Market Report

April 20, 2011

U.S.D.A. World Market Price:
World Market Price This week Last week 1 Year Ago 2010 Loan WMP and Loan Rates
LDP
Value Factors 04/20/10 04/13/10 04/21/10 Factors ‘10 crop L/G M/G
Long Grain To be 18.66 16.19 00.00 9.91 Yield 52.78/14.31 61.03/8.69
Medium Grain issued 18.34 15.90 00.00 9.65 WMP 11.74 12.34
Short Grain April 20 18.34 15.90 00.00 9.65 Loan 6.23 6.50
Brokens 8:30am 13.20 11.15 - 7.01 Difference (5.51) (5.74)

Posting: (May/June Shipment)

Southern U.S. - Long Grain Abbreviation Quote Basis
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $22.50 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $22.50 per cwt, BULK, FOB Vessel US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $23.0 per cwt. containerized FOB US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $550.00 per mt sacked delivered Laredo TX
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $24.00 per cwt sacked delivered Miami FL
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $21.50 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $540.00 per mt sacked delivered Laredo TX
U.S. #2 Long Grain Brown, max. 4% Broken, 75% yield #2/4/75 no quote per mt bulk FOB vessel NOLA
U.S. #1 Parboiled L/G Brown, max. 4% Broken, 88% yield #1/4/88 no quote per mt bulk FOB vessel NOLA
U.S. #1 Parboiled L/G MILLED, max. 4% Broken (except 0.8% damage) #1/4 Parb no quote per mt sacked FOB vessel NOLA
U.S. #1 Parboiled L/G MILLED, max. 4% Broken #1/4 Parb $600.00 per mt bulk FOB vessel NOLA
U.S. #2 Long Grain Paddy, 55/70 yield #2 55/70 $280.00 per mt bulk F.O.B. vessel NOLA
Long Grain, max. 20% broken, Hard milled (Ghana specs) #4/20/hm $20.50 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #5 L/G, max. 20% broken, WELL MILLED #5/20/wm $20.00 per cwt. sacked, F.A.S. U.S. Gulf
Southern U.S. - Medium Grain
U.S. #2 Medium Grain, max. 4% broken, Hard Milled #2/4% no quote per mt bulk FOB vessel NOLA
U.S. #2 Medium Grain Paddy, 58/69 yield #2 58/69 no quote per mt bulk FOB vessel NOLA
Southern U.S. - Package Quality
Package Quality Parboiled L/G, max. 4% broken (0.8% damage) Pkg. Parb. $28.00 per cwt. bulk F.O.B. mill
Package Quality Long Grain Milled, max. 4% broken Pkg. L/G $21.50 per cwt. bulk F.O.B. mill
Package Quality Long Grain Milled, max. 4% broken (select variety) Pkg. L/G $24.00 per cwt. bulk F.O.B. mill
Package Quality Long Grain Brown Rice, max. 4% broken Pkg. Br. $31.00 per cwt. bulk F.O.B. mill
Package Quality Medium Grain Milled, max. 4% broken Pkg. M/G $35.00 per cwt. bulk F.O.B. mill
California - Medium Grain
U.S. #1 Medium Grain, max. 4% Broken #1/4 $835.00 per mt sacked containerized FOB Mill
U.S. #1 Medium Grain, max. 4% Broken #1/4 $875.00 per mt sacked containerized Oakland
U.S. #1 Medium Grain milled rice, except max. 7% Broken (Japan Specs) #1/7% $875.00 per mt sacked in 30kg bags FOB vessel
U.S. #3 Medium Grain Brown rice, max. 8% broken (Korea Specs) #3 Brown $810.00 per mt in totes containerized Oakland
U.S. #1 Medium Grain Paddy, 58/69 yield #1 58/69 $550.00 per mt bulk ex-spout Sacramento CA
California - Package Quality
Package Rice for Industrial Use and Repackers #1/4% $37-$38 per cwt. bulk F.O.B. Mill
U.S. South Brokens:
Flour Quality brokens Flour Qlty $15.00 per cwt. bulk, F.O.B. rail
Pet Food Quality / #4 Brewers (milled) contracts M/A $13.50 per cwt. bulk, F.O.B. rail
U.S. California Brokens:
Flour Quality brokens Flour Qlty $19.00 per cwt. bulk, F.O.B. mill
Pet Food Quality / #4 Brewers contracts M/A $14.00 per cwt. bulk, F.O.B. mill
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com

