Market Report

March 30, 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 03/30/10 03/23/10 03/31/10 Factors ‘10 crop L/G M/G
Long Grain To be 19.00 16.31 00.00 9.91 Yield 52.78/14.31 61.03/8.69
Medium Grain issued 18.67 16.01 00.00 9.65 WMP 11.95 12.56
Short Grain Mar. 30 18.67 16.01 00.00 9.65 Loan 6.23 6.50
Brokens 8:30am 13.44 11.23 - 7.01 Difference (5.72) (6.06)

Posting: (April/May Shipment)

Southern U.S. - Long Grain Abbreviation Quote Basis
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $22.75 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $22.75 per cwt, BULK, FOB Vessel US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $23.25 per cwt. containerized FOB US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $555.00 per mt sacked delivered Laredo TX
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $24.25 per cwt sacked delivered Miami FL
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $21.75 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $545.00 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 $625.00 per mt bulk FOB vessel NOLA
U.S. #2 Long Grain Paddy, 55/70 yield #2 55/70 $295.00 per mt bulk F.O.B. vessel NOLA
Long Grain, max. 20% broken, Hard milled (Ghana specs) #4/20/hm $20.75 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #5 L/G, max. 20% broken, WELL MILLED #5/20/wm $20.25 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 $22.00 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

March 30, 2011 - Page 1 of 4

Far East Report
SOUTHEAST ASIAN MARKETS
In Thailand, the market continues to weaken as
prices are down another $15-20 per mt over the past
week or so. 100% B is now quoted at $485-490 per
mt FOB Bangkok; 5% is $465-470, and parboil is
$490-500.
Other than the short covering for Iraq (which
is mostly done), the usual trade for fragrant, and a
little parboil business, the market is relatively quiet,
amid very limited fresh demand for regular white rice. This
has caused prices to slip, as buyers are opting for much cheaper
Viet rice. Additionally, there is a bit of harvest pressure from
the dry season crop which is fully underway...and a bumper
crop at that. Also, the last of the Indonesian shipments are
coming to a close as they were for March arrival.
So, in short, we basically have a case of substantial supply
with limited demand...”Economics 101” translates this to lower
prices, which is exactly what we see today.
Otherwise, the market is quiet and the near term outlook
soft.
In Vietnam, we have a different scenario altogether.
True enough, prices have been substantially lower
than Thai for the past few months, however the
spread is narrowing as Vietnam has seen a good bit of business
of late.
Below, I list a few of the more significant pieces of
business:
1- Over 1 MMT to Indonesia dating
back to November
2- Fresh G to G sale (Vinafood--NFA)
to The Philippines of 200,000 mt of
25% at $480.
3- New sale of 50-70,000 mt to China
4- 650,000 mt of import licenses issued
by the The Philippine government to
private traders...Vietnam being the
most likely vendor.
In addition to the aforementioned sales, there is ongoing
business against old sales to Cuba, and private trades to various
destinations in Africa.
I think we have seen the bottom of the Viet market for now,
as prices are up about $10-$15 over the past week. 5% is now
quoted at $460-465 per mt FOB HCMC; whilst 25% is around
$425-430.
The undertone of the market is quite a bit firmer.
Thailand Exports
Jan. 1 - Mar. 17, 2011: 2,541,203 mt
Jan. 1 - Mar. 17, 2010: 1,850,764 mt
Jan. 1 - Mar. 19, 2009: 1,767,820 mt
INDIA, PAKISTAN, AND BANGLADESH
In India, as we pointed out last week, the tone of
the market seems to be leaning towards some form
of limited exports, more than we have been seeing
for quite some time. The Commerce Ministry has given their
blessing to export a few of the specialty (non-Basmati) varieties
on a limited basis. And, there is still the possibility of parboil
sales to Bangladesh under exception. However, for political
purposes, as well as fear of further inflation, we do
not envision a total lifting of the ban.
Bangladesh, recently held a tender for 50,000 mt
of non-basmati parboil, and awarded a Thai exporter
at $508.40 per mt CIF. Further, we understand that
the Thai government has floated a tender to buy up to 200,000
mt of parboiled from local exporters for shipment to
Bangladesh during April-May.
In Pakistan, not really much new to report as
heavy congestion at the port of Karachi from wheat
shipments has caused execution issues with some
rice exports. Export activity continues to be limited
to container biz to core markets in East Africa, along
with border trade with Iran.

OFFSHORE QUOTES
Thailand Vietnam India Pakistan Uru. Arg. Brazil
100%B $485.00 5% $460.00 Export ban, MEP $900
5% $465.00 5% N/A 5% $470.00 $525.00 $525.00
10% $460.00 10% $450.00 10% N/A 10% no quote $515.00 $515.00
15% $450.00 15% $440.00 15% N/A 15% no quote no quote no quote
25% $440.00 25% $430.00 25% N/A 25% $425.00
Parb. 5% N/A Parb 5% $520.00 $505.00
Brokens $390.00 Brokens $400.00 Var. 1121 $1350 Parb 15%* $490.00
Parb. 100B sorted $490.00 MEP-5% $490.00 Basmati Brokens $385.00 Paddy
Thai Hom Mali $910.00 MEP-25% $470.00 Traditional $1800 Basmati $330.00
Frag. Brokens $415.00 Pusa $1300 S. Kernal $1325.00
All prices basis U.S. dollars per metric ton, F.O.B. vessel, corresponding home port *Bangladesh Specs.

