Mexico's White Rice Supply-Demand Report

According to SIAP’s July report, published, on August 5, 2022
Interesting data from the recently published July 2022 Mexican White Rice Supply-Demand Report from the Mexican Department of Agriculture’s Agri-food Information Service (SIAP). These are Mexican government numbers, that include imports from all origins: Supply. It is estimated that in the 2021/2022 Fall-Winter cycle, the Mexican white rice offer suffered a reduction of 5.2% in comparison with the previous cycle, due to a 12.5% shorter production and 7.7% shorter imports, although the initial inventories were 41% higher. In the 2021/2022 Fall-Winter cycle, the planting intention was 1.1% higher, passing from 13,814 to 13,967 hectares, from which 75.2% were planted, with the states of Nayarit and Campeche having the largest planted areas, Nayarit contributing with 56.2% of the national production. In the 2022 Spring-Summer cycle, it is estimated that 6,659 hectares were established at the end of June, with the states of Michoacan and Veracruz having the largest planting progress, reporting 65.5% of their total planting intention.  Demand. For the 2021/2022 cycle, it is expected that demand will decrease by 5.3%. Exports for human consumption are expected to decrease 47.7%; human consumption is expected to decrease 4.3%; self-consumption and seed for sowing are expected to decrease 16% each. 2022 Exports forecast is 10,000 MT, while self-consumption and seed are 5,000 MT. With the current production situation, it is expected that the 2021/2022 cycle’s self-sufficiency rate will decrease to 14.3%, down from the previous 15.1%. Prices. In June 2022, both the average rural price and the consumer price reported inter-annual increases. The median rural price, increased 29.8% reaching 6,700 MX pesos / US$335 per MT, and the consumer price increased 5.5% reaching 33 thousand MX pesos / US$1,650 per MT.
e/ Estimated data for the full cycle, with real numbers to the month showedSource: SIAP with info from Customs/Tax Revenue Service

Washington, D.C. Update

Lawmakers Introduce Agricultural LegislationLast week, a bipartisan group of senators reintroduced legislation to double funding for the USDA Market Access Program and Foreign Market Development Cooperator Program. This bill was first introduced in 2017 as the Cultivating Revitalization by Expanding American Agricultural Trade and Exports (CREAATE) Act as part of discussions for the previous farm bill. This session the bill was introduced by Sens. Angus King (I-ME), Joni Ernst (R-IA), Tina Smith (D-MN), and Chuck Grassley (R-IA) as Congress prepares for the farm bill next year. More information on the bill can be found here.
In addition, Sens. Grassley and Sherrod Brown (D-OH), both members of the Senate Agriculture Committee, introduced the Farm Credit for Americans Act, which amend the Farm Credit Act to prohibit farm credit lenders from lending to foreign nationals. More information on the bill can be found here.
Lawmakers in Congress have also recently turned attention toward foreign influence in the American agricultural industry. A variety of other proposals were sent to the Committee on Foreign Investment in the United States (CFIUS), an interagency body assessing the impacts of foreign investment on national security. Earlier this month, President Biden signed an executive order calling on the CFIUS to consider the impacts on the agricultural industry in its reviews and recommendations. Numerous bills have recently been introduced to permanently add Secretary Vilsack as a member of the CFIUS. These include the Agricultural Security Risk Review Act and the Food Security is National Security Act. Other proposals would put greater emphasis on the role of agriculture in national security, including the Promoting Agriculture Safeguards and Security Act and the Foreign Adversary Risk Management Act.
Senate Considers Agricultural NominationsOn Tuesday, the Senate Agriculture Committee approved the nominations for three key agricultural positions. The nominations for Alexis Taylor, nominee to be Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs at USDA, Vincent Logan, nominee to be a member of the Farm Credit Administration Board, and Dr. Jose Esteban, nominee to be Under Secretary for Food Safety at USDA, will now go to the full Senate for consideration.
Following recent bipartisan calls to move swiftly on the nomination of Doug McKalip, the nominee for Chief Agricultural Negotiator at the Office of the US Trade Representative (USTR), Sen. Bob Menendez (D-NJ) has blocked the progression of the full Senate vote. Sen. Menendez cited broader concerns about oversight and transparency within the USTR as his rationale for holding up movement on the vote. Earlier this month, Sen. Menendez joined the rest of the Senate Finance Committee in unanimously approving the McKalip’s nomination.
USDA Announces Investment in Fertilizer ProductionEarlier this week, Department of Agriculture (USDA) Secretary Tom Vilsack announced USDA was making $500 million in grants to increase American fertilizer production. The Fertilizer Production Expansion Program aims to address the input cost hikes farmers have seen due to the war in Ukraine. The program will prioritize innovative and sustainable fertilizer production.
USDA Commission Recommends Changes to FSA County CommitteesA USDA Equity Commission recommended a study on the effects of potentially terminating the Farm Service Agency’s (FSA) county committees, noting equity concerns for minority farmers. Members of the Committee said historically county committees have hindered equality while emphasizing the role the county committees have in shaping the culture of local FSA offices. In addition, the Commission also recommended USDA create a program to ensure county committee minority advisers have direct access to the FSA Administrator.
State Department Announces Resumption of Cuban Visa ProcessingThis week, the Department of State announced it will fully resume immigrant visa processing at the American embassy in Cuba in early 2023. Earlier this year, the Biden Administration expanded visa processing operations in Havana but, under current policy, Cubans with U.S.-based relatives must travel to Guyana for visa interviews. The Administration is hopeful these steps will promote safe and timely migration from Cuba.
White House Holds Conference on HungerOn Wednesday, the White House held the Conference on Hunger, Nutrition, and Health. Ahead of the conference, the White House released its national strategy outlining the Biden Administration’s priorities and solutions to these challenges. In addition, the White House announced the public and private sectors are committing over $8 billion to address hunger and diet-related diseases. The list of these investments can be found here. 

