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Resumen:
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Global and U.S. trading prices have dropped sharply from last spring’s record highs, but remain well above pre-surge levels. Despite the decline in prices, the 2008/09 U.S. season-average farm price is projected at a record $14.50-$15.50 per cwt. The bullish U.S. price forecast is partly driven by very high prices at the start of the market year. Total U.S. rice supplies in 2008/09 are projected to be smaller than a year earlier, a result of a much smaller carryin. In contrast, the crop is up 3 percent, as expanded plantings more than offset a weaker yield.
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