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March 30, 2011 - Page 2 of 4

 CBOT Rough Rice Futures (03/28/11 Volume: 1,385 Open Interest: 24,258)
Contract Tuesday’s Close Net Change From Prices
Month Price Monday Last Report One Year Ago 03/30/10
‘11 May $13.855 DOWN 0.035 EVEN 0.000 ‘10 May $12.575
‘11 Jul $14.165 DOWN 0.030 UP 0.005 ‘10 Jul $12.885
‘11 Sep $14.930 UP 0.100 UP 0.120 ‘10 Sep $12.705
‘11 Nov $15.220 UP 0.100 UP 0.135 ‘10 Nov $12.840
‘12 Jan $15.530 UP 0.110 UP 0.200 ‘11 Jan $13.135
‘12 Mar $15.845 UP 0.125 UP 0.255 ‘11 Mar $13.435

U.S. Paddy Market Report California - 2010 Calrose M/G traded last week at $13.90 - $14.05 per cwt
Texas - Bids this week are slightly higher, ranging from $5.00 - $6.00 per cwt over loan. 2011 new crop traded last week at $13.50 per cwt over loan.
over loan depending on variety. There is active planting of new crop with
about 50% completed. Reflective Prices (all basis per cwt FOB country, 2010 Crop)
Louisiana - The market is quiet with long grain bids $11.25 - $11.50 per cwt Texas Louisianna Mid-South California
FOB farm. Medium grain new crop is still bid at $14.50 per cwt FOB farm. Long grain 11.50-12.50 11.50 $10.25b/11.50a *
Planting of new crop is fully underway with about 35% completed.
Med Grain * 14.50b new crop $17.25 $20.55
Mid South - Bids for long grain are $11.00 per cwt loaded barge up-river L/G is #2 55/70, M/G is #2 58/69 (California #1)
for May shipment while sellers’ price ideas are $12.50 per cwt loaded barge. * - These areas do not have sufficient supplies of this type to quote.
Planting is just beginning.

U.S. Report
U.S. GULF & FUTURES MARKETS
Generally speaking, the market conditions are basically unchanged.
The 25,000 mt USDA bulk rice tender a few of weeks ago did provide
some much needed nearby milling for the Louisiana mills, as milling
time (on average) is mostly booked for the next month. However, going
forward to May and the Summer months, we have an entirely different
story. True enough, KCCO announced another tender for approximately
37,000 mt...this is the good news. However, it calls for several different
kinds of rice, ranging from parboil to #2 and #5 medium and long
grain white rice. And, the delivery period spans all the way from June
to August. Please, don’t misunderstand me, the industry embraces this
new business with open and grateful arms. But, it will not provide the
same kind of “mill run” for all of the mills like a large Iraq award would
do. I’m afraid the latter looks extremely unlikely for the balance of this
crop year...we shall see.
Prices are mostly sideways to off slightly in sympathy for the lack of
adequate fresh demand. #2-4% is quoted at $520-525 per mt bagged
FOB or around $500 basis bulk. The only steady business we continue
to enjoy is Haiti and a little bit to Ghana and Liberia...but hardly enough
to keep the mills operating at full capacity. And, it should be duly noted,
that there is now a cargo of 10,000 mt of Uruguayan rice that has arrived
in Port au Prince.
The industry in the mid South continues to struggle with the milling
yield and damage issue, both as regards milled rice business as well as
paddy exports.
For nominal purposes we are quoting long grain paddy bid/asked
$265 / $295 per mt bulk FOB NOLA amid little to no trading. The
futures market continues to be erratic, closing Friday at a 5 week high,
following a dramatic collapse over the previous two months.
It is most interesting to note, that several new crop paddy contracts
have been floated that clearly state that any blending of 2010 and 2011
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com
crop rice will not be accepted...most interesting, considering we have been
reporting on this same issue now for about a month...seems as though
the industry gets it. It is paramount (in my most humble opinion), if
we want to restore our image as the finest rice in the world, to follow
the aforementioned edict. Blending and diluting will only exacerbate an
already existing image issue.
In summary, short term this industry is in trouble. However, we must
find a way to dispose of the balance of the crop and carry over as little
as possible. I fully realize this likely translates to major concessions on
price by those produces and warehousemen that are still holding unsold
rice...and with that, I sympathize, but it is what it is, and holding on to it
is just not the answer...once again, just one man’s view of the market, for
what it is worth.
CALIFORNIA, AUSTRALIA & THE “MED”
It is business as usual for the California mills and they
continue shipping against old sales, principally for Japan
and Libya. For all practical purposes, milling time is
mostly committed through May and well into June now.
Prices are steady to firm with #1-4% quoted at $37 per cwt. bulk
FOB mill for the domestic market or around $875 CY Oakland. It
appears as though these prices will hold firm until the latter part of
June, at least.
I know the question in everybody’s mind is whether the tsunami
disaster in Japan and the civil unrest in Libya will disrupt shipments.
So far, there is no evidence of that...let us pray there will
not be any issues.
Of particular note, the Australian harvest has begun
on a very positive note. So far, the quality and yields look
good, and the forecast for production remains at 800,000
mt basis paddy. After satisfying domestic demand, the forecast is
that exports will account of about 70% of the crop produced.
I think it is safe to say, that worldwide, the outlook for medium
and short grain rice is quite favorable.

