9.00
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This week's prevailing world market prices and MLG/LDP rates are based on the following U.S. milling yields and the corresponding loan rates:
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U.S. Milling Yields
Whole/Broken
(lbs/cwt)
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Loan Rate
($/cwt)
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Long Grain
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55.01/13.46
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6.50
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Medium/Short Grain
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61.81/8.43
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6.50
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The next program announcement is scheduled for October 28, 2015. |
| CME Group/Closing Rough Rice Futures | CME Group (Prelim): Closing Rough Rice Futures for October 21
| November 2015 | $12.260 |
+ $0.085
| | January 2016 | $12.550 |
+ $0.085
| | March 2016 | $12.820 |
+ $0.085
| | May 2016 | $13.065 |
+ $0.090
| | July 2016 | $13.245 |
+ $0.090
| September 2016
| $12.535
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+ $0.090
| November 2016
| $12.535
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+ $0.090
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In the News
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Around Washington
Three-fourths of American voters want the federal government to incentivize sustainable farming practices, according to a food policy survey released Tuesday. And now, Food Policy Action, a group that advocates for transparency in food systems, and the Union of Concerned Scientists want 2016 presidential candidates to listen to the public and take a stand on food policy.
Around the Country
California growers say cooperative weather throughout the season has helped to produce a robust crop in spite of the many acres they had to fallow because of water shortages.
Scientists at the University of California, Davis, have for years assisted Vietnamese universities and farmers in an effort to sustain the Mekong Delta's rice basin. That area is suffering because climate change is causing the sea level to rise.
Around the World
The recent jump in Vietnam rice prices could force buyers such as China towards Thailand and Pakistan, where prices are lower, traders said
Health and Nutrition
Rice is a practical grain that goes with everything and is a healthier option than many other starches.
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| Mission Statement | | USA Rice is the global advocate for all segments of the U.S. rice industry with a mission to promote and protect the interests of producers, millers, merchants and allied businesses. |
| About Us | Editor: Michael Klein
(703) 236-1458
mklein@usarice.com
Fax (703) 236-2301
2101 Wilson Boulevard, Suite 610
Arlington, VA 22201
This report is time-sensitive, based on information available at press time. Content is derived from facts and sources believed to be reliable. Reprinting and/or distribution may be done with permission of USA Rice.
Copyright © 2015. Please direct comments or questions to the editor or contact name listed for each story. |
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