Marker Update-Farmers: High Production Costs Make Selling Decisions Difficult Even When Prices Considered Strong

Steady as she goes can be the mantra this week. Harvest continues forward in Arkansas, where more field yields are coming in to substantiate the initial reports from last week. No big surprises with quality, but there is still optimism that it will increase as more milling reports come in. The Arkansas harvest should be passing 70% complete this weekend and will be on the downhill side of the season through October. Mississippi has pulled ahead and will be over 80% complete by this weekend. California is still lagging significantly because of the rain delay but should catch up quickly with clear skies in the forecast for the foreseeable future.

Paddy prices and the corresponding milled prices remain incredibly strong when compared to international competition; both from the Western Hemisphere and especially the Eastern Hemisphere. Paddy maintains firm pricing in Texas at $17.00/$19.00/cwt. Louisiana is strong at $18.00/cwt as well. Mississippi, Arkansas, and Missouri are all in the $16.00/$16.50/cwt range. The conundrum producers find themselves in is that inputs were so high this year, even with the firm paddy pricing, it doesn’t quite tip the scales in favor of liquidating supplies. However, when one converts these prices to milled FOB tonnage, it becomes apparent very quickly that selling is probably a good decision when looking at the price of the competition. Easier said than done when looking at the cost of production.

A simple comparison of pricing tells the story, but fortunately, the supply-driven market is enough to support the strong long grain prices in the U.S. for the time being. USA 5% is $725 FOB, 20% higher than Brazil 5%, priced at $580 pmt. Uruguay and Argentina are below that in the Western Hemisphere. Moving east, the prices separate even further, with U.S. 5% being 40% more expensive than Thai 5%. This typically isn’t a significant issue because the U.S. and Thailand don’t often share customers, but with Iraq in the wings, the U.S. industry wants to be as attractive as possible to attract more than the minimum 80,000 metric tons outlined in the MOU.

A recent GAIN report on Mexico predicts a slight upward revision in the production numbers to 263,000 metric tons of rough rice; the equivalent of 181,000 metric tons of milled rice. Consumption figures remain the same at 980,000 metric tons, necessitating imports in excess of 800,000 metric tons. While the U.S. used to supply most of this rice, the increased price has made Brazilian rice a much more favorable option. The market share that the US once enjoyed has slowly eroded over time, and there isn’t a reversal in the near term given current trajectories. This week in Brazil price indications for paddy rice at the Port of Rio Grande do Sul are in the $350-$355 per ton range depending on the currency exchange rate. Planting season continues throughout the Mercosur.


U.S. rough rice exports have slowed to a trickle compared to previous years while the domestic market shows strong demand.