March 30, 2011 - Page 3 of 4

Upcoming Tenders:
April 27 KCCO MR-22-041 tender to buy 37,010mt of of rice:
Shipping periods for inland plants (unless otherwise noted): May 1 to
May 15, 2011 and/or May 16 to May 31, 2011.
845025-1 RICE - MILLED, 25 KG #2/4, Long grain, well-milled. Commercially marked
bags acceptable and required. Crop year certificate required 3,500 mt
845025-2 RICE - MILLED, 25 KG Shipping periods for inland plants: June 1 to June
15, 2011 and/or June 16 to June 30, 2011. Shipping periods for plants at port: June 16 to
June 30, 2011 and/or July 1 to July 15, 2011. #2/4, Long grain, well-milled. Commer-
cially marked bags acceptable and required. Crop year certificate required 3,500 mt
845025-3 RICE - MILLED, 25 KG Shipping periods for inland plants: July 1 to July 15,
2011 and/or July 16 to July 31, 2011. Shipping periods for plants at port: July 16 to July
31, 2011 and/or August 1 to August 15, 2011. #2/4, Long grain, well-milled. Commer-
cially marked bags acceptable and required. Crop year certificate required 3,000 mt
845025-4 RICE - MILLED, 25 KG Shipping periods for inland plants: August 1 to
August 15, 2011 and/or August 16 to August 31, 2011. Shipping periods for plants at
port: August 16 to August 31, 2011 and/or September 1 to September 15, 2011. #2/4,
Long grain, well-milled. Commercially marked bags acceptable and required. Crop
year certificate required 3,000 mt
845051-1 RICE - MILLED, 50 KG #2/7, Parboiled, long grain, well-milled 5,050 mt
845051-2 RICE - MILLED, 50 KG #5/20, Long or medium grain, well-milled 7,080 mt
845051-3 RICE - MILLED, 50 KG #5/20, Long or medium grain, well-milled. Con-
tractor shall provide an additional 2% (2,000) empty bags without contract numbers
5,000mt
USDA Export Sales Highlights
(March 11 - 17, 2011)
Sales
Net sales of 111,800 MT were up 80 percent from the
previous week and 81 percent from the prior 4-week average.
Increases were reported for:
Mexico (144,900 MT)
Japan (32,500 MT,
including 27,000 MT switched from unknown
destinations and decrease of 900 MT)
Indonesia (30,400 MT)
China (20,800 MT)
Taiwan (20,100 MT)
Exports
Exports of 54,800 MT were down 3 percent from the previous
week and 25 percent from the prior 4-week average. The
primary destinations were :
Libya (16,000 MT)
Haiti (7,300 MT)
United Kingdom (7,000 MT)
Mexico (6,300 MT)
Honduras (5,700 MT)
Source: USDA

845051-4 RICE - MILLED, 50 KG #3/15, Long grain, well-milled 3,210 mt Upcoming Events:
845051-5 RICE - MILLED, 50 KG #5/20, Long or medium grain, well-milled. Best
Used By Dates required 2,110 mt June 7-9, 2011 TRT Americas Conference 2011
Hotel Riu Plaza Panama, Panama City, Panama
845051-6 RICE - MILLED, 50 KG #5/20, Parboiled, long or medium grain, well-milled.
For more info go to: http://trtamericas.com/
Best Used By Dates required 1,560 mt

MR22 TOTAL 37,010 mt June 26-30, 2011 USA Rice Millers’ Association Convention

Upcoming USDA reports:

Tenders Results:
March 31- Prospective Plantings report
Mar. 27 Bangladesh retender for package 4 & 5 bought 50,000mt
of non-basmati parboiled at $508.40 per mt CIF from a Thai exporter. March 31- Rice Stocks report

March 31- Rice Yearbook dataset

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: Not Available ($105) Not Available ($105) Not Available ($110) 120
Mill Feed: Not Available ($40) Not Available ($40) Not Available ($40)
Ground Hulls: 5-7 2-5 15
Unground Hulls: 5-7 2-5 12 10 - 13

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
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March 30, 2011 - Page 4 of 4