Rice, the world's second most popular foodstuff after wheat, is generally consumed where it is produced with less than 10% of world production moving into world trade. Global milled rice trade in calendar 2003 of a higher than expected 26.7 million metric tons (milled), about the same as in 2002 and compares with the record high 27.6 million tons in 1998. U.S. 2002/03 rough rice exports of a record large 39 million cwt. were up 23% from a year earlier. The U.S. generally ranks third among the world's top exporters.

Asia accounts for most of the world's exports. Thailand is the largest exporter with a near record large 7.5 million tons in 2002 and an equal quantity expected in 2003. China's exports fallen in recent years, from 3.7 million in 1998 to less than 2 million in 2001 and 2002, but estimated at 2.3 million in 2003.Vietnam is now the second largest exporter: 3.8 million tons in 2002 and 4 million in 2003. Importing nations are numerous, with only three nations forecast to import at least 1.5 million tons in 2003; Indonesia is consistently the largest importer with 3.3 million in 2003, abut unchanged from 2002. On a regional basis, the Middle East tends to be the largest importer, notably Iran. For U.S. rice exports, the Western hemisphere is the primary destination and is generally higher priced than Asian rice.

World rice stocks have fallen; carryover from the 2002/03 marketing year of about 106 million tons compares with 132 million a year earlier. China generally holds about three quarters of carryover supplies. World rough rice production in 2002/03 of 569 million tons (382 million, milled) compares with 591 million (397 million, milled) in 2001/021 and record high 610 million in 1999/00. World consumption of a near record high 407.6 million tons (milled) in 2002/03 compares with 410 million in 2001/02. China is the largest producer (123 million tons in 2002/03) and consumer (134 million tons) and India is second. However, China's production has slipped since the late 1990's, but could quicken in the years ahead reflecting a possible change in traditional planting methods. Previously, a single rice variety was used that was often susceptible to disease, but greater use of a mixture of rice varieties that offers resistance to fungus could perhaps nearly doubled average yield.

Estimated U.S. rice production in 2002/03 (August-July) of a near record large 212 million cwt. compares with previous year's 213 million cwt. Harvested acreage in 2002/03 of 3.2 million acres compares with 3.3 million a year earlier with an average yield of 6611 pounds per acre vs. 6429 pounds in 2001/02. Domestic 2002/03 use was put at a record high 125 million cwt. vs. 121.7 million in 2001/02 and as little as 104 million in 1997/98. Carryover stocks from the 2002/03 season were forecast at 32.5 million cwt. vs. 39 million a year earlier.

The U.S. average farm price in 2002/03 was forecast at $3.80-$4.10 per cwt. vs. $4.17 in 2001/02 and farm prices that averaged over $9 per cwt. in the late 1990's.

Futures Markets

Rough rice futures and options are traded on the Chicago Board of trade (CBOT).

Excerpted from the CRB Commodity Yearbook. For more information on CRB products click here

Related Links

World Production Calendar

Government Reports

[Report Descriptions]

Crop Production

Prospective Plantings

Crop Progress

Export Sales

Supply & Demand Estimates

Rice Stocks

World Production Maps

 Bangledesh
 Brazil
 China Double Crop
 China Single Crop
 Pakistan
 Spain
 United States
 India (Kharif Rice)
 India (Rabi Rice)
 Italy