In surveying the market as it stands and looking into the months ahead, we are cautiously optimistic about how things are shaping up. Paddy is virtually gone from first hands in Arkansas, Mississippi, and Texas. Once planting has finished, farmers will clean out their bins, and selling final lots is expected. Where rice is available in Louisiana or Missouri, it's scarce. Months ago, the expectation was that the market would begin to soften as a result of the South American harvest and the new supplies that would bring. However, the prices to date have held and the harvest either isn’t coming in as strong as expected, or the anticipated supply increase is simply delayed from a pricing perspective. Sources in Mercosur use the word uncertainty when describing market conditions complicated by untimely weather during harvest. We have paddy vessels leading to Mexico, a strong milled market, and a full planting season that is significantly ahead of schedule to look forward to. We won’t want to jinx anything, but the market is almost downright cheerful at the moment. |