Volume 19, Issue 38

In This Issue:

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Washington DC Updates

House Passes Ukraine Supplemental Assistance

On Tuesday, the House introduced and passed a bill for supplemental assistance for the Ukraine conflict. While the House’s version included $7 billion more in total spending than the President’s plan, it drastically reduced the agricultural provisions to only include $100 million for in-kind food aid. The House version did not include crop insurance and loan marketing assistance. The bill passed on a bipartisan 358-57 vote.

White House Introduces Plan to Support Domestic Agriculture

Responding to supply chain disruptions and price increases, on Wednesday the White House introduced a plan to lower costs for farmers. Most notably, the plan includes increasing the investment in domestic fertilizer production to $500 million.

House Agriculture Committee Welcomes New Member

The House Agriculture Committee announced Rep. Marcy Kaptur would be joining the House Agriculture Committee. Rep. Kaptur is a Democrat representing northern Ohio who also serves on the Appropriations Committee.

House Agriculture Appropriations Subcommittee Holds a Hearing on the USDA Budget Request

This week the House Agriculture Appropriations Subcommittee held a hearing on the President’s FY23 budget request for USDA. During the hearing, members and Secretary Vilsack emphasized investments in rural America, supply chain and cost concerns, and climate and conservation.

USTR Announces New Chief of Staff

On Monday, the U.S. Trade Representative’s office announced Heather Hurlburt as the agency’s new chief of staff. Hurlburt replaces Ginna Lance, who has held the role since February 2021.

Delta Farmers Planting Last Acres for 2022

We are finally caught up with planting in Arkansas—a welcome sign to all farmers, processors, and industry members. Despite the return to normal after poor weather that severely delayed planting, it will still be a victory to exceed 1 million acres of long and medium grain combined in the state. There is concern that the later planted rice will follow historical trends and yield slightly less than normal, but this is a tradeoff all are willing to accept given the other option of no rice at all. The core domestic business continues to be the primary driver looking forward for milled rice, as Iraq has found ample supplies in Asia and Haiti’s political disruptions prevent bookings and subsequent distribution to the Haitian people.

Although export demand for U.S. long grain rice is down only 2.6% year to date, it would be down roughly 10% if the Iraqi business didn’t materialize. In other words, exports to most other origins are off this year. As Brazil concludes harvest and looks to merchandise its rice, the U.S. can expect ongoing stiff competition in Mexico and Central America. Just this month, Mexico has declared an emergency because of the increasing food costs. As a result, the Mexican government announced the removal of most import duties on food supplies. This includes paddy rice of any origin for several CAFTA countries where tariffs are going to zero in order to suppress food inflation. This will further erode the U.S. market share because of our higher prices. In the case of Mexico, the duty free import measure for rice is only on rough rice and milled rice was not included in the new policy. These set of conditions will make for interesting discussions at the Rice Market & Technology Convention scheduled for May 31 - June 2 in Cancun, Mexico where more than 175 rice businesses have registered to attend.

The rice world is wrought with complications. Front and center are the disproportionate impacts of the fuel and fertilizer costs to rice vs. other crops like corn and beans. This problem is only exacerbated by the hamstrung wheat trade, courtesy of the Russia invasion. Most analysts expect the volatility to worsen as we move into the Fall. Water shortages in Pakistan are having a large impact on rice growing provinces, such as Punjab and Sindh, which will likely hinder output from this region. However, there is no sign that India will reduce their production or exports, further depressing export prices for rice worldwide.

In Myanmar, the government surprisingly decided to modify the rate of the kyat to the detriment of exporters. This forex restriction has ultimately made the country less competitive in the global market restricting them to border trade only. To make matters worse, Myanmar farmers cultivated fewer acres due to poorer economics; higher fuel costs, fertilizer, and chemical costs, not to mention credit issues, are all factors that have driven rice prices higher. 

In Thailand, prices have remained similar to last week around $445pmt, and they are home to Iraq’s purchases for the time being. Vietnam is cheaper, in the $415-$420pmt range, keeping busy fulfilling Filipino demand. With these prices from Thailand and Vietnam, one would think that India would be interested in raising prices; however, they remain at a discount of at least $65pmt in comparison. The subsidies given to farmers to produce the record quantities and the subsequent exports make it extremely difficult for other origins to be competitive.

