A smaller Brazilian crop was nearly offset by larger crop projections for both the United States and the Dominican Republic. Global trade for 2002 was raised fractionally this month due to larger U.S. exports but world trade is still slightly below a year earlier. This is the fourth consecutive year of declining global trade. Global consumption is projected at a record 405.9 million tons, virtually unchanged from a month earlier. Ending stocks are projected at 127.4 million tons, virtually unchanged from last month but more than 10 million tons below a year earlier.
China accounts for the bulk of the decline in global ending stocks.
Prices had been boosted in June and July by large shipments of high-quality regular milled white rice to Iran and Iraq. Steady shipments to Senegal account for most of the price strength. Prices for Thailand s premium jasmine rice continue to decline, a result of large supplies and weaker global demand. Prices for Thai jasmine rice are the lowest in decades. In contrast to Thailand, Vietnams prices for regular milled white rice have risen since early June, a result of strong shipments from earlier sales and, more recently, logistical difficulties stemming from floods.