April 20, 2011 - Page 1 of 4

Far East Report
SOUTHEAST ASIAN MARKETS
In Thailand, the market remains rather quiet as some
are still on the tail end of the holidays for the Songkran
water festival, consequently not much activity in the
market. Prices are mostly sideways, depending on which
exporter you talk to.
Shipments are ongoing to Iraq on 5%, with the aid
of four successive successful tender...the latest of which,
60,000 mt confirmed last week to Chaiyaporn. Having only
bought 60,000 mt on this last tender, and the monthly consumption
is more like 90,000 mt, we fully anticipate another tender relatively
soon.
Elsewhere, there are shipments of brokens, fragrant brokens, and
parboil in route to West Africa, as well as fragrant rice to various
destinations, which has made the fragrant market quite firm over
the past several weeks. Given the fact that Thai and Viet prices are
practically the same, demand from West Africa has picked up in
Bangkok.
100% B is quoted at $490-500 per mt FOB Bangkok; 5%
is $470-475, and parboil is around $500. Thai Hom Mali is
now quoted at $900-910 and fragrant brokens $435.
For now, the Indonesian shipments are finished and
no business has been done to The Philippines as of yet.
In fact, The Indonesian government has now imposed
an import tariff on rice that amounts to about $0.05 per
kilo. Now that local stocks (including the imports) have
quantified the supply situation, the fear of further inflation has eased.
Otherwise, the market is quiet and the undertone steady. It seems
as though we have reached what I would categorize as a
temporary bottom, for the time being.
In Vietnam, the market is also somewhat quiet as
everyone waits with great anticipation for The Philippines
to begin their 2011 import campaign. There are still some
old contracts with NFA that date back to 2010 that are
being shipped against. There are also G to G shipments
being made weekly to Malaysia and Cuba, along with
private business to Africa. For the ending April 14, a
total of 197,000 mt had completed loading or waiting in
the queue....up from 160,000 mt for the week previous. However, it
is noteworthy that some shipments destined to Abidjan have been
diverted due to civil unrest in Ivory Coast. It is uncertain at this
point in time what the long term ramifications might be.
The Philippine government has pledged to issue 600,000 mt in
issued permits to private importers of which 500,000 have already
been distributed. There was some rebidding that has taken place
because of improper documentation on the part of the prospective
importer. In any event, no purchases have been made yet. It remains
a mystery what role NFA will play and if these licenses in the hands
of privates will be executed...we shall see. We anticipate buying will
commence shortly after the Lenten season and Easter are behind us.
On the eve of what is expected to be a mostly Viet play by the
Philippines, prices are up $15-20 per mt. 5% is now quoted at $475-
485 per mt FOB HCMC, which is more in line with the MEP of $490,
and the spread with Thai rice is within about $10. It will be most
interesting to see what happens not only on the Philippine biz, but
the next Iraq tender as well.
We see support for the Asian markets at around $470 for 5% and
$425 for 25% with resistance at about $40-50 higher.
Thailand Exports
Jan. 1 - Mar. 31, 2011: 3,012,021 mt
Jan. 1 - Mar. 31, 2010: 2,136,391 mt
Jan. 1 - April 1, 2009: 2,051,242 mt
Thai Baht: 30:1 vs US Dollar
INDIA, PAKISTAN, AND BANGLADESH
At the risk of being overly redundant, the $64,000
question in India continues to focus on the possibility of
further easing of the export ban.. Once again, so far, no
official change in government policy as FCI is not openly
allowing exports of non-Basmati rice. However, exceptions
have been made for certain varieties and there is ongoing
discussions about a possible G to G deal with Bangladesh.
That’s about all you can say about this market at this point
in time, but it is worthy of monitoring closely, as an open
export policy could have dramatic supply side ramifications globally.
We continue to maintain that the official posture will be one of a ban,
with the occasional exception granted...more of the same,
if all likelihood...makes political sense, I guess??
In Pakistan, the market is relatively quiet with prices
mostly sideways. IRRI-6 5% is quoted at $470-475 per mt
FOB Karachi; whilst 25% is $425-430. Exports continue to
core markets in East Africa, along with the usual border trade with
Iran, but that is about it.
Otherwise, the market is quiet and the undertone fairly steady.