The weekly USDA Export Sales report shows net sales of 13,100 MT this week, down 55% from the previous week and 57% from the prior 4-week average. Increases primarily for Canada (4,000 MT), Honduras (3,700 MT), Guatemala (3,000 MT), and Mexico (2,000 MT), were offset by reductions for Haiti (300 MT). Exports of 24,200 MT were down 47% from the previous week and 53% from the prior 4-week average. The destinations were primarily to Haiti (13,200 MT), Mexico (3,300 MT), Canada (3,300 MT), South Korea (2,200 MT), and Honduras (1,000 MT).

A&M AgriLife Research & Extension, Texas Department of Ag meet with Texas Rice Industry Representatives

On May 13, the new Directors of Texas A&M AgriLife, Cliff Lamb, Director of Research and Rick Avery, Director of Extension, along with Dan Hale, Assistant Director of Ag and Natural Resources, spent the day with the Texas rice industry.

Stops included The Wintermann Rice Research Station in Eagle Lake, the LG Raun Farm near Round Mott, lunch with the Western Rice Belt Conference Planning Committee at Rice Belt Warehouse in El Campo, tour of the Rice Belt Facilities and ANF Air Service near Garwood to visit with crop consultants, Raymond Rabius Farm and drying and storage facility, near East Bernard, and supper with the Texas Rice Research Foundation and Texas Rice Council at Hlavinka's Equipment in East Bernard.

The directors learned about the Texas rice industry. At supper they gave a summary of what they had seen and heard throughout the day and discussed next steps moving forward for the Texas rice industry to be better served by AgriLife Research and Extension.

The Texas rice industry would like to express its appreciation to the directors spending the day in rice country, and look forward to an effective partnership to better the Texas rice industry.

At Raymond Rabius's Farm:
Left to Right: Dan Hale, Corrie Bowen, Tommy Turner, Cliff Lamb, Raymond Rabius, Rick Avery, Greg Baker, Tyler Fitzgerald, and Laramie Kettler
At the Wintermann Rice Research Station in Eagle Lake, Texas
Left to right: Cliff Lamb, Tommy Turner, Jason Samford: Farm Research Services Manager, Rick Avery, Tyler Fitzgerald, Corrie Bowen, Laramie Kettler

USDA announces $6 billion in natural disaster payments

The U.S. Department of Agriculture (USDA) today announced that commodity and specialty crop producers impacted by natural disaster events in 2020 and 2021 will soon begin receiving emergency relief payments totaling approximately $6 billion through the Farm Service Agency’s (FSA) new Emergency Relief Program (ERP) to offset crop yield and value losses.

“For over two years, farmers and ranchers across the country have been hard hit by an ongoing pandemic coupled with more frequent and catastrophic natural disasters,” U.S. Secretary of Agriculture Tom Vilsack said. “As the agriculture industry deals with new challenges and stressors, we at USDA look for opportunities to inject financial support back into the rural economy through direct payments to producers who bear the brunt of circumstances beyond their control. These emergency relief payments will help offset the significant crop losses due to major weather events in 2020 and 2021 and help ensure farming operations are viable this crop year, into the next growing season and beyond.”

Background
On Sept. 30, 2021, President Biden signed into law the Extending Government Funding and Delivering Emergency Assistance Act (P.L. 117-43), which includes $10 billion in assistance to farmers and ranchers impacted by wildfires, droughts, hurricanes, winter storms, and other eligible disasters experienced during calendar years 2020 and 2021. FSA recently made payments to ranchers impacted by drought and wildfire through the first phase of the Emergency Livestock Relief Program (ELRP). ERP is another relief component of the Act.

For impacted farmers, existing Federal Crop Insurance or Noninsured Crop Disaster Assistance Program (NAP) data is the basis for calculating initial payments. USDA estimates that phase one ERP benefits will reach more than 220,000 farmers who received indemnities for losses covered by federal crop insurance and more than 4,000 farmers who obtained NAP coverage for 2020 and 2021 crop losses.

ERP Eligibility – Phase One
ERP covers losses to crops, trees, bushes and vines due to a qualifying natural disaster event in calendar years 2020 and 2021. Eligible crops include all crops for which crop insurance or NAP coverage was available, except for crops intended for grazing. Qualifying natural disaster events include wildfires, hurricanes, floods, derechos, excessive heat, winter storms, freeze (including a polar vortex), smoke exposure, excessive moisture, qualifying drought and related conditions.

For drought, ERP assistance is available if any area within the county in which the loss occurred was rated by the U.S. Drought Monitor as having a:

Lists of 2020 and 2021 drought counties eligible for ERP is available on the emergency relief website.

