|Tick Size||1/2 cent per cwt ($10.00 per contract)|
|Daily Limit||$1.20 per cwt ($2,400 per contract) Expanded limit $1.80|
|Contract Size||2,000 cwt|
|Months||Jan, Mar, May, Jul, Sep, Nov (F, H, K, N, U, X)|
|Trading Hours||7:00p.m. - 9:00p.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST|
|Value of One Futures Unit||$2,000|
|Value of One Options Unit||$2,000|
|Last Trading Day||The business day prior to the 15th calendar day of the contract month|
Rice is a grain that is cultivated on every continent except Antarctica and is the primary food for half the people in the world. Rice cultivation probably originated as early as 10,000 BC in Asia. Rice is grown at varying altitudes (sea level to about 3,000 meters), in varying climates (tropical to temperate), and on dry to flooded land. The growth duration of rice plants is 3-6 months, depending on variety and growing conditions. Rice is harvested by hand in developing countries or by combines in industrialized countries. Asian countries produce about 90% of rice grown worldwide. Rough rice futures and options are traded at the CME Group.
Prices - CME rough rice futures price (Barchart.com electronic symbol ZR) on the monthly nearest-futures chart opened the year 2021 at around $12.400 per hundredweight (cwt), fell back to a 1-year low in December at $12.210 per hundredweight. Rice futures then trended higher the remainder of the year, posted a 1-1/2 year high of $14.640 and closed the year up +18.0% yr/yr at $14.630.
Supply - World rice production in the 2021/22 marketing year is expected to rise +0.5% to 761.193 million metric tons, a new record high. The world's largest rice producers are expected to be China with 28.0% of world production in 2021/22, India with 24.6%, Indonesia with 7.3%, Bangladesh with 7.0%, Vietnam with 5.7%, and Thailand with 3.8%. U.S. production of rice in 2021/22 is expected to fall -15.7% yr/yr to 8.700 million metric tons.
Demand - World consumption of rice in 2021/22 is expected to rise +2.1% yr/yr to a record high of 509.054 million metric tons. U.S. rice consumption in 2020/21 is expected to rise +10.8% yr/yr to a record high of 160.000 million cwt (hundred pounds).
Trade - World exports of rice in 2021/22 is expected to fall -0.9% yr/yr to 49.863 million metric tons. The world's largest rice exporters will be India with 38.6% of world exports, Thailand and Vietnam with 13.0%, Pakistan with 8.0%, the U.S. with 5.6%, and Burma with 3.8%. U.S. rice imports in 2020/21are expected to fall -2.9% yr/yr to 36.200 million cwt (hundred pounds), down from the 2019/20 record of 37.300. U.S. rice exports in 2020/21 are expected to fall -1.3% yr/yr to 93.000 million cwt.
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