OFFSHORE QUOTES
Thailand Vietnam India Pakistan Uru. Arg. Brazil
100%B $490.00 5% $485.00 Export ban, MEP $900
5% $470.00 5% N/A 5% $470.00 $515.00 $515.00
10% $465.00 10% $480.00 10% N/A 10% no quote $505.00 $505.00
15% $460.00 15% $470.00 15% N/A 15% no quote no quote no quote
25% $450.00 25% $450.00 25% N/A 25% $425.00
Parb. 5% N/A Parb 5% $510.00 $480.00
Brokens $405.00 Brokens $415.00 Var. 1121 $1350 Parb 15%* $500.00
Parb. 100B sorted $500.00 MEP-5% $490.00 Basmati Brokens $390.00 $385
Thai Hom Mali $900.00 MEP-25% $470.00 Traditional $1800 Basmati Paddy
Frag. Brokens $440.00 Pusa $1300 S. Kernal $1300.00 $300.00
All prices basis U.S. dollars per metric ton, F.O.B. vessel, corresponding home port *Bangladesh Specs.

Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com

April 20, 2011 - Page 2 of 4

 CBOT Rough Rice Futures (04/18/11 Volume: 1,142 Open Interest: 24,320)
Contract Tuesday’s Close Net Change From Prices
Month Price Monday Last Report One Year Ago 04/20/10
‘11 May $13.685 UP 0.040 UP 0.315 ‘10 May $12.490
‘11 Jul $14.015 UP 0.040 UP 0.325 ‘10 Jul $12.775
‘11 Sep $14.780 UP 0.030 UP 0.310 ‘10 Sep $12.575
‘11 Nov $15.060 UP 0.040 UP 0.280 ‘10 Nov $12.690
‘12 Jan $15.335 UP 0.025 UP 0.240 ‘11 Jan $12.980
‘12 Mar $15.610 DOWN 0.010 UP 0.190 ‘11 Mar $13.260

U.S. Paddy Market Report California - 2010 There was a little 2010 Calrose M/G that traded last week
at $13.50 - $13.75 per cwt over loan. 2011 new crop last traded at $13.50 per
Texas - There is very little activity in the market. Buyers’ price ideas are cwt over loan.
still $6.00 per cwt over loan with virtually no trading reported. New crop
planting is almost completed. Reflective Prices (all basis per cwt FOB country, 2010 Crop)
Louisiana - There has been a little activity on long grain with a bid at $10.90
Texas Louisianna Mid-South California
per cwt FOB farm. Modest trading reported. New crop planting in southwest
Louisiana is almost completed. Long grain 11.50-12.50 10.90 $9.75b/11.11a *
Mid South - Rain and storms continue to cause problems and delays in the Med Grain * 14.50 new crop $17.25 $20.55
planting of new crop. And, the forecast for this week is for more rain. The L/G is #2 55/70, M/G is #2 58/69 (California #1)
market is basically unchanged with bids for long grain at $10.50 per cwt * - These areas do not have sufficient supplies of this type to quote.
loaded barge up-river while sellers’ price ideas are $11.11 per cwt.

U.S. Report
U.S. GULF, FUTURES, & MERCOSUR
What a dull market we have. Prices are pretty stable,
but fresh demand for milled rice is extremely thin, with
the exception of Haiti, and a few parts of the middle east
for parboil, but that is about it. In the meantime, paddy
shipments are ongoing each and every week, with a new
sale reported to Panama of 50,000 mt and an upcoming tender
with Costa Rica for 30,000 mt sometime after Easter, perhaps
next week (see page 4 for details).
In spite of what seems to be an active paddy market offshore,
total exports for L/G paddy are down about 7.5%, however M/G
paddy exports are down nearly 37%. In sharp contrast, in what is
blatantly a very bearish feeling market, milled rice exports are up
14%...on the surface, quite bizarre, but when you take into account
the amount of milled rice business done during the 1st quarter of
the marketing year, as well as before harvest even began, it begins
to provide a little more reason to the situation at hand
today. Remember, we did several cargoes of brokens
to Senegal, parboil Nigeria and Benin, and Ghana
business, not to mention 120,000 mt to Iraq, during that
time frame...none f which we have today. That is pretty
much it in a nutshell.
Although there has been very little transparent change in
milled rice offers, the mills are slightly biddable, particularly if
a given inquiry were for substantial tonnage (i.e. 5-10,000 mt or
more).
#2-4% is still quoted at $515-520 per mt bagged FOB and
around $490-500 basis bulk. Long grain paddy is bid/ asked at
levels that reflect $255/275 per mt FOB NOLA, respectively, which
is down about $10 per mt from a week ago.
The market might be fairly steady today, and next 30 days or so,
but looking forward to the summer, I see lower prices account a
burdensome carryover of about 2 MMT of mostly low quality low
yielding long grain.
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com
The futures market was equally sloppy as contracts were up
about $0.30 for the week, but all the action came in the way of a rally
on Wednesday of $0.25. The rest of the week was pretty listless...
up 3, down 3, up 4, down 4. This is not surprising, given
the stagnant state of the cash market.
Harvests throughout Mercosur countries continue,
and bumper crops at that. the quality looks good and
the harvest bountiful. We are still estimating production
numbers as follows (basis paddy):
Brazil -- 13.4 MMT
Argentina -- 1.7 MMT
Uruguay -- 1.5 MMT
The undertone of the market in the Gulf is soft.
CALIFORNIA, AUSTRALIA & THE “MED”
The market conditions are basically unchanged as mills
continue to operate at full capacity against old
contracts, primarily for Japan and Libya. So far,
there have not been any issues with shipments given
the state of events on the ground at destination...so
far so good.
Prices remain mostly steady, although the paddy market is a
bit softer over the past few weeks. Trading is very limited with
the last trade reported at $13.50 per cwt. over loan, although
bids are a little lower.
Milled rice quotes are unchanged with #1-4% quoted at $37
per cwt. bulk FOB mill or $875 CY Oakland.
The undertone of the market is steady to firm with mills
quite busy now well into June.
The Australian harvest is in full swing, as the
weather is cooperating for the most part. We are still
estimating a crop of 800,000 mt basis paddy.