To streamline and simplify the delivery of ERP phase one benefits, FSA will send pre-filled application forms to producers where crop insurance and NAP data are already on file. This form includes eligibility requirements, outlines the application process and provides ERP payment calculations. Producers will receive a separate application form for each program year in which an eligible loss occurred. Receipt of a pre-filled application is not confirmation that a producer is eligible to receive an ERP phase one payment.

Farmers must have the following forms on file with FSA within 60 days of the ERP phase one deadline, which will later be announced by FSA’s Deputy Administrator for Farm Programs:

Most producers, especially those who have previously participated in FSA programs, will likely have these required forms on file. However, those who are uncertain or want to confirm the status of their forms can contact their local FSA county office.

ERP payment calculations – phase one
For crops covered by crop insurance, the ERP phase one payment calculation for a crop and unit will depend on the type and level of coverage obtained by the producer. Each calculation will use an ERP factor based on the producer’s level of crop insurance or NAP coverage.

Full ERP payment calculation factor tables are available on the emergency relief website and in the program fact sheet.

Applying ERP factors ensures that payments to producers do not exceed available funding and that cumulative payments do not exceed 90% of losses for all producers as required by the Act.

Also, there will be certain payment calculation considerations for area plans under crop insurance policies.

The ERP payment percentage for historically underserved producers, including beginning, limited resource, socially disadvantaged, and veteran farmers and ranchers will be increased by 15% of the calculated payment for crops having insurance coverage or NAP.

To qualify for the higher payment percentage, eligible producers must have a CCC-860, Socially Disadvantaged, Limited Resource, Beginning and Veteran Farmer or Rancher Certification, form on file with FSA for the 2021 program year.

Because the amount of loss due to a qualifying disaster event in calendar years 202 and 2021 cannot be separated from the amount of loss caused by other eligible causes of loss as defined by the applicable crop insurance or NAP policy, the ERP phase one payment will be calculated based on the producer’s loss due to all eligible causes of loss.

Future Insurance Coverage Requirements
All producers who receive ERP phase one payments, including those receiving a payment based on crop, tree, bush, or vine insurance policies, are statutorily required to purchase crop insurance, or NAP coverage where crop insurance is not available, for the next two available crop years, as determined by the Secretary. Participants must obtain crop insurance or NAP, as may be applicable:

Coverage requirements will be determined from the date a producer receives an ERP payment and may vary depending on the timing and availability of crop insurance or NAP for a producer’s particular crops. The final crop year to purchase crop insurance or NAP coverage to meet the second year of coverage for this requirement is the 2026 crop year.

Emergency relief – phase two (crop and livestock producers)
Today’s announcement is only phase one of relief for commodity and specialty crop producers. Making the initial payments using existing safety net and risk management data will both speed implementation and further encourage participation in these permanent programs, such as Federal crop insurance, as Congress intended.

The second phase of both ERP and ELRP programs will fill gaps and cover producers who did not participate in or receive payments through the existing programs that are being leveraged for phase one implementation. When phase one payment processing is complete, the remaining funds will be used to cover gaps identified under phase two.

Through proactive communication and outreach, USDA will keep producers and stakeholders informed as program details are made available. More information on ERP can be found in the Notice of Funding Availability.

Additional Commodity Loss Assistance
The Milk Loss Program and On-Farm Stored Commodity Loss Program are also funded through the Extending Government Funding and Delivering Emergency Assistance Act and will be announced in a future rule in the Federal Register.

More information
Additional USDA disaster assistance information can be found on farmers.gov, including the Disaster Assistance Discovery Tool, Disaster-at-a-Glance fact sheet and Farm Loan Discovery Tool. For FSA and Natural Resources Conservation Service programs, producers should contact their local USDA Service Center. For assistance with a crop insurance claim, producers and landowners should contact their crop insurance agent.

Biden Administration Appoints Kelly Adkins to Serve as State Executive Director for USDA’s Farm Service Agency in Texas

The Biden Administration recently appointed Kelly Adkins as the new State Executive Director (SED) for the USDA Texas Farm Service Agency (FSA). Adkins joined the Texas FSA team on May 9, 2022.

