Page:Rice - annual market summary, 1959 (IA riceannualmarket27unit 0).pdf/5

 RICE - ANNUAL MARKET SUMMARY

HIGHLIGHTS OF 1959 SEASON

Rough and milled rice brought generally lower prices during the 1959 marketing season. Although prices were lower than the previous season, they were near or above loan value and farmers put less rice under price support. The U. S. average farm price for 1958-crop rice was 30₵ per cwt. lower than for 1957- crop rice, and the national average support rate was down 24₵. Disappearance of rough and milled rice increased slightly, largely as a result of heavier millings, exports and shipments to Territories. Large rice crops in Asia resulted in less demand from that area, but exports to Europe and Africa increased sharply.

PRICES

Southern

Rough rice prices in the South during the 1958-59 season were generally 10-45₵ per cwt. lower than in 1957-58. Prices received by farmers averaged about $5.04 per cwt., or 26₵ less than the previous season.

Although prices for most varieties of rough rice were lower than the year before, Arkrose and Southern Pearl were higher, largely as a result of limited supplies Also, Rexoro and Texas Patna prices were about the same as the previous season.

Long-grain rough rice prices were lowest in November and highest in February at the end of the heavy marketing period. In contrast, medium-grain rice brought highest prices during the August-October harvesting season and lowest prices in the December-January post-harvest period.

Milled rice prices in the South were lower for all varieties in 1958-59 than in 1957-58. Medium-grain rice (mostly Zenith but including some Magnolia and Nato) declined about 50₵ per cwt. No. 2 Zenith milled rice averaged $8.95 per cwt., f.o.b. Southwest Louisiana mills. Prices were highest in August, reflecting trade anticipation of relatively light supplies and good demand early in the harvest season. Lowest prices came in late spring and summer when domestic demand was seasonally slow.

Bluebonnet, the leading long-grain variety in the United States, sold at an annual average price of $9.60 per cwt. for No. 2 grade, f.o.b. mills in Southwest Louisiana. This was 50₵ per cwt. below the 1957-58 average, but 65₵ above prices of medium-grain rice. Milled rice prices were lowest during harvest, September-November, and highest in June. Century Patna -- - 3 -