Bearish news: Fundamentally, rice supply exceeds rice demand and harvest pressure is well under way. U.S. rice production and stored rice in Thailand are keeping a lid on prices. Short term indicators are tuning negative.

Bullish news: Rice yields are below USDA estimates. Higher wheat prices continue to support rice market prices. Weekly export sales were above anticipations near 130,000 tons.

The floods in Pakistan have not only taken away part of that nation’s production, some stored rice was damaged. Pakistani exports will be limited. Fund traders are buying rice in the wake of Pakistani flooding. World prices are higher: Thailand $490, Vietnam $440.