April 20, 2011 - Page 3 of 4

Upcoming Tenders:
End April Costa Rica tender to buy 30,000mt of of long grain
paddy.
April 26 KCCO Inv. 2000000044 tender to buy 3250mt of
US #5/20% long grain, well milled for shipment inland plants May 16
to May 31, 2011 and/or June 1 to June 15, 2011.
Tenders Results:
April 11 IRAQ tender to buy 30,000mt of of long grain milled
rice. IGB confirmed 60,000mt Thai long grain milled rice.
Upcoming Events:
June 7-9, 2011 TRT Americas Conference 2011
Hotel Riu Plaza Panama, Panama City, Panama
For more info go to: http://trtamericas.com/
USDA Export Sales Highlights
(April 1 - 7, 2011)
Sales
Net sales of 82,300 MT were up 11 percent from the
previous week and 25 percent from the prior 4-week
average. Increases were reported for:
Panama (51,600 MT)
Mexico (13,300 MT)
El Salvador (6,100 MT)
Saudi Arabia (3,300 MT)
Canada (3,000 MT)
Decreases were reported for:
unknown destinations (6,000 MT)
Exports

June 26-30, 2011 USA Rice Millers’ Association Convention Exports of 111,700 MT were up noticeably from the
previous week and up 90 percent from the prior 4-week
For more info go to:
average. The primary destinations were:
http://www.usarice.com
Mexico (25,100 MT)
Libya (15,000 MT)
Please note: Haiti (14,500 MT)
April 22 Our offices will be closed for Good Friday. Liberia (12,300 MT)
June 8 No Creed Rice Market Report to be issued South Korea (10,700 MT)
account our attendance at the TRT Americas Source: USDA
Conference.
June 29 No Creed Rice Market Report to be issued
account our attendance at the RMA convention.

USDA Crop Progress

Rice Planted - Selected States -- Week Ending Rice Emerged - Selected States -- Week Ending
April 17, April 10, April 17, 2006- 2010 April 17, April 10, April 17, 2006- 2010
State State
2010 2011 2011 Avg. 2010 2011 2011 Avg.
Arkansas 48 21 35 34 Arkansas 14 1 10 8
California 3 - - 3 California - - - -
Louisiana 72 67 81 69 Louisiana 41 38 57 45
Mississippi 40 10 32 31 Mississippi 8 4 12 7
Missouri 35 4 7 21 Missouri 4 - 1 3
Texas 67 79 86 74 Texas 37 57 68 55
6 States 44 26 37 35 6 States 16 9 18 14

Rice Co-Products - Spot market prices basis $ per short ton bulk, FOB mill (virtually no spot supply available for sale in South, except hulls)
Texas Louisiana Arkansas California
Bran: $110-$115 $110 Not Available ($110) $140-$150
Mill Feed: $45 $30 Not Available ($40)
Ground Hulls: $5 $5 $15
Unground Hulls: $5 $5 $12 $8

Creed Rice Co. Inc.  800 Wilcrest Suite 200  Houston, Texas 77042  USA
Ph 1.713.782.3260  Fax 1.713.782.4671  www.creedrice.com  email: ricecreed@aol.com & creedinc@swbell.net
Brokers • Consultants • Market Reports • Arbitrators
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com

April 20, 2011 - Page 4 of 4