“Individuals selected to serve as FSA State Executive Directors are incredible public servants who have a proven track record when it comes to their commitment to advance their states and communities,” said Agriculture Secretary Tom Vilsack. “Each will serve on the frontlines, carrying out USDA’s mission at the state level and ensuring the voice of each and every USDA customer is heard. We are fortunate to have each of these talented individuals at this critical time for farmers and producers and rural communities across America.”

A native of Haskell, Texas, Adkins was raised on small family farm in Haskell County where he attended Haskell High School and later Texas Tech University where he earned his Bachelor of Business Degree with a minor in Agriculture.

Adkins enjoyed a career serving the farmers and ranchers of Texas and the FSA in many capacities. including County Executive Director in Grimes and Randall counties, and District Director for the agency overseeing FSA county offices and program delivery for a multi county area of the Panhandle.  He is currently a resident of Canyon where he is involved in a small farming/cattle operation. Adkins has been involved in community activities and several state agricultural commodity associations.

As SED, Adkins will be responsible for overseeing the delivery of FSA programs to agricultural producers in Texas.  These commodity, conservation, credit, and disaster assistance programs ensure a safe, affordable, abundant, and nutritious food, fiber, and fuel supply for consumers.

“The State Executive Director is a pivotal leadership position for the Agency and for the agricultural producers we serve,” said Marcus Graham, FSA Deputy Administrator for Field Operations.  “These leaders, appointed by the Biden-Harris Administration, bring a wealth of knowledge and expertise to their respective states. We are happy to have them on board and wish them much success.”

Farm Service Agency serves farmers, ranchers, foresters, and agricultural partners through the effective, efficient, and equitable delivery of federal agricultural programs. The Agency offers producers a strong safety net through the administration of farm commodity and disaster programs. Additionally, through conservation programs, FSA continues to preserve and protect natural resources and provides credit to agricultural producers who are unable to receive private, commercial credit, including targeted loan funds for beginning, underserved, women and military veterans involved in production agriculture.

USDA touches the lives of all Americans each day in so many positive ways. In the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit usda.gov.   

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Market Update: USDA Planting Report is Purely Prospective, Far from Actual

Prices remain firm as planting gets underway.  The initial USDA Prospective Plantings report just published this week has a much rosier picture than the industry is currently projecting.  The table below shows that the total long grain production is expected to be 99% of last year’s total.  The industry is predicting a 10-15% decline, or acres looking much closer to 1.65 million acres. This lower acreage number would appear to be baked into paddy prices right now, which are holding firm across all regions despite scant offshore demand.  Louisiana is the only region that is expected to gain acres with any significance, and the rest are expected to taper. 

Looking at Medium Grain, the big drop will be coming from drought-plagued California.  The USDA is projecting a 315,000 acre medium grain crop from the west coast, but recent water allocations coming out of GCID, the State’s largest water district, are dismal. Initial signals are showing that acreage could fall well below even a 270,000 acre level.  Medium grain across the rest of the states will hold relatively constant.  It will be interesting to watch planting progress as the weeks tick by and the actual numbers come to light.

As far as planting goes, Louisiana has crested the 60% planted now, approaching as high as 70%. Texas is now approximately nearly 50% planted as well, though rain has slowed progress there a bit last week.  They are itching to get started in Arkansas, and we expect to have first plantings by this time next week.

The March rice stocks report was released this week, showing rough rice stocks in all positions down by 8% from this time last year. To break things out, long grain rough is down by 11%, and long grain milled almost 6% down, medium rough about equal, and medium grain milled rice stocks down nearly 40%.

In Asia, Thai prices firmed slightly up to $415pmt, and Viet prices softened just a bit to come down to $415pmt.  This is largely based on currency fluctuations and strong demand coming out of China and the usual suspects like the Philippines.  India is still holding at steady at $365pmt, and Pakistan is coming in just below at $360pmt. 

The weekly USDA Export Sales report shows net sales of 17,000 MT for this week, down 80% from the previous week and 71% from the prior 4-week average. Increases were primarily for Guatemala (5,500 MT), Honduras (3,500 MT, including decreases of 400 MT), Mexico (3,300 MT), Canada (2,600 MT), and Saudi Arabia (800 MT). Exports of 27,500 MT were down 49% from the previous week and from the prior 4-week average. The destinations were primarily to Guatemala (11,000 MT), Honduras (6,000 MT), Canada (3,300 MT), Mexico (2,700 MT), and Jordan (1,600 MT).