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Serving: United States

U.S. rice market facing record supplies, low prices

Rice prices in the United States are at their lowest level in more than 15 years, the result of weak global prices and a second consecutive year of record supplies at home, says USDA in its October 2002 Agricultural Outlook.

Despite a bearish price outlook and expectations of a huge carryover, U.S. rice producers cut plantings just 3 percent in 2002. At planting, most producers estimated returns to rice production to be higher than for alternative plantings.

The projected 2002/03 (August-July) U.S. season-average farm price of $3.50 to $4 per hundredweight is down from $4.17 a year earlier and the lowest since 1986/87.

U.S. rice exports in 2002/03 are projected to be strong, up 3 percent from 2001/02, due in part to expanding global rice trade since 2000.

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