Rough Rice Jul '19 (ZRN19)
|Tick Size||1/2 cent per cwt ($10.00 per contract)|
|Daily Limit||$0.75 per cwt ($1,500 per contract) Expanded limit $1.35|
|Contract Size||2,000 cwt|
|Trading 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 prices (Barchart.com electronic symbol ZR) on the nearest-futures chart rose early in the year to a high of $13.215 in April and then fell the rest of the year to close the year 2018 at $10.885 per hundred pounds, down -10.9% Regarding cash prices, the average monthly price of rice received by farmers in the U.S. in the first four months of the 2018/19 marketing year (i.e., August 2018 through July 2019) fell -0.5% yr/yr to $12.55 per hundred pounds (cwt).
Supply - World rice production in the 2018/19 marketing year is expected to fall -0.7% to 733.771 million metric tons, down from the 2017/18 record high of 739.081. The world's largest rice producers are expected to be China with 28.0% of world production in 2018/19, India with 22.7%, Indonesia with 8.0%, Bangladesh with 7.1%, Vietnam with 6.3%, and Thailand with 4.3%. U.S. production of rice in 2018/19 is expected to rise +22.5 % yr/yr to 218.290 million cwt (hundred pounds).
Demand - World consumption of rice in 2018/19 is expected to rise +0.8% to a record high of 486.715 million metric tons. U.S. rice consumption in 2018/19 is expected to fall -1.3% yr/yr to 133.000 million cwt (hundred pounds), below the 2010/11 record high of 136.921 million cwt (hundred pounds).
Trade - World exports of rice in 2018/19 is expected to rise +1.6% yr/yr to 48.105 million metric tons, which is a record high. The world's largest rice exporters will be India with 26.0% of world exports, Thailand with 21.4%, Vietnam with 14.6%, Pakistan with 8.8%, the U.S. with 6.5%, and Burma with 6.2%. U.S. rice imports in 2018/19 are expected to rise +0.4% yr/yr to 27.000 million cwt (hundred pounds), which is a record high. U.S. rice exports in 2018/19 are expected to rise +12.6% yr/yr to 98.000 million cwt.
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